Post Session: Quick Review

Markets witnessed a sharp sell-off on Wednesday on account of intense selling pressure which was witnessed in last hour of trade that dragged both Sensex and Nifty below psychologically crucial 28,800 and 8,800 levels respectively, with loss of around 3/4th of a percent. After trading lackluster for most part of the session, markets suddenly took a turn for the worse in the last hour of trade on incremental selling activities. Market-participants largely remained unscathed from slew of positive reports. On the macro-front, the annual rate of inflation, based on monthly wholesale price index (WPI) continued to show disinflationary trend by ebbing to an all-time low level of -2.33% in March as compared to -2.06% witnessed in January. Meanwhile, in yet another encouraging development, a report from International Monetary Fund (IMF) said that India will overtake China as the fastest growing emerging economy in 2015-16 by clocking a growth rate of 7.5 percent on the back of recent policy initiatives. Meanwhile, the session also turned dismal for broader indices, which went home with losses in the range of 0.30-0.50%.

On the global front, shares fell in Asia after China reported its economy grew at a 7.0 percent annual rate in January-March, the slowest pace in six years. Meanwhile, European shares hit a 14 year high on Wednesday before a meeting at which the European Central Bank is expected to affirm its loose policy stance as weak data from  China raised  prospects of monetary easing there too.

Closer home, almost all the sectoral indices on BSE ended down in dumps, nevertheless maximum drubbing was witnessed by stocks from Infrastructure, Auto and Technology counters. On the flip side, only gainer was the stocks from FMCG and Oil & Gas counters. IT stocks declined after lower-than-expected US retail sales in March. In stock-specific action, Shares of tea companies rose on reports of drought in Kenya. The overall market breadth on BSE was in the favour of declines which thumped advances in the ratio of 1472:1387; while 98 shares remained unchanged.

The overall market breadth on BSE was in the favour of decliners which thumped advances in the ratio of 1375: 1487; while 95 shares remained unchanged.

The BSE Sensex concluded at 28799.69, down by 244.75 points or 0.84% after trading in a range of 28721.63 and 29094.61. There were 6 stocks advancing against 24 stocks declining on the index. (Provisional)

The broader indices ended in red; the BSE Mid cap index was down by 0.51%, while Small cap index down by 0.34%. (Provisional)

The gaining sectoral indices on the BSE were FMCG up by 0.19% and Oil & Gas up by 0.17% while, Healthcare down by 1.81%, Infrastructure down by 1.54%, Auto down by 1.49%, TECK down by 1.47% and IT down by 1.46% were the losing indices on BSE. (Provisional)

The top gainers on the Sensex were Sesa Sterlite up by 2.37%, ONGC up by 1.72%, SBI up by 1.56%, ITC up by 1.16% and Tata Power up by 1.00%. On the flip side, BHEL down by 4.07%, Mahindra & Mahindra down by 3.22%, Tata Motors down by 3.15%, Sun Pharma down by 2.92% and Axis Bank down by 2.89% were the top losers. (Provisional)

Meanwhile, the National Institution for Transforming India (NITI) Aayog has initiated the mid-term appraisal process of the 12th Five Year Plan. In a release, the highest planning body said that NITI Aayog has initiated the process of undertaking the mid-term appraisal of the 12th Plan and this opportunity is also being used to weave in the national development agenda discussed in the meeting of the Governing Council for its suitable implementation in the remaining two years of the 12th Plan.

NITI Aayog completed 100 days and said it is working like a 'directional and policy dynamo' of the government in liaising with the states while fostering the spirit of cooperative federalism. Under instruction from the PM to explain what it has achieved since inception three months ago, the body said two task forces have been formed in order to tackle the crucial subjects of agriculture development and elimination of poverty under the leadership of economist and NITI vice chairman Arvind Panagariya. NITI Aayog said the last three months have been 'tremendous' in the role of its inception as a think thank of the government.

NITI Aayog, which has replaced the erstwhile 50 years old Planning Commission, is being led by the noted economist Arvind Panagariya as its vice chairman, while Bibek Debroy and V K Saraswat are the full-time members of the institution and Sindhushree Khullar is the Chief Executive Officer.

India VIX, a gauge for markets short term expectation of volatility surged 1.77% at 14.74 from its previous close of 14.48 on Monday. (Provisional)

The CNX Nifty settled at 8750.20, down by 83.80 points or 0.95% after trading in a range of 8722.40 and 8844.80. There were 14 stocks advancing against 35 stocks declining on the index. (Provisional)

The top gainers on Nifty were Sesa Sterlite up by 2.84% and ONGC up by 1.70% and Bank Of Baroda up by 1.68% and Tata Power up by 1.31% and SBI up by 1.29%. On the flip side, BHEL down by 4.22%, HCL Tech. down by 3.23%, Mahindra & Mahindra down by 3.12%, Sun Pharma down by 2.92% and Tata Motors down by 2.84% were the top losers. (Provisional)

European Markets were trading in the green; France's CAC gained 0.65%, UK's FTSE 100 surged 0.33% and Germany's DAX was up by 0.50%.

The Asian markets made mostly a negative close on Wednesday on weak economic data from China and growing concern about the ability of easier monetary policies to stimulate growth. The Chinese government reported that first-quarter gross domestic product grew 7 percent, the slowest pace since the 2009 global recession. Also, the International Monetary Fund has said that it sees Chinese expansion slowing even further to 6.8 percent this year and 6.3 percent in 2016. However, the Hang Seng markets managed a positive close. Hong Kong’s Index has surged 17 percent this year. Malaysian stocks too ended higher supported by gains in the construction sector led stocks.On the other hand Taiwanese market suffered sharp plunge of over a percent.