Market Closed Lower; Nifty Below 10,150 On Expiry Day

Share Market News 28-March-2018

The Benchmark indices opened lower on the day of expiry of March derivative contracts as Sensex dropped over 130 points & Nifty started below 10,150, tracked a negative lead from global stocks. The equity market continued to trade lower as Sensex fell over 200 points while Nifty continued to struggle below 10,150 levels, amid weakness in global stocks. All sectoral indices were in the red, with the Nifty Metal, PSU Bank fell over 1%. Midcaps also traded in line with frontliners as the Nifty Midcap fell over half a percent.

In the afternoon session, the market remained under pressure as Sensex was down 150 points while Nifty continued to trade below 10,150. Nifty Bank indices fell over 150 points while the Nifty Midcap is down nearly a percent. All sectoral indices were in red barring IT, PSU bank & Metal fell almost 2%.

In last hour of trade, equity benchmark extended losses again as Sensex fell more than 200 points while Nifty continued to remain below 10,150 levels. The market reversed some of the gains seen in previous 2 consecutive sessions. All sectoral indices closed in red barring IT. Nifty PSU bank & Metal was down over 2% while Nifty midcap over 1%. Sensex closed 205.71 points down at 32,968.68, Nifty down by 62.85 points at 10,121.30.

Top Gainers

Wipro by 3.41% to Rs.283.40, Bosch Ltd. by 2.90% to Rs.18,200, GAIL by 2.82% to Rs.330.00, Tech Mahindra by 2.49% to Rs.637.10, Hero Motocorp by 2.00% to Rs.3,534.

Top Losers

Bharti Airtel by -3.71% to Rs.397.85, Tata Steel by -3.28% to Rs.570.65, VEDL by -2.77% to Rs.279.05, Adani Ports by -2.60% to Rs.356.00, Reliance by -2.02% to Rs.861.60.

Analysis Of Top Gainer And Loser

Wipro is the top gainer in today's market as company opened its Texas Technology Centre in Plano, Texas on Tuesday as a hub for advanced analytics. Also the company expanded partnership with Adobe to provide to create, build & run digital marketing solutions & campaigns for their client, across globe.

Bharti Airtel is the top loser in today's market as the company moved the telecom tribunal, challenging the sector regulators recent show cause notice asking the market leader to share details of non-transparent and discriminatory tariffs that it has allegedly offered consumers.

Key Market News

The government said fiscal deficit for the 11-month period ended February 2018 stood at Rs.7.16 lakh crore. Total spending during the same period increased to Rs.19.99 lakh crore from Rs.17.5 lakh crore YoY while receipts rose to Rs.12.83 lakh crore from Rs.11.47 lakh crore YoY. Receipts from divestments during April-February were at Rs.92,493 crore.

GST collections slid for the second straight month to Rs.85,174 crore in February as only 69% of the assessees filed returns. Around 59.51 lakh GSTR 3B returns were filed for the month of February till March 25. This is 69% of total taxpayers who are required to file monthly returns, the finance ministry said in a statement.

Stocks To Watch

Aditya Birla Fashion & Retail Ltd. is on the upside while Fortis Healthcare Ltd. is on the downside.

ABFRL is currently trading at Rs.151.00, up by Rs.7.05 or 4.90% from its previous closing of Rs.143.95 on the NSE. The scrip opened at Rs.142.90 & has touched a high & low of Rs.152.50 and Rs.139.80 respectively. So far 14,21,156 (NSE) shares were traded on the counter. The current market cap of the company is Rs.11,567.69 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.188.45 on 13-June-2017 & a 52 week low of Rs.133.85 on 23-March-2018.

Fortis Healthcare is currently trading at Rs.123.35, down by Rs.18.90 or 13.29% from its previous closing of Rs.142.25 on the NSE. The scrip opened at Rs.133.50 & has touched a high and low of Rs.136.80 & Rs.120.45 respectively. So far 13,21,25,804 (NSE) shares were traded on the counter. The current market cap of the company is Rs.6,400.23 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.228.95 on 03-May-2017 and a 52 week low of Rs.107.10 on 06-February-2018.