Markets Recover to Finish Flat : 23 March 2016

Nifty Future

Indian equity markets recovered in the final hour to finish flat amid strong European markets. At the closing bell, the BSE Sensex closed higher by 7 points, the NSE Nifty finished higher by 2 points. The S&P BSE Midcap and the S&P BSE Small Cap closed up by 0.2% and 0.1% respectively. Sectoral indices finished mixed with metal and IT stocks leading the gains. Selling activity was seen in oil & gas and consumer durable stocks.

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Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.35%, while the Nikkei 225 led the Hang Seng lower. They fell 0.28% and 0.25% respectively. European markets are trading broadly higher today with shares in Germany leading the region. The DAX is up 1.01%, while France's CAC 40 is up 0.52% and London's FTSE 100 is up 0.24%.

Oil prices were trading at US$41.11 a barrel at the time of writing. The rupee was trading at 66.54 against the US$.


Mahindra & Mahindra announced its entry in the branded dairy products business on Tuesday. The stock finished session with marginal losses.
Maruti Suzuki has received 20,000 bookings within the launch of compact SUV Vitara Brezza. It plans to start delivering the new model to customers from March 25. The stock was up nearly 1%.

Profit taking was seen in financials after recent gains on hopes of a rate by the central bank. Meanwhile, according to Standard and Poor reports, the asset quality is likely to remain under pressure due to tepid domestic industrial activity, and subdued profitability and high leverage in some corporate sectors. 
HDFC, HDFC Bank, ICICI Bank, Axis Bank and SBI were down 0.5%-1% each.
Ashok Leyland has tied up with Lockheed Martin to develop combat vehicles for Indian Army. The stock rose nearly 2%.

Shares of PNC Infratech were up over 3% after the company said that it has commissioned the Raebareli-Jaunpur BOT project 3 months ahead of schedule.
Kalpataru Power Transmission has rallied 6% after the company announced that it has secured orders worth Rs 1,320 crore from Power Grid Corporation.
Markets Recover to Finish Flat : 23 March 2016 Markets Recover to Finish Flat : 23 March 2016 Reviewed by Money99 on 19:00:00 Rating: 5

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