Sensex Falls Over 200 Points, Nifty Near 10,300: 10 Points

Energy and metal stocks led the declines, while some buying was witnessed in the pharma and realty stocks.

Business | | Updated: March 16, 2018 10:49 IST
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Sensex Falls Over 200 Points, Nifty Near 10,300: 10 Points

The Nifty had closed 50 points lower on Thursday

The BSE Sensex shed as much as 220 points on Friday, continuing its downward movement for a third straight session amid weakness in global markets. Energy and metal stocks led the declines, while some buying was witnessed in the pharma and realty stocks. The Nifty fell 66 points to hit day's low of 10,293 on the downside in morning deals. At 10:39 am, 35 stocks on the 50-scrip Nifty were trading in the negative zone. Top losers on the Nifty 50 were Coal India, Indian Oil and Bharat Petroleum - trading between 1.7 per cent and 5.3 per cent lower. NTPC, HPCL, GAIL India and Tata Motors stocks were down at least 1 per cent.
Here are 10 things to know about Friday's trading session:
  1. Brokers said persistent selling by investors and capital outflows by foreign funds and a weak trend in Asian bourses, due to increased concerns over the prospect of a global trade war, dampened market sentiment.
  2. Equities in other Asian markets were on the defensive as worries over the US investigation into the Trump Organization tested investor nerves. Investors were already frayed by fears US tariffs could hurt the global economy and trigger a trade war.
  3. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent in early trade. Japan's Nikkei was down 0.3 per cent. Overnight on Wall Street, the S&P 500 edged 0.08 per cent lower, marking its first four-day losing streak of 2018.
  4. Coal India declined over 5.5 per cent. Nalco was down around 1 per cent.
  5. Going ahead, if the Nifty50 continues to trade in the range of 10,480-10,300, traders should follow a stock-centric approach, say experts. (Also read: Top stocks that should be on your radar)
  6. State-run banks rose, with PNB rising 1.8 per cent and Bank of Baroda up 1.6 per cent. SBI was up 0.1 per cent in morning. The NSE's sub-index for state-run banks - Nifty PSU Bank - rose as much as 0.9 per cent.
  7. Among pharma stocks, Dr Reddy's Laboratories rose 0.7 per cent and Glenmark Pharma 0.8 per cent while Sun Pharma was up 0.2 per cent in morning.
  8. The rupee fell by 3 paise to 64.96 against the US dollar in early trade at the forex market. Strength in dollar against other currencies overseas as traders eye the Federal Reserve's meet next week and a lower opening in domestic equities kept pressure on the domestic unit, dealers said.
  9. Government data on Thursday showed trade deficit narrowed to a five-month low of $12 billion in February. Exports grew 4.5 per cent in February - the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles, and gems and jewellery declined. The trade deficit - the difference between imports and exports - had stood at $9.52 billion in February 2017.
  10. The International Monetary Fund (IMF) on Thursday said India should see its economic growth picking up this year after two "transitory shocks" - demonetisation and GST - while China's growth is likely to fall gradually. The IMF said globally growth is expected to revert to a weaker trend.
(With agency inputs)

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