INDIAN EQUITY MARKET OUTLOOK - 14 Mar 2018
Sensex falls 100 pts, Nifty breaks 10,400; PSU banks dip, IT outshines
Benchmark indices started off the day on a negative note on Wednesday, continuing consolidation for second consecutive session. Weak global cues weighed on market sentiment.
The 30-share BSE Sensex was down 99.50 points at 33,757.28 and the 50-share NSE Nifty fell 37.60 points to 10,389.30.
TCS, HCL Technologies, Tech Mahindra, L&T and Aurobindo Pharma gained strength.
Tata Steel, Coal India, SBI, Hero Motocorp, Hindalco, HPCL, BPCL and ONGC were under pressure.
The Nifty Midcap index was down 0.3 percent.SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank declined up to 3 percent.
Future Retail, Graphite India, NBCC and Fortis Healthcare gained up to 4 percent.
Asian markets tracked losses seen on Wall Street, following the sacking of US Secretary of State Rex Tillerson, and amid talk of potential US tariffs against China.
ICICI Securities, the broking business subsidiary of ICICI Bank, is expected to open its initial public offer on March 21, reports CNBC-TV18 quoting sources.
The company after consultation with merchant bankers may have fixed the price band at around Rs 1,215-1,240 per share.
The country's largest private sector lender is likely to raise approximately Rs 4,200 crore by diluting 24 percent equity stake in ICICI Securities through public offer.
PSU banks hit most, with the PSU Bank index losing over 2 percent after the increase in amount of PNB fraud case and the RBI discontinues use of LoUs and LoCs as trade credits.
Yes Bank has acquired 89,781,906 equity shares, constituting 17.31 percent of the paid-up share capital of Fortis Healthcare, pursuant to invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the bank, company said in release.
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