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  • Sensex hits almost 3-week closing low
  • January 03,2018  16:46
  • The Sensex closed with small losses while the Nifty settled a tad higher as stocks erased early gains in volatile trading session. The barometer index, the S&P BSE Sensex, fell 18.88 points or 0.06% to settle at 33,793.38. The Nifty 50 index rose 1 point or 0.01% to settle at 10,443.20. Broader market, however, ended with decent gains. Small losses pushed the Sensex to its lowest closing in three weeks.

    PSU bank stocks rose. Private bank stocks saw mixed trend. Metal shares were in demand. Realty stocks gained.

    Key indices opened higher and hit fresh intraday high in morning trade. Indices hovered in positive terrain for most part of the trading session as positive global cues boosted sentiment. However, profit booking emerged at higher levels in mid-morning trade. Key indices entered negative terrain and hit fresh intraday low in mid-afternoon trade. Indices pared losses in late trade as bargain hunting emerged at lower levels.

    The Sensex fell 18.88 points or 0.06% to settle at 33,793.38, its lowest closing level since 21 December 2017. The Sensex rose 186.11 points, or 0.55% at the day's high of 33,998.37 in morning trade. The index fell 46.83 points, or 0.14% at the day's low of 33,765.43 in mid-afternoon trade.

    The Nifty 50 index rose 1 point or 0.01% to settle at 10,443.20, its highest closing level since 29 December 2017. The Nifty rose 61.40 points, or 0.59% at the day's high of 10,503.60 in morning trade. The index fell 12.65 points, or 0.12% at the day's low of 10,429.55 in mid-afternoon trade.

    Among secondary barometers, the BSE Mid-Cap index rose 0.53%. The BSE Small-Cap index rose 0.98%. Both these indices outperformed the Sensex.

    The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,911 shares rose and 973 shares fell. A total of 119 shares were unchanged.

    The total turnover on BSE amounted to Rs 4780.95 crore, lower than turnover of Rs 5008.64 crore registered during the previous trading session.

    Among the sectoral indices on BSE, the S&P BSE Basic Materials index (up 1.48%), the S&P BSE Energy index (up 0.23%), the BSE Metal index (up 1.35%) and the S&P BSE Capital Goods index (up 1.49%) outperformed the Sensex. The S&P BSE Teck index (down 0.2%), the S&P BSE Oil & Gas index (down 0.26%), the S&P BSE Auto index (down 0.55%), and the S&P BSE IT index (down 0.32%) underperformed the Sensex.

    PSU bank stocks rose. Corporation Bank (up 1.39%), Canara Bank (up 0.28%), UCO Bank (up 0.82%), Bank of India (up 0.57%), Union Bank of India (up 0.88%), Dena Bank (up 0.2%), IDBI Bank (up 0.08%) and Punjab National Bank (up 0.21%) rose. Bank of Baroda (down 0.13%) and State Bank of India (SBI) (down 0.02%) fell.

    Private bank stocks saw mixed trend. ICICI Bank (up 1.88%), Yes Bank (up 1.33%), Axis Bank (up 0.12%) and RBL Bank (up 0.68%) rose. Kotak Mahindra Bank (down 0.26%), HDFC Bank (down 1.07%) and IndusInd Bank (down 0.29%) declined.

    Reliance Industries (RIL) rose 0.54% to Rs 916.35 after the company said it has successfully commissioned a refinery off-gas cracker complex at its Jamnagar refinery. The announcement was made after market hours yesterday, 2 January 2018.

    RIL said that it successfully commissioned and achieved design throughput of the world's first ever and largest refinery off-gas cracker (ROGC) complex of 1.5 million metric tons per annum (MMTPA) capacity along with downstream plants and utilities. The ROGC complex is a core component of the company's most innovative and world-scale J3 project at its integrated refinery-petrochemicals complex at Jamnagar.

    Dr Reddy's Laboratories lost 2.97%. In its clarification issued during market hours today, 3 January 2018 to media reports captioned 'Dr. Reddy's cracks on buzz of issues raised in EIR for Duvvada plant.', the company said that it has already intimated on 21 November 2017 regarding the updated status of USFDA audit of our Formulations Manufacturing Facility at Duvvada, Vishakhapatnam, Andhra Pradesh and has no further update.

    Metal shares were in demand. Jindal Steel & Power (up 8.07%), Hindustan Copper (up 2.51%), Steel Authority of India (up 2.18%), Hindalco Industries (up 1.6%), Vedanta (up 1.54%), JSW Steel (up 1.44%), National Aluminium Company (up 0.76%), Tata Steel (up 0.58%), Hindustan Zinc (up 0.66%), NMDC (up 0.4%) and Bhushan Steel (up 0.07%) edged higher.

    Realty stocks gained. DLF (up 1.65%), Indiabulls Real Estate (up 0.35%), Housing Development and Infrastructure (up 1.21%), Parsvnath Developers (up 3.92%), Sobha (up 2.29%), Godrej Properties (up 1.14%) and Prestige Estates Projects (up 0.08%) rose. D B Realty (down 4.09%), Unitech (down 1.12%) and Oberoi Realty (down 0.43%) fell.

    Aarti Drugs surged 10.63% to Rs 705.85 after the company scheduled a board meeting on 8 January 2018, to consider a proposal for buyback of its equity shares. The announcement was made during market hours today, 3 January 2018.

    VST Tillers Tractors jumped 4.5% to Rs 2,563 after the company said that sales of power tillers surged 113.5% to 3,004 units in December 2017 over December 2016. Sales of tractors remained unchanged at 611 units in December 2017 over December 2016. The announcement was made after market hours yesterday, 2 January 2018.

    Sagar Cements surged 10.76% to Rs 1,011, with the stock extending recent rally triggered by the HDFC Mutual Fund purchasing additional 2.55% stake in the company. HDFC Mutual Fund had purchased 5.20 lakh shares of Sagar Cements via open market transactions on 29 December 2017. HDFC Mutual Fund's total holding in Sagar Cements increased to 7.67% from 5.12%.

    Sanwaria Consumer rose 4.84% to Rs 30.35 after net profit surged 119.91% to Rs 25.07 crore on 11.92% growth in total income from operations to Rs 1276.66 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 3 January 2018.

    Orient Green Power Company was locked at 20% upper circuit at Rs 13.28 after the company said that it disinvested eight biomass subsidiaries to the subsidiary of a promoter company. The announcement was made after market hours yesterday, 2 January 2018. Orient Green Power Company said that it has disinvested eight biomass subsidiaries to Janati Bio Power, subsidiary of SVL, which is a promoter company with effect from 31 December 2017. The total consideration received from such sale is Rs 49 crore. The transaction is a related party transaction at arm's length basis.

    Overseas, most European shares were trading higher as investors reacted to a string of robust economic data. Most Asian shares ended higher. Japanese market was shut.

    US stocks jumped overnight, with major indexes rallying to record levels in a broad rally. The Dow Jones Industrial Average rose 0.4%. The S&P 500 rose 0.8%. The Nasdaq Composite Index gained 1.5%.

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