Capital Market Last Updated at March 15, 2018 12:50 IST
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Key benchmark indices cut losses in early afternoon trade. At 12:22 IST, the barometer index, the S&P BSE Sensex, was down 46.83 points or 0.14% at 33,788.91. The Nifty 50 index was down 16.35 points or 0.16% at 10,394.55. Most pharma shares rose.
Domestic stocks drifted lower in early trade tracking negative Asian stocks. Stocks reversed initial small declines and turned positive in morning trade. Volatility ruled the roost in mid-morning trade as the key benchmark indices hit fresh intraday low in negative zone.
The S&P BSE Mid-Cap index was up 0.7%. The S&P BSE Small-Cap index was up 0.78%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,460 shares rose and 930 shares fell. A total of 141 shares were unchanged.
Most pharma shares rose. Wockhardt (up 1.22%), Dr Reddy's Laboratories (up 0.9%), Glenmark Pharmaceuticals (up 1.4%), Lupin (up 0.98%), Sun Pharmaceutical Industries (up 0.48%) and GlaxoSmithKline Pharmaceuticals (up 0.01%) rose. Cadila Healthcare (down 0.99%), Cipla (down 0.54%), Alkem Laboratories (down 0.28%) and Aurobindo Pharma (down 0.13%) fell.
Metal and mining stocks saw mixed trend. Hindustan Copper (up 8.99%), Steel Authority of India (Sail) (up 0.89%), National Aluminium Company (up 1.79%), Jindal Steel & Power (up 0.52%) and NMDC (up 0.06%) rose.
Vedanta (down 0.61%), JSW Steel (down 1.41%), Hindustan Zinc (down 0.05%) and Hindalco Industries (down 0.49%) fell.
Tata Steel fell 0.84% to Rs 615.25. Tata Steel said that the company has approved allotment of 15.52 crore shares at Rs 510 per share pursuant to the rights issue. The announcement was made after market hours yesterday, 14 March 2018.
Copper edged lower in the global commodities market. High Grade Copper for May 2018 delivery was currently off 0.33% at $3.1480 per pound on the COMEX.
Steel Strips Wheels rose 2.56% after the company announced bagging exports order for supplying steel wheels for European Union (EU) caravan market. Order comprises of approximately 100,000 steel wheels to be shipped from SSWL's Chennai plant from May 2018 onwards until period of 5 months. The company is on the verge of receiving similar export orders with another European customers in near future. This repeat order makes SSWL as a leading supplier of caravan Steel wheels market in European region. The announcement was made during trading hours today, 15 March 2018.
Himadri Speciality Chemical rose 3.35% after the company said it will invest Rs 1000 crore in Carbon Black business in West Bengal to expand its Carbon Black business. The company will set up new carbon black lines in its existing integrated plant in Mahistikry, West Bengal for producing Specialty Carbon Black. The announcement was made after market hours yesterday, 14 March 2018.
Himadri Speciality said it has a large portfolio of products catering to the needs of diverse industries and carving for itself a niche in its sector. The company has already introduced 10 grades in the last 1.5 years in domestic and global markets and will now be expanding their business in North America, Europe, South East Asia and Middle East Markets.
In a separate announcement after market hours yesterday, 14 March 2018, Himadri Speciality Chemical informed that the Government of India has imposed anti-dumping duty on the import of Sulphonated Naphthalene Formaldehyde (SNF) with a view to protect the interest of domestic manufacturers. The anti-dumping duty imposed shall be effective for a period of five years (unless revoked, superseded or amended earlier). Himadri Speciality Chemical said it has manufacturing facility of this product.
Meanwhile, the Indian economy is set to revert to its trend growth rate of 7.5% in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetization, a World Bank report released yesterday, 14 March 2018 showed. India's GDP growth is projected to reach 6.7% in 2017-18 and accelerate to 7.3% and 7.5% in 2018-19 and 2019-20 respectively.
While services will continue to remain the main driver of economic growth; industrial activity is poised to grow, with manufacturing expected to accelerate following the implementation of the GST, and agriculture will likely grow at its long-term average growth rate, the report said.
Overseas, Asian markets saw mixed trend. US stocks fell yesterday, 14 March 2018 after lackluster retail sales figures fanned concern that consumer spending is cooling. US president Donald Trump reportedly planned to impose fresh tariffs on China, intensifying concerns of a global trade war. Larry Kudlow, a free trade advocate, is set to replace Gary Cohn as White House economic adviser. Cohn resigned last week after losing his fight against tariffs on steel and aluminum imports.
In economic data, the producer-price index showed wholesale inflation up 0.2% in February, down from the 0.4% advance in January. US retail sales fell 0.1% in February, the third straight monthly decline. However, sales grew 0.3% if autos and gas are stripped out.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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