Sensex falls 300 pts, Nifty breaks 11K post Budget 2018;

Indian Indices:

Sensex falls 300 pts, Nifty breaks 11K post Budget 2018; banks drag. L&T Construction, the construction arm of Larsen & Toubro, has won orders worth Rs 2,275 crore across various business segments. Its water & effluent treatment business has bagged orders worth Rs 1,255 crore, power transmission & distribution business won major solar EPC orders worth Rs 590 crore and buildings & factories segment has received an order worth Rs 430 crore. Benchmark indices opened sharply lower as investors digested Union Budget 2018 and focussed on more corporate earnings.

The 30-share BSE Sensex was down 270.47 points at 35,636.19 and the 50-share NSE Nifty fell 83.20 points to 10,933.70.Axis Bank, Yes Bank, SBI, Indiabulls Housing Finance, Adani Ports, SBI, ICICI Bank, Kotak Mahindra Bank, Sun Pharma, Tata Steel and UPL were early losers.Nifty

Midcap extended losses, falling 1.5 percent or 313 points.

On the Earning front

Stock  focus will be on BAJAJ AUTO, HINDALCO, MRPL, TATAGLOBAL, THOMAS COOK, UBL, BAYERCROP, GLAXOSMITH, INFO EDGE among others which will announce their December 2017 quarter earnings report today.

Global Market:

Major Asian markets are trading in the red at present. Nikkei is down 1.30%, Shanghai Composite is trading 0.93% lower, while Hang Seng is trading flat up 0.05%.

US Markets: The major averages witnessed choppy trading in yesterday’s session. The Dow inched up 0.1% to 26,186.71, the Nasdaq fell 0.4% to 7,385.86 and the S&P 500 edged down 0.1% to 2,821.98.

European markets also closed in the red yesterday with FTSE down 0.58%, CAX down 0.50% and with DAX closing 1.43% lower.

Major Headlines of the day:

Grasim Industries has received rights to manage and operate viscose filament yarn business of Century Textiles and Industries.

Info Edge India has approved selling 32,629 shares or 6.66% stake in Zomato Media for $50 mn to Ant Small and Micro Financial Services Group Co, part of China-based Alibaba group.

Lupin has received final approval for its Clobetasol Propionate Cream USP, 0.05% from the USFDA to market a generic version of Fougera Pharmaceuticals Inc's Temovate Cream, 0.05%.

Dilip Buildcon has received Letter of Award from the National Highways Authority of India for a new EPC Project valued at Rs565.02cr in the State of Maharashtra under NHDP Phase IV-B.

Tata Motors registered a strong sales performance with its Commercial and Passenger Vehicles domestic sales in January 2018 at 59,441 units as against 41,428 units in January 2017, a growth of 43%.

Trend in FII flows: The FIIs were Net Value of Rs 1099.78  the cash segment Thursday while the DIIs were Net Value of Rs -358.50 as per the provisional figures.

Securities in Ban For Trade Date 02-FEB-2017:

FORTIS

JISLJALEQS

JPASSOCIAT

WOCKPHARMA

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