EQUITIES

Sensex, Nifty slip 1% as investors await third round of announcements from FM Sitharaman

Sensex, Nifty

Headline indices BSE Sensex and Nifty 50 drooped over one per cent in Friday’s session dragged by auto and bank stocks. The 30-share Sensex slipped below the crucial 31,000-mark to trade at day’s low of 30,780. While the broader Nifty 50 index breached the psychological level of 9,100, to trade at 9,053, down nearly 100 points. HDFC Bank, ICICI Bank, Axis Bank, Infosys and Reliance Industries were major contributors in the Sensex plunge today. The top losers on Sensex were M&M, down 4.20 per cent, Axis Bank, Bajaj Finance and IndusInd Bank. Aggressive buyers may remain on stands as no big announcements seen so far to take care of investors’ interest,” Vishal Wagh, Research Head, Bonanza Portfolio Ltd, said.

Earnings today: Aarti Drugs, Cipla, Crompton Greaves, IIFL Securities, Mahindra & Mahindra Financial Services, L&T Finance Holdings, Nippon Life India Asset Management, Tata Chemical and L&T Technology Services are among 12 companies that are scheduled to announce their March quarter earnings today.

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FM presser today: Finance Nirmala Sitharaman is scheduled to hold a third press conference later in the day today to announce the finer details of the Rs 20 lakh crore stimulus announced by the Prime Minister Narendra Modi in late Tuesday’s evening.

Top losers on Nifty 50: M&M, Axis Bank, Infratel, ICICI Bank and Maruti Suzuki are top losers in Nifty 50 index. On the other hand, the gainers on BSE Sensex include Bharti Airtel, Tata Steel, NTPC, Nestle India, Titan, ONGC and HUL.

Nifty Bank to sectoral loser: Nifty Bank index fell 1.72 per cent or 328 points weighed by losses in Federal Bank, Axis Bank, Bandhan Bank and ICICI Bank. On the flip side, Nifty Metal index gained nearly one per cent led by gains in SAIL, Hindustan Zinc, Tata Steel and NMDC.

Global markets: Wall Street surged on Thursday as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding U.S.-China trade, according to Reuters. The Dow Jones Industrial Average rose 1.61% to end at 23,622.19 points, while the S&P 500 gained 1.16%, to 2,852.63. The Nasdaq Composite climbed 0.92% to 8,944.66.

FII and DII data: Foreign portfolio investors (FPIs) were sellers of shares worth Rs 2,153 crore, while domestic institutional investors (DIIs) were buyers of shares worth Rs 802 crore on net basis on Thursday, according to the provisional data available on the National Stock Exchange (NSE).

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