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Indian Stocks Retreat Amid US Rate Hike Bets; SBI Up 1.7 Per cent

By Religare

The Indian equities ended on bearish note on Wednesday as traders resorted to profit booking tracking weak trend across Asia and a sell-off at Wall Street overnight amidst growing fears over a near-term US Federal Reserve interest rate hike in the near-term, souring the appetite for risky assets.

Indian Stocks Retreat Amid US Rate Hike Bets; SBI Up 1.7 Per cent
State Bank of India: Quotes, News
BSE 356.00BSE Quote7.65 (-2.15%)
NSE 356.00NSE Quote7.65 (-2.15%)

The persistent weakness in Indian rupee, which fell for the fifth day against the dollar, also dented market sentiments. Shares of State Bank of India rose nearly 2 per cent on reports of proposed merger between state-run giant and its five associate banks, along with Bharatiya Mahila Bank.

The BSE SENSEX closed at 25704.61, down by 69 points, or by 0.27 per cent, and the NSE Nifty ended at 7870.15, down by 20.6 points, or by 0.26 per cent.

In the bearish trade, the BSE Sensex touched intraday high of 25747 and intraday low of 25503.4, while the NSE Nifty touched intraday high of 7882.05 and intraday low of 7810.75.

The top losers of the BSE Sensex pack were Bajaj Auto Ltd. (Rs. 2466.45,-1.85%), Mahindra & Mahindra Ltd. (Rs. 1320.10,-1.59%), Hero MotoCorp Ltd. (Rs. 2884.85,-1.47%), Tata Motors Ltd. (Rs. 385.00,-1.26%), Bharat Heavy Electricals Ltd. (Rs. 119.80,-1.16%), among others.

Meanwhile, Oil And Natural Gas Corporation Ltd. (Rs. 214.20,+1.83%), State Bank of India (Rs. 180.20,+1.78%), Lupin Ltd. (Rs. 1639.05,+1.59%), Larsen & Toubro Ltd. (Rs. 1309.40,+1.24%), ITC Ltd. (Rs. 332.85,+0.76%), were among top gainers on BSE.

On the sectoral front, auto and power stocks emerged as top gainers, adding as much as 1.28 per cent and 0.33 per cent respectively.

The Market breadth, indicating the overall strength of the market, was flat. On BSE out of total shares traded 2869, shares advanced were 1301 while 1368 shares declined and 200 were unchanged.

On the global front, the Asian stocks ended lower as US economic data bolstered the case for higher interest rates while traders weighed data showing that Japan"s economy grew more than expected in the first quarter, clouding the outlook for further stimulus and the need to delay a sales tax hike.


China"s Shanghai Composite fell and Hang Seng tumbled over 1 per cent while Japan"s Nikkei 225 ended with modest losses as Japan"s economy expanded an annualized 1.7 percent in the March 2016 quarter.

Dion Global Solutions

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