Sensex, Nifty hit lowest closing level in more than a week
Fears of an early interest-rate increase in the United States pulled Indian stocks lower, with the barometer index, the S&P BSE Sensex, falling below the psychologically important 25,000 mark. The Sensex fell 371.16 points or 1.46% to settle at 24,966.40. The losses for the Sensex were higher in percentage terms than those for the 50-unit Nifty 50 index. The Nifty fell 101.40 points or 1.31% to settle at 7,615.10. The Sensex and the Nifty, both, hit their lowest closing level in more than a week. Stocks of metal and mining firms, public sector banks and index heavyweight HDFC led losses for the two key benchmark indices. All the nineteen sectoral indices on BSE declined.
The Sensex snapped a four-day winning streak and the Nifty snapped six-day winning streak.
In overseas stock markets, Asian stocks fell as recent remarks from US Federal Reserve policy makers reignited expectations for an early interest-rate increase in the United States. European markets were closed for the Easter Monday holiday. US stocks ended little-changed during the previous trading session on Thursday, 24 March 2016, after weaker-than-expected economic data. Meanwhile, St. Louis Federal Reserve President James Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected'. On Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, higher than a previous estimate for 1% growth.
ONGC declined in volatile trade after the company's board of directors approved the field development plan (FDP) for the development of fields falling under cluster 2 of deep water NELP block KG-DWN-98-2 with estimated capital expenditure of a staggering $5076.37 million (Rs 34012 crore). NTPC edged higher after the company announced that the unit-4 of 195 megawatts (MW) of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC has been commissioned on 24 March 2016.
The Sensex lost 371.16 points or 1.46% to settle at 24,966.40, its lowest closing level since 18 March 2016. The index fell 442.07 points, or 1.74% at the day's low of 24,895.49. The index rose 95.38 points, or 0.38% at the day's high of 25,432.94.
The Nifty fell 101.40 points or 1.31% to settle at 7,615.10, its lowest closing level since 18 March 2016. The index fell 128.80 points, or 1.67% at the day's low of 7,587.70. The index rose 32.90 points or 0.43% at the day's high of 7,749.40.
The BSE Mid-Cap index shed 1.36%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index lost 1.65%. The decline in this index was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,942 shares fell and 743 shares rose. A total of 167 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Finance index (down 1.76%), the BSE Healthcare index (down 1.95%), the BSE Telecom index (down 2.21%), the BSE Bankex index (down 1.92%), the BSE Capital Goods index (down 2.08%), the BSE Metal index (down 3.92%) and the BSE Realty index (down 4.35%) underperformed the Sensex. The S&P BSE Auto index (down 1.45%), the BSE Consumer Discretionary Goods & Services index (down 1.19%) and the BSE FMCG index (down 0.82%) outperformed the Sensex.
Bank stocks witnessed selling pressure. Among public sector banks, Canara Bank (down 4.47%), State Bank of India (down 4.24%), Corporation Bank (down 3.29%), Bank of India (down 3.36%), IDBI Bank (down 3.6%), Punjab National Bank (down 2.95%), Bank of Baroda (down 3.37%) and Union Bank of India (down 2.77%) edged lower.
Among private sector banks, ICICI Bank (down 3.86%), Axis Bank (down 3.37%), IndusInd Bank (down 0.73%), Yes Bank (down 0.67%) and HDFC Bank (down 0.12%) declined. Kotak Mahindra Bank (up 1.97%) edged higher.
Metal shares edged lower. Vedanta (down 9.04%), Hindalco Industries (down 8.66%), Steel Authority of India (down 5.97%), Tata Steel (down 5.23%), NMDC (down 3.44%), Jindal Steel & Power (down 3.14%), Hindustan Copper (down 2.95%), National Aluminium Company (down 2.98%), JSW Steel (down 1.61%) and Hindustan Zinc (down 1.03%) edged lower.
High Grade Copper for May 2016 delivery was currently unchanged at $2.228 per pound on the COMEX.
Index heavyweight and housing finance major HDFC fell 1.92% at Rs 1,140.80. The stock hit a high of Rs 1,167.45 and a low of Rs 1,139 in intraday trade.
Index heavyweight Reliance Industries (RIL) fell 0.86% at Rs 1,020.50. The stock hit a high of Rs 1,031.95 and a low of Rs 1,015.50 in intraday trade.
Index heavyweight and cigarette major ITC lost 0.66% at Rs 322.25. The stock hit a high of Rs 329 and a low of Rs 320.65 in intraday trade.
State-run ONGC fell 0.23% at Rs 214.05. The company announced during trading hours today, 28 March 2016, that its board approved the field development plan (FDP) for the development of fields falling under cluster 2 of deep water NELP block KG-DWN-98-2. The development would involve a capital expenditure of a staggering $5076.37 million (Rs 34012 crore). The total oil production from the fields envisaged is 23.526 million tonnes with the first oil production expected by March 2020. The total gas production estimated is 50.706 billion cubic meters with the first gas output expected by June 2019. The project is expected to complete by June 2020.
Bharat Heavy Electricals (Bhel) lost 2.92% at Rs 113.15. The company announced during market hours today, 28 March 2016, that it has commissioned a 40 megawatts (MW) second hydro electric generating unit of Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC) on the River Teesta. The remaining two units of the project are also in advanced stages of execution, Bhel said.
Separately, Bhel announced on Friday, 25 March 2016, that it has commissioned 600 MW coal-based thermal power plant in Telangana. Bhel said that the power plant was commissioned at the upcoming 1,200 megawatts (MW) Singareni Thermal Power Project located in Adilabad district in Telangana. The second unit of Singareni Thermal Power Project is also in an advanced stage of construction and is expected to be commissioned shortly. The project is being developed by Singareni Collieries Company (SCCL), a coal mining company.
NTPC rose 1.06% at Rs 128.70 after the company announced on Friday, 25 March 2016, that the unit-4 of 195 megawatts (MW) of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC has been commissioned on 24 March 2016. With this, the total installed capacity NTPC group has become 45,993 MW.
Sun Pharmaceutical Industries lost 4.2% at Rs 811.05. The stock hit a high of Rs 850 and a low of Rs 805.60 in intraday trade.
Dr Reddy's Laboratories lost 0.38% at Rs 3,035.55. The company and XenoPort, Inc announced entering into a license agreement for the development and commercialization of the latter's clinical-stage oral new chemical entity XP23829. Dr Reddy's plans to develop XP23829 as a potential treatment for moderate-to-severe chronic plaque psoriasis and may potentially develop XP23829 for relapsing forms of multiple sclerosis (MS). Under the terms of the agreement, Dr Reddy's will receive exclusive US rights to develop and commercialize XP23829 for all indications. In exchange for these rights, XenoPort will receive a $47.5 million up-front payment and an additional $2.5 million for transfer of certain clinical trial materials to Dr Reddy's. XenoPort will also be eligible to receive up to $190 million upon the achievement by Dr Reddy's of certain regulatory milestones, which could be achieved over a period of several years. In addition, XenoPort will be eligible to receive up to $250 million upon the achievement of commercial milestones, and up to mid-teens royalty payments based on potential net sales of XP23829 in the United States, Dr Reddy's said in a statement.
XP23829 is an investigational drug discovered by XenoPort. In September 2015, XenoPort announced results of a Phase 2 clinical trial of XP23829 as a potential treatment for moderate-to-severe chronic plaque-type psoriasis. Psoriasis is a chronic, systemic, inflammatory disease that manifests in the skin and/or joints.
Tata Motors declined 3.63% at Rs 363.25. The company after market hours on Wednesday, 23 March 2016, announced that workmen at its Sanand plant in Gujarat have called off the strike and resumed duty from 23 March 2016 and normalcy has been restored. Sanand is one of company's six plants in India and manufactures Nano and new hatchback car Tiago.
The Sensex snapped four-day winning streak. The barometer index had risen 660.19 points or 2.67% in the preceding four trading sessions to settle at 25,337.56 on Wednesday, 23 March 2016, from its close of 24,677.37 on 17 March 2016. The stock market was closed on 24 and 25 March 2016 for holidays. The Sensex has risen 1,964.40 points or 8.54% in this month so far (till 28 March 2016). The Sensex has fallen 1,151.14 points or 4.4% in calendar year 2016 so far (till 28 March 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the Sensex has risen 2,471.79 points or 10.98%. The Sensex is off 4,128.21 points or 14.18% from a 52-week high of 29,094.61 hit on 15 April 2015. The Sensex is off 5,058.34 points or 16.84% from a record high of 30,024.74 hit on 4 March 2015.
The Sensex snapped a four-day winning streak and the Nifty snapped six-day winning streak.
In overseas stock markets, Asian stocks fell as recent remarks from US Federal Reserve policy makers reignited expectations for an early interest-rate increase in the United States. European markets were closed for the Easter Monday holiday. US stocks ended little-changed during the previous trading session on Thursday, 24 March 2016, after weaker-than-expected economic data. Meanwhile, St. Louis Federal Reserve President James Bullard said the relatively minor downgrades to the Fed's economic outlook suggest the next rate hike 'may not be far off provided that the economy evolves as expected'. On Friday, 25 March 2016, data showed that the US economy grew at a 1.4% seasonally adjusted annual rate in the fourth quarter, higher than a previous estimate for 1% growth.
ONGC declined in volatile trade after the company's board of directors approved the field development plan (FDP) for the development of fields falling under cluster 2 of deep water NELP block KG-DWN-98-2 with estimated capital expenditure of a staggering $5076.37 million (Rs 34012 crore). NTPC edged higher after the company announced that the unit-4 of 195 megawatts (MW) of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC has been commissioned on 24 March 2016.
The Sensex lost 371.16 points or 1.46% to settle at 24,966.40, its lowest closing level since 18 March 2016. The index fell 442.07 points, or 1.74% at the day's low of 24,895.49. The index rose 95.38 points, or 0.38% at the day's high of 25,432.94.
The Nifty fell 101.40 points or 1.31% to settle at 7,615.10, its lowest closing level since 18 March 2016. The index fell 128.80 points, or 1.67% at the day's low of 7,587.70. The index rose 32.90 points or 0.43% at the day's high of 7,749.40.
The BSE Mid-Cap index shed 1.36%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index lost 1.65%. The decline in this index was higher than the Sensex's decline in percentage terms.
The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,942 shares fell and 743 shares rose. A total of 167 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Finance index (down 1.76%), the BSE Healthcare index (down 1.95%), the BSE Telecom index (down 2.21%), the BSE Bankex index (down 1.92%), the BSE Capital Goods index (down 2.08%), the BSE Metal index (down 3.92%) and the BSE Realty index (down 4.35%) underperformed the Sensex. The S&P BSE Auto index (down 1.45%), the BSE Consumer Discretionary Goods & Services index (down 1.19%) and the BSE FMCG index (down 0.82%) outperformed the Sensex.
Bank stocks witnessed selling pressure. Among public sector banks, Canara Bank (down 4.47%), State Bank of India (down 4.24%), Corporation Bank (down 3.29%), Bank of India (down 3.36%), IDBI Bank (down 3.6%), Punjab National Bank (down 2.95%), Bank of Baroda (down 3.37%) and Union Bank of India (down 2.77%) edged lower.
Among private sector banks, ICICI Bank (down 3.86%), Axis Bank (down 3.37%), IndusInd Bank (down 0.73%), Yes Bank (down 0.67%) and HDFC Bank (down 0.12%) declined. Kotak Mahindra Bank (up 1.97%) edged higher.
Metal shares edged lower. Vedanta (down 9.04%), Hindalco Industries (down 8.66%), Steel Authority of India (down 5.97%), Tata Steel (down 5.23%), NMDC (down 3.44%), Jindal Steel & Power (down 3.14%), Hindustan Copper (down 2.95%), National Aluminium Company (down 2.98%), JSW Steel (down 1.61%) and Hindustan Zinc (down 1.03%) edged lower.
High Grade Copper for May 2016 delivery was currently unchanged at $2.228 per pound on the COMEX.
Index heavyweight and housing finance major HDFC fell 1.92% at Rs 1,140.80. The stock hit a high of Rs 1,167.45 and a low of Rs 1,139 in intraday trade.
Index heavyweight Reliance Industries (RIL) fell 0.86% at Rs 1,020.50. The stock hit a high of Rs 1,031.95 and a low of Rs 1,015.50 in intraday trade.
Index heavyweight and cigarette major ITC lost 0.66% at Rs 322.25. The stock hit a high of Rs 329 and a low of Rs 320.65 in intraday trade.
State-run ONGC fell 0.23% at Rs 214.05. The company announced during trading hours today, 28 March 2016, that its board approved the field development plan (FDP) for the development of fields falling under cluster 2 of deep water NELP block KG-DWN-98-2. The development would involve a capital expenditure of a staggering $5076.37 million (Rs 34012 crore). The total oil production from the fields envisaged is 23.526 million tonnes with the first oil production expected by March 2020. The total gas production estimated is 50.706 billion cubic meters with the first gas output expected by June 2019. The project is expected to complete by June 2020.
Bharat Heavy Electricals (Bhel) lost 2.92% at Rs 113.15. The company announced during market hours today, 28 March 2016, that it has commissioned a 40 megawatts (MW) second hydro electric generating unit of Teesta Low Dam Hydro Electric Project (HEP) Stage-IV in West Bengal. Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC) on the River Teesta. The remaining two units of the project are also in advanced stages of execution, Bhel said.
Separately, Bhel announced on Friday, 25 March 2016, that it has commissioned 600 MW coal-based thermal power plant in Telangana. Bhel said that the power plant was commissioned at the upcoming 1,200 megawatts (MW) Singareni Thermal Power Project located in Adilabad district in Telangana. The second unit of Singareni Thermal Power Project is also in an advanced stage of construction and is expected to be commissioned shortly. The project is being developed by Singareni Collieries Company (SCCL), a coal mining company.
NTPC rose 1.06% at Rs 128.70 after the company announced on Friday, 25 March 2016, that the unit-4 of 195 megawatts (MW) of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam, a subsidiary company of NTPC has been commissioned on 24 March 2016. With this, the total installed capacity NTPC group has become 45,993 MW.
Sun Pharmaceutical Industries lost 4.2% at Rs 811.05. The stock hit a high of Rs 850 and a low of Rs 805.60 in intraday trade.
Dr Reddy's Laboratories lost 0.38% at Rs 3,035.55. The company and XenoPort, Inc announced entering into a license agreement for the development and commercialization of the latter's clinical-stage oral new chemical entity XP23829. Dr Reddy's plans to develop XP23829 as a potential treatment for moderate-to-severe chronic plaque psoriasis and may potentially develop XP23829 for relapsing forms of multiple sclerosis (MS). Under the terms of the agreement, Dr Reddy's will receive exclusive US rights to develop and commercialize XP23829 for all indications. In exchange for these rights, XenoPort will receive a $47.5 million up-front payment and an additional $2.5 million for transfer of certain clinical trial materials to Dr Reddy's. XenoPort will also be eligible to receive up to $190 million upon the achievement by Dr Reddy's of certain regulatory milestones, which could be achieved over a period of several years. In addition, XenoPort will be eligible to receive up to $250 million upon the achievement of commercial milestones, and up to mid-teens royalty payments based on potential net sales of XP23829 in the United States, Dr Reddy's said in a statement.
XP23829 is an investigational drug discovered by XenoPort. In September 2015, XenoPort announced results of a Phase 2 clinical trial of XP23829 as a potential treatment for moderate-to-severe chronic plaque-type psoriasis. Psoriasis is a chronic, systemic, inflammatory disease that manifests in the skin and/or joints.
Tata Motors declined 3.63% at Rs 363.25. The company after market hours on Wednesday, 23 March 2016, announced that workmen at its Sanand plant in Gujarat have called off the strike and resumed duty from 23 March 2016 and normalcy has been restored. Sanand is one of company's six plants in India and manufactures Nano and new hatchback car Tiago.
The Sensex snapped four-day winning streak. The barometer index had risen 660.19 points or 2.67% in the preceding four trading sessions to settle at 25,337.56 on Wednesday, 23 March 2016, from its close of 24,677.37 on 17 March 2016. The stock market was closed on 24 and 25 March 2016 for holidays. The Sensex has risen 1,964.40 points or 8.54% in this month so far (till 28 March 2016). The Sensex has fallen 1,151.14 points or 4.4% in calendar year 2016 so far (till 28 March 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the Sensex has risen 2,471.79 points or 10.98%. The Sensex is off 4,128.21 points or 14.18% from a 52-week high of 29,094.61 hit on 15 April 2015. The Sensex is off 5,058.34 points or 16.84% from a record high of 30,024.74 hit on 4 March 2015.
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