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Major headlines

·         Jio complementary offer not in sync with regulations

·         India topped domestic aviation market growth in Feb

·         CCI nod for jabil India Ericssson India pact, 2 other deals

Indian Indices: Indian equity benchmarks extended their losses in late afternoon session on the back of heavy selling pressure in Healthcare, IT and Consumer Durables stocks. However, the broader markets showed some fervor and traded with notable gains, performing better than their larger peers. Weak opening in European markets and expectations of no further rate cuts by Reserve Bank of India (RBI) this year also impacted the sentiments. Even a strong rupee against dollar and healthy macro-economic data failed to uplift investors' sentiments. 

Traders remained pessimistic with the report that RBI projected retail inflation to increase to 5% in the second half of the current fiscal citing risks of El Nino impacting the monsoon and one-off effects of the Goods and Services Tax. The central bank also said that a prominent risk could emanate from managing the implementation of the allowances recommended by the 7th Central Pay Commission (CPC).

The BSE Sensex is currently trading at 29788.99, down by 138.35 points or 0.46% after trading in a range of 29763.02 and 29886.12. There were 10 stocks advancing against 20 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.29%.

The CNX Nifty is currently trading at 9227.80, down by 34.15 points or 0.37% after trading in a range of 9212.60 and 9250.50. There were 17 stocks advancing against 34 stocks declining on the index.

Crporate Front: India topped the global charts in domestic air passenger growth for the 23rd straight month in February, helped by strong demand and increased load factor, IATA said as per the PTI report. In February, the country's growth in revenue passenger kilometres (RPK) stood at 17 per cent. Globally, RPK -- an indicator of passenger growth -- declined to 4.8 per cent during the same period. Load factor refers to occupancy level in a flight. "India topped the domestic growth chart for the 23rd month in a row in February.

Macroeconomic front: State Bank of India's bad loans have ballooned approximately 50 per cent in the span of a year and those of its five associate banks by 170 per cent.The bank will likely have to increase its provisioning for bad loans -- setting aside money to partly cover the non-performing assets (NPAs) following its merger with five subsidiaries.

On the global front:

On the global front, European markets were trading in red following indications by the U.S. Federal Reserve that it wants to pare back its balance sheet. Asian markets were trading in red. Back home, in scrip specific development, Force Motors edged higher after the company reported the production, sales and export of the products manufactured during the month of March 2017. The company’s production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) stood at 1,822 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors stood at 1,387 units.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.23%, Oil & Gas up by 0.92%, PSU up by 0.47%, Capital Goods up by 0.40% and Industrials up by 0.15%, while Healthcare down by 0.93%, IT down by 0.63%, Consumer Durables down by 0.55%, Metal down by 0.51% and Bankex down by 0.50% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Reliance Industries up by 2.09%, Bajaj Auto up by 1.30%, IndusInd Bank up by 1.22%, Indian Oil Corp. up by 0.92% and Zee Entertainment up by 0.91%. On the flip side, Hindalco down by 2.57%, ITC down by 1.77%, Coal India down by 1.31%, AurobindoPharma down by 1.30% and Adani Ports & SEZ down by 1.28% were the top losers.

Global Signals:

sian markets were trading mostly in red; Jakarta Composite decreased 29.79 points or 0.52% to 5,650.45, Taiwan Weighted decreased 24.43 points or 0.25% to 9,873.37, Hang Seng decreased 6.42 points or 0.03% to 24,267.30, FTSE Bursa Malaysia KLCI decreased 1.57 points or 0.09% to 1,737.99 and KOSPI Index decreased 1.02 points or 0.05% to 2,151.73. On the flip side, Shanghai Composite increased 5.61 points or 0.17% to 3,286.62 and Nikkei 225 increased 67.57 points or 0.36% to 18,664.63.

All European markets were trading in red; Germany’s DAX decreased 58.05 points or 0.47% to 12,172.84, France’s CAC decreased 12.89 points or 0.25% to 5,108.55 and UK’s FTSE 100 decreased 0.22 points or 0% to 7,302.98.