Market At Three Months Low, Nifty Below 10,100

Share Market News 19-March-2018

The Benchmark indices opened the week mildly higher as Sensex added over 50 points & Nifty opened above 10,200, amid volatility & mixed Asian cues on Monday. The equity market erased morning gain & traded lower as sensex fell over 100 points while Nifty traded below 10,200, weighed by OMC, IT, metals & banks stocks. Midcaps underperformed frontliners as Nifty Midcap index fell over 1%.

In afternoon session market extended losses as Sensex fell over 250 points while Nifty breached 10,100 for the first time since Dec. 7th, 2017, amid political cues, weighed by banks, technology, metals and select oil companies. The broader markets also caught in bear trap as the Nifty midcap was down 1.8%.

In last hour of trade equity benchmark extended losses as Sensex fell over 300 points while Nifty traded below 10,100. The market extended previous days losses with Nifty closed below 10,100 levels for the first time since Dec.7th, 2017 while Nifty midcap fell nearly 300 points. All sectoral indices closed in red. Sensex closed 252.88 points down at 32,923.12, Nifty down by 100.90 points at 10,094.25.

Top Gainers

NTPC by 1.21% to Rs.166.85, Power Grid by 1.12% to Rs.194.40, Maruti Suzuki by 1.06% to Rs.8,768.75, Hindustan Unilever by 0.99% to Rs.1,312, L&T by 0.92% to Rs.1,281.

Top Losers

HCL Tech by -4.61% to Rs.923, Tata Steel by -4.37% to Rs.574, Bharti Airtel by -4.13 to Rs.399.55, Tech Mahindra by -3.94% to Rs.609.70, BPCL by -3.70% to Rs.431.

Analysis Of Top Gainer And Loser

NTPC is the top gainer in today's market as some short of buying was seen in the stock.

HCL Tech is the top loser in today's market as strong selling pressure was in the stock.

Key Market News

Indias October-December current account deficit widened sharply from a year earlier, driven by higher imports, data from the Reserve Bank of India (RBI) showed on Friday. The current account deficit widened to 2% of gross domestic product, or $13.5 billion, up from 1.4%, or $8.0 billion, in the corresponding period a year ago. Indias trade deficit widened to $44.1 billion from $33.3 billion a year ago while the balance of payments posted a surplus of $9.4 billion in the October-December period, compared with a deficit of $1.2 billion a year ago, helped by a stronger capital account.

The Lok Sabha & Rajya Sabha proceedings were disrupted for the 11th day today & adjourned for the day as the TDP, YSR Congress, TRS and AIADMK continued their noisy protests over various issues, including the banking scam and special status for Andhra Pradesh. The first two weeks of the last phase of the budget session have been a virtual washout. Last week, the House (Rajya Sabha) had passed the Finance Bill and the appropriation bills without any discussion amid similar protests.

Stocks To Watch

Shilpa Medicare Ltd. is on the upside while Bank of Baroda is on the downside.

Shilpa Medicare is currently trading at Rs.486.35, up by Rs.29.90 or 6.55% from its previous closing of Rs.456.45 on the NSE. The scrip opened at Rs.470 & has touched a high & low of Rs.516 and Rs.470 respectively. So far 13,09,206 (NSE) shares were traded on the counter. The current market cap of the company is Rs.3,920.21 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.749.90 on 12-April-2017 & a 52 week low of Rs.400 on 08-March-2018.

Bank of Baroda is currently trading at Rs.132.25, down by Rs.11.5 or 8.03% from its previous closing of Rs.143.80 on the NSE. The scrip opened at Rs.143.90 & has touched a high and low of Rs.145.90 & Rs.130 respectively. So far 3,94,55,304 (NSE) shares were traded on the counter. The current market cap of the company is Rs.30,737.49 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.206.65 on 26-October-2017 and a 52 week low of Rs.128.10 on 12-March-2018.