Market Closing Podcast for April 2, 2018

Moneycontrol News

Indian markets closed mixed on Wednesday ahead of the US Federal Reserve outcome. In all likelihood, the US Federal Reserve might stay put but a future commentary on rates is likely to chart the direction of markets across the globe including India.

The US Fed raised its benchmark overnight lending rate at its March 20-21 meeting by a quarter percentage point to a target range of between 1.50 percent and 1.75 percent.

Ahead of the US Fed outcome, the S&P BSE Sensex 16 points higher or 0.05 percent at 35,176.42. It hit a low of 35,072.42 and a high of 35,357.15.

Sectorally, the S&P BSE Energy rose 0.2 percent, followed by the S&P BSE Finance index which just managed to close in the green. On the other hand, the S&P BSE Metal index slipped 3.4 percent, followed by the S&P BSE Realty index which slipped 1.7 percent, and the S&P BSE PSU index was down 1.5 percent.

The S&P BSE Midcap index slipped 1.1 percent, and the S&P BSE Smallcap index was down 1.1 percent.

Top Sensex gainers include names like Kotak Mahindra Bank (up 3.8 percent), ITC (up 2.03 percent), Asian Paints (up 1.8 percent), HDFC (up 1.3 percent), and Axis Bank (up 1.04 percent).

Top Sensex losers include names like Tata Steel (down 3.3 percent), followed by ICICI Bank (down 2.5 percent), HUL (2.4 percent), and Sun Pharma (down 2.3 percent).

Stocks in news:

FMCG major Marico has reported net profit growth of 7.2 percent year-on-year at Rs 183.2 crore for the quarter ended March 2018, backed by double-digit revenue growth. The stock closed 4.79 percent lower at Rs 316.

Axis Bank has called media reports about Kotak Mahindra Bank's plans to acquire it 'factually incorrect and speculative'. The stock closed 1.04 percent higher at Rs 523.

Sebi is examining the sharp plunge in shares of InterGlobe Aviation, parent of IndiGo, hours before it announced the resignation of its president Aditya Ghosh, officials said. The stock closed 3.1 percent lower at Rs 1355.

PC Jeweller informed the exchanges that its board will meet on May 25 to consider a proposal to buyback its shares. Despite this, the stock continued its losing streak. The stock closed 23 percent lower at Rs110.65.

Bajaj Hindusthan, Balrampur Chini, Dalmia Sugar, Dhampur Sugar, Dwarikesh Sugar, EID Parry, KM Sugar Mills, Kothari Sugars, Mawana Sugars, Rana Sugars, Triveni Engineering, Ugar Sugar and Uttam Sugar rallied up to 4 percent after the Cabinet Committee has approved a subsidy for sugar mills.

HCL Technologies is the biggest loser with more than 3 percent loss after Q4 earnings slightly missed analyst expectations while Auto index was up 1 percent after strong April sales. The stock closed 4.79 percent lower at Rs1001.05.

Global Update:

European markets were higher as investors continue to monitor earnings and await Federal Reserve meeting outcome. Britain's FTSE was up 1.2 percent while France's CAC was up 0.2 percent and Germany's DAX 0.5 percent at the time of writing this article.

Asian markets closed slightly lower following a mixed session on Wall Street.