Smart recovery for Sensex! Index rallies 469 points; PSU bank stocks star performers
Smart recovery for Sensex! Index rallies 469 points; PSU bank stocks star performers
The benchmark indices logged a smart recovery on Monday with the Sensex rallying over 500 points in intraday trade, while Nifty reclaimed its crucial 10,100 mark. The pullback came after US stock futures led global shares higher following reports that the United States and China have quietly started negotiations to improve US access to Chinese markets. The news eased fears of a trade war between the two economic giants. The Sensex settled at 33,066, up 469.87 points, while the broader Nifty50 ended at 10,130, up 132.60 points.
In the broader market, the BSE Midcap and the BSE Smallcap indices rallied up to 1 per cent. Market breadth, however, remained negative. There were 1,563 declines against 1,187 advances on the BSE. 177 stocks remained unchanged.
E-Mini futures for the S&P 500 leaped more than 1 per cent while Japan’s Nikkei erased earlier losses of 1.3 per cent to end 0.7 per cent higher. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, flipping back to positive territory from a 0.5 per cent fall.
European shares ticked up on opening, with Germany’s Dax, France’s Cac and Britain’s FTSE all about 0.3 per cent higher.
Signs of talk between the two economic giants allayed fear of an escalating trade war, sparked after U.S. President Donald Trump moved to slap tariffs on Chinese goods, on top of import duties on steel and aluminium, prompting a defiant response from Beijing.
The United States also agreed to exempt South Korea from steel tariffs, imposing instead a quota on steel imports as the two countries renegotiate their trade deal.
South Korea’s benchmark share index rose 0.8 per cent.
Over the last week, the BSE Sensex recorded a fall of 579.46 points, or 1.75 per cent.
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Nifty PSU Bank best performer, Nifty IT sole loser
Source: NSE
Sensex heatmap
Source: BSE
Markets at close
The Sensex settled at 33,066, up 469.87 points, while the broader Nifty50 ended at 10,130, up 132.60 points.
Market breadth negative
Market breadth remained negative even as Sensex jumped over 500 points in the last leg of trade. There were 1,540 declines against 1,210 advances on the BSE. 153 stocks remained unchanged.
Nifty PSU Bank jumps 5%
Nifty PSU Bank was the leading sectoral gainer, led by gains in Canara Bank, Bank of Baroda, SBI and Union Bank, which rallied in the range of 4 per cent to 10 per cent on the NSE.
Nifty reclaims 10,000
At 12:55 pm, the Sensex was trading at 32,711, down 114.97 points, while the broader Nifty50 was ruling at 10,019, up 21.70 points.
Wipro tanks 4%
Shares of Wipro slipped over 4 per cent to Rs 272.55, in line with other IT stocks, after rupee gained against the dollar in today's trade. Nifty IT index was the leading sectoral loser among NSE indices, while Wipro shed the most on Sensex, Nifty and Nifty IT index. Infosys, MindTree, Oracle Financial Services, and Tech Mahindra dipped in the range of 1 per cent to 2 per cent.
Sensex heatmap at open
Source: BSE
Markets at open
At 9:23 am, the Sensex was trading at 32,595, down 1.54 points, while the broader Nifty50 was ruling at 9,991, down 6.65 points.
Stocks in focus
- Ibrealest: Divested 50 percent stake in arms Indiabulls Properties (IPPL) & Inidabulls Real Company (IRECPL) to Blackstone for an enterprise value of Rs 9,500 crore.
- SRF: DSP BlackRock MF's shareholding in the company increased to 5.14 percent on March 21.
- Paperproducts: The company has entered into a business transfer agreement for acquisition of the business of Ajanta Packaging, India on a slump sale basis, based on an enterprise valuation of Rs 100.3 crore.
- JISLJALEQS: Promoter Creates Pledge On 13.5 Lakh Shares On March 12
- Kridhan Infra acquired 36.86 percent stake in Vijay Nirman Company Private Limited. It had signed an SSA for increasing its stake to 50.5 percent.
Rupee at open
Rupee opens higher at 64.93 per dollar.
FAST MONEY: Eicher Motors, Vadilal among seven trading ideas for today's trade
EICHER MOTORS
Target: Rs 28400
Stoploss: Rs 27600
CMP: Rs 27896- The stock is strong on weekly chart
- The stock didn't fall as much as key indices did
Oil prices fall, but still above $70
U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel, down 37 cents, or 0.6 percent, from their previous close. Brent crude futures were at $70.24 per barrel, down 21 cents, or 0.3 percent.
Asian markets stumble as trade war fears roil global investors
Fears of a full-blown trade war between the United States and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak as investors fretted over the fate of global growth. Japan's Nikkei stumbled 0.9 percent to a near six-month trough in early trade, due in part to worries over the stronger yen squeezing export earnings. Australian shares declined 0.5 percent to their lowest since early October.
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