Monday, February 26, 2018

Sensex, Nifty continue to trade lower; HDFC, ITC fall

Sensex, Nifty continue to trade lower; HDFC, ITC fall

Equity benchmarks began the day on a positive note, with the Nifty reclaiming 10,600-mark.

The Sensex is up 77.14 points or 0.22% at 34522.89, and the Nifty up 22.60 points or 0.21% at 10605.20. The market breadth was positive as 395 shares advanced, against a decline of 174 shares, while 88 shares are unchanged.

Financial stocks are under pressure, with Nifty PSU bank index is down over 1 percent. All other sectoral indices are trading in the green. Midcaps, too, are trading mildly higher. Auto stocks have continued their rally from Monday, while IT and pharma stocks have also joined the bandwagon.

Yes Bank and Maruti Suzuki are the top gainers on both indices, while Axis Bank, ICICI Bank, and Ambuja Cements have lost the most.

Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell's highly-anticipated first congressional testimony later in the day.

The Indian rupee opened marginally lower at 64.81 per dollar on Tuesday against previous close 64.79. "The dollar index has steadied above 89.50 levels ahead of the new Fed chief's first congressional testimony. Stocks and currencies across Asia Ex-Japan also did well against the US Dollar."

Shares of cement major, ACC and Ambuja Cements slipped 1-4 percent in the early trade on Tuesday as the merger between the companies have been called at this juncture.

A limitation in transferring mining assets has led to ACC and Ambuja Cements (ACL) from dropping plans to merge their business, at least for the present.

Punjab National Bank lost around 9 percent intraday on Tuesday as investors reacted to a clarification on the amount of scam.

The state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

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