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Market Wrap

Market indices opened higher and briefly hit fresh intraday high in morning trade. Indices pared gains in mid-morning trade as profit booking emerged  at higher levels. Selling intensified in afternoon trade. The Sensex rose 181.41 points, or 0.51% at the day’s high of 35,500.76 in early trade, its  highest intraday level since 2 February 2018. The index fell 69.99 points, or 0.20% at the day’s low of 35249.36 in afternoon trade.  The Nifty rose 43.85 points, or 0.41% at the day’s high of 10,785.55 in early trade, its highest intraday level since 2 February 2018.  The index fell 33.60 points, or 0.31% at the day’s low of 10,708.10 in afternoon trade. The Sensex fell 73.08 points or 0.21% to 35,246.27, as per the  provisional closing data. The Nifty 50 index fell 25.15 points or 0.23% to 10,716.55, as per the provisional closing data.

Stocks in News:

JSPL melts after dismal Q4 earnings – JSPL has a dominant presence in steel, power, mining and infrastructure sectors. It caters to markets across the steel value chain. Jindal Steel & Power’s (JSPL) consolidated net sales rose 39.93% to Rs 8522.79 crore in Q4 March 2018 over Q4 March 2017. On the BSE, 18.18 lakh shares were traded on the counter so far as against average daily volumes of 6.78 lakh shares in the past two weeks. The stock had hit a high of Rs 261.75 and a low of Rs 240.30 so far during the day. The stock had hit a 52-week high of Rs 294.15 on 23 January 2018 and a 52- week low of Rs 103 on 23 May 2017.
Federal Bank tumbles after weak Q4 result – Federal Bank is a commercial bank in the private sector having more than thousand branches and ATMs spread across different states in India. The stock dropped on high volume. On the BSE, 81.35 lakh shares were traded in the counter so far compared with average daily volumes of 7.35 lakh shares in the past two weeks. The stock had hit a
high of Rs 94.65 and a low of Rs 88.20 so far during the day. The stock hit a record high of Rs 127.75 on 17 October 2017. The stock hit a 52-week low of Rs 87.50 on 6 February 2018.