Sensex ends below 35,000; metal, pharma stocks drag


Benchmark indices dropped on Friday tracking global markets, while metal and pharma stocks pulled down the indices ahead of elections in the key state of Karnataka.

The S&P BSE Sensex ended at 34,915, down 188 points while the broader Nifty50 index settled at 10,618, down 61 points.

Among sectoral indices, the Nifty Metal index was trading over 1% lower led by a fall in shares of Hindustan Zinc and Hindalco. The Nifty IT index, too, was down led by a fall in shares of Mindtree and Wipro. Among the FMCG counters, ITC, Emami, GSK Consumer slipped over 2% on the NSE.

Pharma stocks pushed both indices lower, with the Nifty Pharma index falling over 1.5%.

Bajaj Auto, Mahindra & Mahindra (M&M), ITC, Reliance Industries (RIL), Mahindra & Mahindra Financial Services (MMFS) and JSW Steel are the six stocks that Morgan Stanley is betting on in India to play its ‘growth at reasonable price’ (GARP) investment strategy.

An Indian jeweller that saw its market worth reach $3.6 billion at the start of the year is now floundering at about a quarter of that value after one of its founders gifted some shares to family members, raising concern about the company’s governance. PC Jeweller Ltd. slumped by about half after the company said last week that one of its founders P.C. Gupta made the gifts through off-market transactions. The stock has plunged 75 per cent from a record on January 19, taking its market capitalization to Rs 58.3 billion ($873 million). It climbed 21 per cent to Rs 146.85 as of 12.31 p.m. in Mumbai on Friday.

Realty firm Godrej Properties on Friday reported over two-fold jump in its consolidated net profit at Rs 1.41 billion for the January-March quarter of last financial year on higher sales. Its net profit stood at Rs 625.9 million in the year-ago period, the company said in a filing to the BSE.

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Sensex ends flat on Friday, Nifty holds 10,300; PSU banks gain


Benchmark indices ended flat on Friday, as investors remained cautious after sentiment soured on renewed fears of a trade war after US President Donald Trump proposed more tariffs on China.

Back home, the Reserve Bank of India (RBI) on Thursday adopted a remarkably dovish tone, surprising analysts who were expecting the firming up of rates in the medium term, even as one of the six members in the Monetary Policy Committee (MPC) voted for a hike in an otherwise status quo policy.

The S&P BSE Sensex ended at 33,627, up 30 points while the broader Nifty50 index settled at 10,331, up 6 points.

Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal’s (NCLAT) approval to proceed with the sale of its tower and fibre business.

Shares of public sector bank were in focus for the second straight day with Nifty PSU Bank index nearly 1%, extending its Thursday’s 5% surge, after the Reserve Bank of India (RBI) maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on Thursday.

Punjab National Bank (PNB), Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the National Stock Exchange (NSE).

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Sensex ends on Friday 509 pts lower, Nifty slips over 1%; Nifty Metal index down 2%


The market ended lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.

Among sectors, metal companies were under pressure falling by over 2% on the NSE on fears that the tariffs could disrupt growth. SAIL, Vendanta, Hind Copper were trading lower in the range of 3% to 5% on the NSE.

Shares of Tata Motors, Tata Motors DVR, Force Motors, BEML, ICRA, Great Eastern Shipping Company and Max Financial Services were among nine stocks from the S&P BSE 500 index hitting their respective fresh 52-week lows in noon deal on the BSE.

Ramky Infrastructure has been awarded project worth Rs 939.41 crore in Srinagar in the State of Jammu & Kashmir by National Highways Authority of India (NHAI) on EPC mode. The stock gained 1.5 percent.

Shares of Dr Reddy’s Laboratories declined 3 percent as it has received Form 483 with 4 observations for its API Hyderabad Plant 1 at Jinnaram Mandal, Medak Telengana from USFDA.

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Indices end flat, Nifty settles at 10,227 levels; PSU banks, metals lose


The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.

Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.

The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.

The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points

Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.

State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3×800 Mw thermal power plant in Jharkhand.  Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE.

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Sensex ends 137 pts down, Nifty at 10,458 levels; PSU banks fall


The benchmark indices ended marginally lower on Thursday afternoon amid thin trade. The S&P BSE Sensex ended the day at 34,047, down 137 points while the broader Nifty50 index settled at 10,458, down 34 points.

The markets will remain closed on Friday, March 2, 2018, on account of Holi.

Among sectoral indices, Nifty PSU Bank index fell 1.87% on Thursday led by a decline in the shares of Indian Bank, Canara Bank and Bank of India.

Venky’s (India) continued its upward march for the seventh straight trading day, hitting a new high of Rs 4,530, up 15% on the BSE in an otherwise subdued market. The stock rallied 69% from Rs 2,673 on February 20, 2018, as compared to 1.3% rise in the S&P BSE Sensex.

Fortis Healthcare was trading flat on Thursday even after the company reported a consolidated net loss of Rs 191 million for the quarter ended December 2017 against a profit of Rs 4.5 billion year-ago periods.

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