Weak trade continues; Sensex below 33k-mark on CAD, Fed hike worries

Sensex dives 510 pts on growing political worries
Sensex closes below 33000, Nifty50 sheds 100 points on fifth straight day of losses
Author

21 March, 2018

Continuing its downtrend for the fifth straight session, stock markets fell amid weak global cues ahead of the US Federal Reserve's policy decision later in the week. Investors have also been worrying about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminium imports. Vedanta was down around 7 per cent in early morning trading.

The Sensex shrugged of its early losses, with IT and telecom stocks leading the recovery, and touched high of 33,102.74.

USA stocks joined a broad decline in global equity markets on Monday as traders turned cautious ahead of the Federal Reserve's policy meeting this week and amid continuing concerns about the threat of a global trade war. It finally settled at 32,996.76, showing a gain of 73.64 points, or 0.22 %. The NSE Nifty50 index was 0.47 per cent up at 10,141.

EU, British negotiators hail major progress on Brexit deal
The EU secured agreement that Britain would offer residence rights to EU citizens who arrive after Brexit but before 2021. He argued that Mrs May had been able to "fudge" the issue until now but that strategy "doesn't work any more".

The NSE Nifty50 declined by 165 points or 1.59 per cent to close at 10,195.15 points, while the Sensex closed at 33,176 points - down 509.54 points or 1.51 per cent from the previous session's close.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs292.23 crore on net basis, while domestic institutional investors (DIIs) sold equities to the tune of Rs191.52 crore on Monday, provisional data showed. In the broader market, the BSE Midcap and the BSE Smallcap indices underperformed to lose up to 0.7 per cent. D B Realty (down 4.93%), Sobha (down 2.99%), Parsvnath Developers (down 2.5%), Anant Raj (down 2.47%), Oberoi Realty (down 2.08%), Prestige Estates Projects (down 1.94%), Phoenix Mills (down 1.64%), Sunteck Realty (down 1.16%), Peninsula Land (down 0.87%), Mahindra Lifespace Developers (down 0.72%), Godrej Properties (down 0.49%) and Unitech (down 0.49%), edged lower. Other laggards included Wipro, Yes Bank, Coal India, Infosys, Asian Paint, Bajaj Auto, Adani Ports, SBI, Tata Motors, Kotak Bank, Sun Pharma, ICICI Bank, Hero MotoCorp, Dr Reddy's, HDFC Ltd, Axis Bank, IndusInd Bank, RIL, ITC Ltd, ONGC, HDFC Bank and M&M that lost up to 2.60 per cent.

BPCL (-3.6%), International Olympic Committee (-3.4%), HPCL (-2.2%), Coal India (-2%), Bajaj Auto (-1.5%) were the top losers in today's trade. Tata Steel and Bharti Airtel were the largest losers as they slipped 4.24 and 4.16 per cent, respectively.


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