For the financial year 2017-18, the Sensex rallied 11.3 percent and the Nifty surged 10 percent while the Nifty Realty was the biggest gainer with nearly 38 percent upside.
The market closed the last day of financial year 2017-18 on a weak note Wednesday after gains seen in previous two consecutive sessions, tracking global weakness. All sectoral indices ended in the red barring IT.
Index heavyweights Reliance Industries (down 1.9 percent), Infosys (1.92 percent), ICICI Bank (1.95 percent) and ITC (1.35 percent) pulled the Nifty below 10,150 levels on the day of expiry of March futures & options contracts.
The 50-share NSE Nifty breached 10,100-mark intraday, before closing down 70.50 points at 10,113.70. The 30-share BSE Sensex closed below psychological 33,000 levels, falling 205.71 points to 32,968.68.
“We expect the Indian equities to remain range bound in the coming sessions. Domestic macro data and global developments will dictate the further course of the market in the near term,” Jayant Manglik, President, Religare Broking said.
In the coming week with the release of volume data for March, auto stocks would remain in focus, he said.
Valuations at current levels are not cheap and India continues to trade at a premium to the other emerging markets. Hence, for this premium to sustain, continued reform implementation and revival in the corporate earnings is essential, he feels.
“Overall selling pressure seems to have waned, and this dip could be used to initiate fresh longs positionally,” Nikhil Kamath, Co-Founder, Zerodha said, adding derivative activity ruled market direction, and markets held on the maximum pain level of 10100, where the most option writing activity was present.
For the financial year 2017-18, the Sensex rallied 11.3 percent and the Nifty surged 10 percent while the Nifty Realty was the biggest gainer with nearly 38 percent upside.
Both benchmark indices ended the truncated week up by 1.1 percent each while both lost more than 2.5 percent in March series.
The Indian markets will remain shut on Thursday for Mahavir Jayanti and Friday for Good Friday holiday. It will reopen on Monday, April 02, 2018.
Midcaps underperformed frontliners with the Nifty Midcap falling over a percent. About two shares declined for every share rising on the BSE.
Global markets were lower following negative lead from Wall Street, where heightened concerns about tighter controls on the tech industry hit stocks hard.
European markets – France CAC and Germany DAX were down more than a percent while Britain FTSE was down 0.7 percent at the time of writing this article.
Among Asian stocks, Japan’s Nikkei and South Korea’s Kospi closed down 1.34 percent each while China’s Shanghai Composite was down 1.4 percent and Hong Kong’s Hang Seng fell 2.5 percent.
Back home, Nifty Metal and PSU Bank were biggest losers among sectoral indices, falling over 2 percent.
Vedanta, Adani Ports, Bharti Airtel, Tata Steel, Sun Pharma, Bajaj Auto, SBI, ONGC, Tata Motors and Hindalco were down 1-3.5 percent while IOC, Tech Mahindra, Wipro, Hero Motocorp, Bosch, GAIL, BPCL and Coal India gained 1-2.6 percent.
Alkem Laboratories plunged 6 percent after the US health regulator issued 13 observations to its Daman facility and 1 to US plant.
GlaxoSmithKline Consumer Healthcare lost 8 percent as its parent company is set to carry out a strategic review of Horlicks.
In the aviation space, Jet Airways fell around 4 percent as investors reacted to the buzz of salary delays in the firm. In the healthcare segment, Fortis Healthcare slipped 13 percent as company board approved the demerger of its hospitals business to Manipal Hospital Enterprises.
Indoco Remedies dropped 13 percent after the UK healthcare regulator issued seven observations to company’s Goa plant I.
Share of Biocon lost over 1 percent after gaining over 2 percent as it received marketing authorization approval from the European Commission.
Persistent Systems’ share price dropped more than 11 percent after the company lowered its revenue and margin growth for last quarter of financial year 2017-18.
IDBI Bank, Indiabulls Real Estate, Delta Corp, Suzlon ergy, Balrampur Chini, Kwality, SAIL, NCC and PNB slipped up to 20 percent. Crompton Consumer, Allahabad Bank and Petronet LNG gained up to 4 percent.
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