The market which saw an initial spurt came tumbling down in despair following a sell-off in banks and realty stocks especially. Some concerns have emerged after Finance Minister Arun Jaitley said the government will take steps to help farmers hit by unseasonal rain and hailstorms. Any financial assistance and loan waivers could bring pressure on the government finances and market seems to be worried about the same.
The outlook is a flat start. The bias is a bit negative for now. Attention will be on Parliament.
The black money law will be introduced in Parliament today. The government was keen on getting the insurance, coal, mines and minerals and land acquisition bills passed. Today may see the passage of most of them except the Land Bill.
Global indices are mostly subdued. Dow fell 0.65%, S&P 500 lost 0.49% and Nasdaq was down 0.19%. Asian markets are also lower. Japan’s Nikkei and Hong Kong’s Hang Seng shed 0.2% each while China’s Shanghai index is down around half a percent.
was trading 0.42 per cent higher at 3,597.
Oil prices tumbled as Kuwait’s stance that OPEC had no choice but to keep producing in an oversupplied market undercut the previous day’s rally, says a report.
Inox Wind Limited, promoted by Gujarat Fluorochemicals Limited, will close its Initial Public Offer today.
Reaffirming its commitment to the BRICS New Development Bank (NDB), which is expected to rival the International Monetary Fund (IMF) and the World Bank, India has set aside Rs.930 crore in the 2015-16 budget in addition to the Rs.100 crore that it had earmarked for the year ending 31 March. However, the budget has no amount allocated for the proposed $50 billion Asian Infrastructure Investment Bank (AIIB), which will be led by China, says a report in Mint.
Hester Biosciences stock hit 10% upper circuit at Rs 485.20 after the company launched its PPR (Peste Des Petits Ruminants) vaccine and Goat Pox vaccine.
Larsen & Toubro (L&T) stock ended 1% lower at Rs. 1,683 on securing fresh contracts worth Rs. 1,255 crore.
Aurobindo Pharma stock ended 1% lower at Rs 1225 after US Food & Drug Administration (USFDA) has granted the tentative approval for Lacosamide Tablets 50mg, 100mg, 150mg and 200mg (ANDA 204994).
Tech Mahindra also declined nearly 2% to Rs. 687 after been adjusted for the bonus-cum-split.
Crompton Greaves stock ended 0.49% lower at Rs 171 on reports that company is planning to sell 35% stake in its consumer durables business to private equity firm Advent for $300 mn.
Suzlon stock ended 3% lower at Rs 28. The stock is also gaining attention as a wind company Inox Wind IPO has opened. The Price Band for Inox Wind is fixed from Rs. 315 to Rs. 325 per Equity Share.
Wockhardt soared to a high of Rs. 1,908 after the company said that the US health regulator has not found any issues with respect to data security and control measures at Chikalthana plant in its recent inspection. The stock ended 1.5% higher at Rs. 1,908.
Reliance Infrastructure surged to a high of Rs. 468, before settling flat at Rs. 454 on news report that the company is to bid for military chopper contracts worth over $ 3 billion.
Thomas Cook rallied to a high of Rs. 216 on announcing its plans of possible IPO for its subsidiary – Quess Corp. The stock ended 0.8% higher at Rs. 209.
Shares of Lupin Ltd were closed 3% higher at Rs.1,921. The drug-maker company has received ANDA approval for the its generic pain-killer drug Celebrex. It currently holds 14% market share for Celebrex and expect $58 million sales from the drug with a 15% market share, report said.
Shares of Cox & Kings Ltd were trading lower at Rs.328.45 . Cox & Kings owned Meininger Hotels and NDC Group have signed a contract for a new Meininger Hotel in Berlin.
ITD Cementation India hits 10% upper circuit at Rs. 771 on reports that the stock will be included in the CNX 500 index from 24 March onwards.
According to reports, Delhi High Court directed Directorate General of Civil Aviation (DGCA) to deregister six aircraft given on lease to SpiceJet by two Irish firms.SpiceJet reported that it would take further course of action but only after evaluating the order. The airline also said that it was negotiating with the lessors for a mutual settlement to the case.
The Securities and Exchange Board of India (SEBI) is considering the possibility to allow strategy-based derivative trading, according to a media report. The objective is to help bring in various new products in the derivative trading segment, the report added.