Highlights

12 pm ISTJMC Projects shares jump 6% on receipt of new orders
11.55 am IST4 PSUs file IPO papers with Sebi
11.28 am ISTMarket update
11.25 am ISTTyre companies stocks trade higher
10.37 am ISTMarket update
10.35 am ISTHDFC Standard Life Insurance market cap crosses Rs1 trillion mark
10.30 am ISTJSW Steel ties up with Numetal in bid to buy Essar Steel
9.50 am ISTPSU bank stocks trade higher
9.47 am ISTMotherson Sumi shares jump 6% after Reydel deal
9.45 am ISTICICI Bank board trusts Chanda Kochhar, but do investors trust ICICI Bank board?
9.40 am IST10-year bond yield drops 8 bps after RBI allows banks to spread debt losses
9.35 am ISTMarket update

BSE Sensex and NSE Nifty trade lower on Tuesday. Photo: Reuters

Mumbai: Shares edged lower on Tuesday tracking global peers, with gains in state-run lenders such as SBI being capped by losses in tech stocks such as Wipro. Investor sentiment was subdued as renewed fears of a trade war between US and China and a slump in tech shares triggered a global selloff, Reuters reported. On the other hand, shares of PSU banks rose after India’s central bank allowed banks to spread their bond trading losses, in a move that will likely boost the profitability of banks. Traders will also focus on RBI policy decision due on Thursday. A Mint poll shows RBI will keep interest rates unchanged. Here are the latest updates from the markets:
12 pm IST JMC Projects shares jump 6% on receipt of new ordersJMC Projects (India) Ltd shares surged 6.01% to Rs598.05 after the company announced that it has secured new orders worth Rs942 crore from the National Highways Authority of India.
11.55 am IST 4 PSUs file IPO papers with SebiFour state-owned firms, including Mazagon Dock Shipbuilders and Rail Vikas Nigam Ltd (RVNL), have filed draft papers with markets regulator Securities and Exchange Board of India (Sebi) to float initial public offerings (IPOs). Railway infrastructure firm Ircon International and warship maker Garden Reach Shipbuilders and Engineers are the other two firms which have filed IPO papers. The IPOs will be part of the government’s target to garner Rs80,000 crore through stake sales in state-owned companies in 2018-19.
11.28 am IST Market updateBSE Sensex traded lower by 76.06 points, or 0.23%, to 33,179.30, while the Nifty 50 declined 26.30, or 0.26%, to 10,185.50.
11.25 am IST Tyre companies stocks trade higherIndian tyre stocks gain on falling rubber prices. Shares of Apollo Tyres Ltd and TVS Srichakra Ltd were up over 2% each in morning trade. MRF Ltd rose as much 3.25% to an all-time high of Rs75,500. Ceat Ltd jumped as much as 4.1% to Rs1,602, its highest since 16 March. (Reuters)
10.37 am IST Market updateBSE Sensex traded lower by 10.16 points, or 0.03%, to 33,245.20, while the Nifty 50 edged down 10.55, or 0.10%, to 10,201.25. Among the sectoral indices on BSE, bankex was up 0.67%, auto 0.57% and healthcare 0.52%, while consumer durables fell 0.64%, metal 0.57% and teck 0.31%.
10.35 am IST HDFC Standard Life Insurance market cap crosses Rs1 trillion markHDFC Standard Life Insurance Co. Ltd, India’s most profitable life insurer, on Tuesday joined the elite club of companies that have seen their market capitalization soar past Rs1 trillion on the exchanges. At 9.40am, the HDFC Group firm saw its market capitalisation touch Rs1 trillion with its shares trading at a record high of Rs497, up 3.4% from its previous close, showed data from BSE.
10.30 am IST JSW Steel ties up with Numetal in bid to buy Essar SteelThe battle for Essar Steel Ltd Monday saw the surprise entry of Sajjan Jindal-led JSW Steel Ltd, which has formed a tie-up with Numetal Mauritius, which is already in fray. Monday’s auction of Essar Steel Ltd also saw bids from ArcelorMittal Netherlands NV-Nippon Steel and Sumitomo Metal Corp. (NSSMC) duo, and Vedanta Plc submitting their bids for the debt-ridden steel firm. Vedanta, which had submitted expression of interest earlier, is a new entrant as well.
9.50 am IST PSU bank stocks trade higherPSU bank stocks gain after banks were allowed to spread out provisioning to cover losses on their government bond portfolio across four quarters, in a relief for lenders who would have otherwise faced an immediate hit to their bond portfolio due to rising yields.Andhra Bank rose 4%, Oriental Bank of Commerce 2.5%, Syndicate Bank 2.1%, Punjab National Bank 1.2%, Indian Bank 1.1%, Bank of India 1.1% and Union Bank of India 1%
9.47 am IST Motherson Sumi shares jump 6% after Reydel dealMotherson Sumi Systems Ltd shares jumped 5.75% to Rs342.90. The company on Monday said it has agreed to acquire Reydel Automotive Group for $201 million. France-based Reydel, a privately held company controlled by buyout firm Cerberus Capital Management LP, manufactures interior parts of vehicles for customers.
9.45 am IST ICICI Bank board trusts Chanda Kochhar, but do investors trust ICICI Bank board?Being a corporate lender, a questioning of the process of loan disbursement against one corporate group is bound to kindle doubts on the integrity of its sanctioning process
ICICI Bank has confidence in Chanda Kochhar, but do investors share that sentiment? https://t.co/KpiQdcyHzG
— Livemint (@livemint) April 2, 2018
9.40 am IST 10-year bond yield drops 8 bps after RBI allows banks to spread debt lossesIndia’s 10-year bond yield declined by nearly 8 basis points (bps) to hit an over two-month low after the Reserve Bank of India (RBI) allowed banks to spread its bond trading losses. At 9.15am, yield on 10-year government bonds was at 7.322%, down 0.79 bps from its Wednesday’s close of 7.399%. Markets were shut for five days due to holiday. Meanwhile, rupee opened higher at 65.07 and was trading at 65.08, up 15% from its previous close.
9.35 am IST Market updateBSE Sensex traded higher by 52.27 points, or 0.16%, to 33,307.63, while the Nifty 50 rose 6.65, or 0.07%, to 10,218.45.