Nifty Ends Below 9,000 For The First Time Since March 2017
Closing Bell: Last Hour Selloff Negates Early Gains
Indian equity markets, which held on to steady gains for most part of the day, ended sharply lower courtesy a last-hour selloff. Benchmark indices ended with losses for the second straight day.
The S&P BSE Sensex fell 2.58 percent to end at 30,579. These levels are the lowest since May 24, 2017.
The NSE Nifty 50 index too ended at 8,966, down by 2.51 percent. The index closed below the mark of 9,000 for the first time since March 10, 2017.
Barring FMCG & Pharma, all other sectoral indices ended with losses.
Market breadth turned adverse with 1,065 stocks ending with declines. 499 stocks ended with gains at the close of trade.
Nifty Bank Falls Over 1,000 Points
Large Trade Alert: ITC
75.2 lakh shares of ITC Ltd. have changed hands in a large trade on the National Stock Exchange, according to Bloomberg data. Buyers and Sellers were not immediately known.
The stock is off the highest point of the day but trades with gains of 1.9 percent at Rs 150.10.
F&O Snapshot: Active Options Contracts
Nifty: March 19 Expiry
- 10,000 Call: Premium falls 67.8 percent to Rs 26.15. The contract has added 2 lakh shares in open interest.
- 9,500 Call: Premium falls 50.6 percent to Rs 101.45. The contract has added 5.33 lakh shares in open interest.
- 8,100 Put: Premium falls 34.5 percent to Rs 74. The contract has added 2.3 lakh shares in open interest.
Nifty Bank: March 19 Expiry
- 21,000 Put: Premium falls 17 percent to Rs 376.75. The contract has added 1.71 lakh shares in open interest.
- 25,000 Call: Premium falls 78 percent to Rs 65. The contract has added 97,980 shares in open interest.
- 24,000 Call: Premium falls 69.9 percent to Rs 170.2. The contract has added 2.11 lakh shares in open interest.
Shoppers Stop Down For Ninth Straight Day
Shoppers Stop Ltd. is trading at the lowest level since January 2012. Prices are down for the ninth day in a row, falling 31 percent during the period. This is the longest losing streak seen by the stock since December 2015.
On technical parameters, the stock has its Relative Strength Index at 7. A reading below 30 indicates that the stock is in oversold territory.
Nine out of the 14 analysts tracked by Bloomberg have a ‘Buy’ rating on the stock while three of them have a ‘sell’ recommendation.