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Markets end on sour note
Tue, 24 Mar Closing

Indian markets closed today's session in the red, however, with minor losses. Markets opened flat following international cues and disappointing manufacturing PMI of China but gained a positive moment and gained as much as 200 points in the mid-session. Towards the end, Indian markets fell prey to profit booking. Indian markets closed with BSE Sensex losing about 30 points or 0.1% and NSE-Nifty losing about 8 points or 0.10%. BSE Mid Cap and BSE Small Cap stocks underperformed and lost 0.5% and 0.7%, respectively. Healthcare stocks gained the maximum while Auto and Banks weighed on the markets.

Commodities have started trading with a positive momentum. While the gold prices increased 0.24% or Rs 62; Silver prices gained 0.6% or Rs 219. Gold prices, per 10 grams, are available at Rs 26,260 while Silver prices, per kilogram, are trading at Rs 38000. Crude oil prices gained over 3% or Rs 90 and per barrel are available at Rs 3090. Indian rupee's value against Dollar is trading with slight losses of 0.08% or 0.05 at Rs 62.22. However, Euro gained strength against the Indian Rupee as the Euro zone disclosed better than expected services and manufacturing data. Indian Rupee gained 0.25% or 0.20 and is available at Rs 68.25 against the Euro.

Major economies of Europe are trading with a positive bias as services and manufacturing PMI came in at 54.3 and 51.9 compared to expectations of 53.9 and 51.5 respectively. German equities are trading with strength with gains of 0.5% while French equities are trading with 0.7% gains.

Automobile sector lost the most in today's trading session. Maruti and Mahindra & Mahindra were the top gainers while Tata Motors lost the most with over 3.5%. Tata Motors has announced that it will roll out the fourth generation of Jaguar Land Rover from its Pune Factory. The Indian made Jaguar Land Rover will be delivered from early April 2015. The ex-showroom price of the model is expected to be between Rs 4.873 m and Rs 5.621 m.

Power stocks predominantly traded in the red, however,Jindal Steel and Power traded in the green after the Delhi High Court instructed the Government to re-allocate the coal block given to Coal India back to JSPL. Although this step can be taken as interim relief as counter-affidavit is scheduled for March 26. The Tara coal block and Gare Palma were taken back from JSPL yesterday on the grounds that the bids placed were too low compared to their earlier bids. JSPL has countered the argument saying that they broke no rules pre-set by the Government while bidding.

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Feb 24, 2021 (Close)

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