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Sensex falls for second day, ends marginally down; Nifty holds 10,400

Investors remained cautious, following a weak trend in other Asian markets.

Updated: Mar 14, 2018, 05.08 PM IST
Watch: Sensex falls 21 pts, Nifty holds 10,400 in volatile trade
Watch: Sensex falls 21 pts, Nifty holds 10,400 in volatile trade

NEW DELHI: The domestic equity market ended Wednesday's session in the negative terrain on selling in select oil, telecom, metal, auto and IT stocks amid weak global cues.

Sensex fell for a second consecutive day, while the Nifty50 managed to hold the psychologically important level of 10,400.

The BSE Sensex closed 21 points, or 0.06 per cent, down at 33,836, with 12 out of 30 stocks ending in the green zone.

The Nifty50 settled 16 points, or 0.15 per cent, down at 10,411, with 20 stocks advancing and 30 declining.

The broader BSE Midcap and Smallcap indices closed the day 0.28 per cent and 0.06 per cent up, respectively.

Investors remained cautious, following a weak trend in other Asian markets, in the wake of bearish sentiment on Wall Street after the US President Donald Trump replaced secretary of state and signalled imposing new tariffs on China.

PSU bank stocks showed resilience on Wednesday. The first half of the day saw most of the PSU bank stocks declining, in the wake of RBI's directive of scrapping letters of undertaking (LoUs) and letters of comfort (LoCs).

However, the second half of the day saw a fresh spell of buying with all Nifty PSU Bank index stocks closing in the green.

Shares of IDBI Bank spiked after ET reported that the bank had initiated bankruptcy proceedings against Odisha Slurry Pipeline Infrastructure (OSPI) to recover Rs 1,670 crore collectively on behalf of lenders. Shares of Punjab National Bank too closed with a gain of over 1 per cent.

YES Bank, Maruti Suzuki, Axis Bank and State Bank of India were among top gainers.

YES Bank saw a spike after acquired 17.31 per cent stake in Fortis Healthcare, following invocation of nearly 9 crore pledged shares last month, as reported by PTI.

Fortis Healthcare climbed over 4 per cent, buoyed by reports that Malaysia's IHH Healthcare is set to launch a voluntary open offer to buy non-promoter shares in the next few days.

Hero MotoCorp, ONGC, Bharti Airtel and Wipro stood among the losers of the day.

Shares of Bharti Airtel declined after reports emerged that the telecom firm was looking to sell a higher stake in Bharti Telemedia, its DTH arm, to raise funds for building a war chest to fight Reliance Jio Infocomm. Bharti Airtel is also looking to raise Rs 3,000 crore via debentures.

As many as 1,320 stocks advanced, while 1,357 declined and 160 remained unchanged on BSE on Wednesday.

Asian peers closed in the red amid renewed trade war fears.

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Sensex, Nifty open with gains; Infosys plunges

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