Metals, Auto Dragged Market; Nifty Below 10,400

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Share Market News 05-March-2018

The Benchmark indices started the week on a negative note as Sensex dropped nearly 200 points & Nifty fell below 10,400 despite BJPs landslide win in Tripura, weighed by weak Asian cues and import tariffs on steel & aluminium in the US. The equity market extended losses as Sensex fell over 300 points while Nifty fell over 100 points. The Nifty midcap declined nearly a percent. All sectoral indices traded in red, with Nifty Metal index fell most was down by almost 3%.

In the afternoon session, the market remained under selling pressure as Sensex lost over 350 points & Nifty fell below 10,350 level, while Nifty midcap & smallcap also lost over 1% on weak Asian cues. All sectoral indices were in red led by Nifty Metal index which fell more than 3.5%.

In last hour of trade, equity benchmark continued to trade lower with Sensex down by 300 points while Nifty traded above 10,350. The market closed lower for the fourth consecutive session, dragged by metal, auto and FMCG stocks, while Nifty midcap slipped almost 1%. Sensex closed 300.16 points down at 33,746.78, Nifty down by 99.50 points at 10,358.85.

Top Gainers

Tech Mahindra by 3.60% to Rs.633.90, Sun Pharma by 2.23% to Rs.547.35, TCS by 2.15% to Rs.3,103, NTPC by 1.29% to Rs.165.10, UPL by 0.98% to Rs.721.25.

Top Losers

Tata Motors by -5.07% to Rs.351.95, Hindalco by -4.98% to Rs.228.80, AuroPharma by -3.91 to Rs.599.70, Tata Steel by -2.87% to Rs.655.70, Reliance by -2.72% to Rs.922.65.

Analysis Of Top Gainer And Loser

Tech Mahindra is the top gainer in today's market as good buying was seen in the stock.

Tata Motors is the top loser in today's market as the company reported weak JLR US sales and after US President Donald Trump threatens to a slap retaliatory tariff on European cars.

Key Market News

Activity in Indias service industries contracted in February for the first time since November as rising price pressures led to a decline in new business orders, a private survey showed on Monday. The Nikkei/IHS Markit Services Purchasing Managers Index (PMI) fell to a six-month low of 47.8 in February, compared with Januarys 51.7. The 50-mark separates growth from contraction.

The BJP expanded its foothold in the northeast with its victory in Tripura polls and improved performance in Meghalaya and Nagaland elections. The results are expected to help the BJP keep up its electoral momentum for the crucial electoral battle in Karnataka in about two months.

The US President, on Friday, said that he would impose a 25 percent import tariff on steel and 10 percent on aluminium to protect US producers, a move that could trigger a trade war with China and Europe. An executive order in this regard would be signed this week, Trump said after a meeting with executives of steel and aluminium companies.

Stocks To Watch

BEML Ltd. is on the upside while Balrampur Chini Mills Ltd. is on the downside.

BEML is currently trading at Rs.1,330, up by Rs.96.45 or 7.82% from its previous closing of Rs.1,233.55 on the NSE. The scrip opened at Rs.1,232 and has touched a high and low of Rs.1,418.55 and Rs.1,204.30 respectively. So far 18,54,923 (NSE) shares were traded on the counter. The current market cap of the company is Rs.5,671.56 Crore. The NSE/BSE group stock has touched a 52 week high of Rs.1,947 on 19-September-2017 and a 52 week low of Rs.1,125.15 on 25-May-2017.

Balrampur Chini is currently trading at Rs.107, down by Rs.10.45 or 8.90% from its previous closing of Rs.117.45 on the NSE. The scrip opened at Rs.114.95 and has touched a high and low of Rs.115.20 and Rs.105.30 respectively. So far 59,32,328 (NSE) shares were traded on the counter. The current market cap of the company is Rs.2,525.38 Crore. The BSE/NSE group stock has touched a 52 week high of Rs.182.50 on 13-September-2017 and a 52 week low of Rs.105.05 on 06-February-2018.