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Indian markets succumb to sell-off
Wed, 4 Mar Closing

Indian markets started the trading session with a bang with NSE-Nifty opening above 9100 levels and BSE-Sensex touching the 30,000 levels, thanks to RBI's surprise move of cutting the repo rate by 0.25%. In addition to this, the HSBC Service PMI of India jumped to an 8-month high. This lifted Nifty over 120 points and Sensex over 300 points. But the rally was short lived as investors booked profits in the second half of the trading session. BSE Sensex finished the trading session with a loss of 213 points. The NSE Nifty finished it with a loss of 74 points. The Indian Rupee appreciated against US Dollar by 0.40% and is trading at Rs 62.14. Crude oil prices have jumped above 1% and is trading at Rs 3,172 per barrel. Gold prices have increased marginally by 0.2% and is trading at Rs. 26,473 per 10 grams. Silver prices have however, declined by 0.10% at Rs 36,430 per kilogram.

European markets have recovered from session lows after retail sales figure of the Euro zone area came in above expectations. It eclipsed the losses which occurred due to lower than expected Service PMIs of major European economies.

In the first half of the trading session real estate and banks were the major gainers because of the repo rate cut that took place, however these stocks witnessed selling in second half of the day. According to leading financial daily, Housing Development and Infrastructure Limited has showcased a plot in Gujarat for sale. The company intends to use the proceeds to reduce its debt. The land which is put up for sale has a space of 113.47 acres. Shares of the company increased nearly 5% in first half of the trading session however, it finished the day with losses of 1.6%.

Some automobile stocks witnessed buying, after two days of constant selling pressure. Bajaj Auto, Tata Motors and Eicher Motors finished the trading session in the green. Volvo, international automobile company has sold 4.6% stake of Eicher motors for approximately Rs 19.2 billion. On this development shares of Eicher motors jumped nearly 2%, however, ended the day with gains of 0.9%.

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