Live: Sensex, Nifty trade flat; banking stocks fall

The Sensex slumped over 80 points to 28,813 on Monday as the March derivatives series began on a subdued note, mirroring a weak trend in the Asian market. Profit-booking at prevailing levels weighed. The 30-share Sensex fell 80.09 points, or 0.27%, to 28,812.88. The gauge gained 737.41 points in the previous six sessions. FMCG, auto, bank, power and metal stocks were trading in the negative zone, down by up to 0.67%. The NSE Nifty offered a similar picture; it was down 10.25 points, or 0.11%, at 8,929.25.

A weak trend in other Asian markets cast its shadow as investors stepped back from a recent rally ahead of a speech to the Congress by US President Donald Trump this week. The selling came in the face of start of March futures and options series in the derivatives segment. Hong Kong’s Hang Seng was down 0.53% while Japan’s Nikkei shed 1.16% in early session on Monday. Shanghai Composite fell 0.18%. The US Dow Jones Industrial Average, however, ended 0.05% higher on Friday.

10.32am: BSE Sensex trades higher by 6 points, or 0.02%, to 28,899, while the Nifty 50 falls 19 points, or 0.21%, to 8,921.

10.22am: BSE Sensex trades lower by 19 points, or 0.07%, to 28,874, while the Nifty 50 falls 13 points, or 0.14%, to 8,927.

10.15am: IDBI Bank Ltd shares fall 2.6% to Rs 79.65 after ICRA has downgraded the ratings for IDBI Bank Limited’s (IDBI)1 Rs. 8,000 crore Infrastructure Bonds Programme.

10.10am: Anil Ambani’s group stocks trade higher. Pitching defence business as the main growth driver, industrialist Anil Ambani will brief the sectoral and market analysts here tomorrow about future plans of his Reliance Group in this segment, PTI report said.

10.00am: Reliance Defence and Engineering Ltd shares rise 5.6% to Rs 63.10, Reliance Capital Ltd shares rise 2.4%, Reliance Infrastructure Ltd shares rise 2.3%.

9.55am: Zee Entertainment Enterprises Ltd shares fall 2.6% to Rs 504.90. According to Business Standard report, the news media arm of the Subhash-Chandra-led Essel Group has been directed by the National Company Law Tribunal’s (NCLT’s) Bench to have a shareholders meeting on 27 March. The agenda is to clear the demerger of the print business from Zee Media Corporation, a listed company housing both the print and television news media interests of the group.

9.45am: Banking stocks trading lower. Axis Bank Ltd fell 2.8%, Jammu & Kashmir Bank 2.5%, Syndicate Bank 1.9%, Oriental Bank of Commerce 1.8%, Federal Bank 1.7%, Bank of Baroda 1.5%, Andhra Bank 1.3%, South Indian Bank 1.2%, Union Bank of India 1.2%, Allahabad Bank 1.2%, ICICI Bank 1.1%.

9.35am: BSE Sensex trades higher by 33 points, or 0.11%, to 28,926, while the Nifty 50 rises 9 points, or 0.10%, to 8,949.

9.31am: Amtek Group stocks trade higher after Castex Technologies board approved plan for restructuring debts. Castex Technologies Ltd shares rise 6.4% to Rs9.55, Amtek Auto Ltd rose 1.3%, Metalyst Forgings Ltd rose 2.5%, JMT Auto Ltd rose 1.3%,

9.30am: Reliance Industries shares rise 5% to Rs1,245 on higher volumes.

9.25am: Cadila Healthcare shares rise 1.6% to Rs437 after the company said it will launch India’s first Tetravalent Inactivated Influenza vaccine—VaxiFlu-4.

9.20am: Oil and Natural Gas Corp. Ltd (ONGC) shares rise 1.1% to Rs197.85 after Economic Times reported that ONGC will take control of Hindustan Petroleum Corp. Ltd as part of the government’s plan to create an integrated public sector oil entity. India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this month as the world’s third-largest oil consumer looks to better compete with global majors in acquiring foreign assets.

9.15am: The local currency opened at 66.72 and touched a high of 66.69, a level last seen on 10 November.

9.10am: Lakshmi Vilas Bank shares rise 2.1% to Rs160.20 after a huge block deal. Around 3.78 million shares or 1.97% stake of the company changed hands in the block deal. However, details of the buyers and sellers were not known, according to a Bloomberg report.

9.08am: India’s 10-year bond yield rose to 6.916% compared to its Thursday’s close of 6.939%. Bond yields and prices move in opposite directions.

9.05am: GMR Infrastructure Ltd shares rise 1.5% to Rs15.10 after the company said in a notice to the BSE that GMR Chhattisgarh Energy Ltd’s consortium of lenders adopted a strategic debt restructuring plan, according to the Reserve Bank of India rules.

9.00am: Most Asian currencies were trading lower. Philippines peso was down 0.15%, China offshore 0.1%, China renminbi 0.1%, Indonesian rupiah 0.01%, Japanese yen 0.09%, South Korean won 0.06% and Taiwan dollar 0.06%. However, Thai baht was up 0.05%.

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