Sensex, Nifty volatile; IOC, PNB stocks down
Most Asian markets fell today amid concerns that the US could impose severe tariffs on Chinese imports and that the US Federal Reserve could raise interest rates as early as next week.
At 11:05 AM, the BSE Sensex was trading at 33,809, down 27 points, while the Nifty50 index was trading at 10,395, down 16 point.
The BSE Midcap and the BSE Smallcap indices gained by 0.86% and 0.74%, respectively.
Global weakness weighed on commodity stocks as the Nifty Metal and Nifty Energy indices slipped over 0.5% each in early trade. Shares of Indian Oil Corp, down 2.6%, were the worst hit on the Nifty50 as the stock traded ex-bonus.
However, the broader losses were capped by gains in shares of pharmaceutical and information technology companies. The Nifty Pharma and Nifty IT indices rose over 0.6% each.
Shares of MMTC surged over 14% as the company will consider issuance of bonus shares on March 19.
Share price of Havells India rose 1.5% as the company signed an agreement with South Korean firm.
Fertiliser stocks were trading higher after the govt approved a proposal to extend urea subsidy till 2020 and implemented direct benefit transfers (DBT) for disbursement of the fertiliser subsidy.
Volatility index India VIX was down 0.43% to 14.3000.
Wipro (+1.7%), Sun Pharma (+1.4%), Dr Reddy’s (+1.3%), Bajaj Fianance (+1.2%) and Tech Mahindra (+1.1%) were the top gainers on Nifty50.
IOC (-3.3%), BPCL (-1.1%), Bharti Airtel (-1%), ICICI Bank (-0.95%) and NTPC (-0.80%) were the top losers in today’s trade.
Out of 2,007 stocks traded on the NSE, 1,092 advanced, 495 declined and 420 remained unchanged today.
A total of 15 stocks registered a fresh 52-week high in trade today, while 26 stocks touched a new 52-week low on the NSE.