Market Check   S&P BSE Sensex 33,626.92 0.96%   Nifty 50 10,326.90 0.98%   S&P BSE 200 4,492.63 0.70%   Nifty 500 9,042.80 0.63%   S&P BSE Mid-Cap 15,985.67 -0.01%   S&P BSE Small-Cap 17,296.03 -0.06% Asia's equity market cap will overtake US in a decade: Morgan Stanley   Our modeling projects that Asia's total market capitalisation will double to US$56trn by 2027. Asia will overtake North America (US & Canada) as the largest equity market region as it generates over half of the world's growth in market cap. This equates to compound market cap growth of 6.5% per annum, versus nominal GDP growth of 6.0%, with market cap to GDP rising from 113% currently to 118%.    On this same basis, North America, Europe and the Other Non-Asian G20 regions would see average growth of 3.2-3.4% over the next decade. As a result, Asia is projected to generate 56% of global market cap growth, followed by North America (29%) and Europe (11%). Asia would overtake North America as the world's largest equity market region by 2027, and would be almost three times larger than Europe, on our estimates.   Sector Watch: Cement   All-India cement prices saw a decline of Rs 9/bag in March 2018, despite (1) easing of the ban on sand mining in South and (2) being in the middle of the busy construction season. With all-India cement prices (`322/bag in March 2018) reaching levels similar a year ago, and rising cost pressures, we expect cement earnings to trend weak in 4QFY18, but for a favorable volume base.   (Source: Kotak Institutional Equities report) Aarti Drugs falls 6% as Tarapur unit impacted by explosion Shares of Aarti Drugs has dipped 6% to Rs 528 on the BSE in otherwise firm market after the pharmaceuticals company said that its unit in Maharashtra Industrial Development Corporation (MIDC) Tarapur has got affected by a massive explosion at the adjoining unit of Novaphene Specialties Private limited. READ MORE   Sugar firms stare at losses, with estimate of record output, after 2 years It has taken only one announcement to change the outlook for sugar companies. The forecast of a 13 per cent increase in production, compared to previous estimates, has panicked the market, eroding prices of the commodity and the stock price of manufacturers. In sum, after a year of record profit and a second reasonably good one, top sugar companies again seem on the verge of an extended downturn. And, given the current environment in banking, a number of companies might not be able to swim through. READ MORE Passenger vehicle sales up 7% in Feb; motorcycle sales jump 26%: SIAM Domestic passenger vehicle sales rose 7.77 per cent to 275,329 units in February from 255,470 units in February 2017. Domestic car sales were up 3.7 per cent to 179,122 units as against 172,737 units in February 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month rose 26.48 per cent to 1,053,230 units as against 832,695 units a year earlier. READ MORE Maruti Suzuki Dzire