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Sensex, Nifty remain in red as weakness persists

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The market, which opened lower this morning amid mixed global cues, continues to languish in negative territory with investors taking profits after recent gains. With the reporting season about to commence in a couple of weeks, the mood is cautious. Investors are closely following the proceedings in parliament. The Cabinet today cleared four supporting GST legislations namely, the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST), would be introduced as Money Bill.The Sensex is down 140.40 points or 0.47% at 29,508.07. The Nifty50 of the National Stock Exchange is down 34 points or 0.37% at 9126.05.Axis Bank, Tata Consultancy Services, ICICI Bank and Infosys are down 2% – 2.4%. Tata Steel is down nearly 1%. Reliance Industries, Wipro, Larsen & Toubro, ITC and Power Grid Corporation are lower by 0.5% – 1%.Aurobindo Pharma, the top gainer in the Nifty50 index, is up 1.7%. Eicher Motors and BHEL are up by around 1.5%, Grasim Industries is trading 1.3% up and Tata Power is up 1.2%.NTPC, Zee Entertainment Enterprises, HDFC Bank, Bank of Baroda, HDFC, BPCL, Kotak Bank, Bajaj Auto, Yes Bank, Coal India, ONGC and Lupin are modestly higher. NTPC, HDFC, HDFC Bank, Lupin, Bajaj Auto, ONGC, Coal India, Adani Ports and Bharti Airtel are modestly higher.ABG Shipyard remains firmly locked at 5% upper circuit at Rs 23.50, extending recent gains on reports of acquisition of stake in the company by lenders.Corporation Bank is up with a modest gain. The bank has issued Basel III compliant bonds to raise Rs 500 crore. The Bank has issued Basel III compliant additional tier-I bonds of Rs 500 crore on private placement basis. The Bank will offer a coupon rate of 10.28% per annum on the bonds. The bonds have been rated stable by India Ratings and negative by Crisil. Logistics stocks are up following the Union Cabinet approving four GST bills, including the State and Union Territories’ GST bills. Snowman Logistics is gaining nearly 2%, Patel Integrated Logistics is up 3.5%, Container Corporation is trading 2% up and GATI is up nearly 4%. Aegis Logistics is trading 0.2% up, Allcargo Logistics is up 0.5% and VRL Logistics is trading 0.6% up, while Transport Corporation of India, which was up more than 2% earlier, and Sical Logistcis are down marginally.

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