ADVERTISEMENT

Sensex Drops Most In Two Weeks; Idea Cellular Loses 10% After Merger Nod

Asian stocks fell, as a dearth of risk appetite greeted markets at the start of the week

Stock Prices Displayed at a Securities Exchange in Shanghai, China (Photographer: Qilai Shen/Bloomberg)
Stock Prices Displayed at a Securities Exchange in Shanghai, China (Photographer: Qilai Shen/Bloomberg)
LIVE FEED
Latest First
  • Oldest First

Market Wrap

ADVERTISEMENT

Closing Bell

Indian equities dropped the most in two weeks as investors sold technology and bank stocks after a record rally that took key benchmarks to record highs.

The S&P BSE Sensex fell 0.4 percent to 29,518 while the NSE Nifty lost 0.3 percent to end trade at 9,126. Both the indices declined the most in little over two weeks.

The market breadth was evenly spread between buyers and sellers. About 842 stocks declined, 802 advanced and 291 remained unchanged.

 Sensex Drops Most In Two Weeks; Idea Cellular Loses 10% After Merger Nod

Jay Thakkar, technical analyst at Anand Rathi expects the Nifty should remain in a range of 9,000-9,200 until the expiry.

He said the market look sideways to positive till 9,000 levels are not broken on a closing basis. “If it breaks above 9,200 then it may head to 9,400 and if it breaks below 9,000 then it may head to 8,700,” he told BloombergQuint in a phone conversation.

Thakkar is bullish on cement, I.T. and capital goods stocks. “In terms of stocks, I like Cadila and Havells right now,” he said.


Vinyl Chemicals Extends Winning Streak

  • Gains as much as 9.8 percent today, extending its winning streak to four sessions.
  • Up 13.2 percent the last four days.
  • Volumes at 35.6 times its previous 20-day average
  • Speciality chemicals manufacturer has a market cap of Rs 130 crore.
ADVERTISEMENT

Tyre Stocks In Limelight

Shares of tyre companies rose between 1 to 3 percent on reports the commerce ministry will meet tyre companies to discuss anti-dumping duty on March 28.

The Directorate General of Anti-dumping and Allied Duties, in its investigation, has found sufficient prima facie evidence of dumping of the tyres by Chinese companies, newswire PTI reported on Sunday.

Countries initiate anti-dumping probes to determine if the domestic industry has been hurt by a surge in below-cost imports.

Shares of Apollo Tyres and Goodyear India rose more than 2 percent each, MRF was up 1.2 percent, JK Tyre gained 2.9 percent while CEAT rose nearly 2 percent.


European Shares Decline

 Sensex Drops Most In Two Weeks; Idea Cellular Loses 10% After Merger Nod
ADVERTISEMENT