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As on Mar 22, 2019 12:00 AM Your results on : End Session    
Volatile session ends with loss as bulls take breather
22-Mar-2019 (16:26)

The Sensex snapped an eight-day rising streak on Friday amid profit booking by investors. The Nifty ended below the 11,500 mark after moving above and below that mark in intraday trade.

The Sensex fell 222.14 points or 0.58% to settle at 38,164.61. The index rose 177.96 points, or 0.46% at the day's high of 38,564.71. The index fell 297.39 points, or 0.77% at the day's low of 38,089.36.

The Nifty 50 index fell 64.15 points or 0.56% to settle at 11,456.90. The index rose 51.75 points, or 0.45% at the day's high of 11,572.80. The index fell 86.50 points, or 0.75% at the day's low of 11,434.55.

Shares opened slightly higher and extended gains in morning trade. Trend reversed in mid-morning trade as sudden selling pressure emerged. Indices trimmed losses after hitting fresh intraday low in early afternoon trade. Shares succumbed to fresh selling pressure in mid-afternoon trade, tracking negative cues from European markets.

Among secondary barometers, the BSE Mid-Cap index fell 0.59%. The BSE Small-Cap index fell 0.44%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1011 shares rose and 1705 shares fell. A total of 143 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Energy index (down 2.01%), the S&P BSE Telecom index (down 1.42%), the S&P BSE Oil & Gas index (down 1.25%) underperformed the Sensex. The S&P BSE Realty index (up 0.7%), the S&P BSE Power index (up 0.85%), the S&P BSE Capital Goods index (up 0.6%) outperformed the Sensex.

Auto shares witnessed major selling pressure. Tata Motors (down 2.47%), TVS Motor Company (down 2.35%), Maruti Suzuki India (down 1.84%), Ashok Leyland (down 1.6%), Escorts (down 1.58%), Hero MotoCorp (down 0.28%) and Mahindra & Mahindra (down 0.18%), edged lower. Eicher Motors rose 0.46%.

Bajaj Auto fell 0.55%. The company and Pierer Industrie have started discussions on assessing the possibility of transferring Bajaj's 48% stake in Austrian motorcycle brand KTM AG to its parent company KTM Industries AG. Pierer Industrie AG now holds approximately 62% of KTM Industries AG shares. The listed company KTM Industries AG holds approximately 51.7% of the shares of KTM AG while Bajaj Auto International Holdings BV holds the remaining 48% stake in KTM AG. The announcement was made after market hours on Wednesday, 20 March 2019.

NTPC (up 3.67%), Larsen & Toubro (up 1.54%), Asian Paints (up 1.08%) and Power Grid Corporation of India (up 0.53%), were the major Sensex gainers.

Reliance Industries (RIL) fell 2.44%. The company has invested Rs 5,00,000 in cash in 50,000 equity shares of Rs 10 each of 'Reliance Navi Mumbai Infra' (RNMIL), a newly incorporated entity. RNMIL is incorporated with the purpose of undertaking real estate and related infrastructure activities. RNMIL is yet to commence its business operations. The announcement was made after market hours on Wednesday, 20 March 2019.

Tata Consultancy Services (TCS) fell 0.54%. TCS has joined hands with Barclays to launch the TCS VHAB (Virtual Habilitation) platform at the ZEP Rehabilitation Centre in Pune, to help children with neuro-muscular disabilities become more self-dependent. As part of the partnership, REACH - the Barclays Disability and Mental Health Network, is providing the hardware and equipment, while TCS is deploying and supporting its VHAB solution. The announcement was made during market hours today, 22 March 2019.

Meanwhile, India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) reportedly said. The country has carried out several key reforms in the last five years, but more needs to be done, it added. IMF communications director Gerry Rice reportedly said India has of course been one of the world's fastest growing large economies of late, with growth averaging about 7% over the past five years. Important reforms have been implemented and more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has, he added.

Infosys rose 0.49%. Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys announced on 21 March 2019, that its customer MeDirect Bank Belgium, an online bank offering savings, investments and wealth management since 2013, has successfully launched its Regulated Savings Product on Finacle's core banking solution. The product will help the bank extend services to a new segment of savers that are looking to save and receive basic interest, in addition to a fidelity premium. Finacle's core banking solution provided MeDirect Bank a flexible technology foundation to enable speed-to-market with this new offering.

Separately, Infosys and Roland-Garros, announced after market hours on Wednesday, 20 March 2019, a strategic three-year technology partnership. The collaboration is aimed at enriching the game by providing fans, players and coaches with a completely new experience, leveraging Infosys' expertise in digital technologies such as artificial intelligence, big data & analytics, mobility, virtual and augmented reality.

Tata Steel rose 0.90%. The company announced on 21 March 2019, that it has acquired 1070,00,00,000 - 11.09% non-convertible redeemable preference shares (NCRPS) of face value Rs 10 each, of Tata Steel BSL, aggregating to Rs 10,700 crore, in two tranches.

Jubilant Life Sciences lost 2.97% after the USFDA informed that the inspection at API manufacturing facility in Mysore has been classified as Official Action Indicated. The announcement was made during trading hours today, 22 March 2019.

Tata Power Company rose 0.69% after Tata Power Strategic Engineering Division bagged Rs 1200 crore contract from the Ministry of Defence for supply of ship-borne 3D Air Surveillance Radars. The announcement was made during market hours today, 22 March 2019.

On the economic front, Fitch Ratings reportedly cut India's economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy. Fitch Ratings cut India's FY2019 GDP growth forecast to 7.2% from 7.8% on December 6. The rating agency has also cut growth forecasts for FY2020 and FY2021 to 7% from 7.3% and 7.1% from 7.3%, respectively.

Meanwhile, the International Monetary Fund (IMF) reportedly said that India has been one of the fastest growing large economies in the world. The country has carried out several key reforms in the last five years, but more needs to be done, it added. IMF communications director Gerry Rice reportedly said India has of course been one of the world's fastest growing large economies of late, with growth averaging about 7% over the past five years. Important reforms have been implemented and more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has, he added.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.9750, compared with closing of 68.83 during the previous trading session.

In global commodities markets, Brent crude oil futures edged lower. Brent for May 2019 settlement was off 52 cents at $67.34 a barrel.

Overseas, European stocks were trading lower Friday as concerns over the US Federal Reserve's subdued outlook and ongoing Brexit uncertainty weigh on sentiment.

The European Union proposed an extension of the Brexit deadline to May 22 on the condition that the UK Parliament support Prime Minister Theresa May's withdrawal deal, which will be put to vote next week.

Most Asian shares bounced back from early lows and settled higher. US stocks closed higher Thursday a day after the Federal Reserve signaled that it was unlikely to raise interest rates this year amid worries over slowing economic growth.

On Wednesday, the US Fed said it does not expect to raise rates at all in 2019. The central bank had forecast at least two rate hikes for this year back in December. The Fed added that it expects to end its balance-sheet reduction process by the end of September. The US central bank, however, lowered its economic growth forecast for 2019, raising concerns over a possible slowdown in the economy.

On the trade front, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for more discussion on trade, while Chinese Vice Premier Liu He will travel to Washington early next month to continue the negotiations.

On the US data front, the Labor Department said the number of laid-off workers who applied for first-time unemployment benefits fell by 9,000 in the week ended March 16 to 221,000—a one-month low.

The Philadelphia Fed's business activity index rebounded in March to a seasonally adjusted reading of 13.7 from -4.1 the previous month. A reading above zero indicates improving conditions. The Conference Board's leading economic index rose 0.2% in February, its first uptick since September.

Quick Wrap: Nifty PSU Bank Index falls 2.06%
22-Mar-2019 (16:01)
Nifty snaps seven-day gains
20-Mar-2019 (16:18)
Quick Wrap: Nifty Media Index registers a drop of 3.38%
20-Mar-2019 (16:00)
Nifty settles above 11,500 level
19-Mar-2019 (16:28)
Quick Wrap: Nifty PSU Bank Index rises 1.87%
19-Mar-2019 (16:01)
Stocks log modest gains
18-Mar-2019 (16:45)
Quick Wrap: Nifty Realty Index records a surge of 2.82%
18-Mar-2019 (16:00)
Sensex reclaims 38,000
15-Mar-2019 (16:45)
Quick Wrap: Nifty PSE Index records a surge of 2.26%
15-Mar-2019 (16:00)
Volatile session ends almost flat
14-Mar-2019 (16:38)
Quick Wrap: Nifty Realty Index records a surge of 2.21%
14-Mar-2019 (16:00)
Barometers extend recent gains
13-Mar-2019 (16:50)
Quick Wrap: Nifty Media Index registers a drop of 2.04%
13-Mar-2019 (16:00)
Shares rally on broad-based buying support
12-Mar-2019 (16:41)
Quick Wrap: Nifty Realty Index gains 2.62%, NIFTY climbs 1.19%
12-Mar-2019 (16:00)
Sensex reclaims 37,000 mark
11-Mar-2019 (16:28)
Quick Wrap: Nifty Metal Index gains 2.74%, NIFTY climbs 1.20%
11-Mar-2019 (16:01)
Market snaps 4-day rising streak
08-Mar-2019 (16:33)
Quick Wrap: Nifty Metal Index declines 1.50%
08-Mar-2019 (16:00)
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