Sensex slumps 407 points on fresh sell-off in Wall Street

Global markets : A 4 per cent drop in Chinese shares dealt reeling world stock markets a fresh blow, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis. Read more

 

European shares : Europe's STOXX 600 share index fell 0.2 per cent by 0900 GMT with most European bourses trading flat or in negative territory. More on this

 

Closing bell : The BSE Sensex slumped over 407.4 points or 1.18 per cent to end at a one-month low of 34,005.76 and the Nifty dropped 121.9 points or 1.15 per cent to 10,454.95 mark trigged by global rout in equities.

 

Moreover, continuous outflow by foreign funds hit the trading sentiment. Foreign portfolio investors had offloaded shares worth Rs 2,297.09 crore, while domestic institutional investors (DIIs) had purchased shares worth Rs 2,373.59 crore yesterday.

The euro gained against the dollar but the single currency was still headed for its worst weekly performance since October after the global stock market sell-off squeezed investors betting against the greenback out of their positions. More on this

 

Moody’s Investors Service has changed the outlook of Central Bank of India and Indian Overseas Bank to positive from stable. Read more

 

Global sell-off following a sharp plunge in Wall Street overnight coupled with lingering concerns over inflation at the domestic front pulled the benchmark indices down by nearly 1.7 per cent. At 2.45 pm, the Sensex was trading lower by 426.55 points or 1.24 per cent at 33,986.61 and the Nifty down by 129.05 points or 1.22 per cent at 10,447.80. The BSE index touched intraday low of 33,849.65 and the Nifty hit 10,398.20.

Tax subsidies for digital payments : In a bid to develop the fintech and digital banking ecosystem in India, the Government is looking at introducing tax subsidies for merchants that accept a certain proportion of their business revenues from the use of digital payments as opposed to cash. Read more

 

Andhra Bank shares tumbled as much as 7.6 per cent as the bank has posted Rs 532 cr loss in the third quarter ended December 31, 2017 on account of higher provisions for bad loans. Following a negative open at Rs 43.60, the stock touched intraday high of Rs 47.90 and a low of Rs 43.60 on the BSE.

 

A solid cover for the poor: The health scheme will require massive improvement in medical infrastructure. Typically, 3-5 per cent of people in any group make a health claim. This suggests that when implementation is complete, between 15 and 25 million poor will access hospitals. Click here to read more

 

Cancer insurance: These plans are customised for cancer with a purpose of providing timely financial assistance. Most insurers issue the policy without medical tests, depending on the customer’s age and the facts declared in the proposal form. Click here to read more

 

 

Housing has come a full circle: The property sector did not figure prominently in the recently presented Budget. Still, there are two changes, mainly tax related, that could impact home buyers and sellers. Click here to read more

 

 

The Sensex and Nifty were trading down by nearly 1.5 per cent, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market. At 1.10 pm, the 30-share BSE index Sensex was down 434.09 points or 1.26 per cent at 33,979.07 and the 50-share NSE index Nifty down 131.65 points or 1.21 per cent at 10,445.20. Top five Sensex losers were ICICI Bank, Axis Bank, HDFC, YES Bank and Adani Ports, while the only three gainers were Tata Steel, Asian Paints and Dr Reddy's.

BSE sectoral indices

NSE sectoral indices

 

Jubilant Life Sciences' subsidiary has received final approval from the US health regulator for Amantadine Hydrochloride tablets, an anti-viral and anti-Parkinsons drug. The company shares were trading down by 2.23 per cent at Rs 946.85 on the BSE. More on this

 

M&M to sell stake in Mahindra Sanyo : Mahindra & Mahindra has agreed to sell 22 per cent of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs 146.32 crore. More on this

 

Buy gold at $1,300 per ounce : Buy Comex gold on dips around $1,300 with a stop-loss at $1,290 targeting $1,345 followed by $1,374. Click here to read more

 

The Sensex and Nifty tumbled nearly 1.5 per cent, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market. Global cues have weighed on Indian stock markets with major indexes on track for a second straight weekly fall after embarking on a record-hitting spree in January.

“The sell-off is likely a retest of the bottom and obviously driven by selling in overseas markets. The long overdue correction is taking place amidst growth in earnings, reduction in crude oil (prices) and stable domestic yields,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

Improvement in earnings alongside price correction creates attractive buying opportunities, particularly in the consumer and industrial sectors, Sharma added.

At 12.05 pm, the Sensex was down 458.87 points or 1.33 per cent at 33,954.29 and the Nifty down 149.4 points or 1.41 per cent at 10,427.45.

Major Sensex losers were ICICI Bank, Axis Bank, YES Bank, Adani Ports and HDFC, while the only four gainers were Tata Steel, Asian Paint, PowerGrid, and Coal India.

 

Gold remains steady: Spot gold was mostly unchanged at $1,317.51 an ounce, at 0321 GMT. Prices had touched their lowest since January 4 at $1,306.81 on Thursday. Click here to read more

 

 

Crude oil extends decline : Brent futures were down 38 cents or 0.6 per cent, at $64.43 a barrel by 0146 GMT. WTI crude was down 54 cents, or 0.9 per cent, at $60.61, having settled down 1 per cent in the previous session at its lowest close since January 2. More on this

 

China shares tumble: The benchmark Shanghai Composite Index tumbled as much as 5.9 per cent at one point to a nine-month low before recouping some losses, while the blue-chip CSI300 dived as much as 6.2 per cent. Read more

 

Glenmark plunges to 44-month low: Shares of Glenmark Pharmaceuticals hit 44-month low on disappointing Q3 results. Click here to read more

 

Nikkei tumbles: The Nikkei was down 3.2 per cent at the end of morning trading at 21,1185.76, bringing its weekly loss so far to 9 per cent. More on this

 

Around 125 companies including, AB Capital, Avanti Feeds, BoB, and Bata India will declare their quarterly results today. Read more

 

Index heavyweights such as State Bank of India, M&M, Tata Steel, ONGC, Bharat Petroleum Corporation and HPCL will declare their quarterly and nine-month period ended results today. Read more

 

The S&P BSE Sensex was trading lower by 428.93 points or 1.25 per cent at 33,984.23 and the Nifty50 down by 135.25 points or 1.28 per cent at 10,441.60 on widespread sell-off triggered by a rout in global equities.

Among BSE sectoral indices, banking index fell the most by 1.9 per cent, followed by IT 1.45 per cent, TECk 1.33 per cent and oil & gas 1.11 per cent, while only metal index was up 0.53 per cent.

Sensex gainers, losers

NSE gainers, losers

 

 

Wall Street tumbles :  US stocks had plunged around 4 per cent on Thursday in another dramatic session, confirming a correction that has thrown the market's nearly nine-year bull run off course. More on this

 

Asian shares: Japan's Nikkei sagged 3.3 per cent, en route for a weekly loss of 8.9 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 2.3 per cent to a two-month low. Read more

 

LTCG tax on mutual funds : The Budget proposal of levying 10 per cent long-term capital gains tax on gains made above ₹1 lakh a year from equity mutual funds will act as a ‘dampener’ in the short term. Click here to read more

 

SBI MF launches new plan : SBI Mutual Fund has introduced Bandhan Systematic Withdrawal Plan, a tax-efficient option to provide a minimum of ₹5,000 a month for one year to an immediate family member by redeeming units. More on this

Polaris delisting : The delisting offer of Polaris Consulting & Services by Virtusa Consulting Services has been successful as the latter has accepted the ‘discovered’ price of ₹480 a share as the final exit price. Read more

Kotak finds valuation of Indian market rich: Even though the Indian economy is forecast to witness a slight improvement in macro-economic fundamentals, namely crude oil prices, inflation and GST revenues (mostly expected in the second half), the equity market is likely to continue to be on a bumpy road in the medium term. Click here to read more

 

Day Trading Guide: HDFC Bank (Rs 1,880), Infosys (Rs 1,134), ITC (Rs 273), ONGC (Rs 188), Reliance (Rs 903), SBI (Rs 301), TCS (Rs 2,966) & Nifty futures 10572

Cick here to read the full table

Today's stock pick : The stock of Hexaware Technologies tumbled 5 per cent with above average volume on Thursday, breaching an uptrend as well as a key support level at ₹345. This fall gives traders/investors with a short-term perspective an opportunity to sell the stock at current levels. Read more

 

The S&P BSE Sensex tanked 563.52 points to 33,849.65 and the Nifty50 dropped 178.65 points to 10,398.20 as Asian stocks tumbled to two-month lows. Wall Street shares suffered yet another big slide in the face of rapidly-rising bond yields, with perceived havens such as the yen and Swiss franc in demand amid the turmoil.