MARKET WRAP: Indices end flat ahead of May F&O expiry; Nifty holds 10,600

Markets declined tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy

3:42 PM

Nifty Pharma index ends 1.06% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
AUROBINDO PHARMA	564.50	578.80	-14.30	-2.47
PIRAMAL ENTERP.	2353.95	2405.75	-51.80	-2.15
DIVI'S LAB.	1045.00	1066.75	-21.75	-2.04
SUN PHARMA.INDS.	493.00	499.50	-6.50	-1.30
DR REDDY'S LABS	1957.50	1980.70	-23.20	-1.17

3:36 PM

Nifty sectoral gainers and losers

3:34 PM

BSE Sensex gainers and losers of the day

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.

3:24 PM

Dilip Buildcon slips 14% post Q4 results

Dilip Buildcon slipped 14% to Rs 901 on the BSE in intra-day trade even after the company reported 11% year on year (YoY) growth in its consolidated net profit at Rs 2.18 billion in March 2018 quarter (Q4FY18). The net profit growth during the quarter was lowest in past six quarters. READ MORE

 

3:09 PM

Global Markets: Stocks battered as Italian crisis deepens

 

Asian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up borrowing costs for Rome and sending investors into safer assets such as US Treasuries.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4%, while Japan’s Nikkei average sold off 1.5% to a six-week low.

 

Chinese shares also headed south, with the Shanghai Composite index down 1.4%. South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0% and 0.5%, respectively.

2:54 PM

Weizmann Forex falls 20%; board to meet Monday to consider share buyback

 

Shares of Weizmann Forex are locked in lower circuit of 20% at Rs 683 per share on the BSE with only sellers were seen on the counter.

 

Thus far in the calendar year 2018, the stock of financial services company tanked 52% from Rs 1,415, as compared to 2% rise in the S&P BSE Sensex. It touched an all-time high of Rs 1,640 on December 5, 2017 on the BSE in intra-day trade READ MORE

2:39 PM

Stocks at 52-week low

COMPANY	PRICE( )	52 WK LOW	CHG( )	CHG(%)
BHARTI INFRA.	300.85	299.10	-4.60	-1.51
CAPLIN POINT LAB	515.50	496.30	-21.10	-3.93
EVEREADY INDS.	250.00	225.00	-6.50	-2.53
G M D C	118.90	115.00	-0.20	-0.17
GE T&D INDIA	307.95	307.15	-5.80	-1.85

2:30 PM

AirAsia shares tumble as probe threatens plans for India unit's IPO

 

AirAsia Group shares dropped sharply on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.

 

The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period. READ MORE

2:16 PM

Manpasand Beverages remains under pressure; stock plunges 42% in 3-days

 

Manpasand Beverages was locked in lower circuit for the third straight day, down 10% at Rs 248, also its fresh 52-week low on the BSE. The stock tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.

 

Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	34,933.29		-0.05%
Nifty 50	10,622.05		-0.11%
S&P BSE 200	4,621.80		-0.08%
Nifty 500	9,266.00		-0.05%
S&P BSE Mid-Cap	16,050.18		0.02%
S&P BSE Small-Cap	17,381.15		0.00%

1:46 PM

March quarter was good for Indian economy but will road ahead be bumpy?

 

India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.

 

Gross domestic product expanded an annual 7.3 percent in the first three months of 2018, the May 24-29 poll of 55 economists predicted, a touch faster than the 7.2 percent achieved in the last three months of 2017 — and well above China’s pace of 6.8 percent for the quarter ending in March. READ MORE

1:31 PM

Graphite India nears new high in weak market;stock up 22% post Q4 results

Shares of Graphite India were trading 3% higher at Rs 891 per share, extending their 6% gain in the past three days on the BSE in otherwise weak market, inching towards its all-time high price. READ MORE

 

1:15 PM

Consumption growth to be lower at 10-11% in value terms this year: Nielsen

Consumption growth in the country this year will be slightly lower at 10-11 per cent in value terms, compared with 13.5 per cent in 2017, due to factors like implementation of GST, among others, according to market researcher Nielsen.

 

The growth in the June quarter is expected to be in 'high single digits', after a 11 per cent growth in the March quarter, owing to policy interventions and their impact on trade, it added. READ MORE

1:00 PM

COMPANY NEWS RCom offers Ericsson Rs 5 bn to clear dues; NCLAT to hear interim prayer

 

The National Company Law Appellate Tribunal (NCLAT) will hear the interim prayer of Reliance Communications (RCom) on Wednesday after the bench headed by chairman Justice S J Mukhopadhaya suggested that the parties settle the matter themselves.

 

Appearing for RCom, senior advocate Kapil Sibal told New-Delhi based NCLAT that the stressed telecom company offered its operational creditor Ericsson an up-front sum of Rs 5 billion to clear all dues.READ MORE

12:59 PM

Why the price of the Indian crude basket is sticky

In the last 10 days, Brent crude prices have dropped by 4.35 per cent after Saudi Arabia and Russia promised to increase output, but the price of the Indian crude oil basket has dropped only 1.9 per cent.

 

The Indian benchmark does not record the same fall as the price of the London-based Brent, which is followed by most international oil traders, because Brent has a share of around 27.62 per cent in the Indian basket. READ MORE

12:45 PM

Merck hits record high; stock zooms 18%

 

Shares of Merck hit a new high of Rs 2,369 per share, up by 18% on the BSE on back of heavy volumes in otherwise weak market.

 

Since April 19, 2018, the stock of pharmaceutical company has zoomed 57% from Rs 1,510, after the Procter & Gamble Overseas India made mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share. READ MORE

12:31 PM

ITI Ltd's FPO likely to be completed soon to meet minimum 25% shareholding

Public sector telecom manufacturer, ITI Ltd is hopeful of completing its follow-on public offer (FPO) in the next two months for which it has already received Union Cabinet's approval in March this year.

 

The company will sell 180 million equity shares through this FPO, which will help it to meet the minimum public shareholding norm of 25 per cent as mandated by the market regulator, Securities and Exchange Board of India (SEBI). Notably, the deadline for achieving the minimum public float of 25 per cent will end in August this year. READ MORE

12:16 PM

Glenmark Pharma hits 52-week low on subdued Q4 results

 

Shares of Glenmark Pharmaceuticals hit a fresh 52-week low of Rs 484 per share, slipping 9% on the BSE in early morning trade, after the company reported a decline of 17% in its consolidated net profit at Rs 1.52 billion for the quarter ended March 2018 (Q4FY18), on account of de-growth in US business. The drug company had profit of Rs 1.84 billion in the same quarter last fiscal. READ MORE

12:00 PM

Markets at noon

S&P BSE Sensex	34,820.21		-0.37%
Nifty 50	10,584.90		-0.46%
S&P BSE 200	4,609.95		-0.34%
Nifty 500	9,236.65		-0.37%
S&P BSE Mid-Cap	16,029.07		-0.11%
S&P BSE Small-Cap	17,379.51		-0.01%

11:45 AM

SGX delays launch of new India products as NSE gets injunction order

The Singapore Exchange (SGX) has put on hold the launch of its new India derivatives products following the injunction order obtained by the National Stock Exchange (NSE) from the Bombay High Court.

 

The Singapore bourse was to migrate all existing client contracts on the SGX Nifty Futures to the new SGX India Futures from June. However, SGX now plans to continue offering NSE-licensed Nifty contracts until August 2018, when the agreement between the two bourses is to end. READ MORE

11:32 AM

Top BSE500 losers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
DILIP BUILDCON	935.00	-118.15	-11.22	108775
MANPASAND BEVER.	248.30	-27.55	-9.99	2732
VAKRANGEE	34.30	-1.80	-4.99	1464080
SITI NETWORKS	12.40	-0.65	-4.98	3066
BHARAT ELECTRON	117.60	-5.30	-4.31	176657

11:15 AM

FY19 likely to see turnaround for M&M's utility vehicles

 

Led by strong volumes for both automotive and farm equipment segments (FES or tractor business), Mahindra and Mahindra (M&M) ended the fiscal on a strong note. Net sales was up nearly 26 per cent largely on the back of a 40 per cent jump in tractor volumes and 20 per cent uptick in the auto space.

 

The strong volume performance, price hikes and richer product mix also reflected on the margins as well as the bottom line. While margins came in at a strong 15.1 per cent, the bottom line was up nearly 50 per cent compared to the same period in the previous year. READ MORE

11:00 AM

Why mutual fund managers are betting on information technology stocks

Mutual fund managers have been raising their bets on the information technology (IT) stocks amid weakening of the rupee and market volatility. Since January, most leading fund houses have increased their weightage towards the sector, which derives a bulk of its revenues in dollars.

 

IT shares have been on a roll since last August, with the BSE IT index over 35 per cent. On a year to date basis, the BSE IT index is up 18 per cent even as the Sensex has gained 2.6 per cent. READ MORE

10:43 AM

M&M hits new high on strong Q4 results

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 895 per share, up 3%, extending their 2.2% gain on Tuesday on the BSE in an otherwise weak market, after the company reported a strong 50% year on year growth in consolidated net profit at Rs 11.55 billion in March 2018 quarter (Q4FY18). It had profit of Rs 7.7 billion in the same quarter last fiscal. READ MORE
 

10:30 AM

37 banks see Rs 1.3 trillion jump in gross non-performing assets in Q4

Weighed down by the Reserve Bank of India’s (RBI’s) new rules on restructured assets, domestic banks, both public and private, added over Rs 1.3 trillion in gross non-performing assets (NPAs) in the fourth quarter ended March.

 

Provisions and contingencies, amounts set aside for NPAs, also rose to Rs 1.4 trillion in the final three months of 2017-18, according to a review of the performance of 37 listed banks. READ MORE

10:15 AM

From Jaypee to Monnet, IBC bound stocks have witnessed a steep fall in 2018

Investors betting on insolvency-bound stocks have been caught on the wrong foot. Several investors had lapped up shares of companies that were headed for insolvency proceedings late last year, anticipating a business turnaround. This optimism led to a 30-40 per cent rally in these stocks.

 

However, the stocks have been on a downward spiral for the past few months as the turnaround process has not panned out according to expectations. Uncertainty within the resolution process, consistent delays and the fear of trading curbs have prompted investors to book losses. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	34,840.73		-0.31%
Nifty 50	10,590.45		-0.40%
S&P BSE 200	4,614.14		-0.25%
Nifty 500	9,247.75		-0.25%
S&P BSE Mid-Cap	16,059.54		0.08%
S&P BSE Small-Cap	17,398.37		0.10%

9:44 AM

RBI monetary policy: Four charts show markets are preparing for a rate hike

The interest-rate cycle in India is turning. The central bank may be set to tighten policy next week to keep inflation in check and stem the declines in the rupee if the rate-market moves are any indication.

 

The Reserve Bank of India hasn’t tinkered with rates since August, and even cut inflation projections last month, raising expectations that borrowing costs would remain on hold. But a surprising hawkish tilt revealed in its April policy minutes and the recent spike in oil has boosted speculation the authority may lift rates at its June 6 meeting. READ MORE

9:30 AM

MUST READ What is in store for Vedanta's shareholders?

When it comes to newsflow, it could hardly get worse for Vedanta Resources. The metals and mining conglomerate got hit with bad publicity last week, when police fired on a crowd of protesters at the Sterlite Copper smelting unit in Tuticorin. The plant was already in trouble due to environmental concerns.

 

Power had been cut off by the TN Pollution Control Board, and the Madras High Court stayed an expansion plan. After the shootings, the TN government has ordered permanent closure. Vedanta says it is studying the order, presumably to challenge it in court. READ MORE