MARKET WRAP: Cong-JD(S) alliance buzz in Karnataka keeps sentiment in check

The markets pared gains to turn flat on reports of Congress-JD(S) alliance in Karnataka

4:02 PM

Market rundown by Vinod Nair, Head of Research, Geojit Financial Services 

 

"Market has a good start led by positive impression of central ruling government in the Karnataka election. But lost its aura as lack of clear majority emerged by the end of the day. Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce. At the same time, market will try to focus back on macro & micro economic parameters which have been unpleasant in the recent time."

3:44 PM

BSE Smallcap index slips 0.65%. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
UTTAM SUG.MILLS	66.10	74.40	-8.30	-11.16
AVADH SUGAR	313.00	349.50	-36.50	-10.44
PTC INDIA FIN	19.40	21.55	-2.15	-9.98
ADANI TRANSMISSI	143.00	158.45	-15.45	-9.75
S CHAND & COMPAN	337.85	370.65	-32.80	-8.85

3:41 PM

BSE Midcap index ends 0.81% down. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
REL. COMM.	12.65	13.50	-0.85	-6.30
TATA GLOBAL	241.35	255.30	-13.95	-5.46
VAKRANGEE	60.05	63.20	-3.15	-4.98
GODREJ AGROVET	645.00	677.40	-32.40	-4.78
ORACLE FIN.SERV.	3910.10	4095.05	-184.95	-4.52

3:36 PM

Nifty PSU Bank indec ends nearly 3% lower: Top losers in the pack

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
ALLAHABAD BANK	40.45	44.15	-3.70	-8.38	13123647
PUNJAB NATL.BANK	84.80	89.30	-4.50	-5.04	26336750
ORIENTAL BANK	81.65	84.65	-3.00	-3.54	4049130
UNION BANK (I)	85.25	88.05	-2.80	-3.18	7169694
CANARA BANK	241.70	249.35	-7.65	-3.07	10813295

3:36 PM

Sectoral Trend

3:33 PM

BSE Sensex gainers and losers of the day:

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,544, down 13 points while the broader Nifty50 index settled at 10,802, down 5 points.

3:14 PM

Partywise Trend (Source: ECI)

3:06 PM

India bonds hit near 33-month low, rupee weakest in 16 months on higher oil, inflation

Indian bonds and the rupee currency weakened to multi-month lows in early trade on Tuesday, as global crude oil prices inched up and the local inflation print came in higher than expected.

 

The 10-year benchmark bond yield rose 7 basis points to 7.90 percent on Tuesday, its highest since Aug. 25 2015, while the Indian rupee fell to 67.76 against the dollar, its weakest since Jan. 31, 2017 from its previous close of 67.50. READ MORE

2:55 PM

NPA provisioning to hit PNB results; to report loss of Rs 27 billion in Q4

Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4. READ MORE

2:47 PM

Rupee at 16-month low: Rupee inches toward 68-mark, trades at 67.85 per dollar, weakest Since Jan 30, 2017

2:40 PM

KARNATAKA VERDICT: Trends show BJP still short of majority in Karnataka polls

2:36 PM

KARNATAKA VERDICT: JD(S) accepts Congress' proposal for chief minister's post: TV Reports

2:33 PM

KARNATAKA VERDICT: Congress offers to make HD Kumaraswamy the CM; JD(S) willing to lead the Govt: TV Reports

2:30 PM

NEWS UPDATE NCLT rejects plea by Bhushan Steel employees, okays Tata Steel bid

2:21 PM

MUST READ Karnataka verdict a blow to Congress' dream of challenging Modi in 2019

On the cusp of delivering a crushing defeat to the Congress in Karnataka Assembly election 2018, the Bharatiya Janata Party (BJP) on Tuesday was on course to emerge as the largest single party in the state. But the 110-seat halfway mark of the 222 constituencies that went to the polls on Saturday was still eluding the party at the time of filing of this report. Elections to the remaining two seats will be held on May 28 CLICK FOR MORE

2:17 PM

Partywise Trend (Source: ECI)

2:10 PM

Allahabad Bank slips after RBI announces further restrictions

 

Allahabad Bank fell 3.51% to Rs 42.65 on BSE after the Reserve Bank of India imposed restrictions on the bank's lending to risky assets and raising high-cost deposits in view of deteriorating financial health. READ MORE

2:10 PM

NEWS ALERT BJP short of majority in Karnataka; Congress offers JDS' Kumaraswamy CM post, eyes tie-up: TV reports

1:58 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,648.04	+91.33	+0.26
S&P BSE SENSEX 50	11,334.87	+25.51	+0.23
S&P BSE SENSEX Next 50	32,884.40	-190.33	-0.58
S&P BSE 100	11,128.26	+11.82	+0.11
S&P BSE Bharat 22 Index	3,598.25	-11.91	-0.33

1:50 PM

As Inflation gets 'ugly' in April, RBI may be pushed to hike rates

India’s inflation accelerated more than estimated in April, providing ammunition to hawks in the central bank to tighten monetary policy and fueling a selloff in bonds. Consumer prices rose 4.6 per cent in April from a year earlier, the statistics ministry said in a statement in New Delhi on Monday, higher than the 4.4 per cent median estimate in a Bloomberg survey of economists. It was the first pick-up in inflation in four months. READ MORE

1:41 PM

Industry fears exports may continue to fall in April as major sectors lag

Industry fears a continuing contraction in April exports, figures for which are set to be released later in the day. March exports had contracted by 0.66 per cent, registering a decline for the first time in five months. Leading up to that, the growth rate had slipped continuously, coming down to 4.48 per cent in February, from a peak of 30.5 per cent in November. READ MORE

1:30 PM

Tata Motors, ACC, PFC, REC hit 52-week low

 

Tata Motors, ACC, Bharat Electronics (BEL), Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) were among 29 stocks from the S&P BSE500 index hitting their respective 52-week low in otherwise firm market.

 

Reliance Capital, Reliance Naval and Engineering, Unitech, Vakrangee, Laurus Labs, Eveready Industries, Glenmark Pharmaceuticals, Capital First and Allahabad Bank were others from the index that touched 52-week low on the BSE in intra-day trade on Tuesday. READ MORE

1:17 PM

Top gainers in BSE Midcap index:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
MPHASIS	1036.45	985.45	51.00	5.18
JSW ENERGY	70.75	68.20	2.55	3.74
S A I L	75.40	72.75	2.65	3.64
SHRIRAM TRANS.	1485.45	1445.00	40.45	2.80
COLGATE-PALM.	1137.20	1108.00	29.20	2.64

1:08 PM

Partywise Trends at 01:05 pm (Source: Election Commission)
 

12:59 PM

Apollo Global likely to buy out JP Morgan's real estate fund

 

US-based private equity fund manager Apollo Global Management is in final talks with global banking major JP Morgan to acquire the latter’s property fund in the country, a source in the know of the matter said. The fund has assets of around $360 million (Rs 24.12 biliion), which is also likely to be the size of the deal, according to sources. READ MORE

12:48 PM

GDP growth to rise to 7.7% y-o-y in Q1 from 7.2%, says Nomura Report

 

Despite moderation in factory output growth in March, India's GDP is expected to grow by 7.7 per cent in January-March, up from 7.2 per cent in the preceding quarter, says a Nomura report.

 

According to the Japanese financial services major, despite the moderation in March, industrial production growth averaged 6.2 per cent in the January-March period, up from 5.9 per cent in Q4 (October-December). READ MORE

12:39 PM

Buzzing Stock

Bhushan Steel is locked in upper circuit after the National Company Law Tribunal (NCLT) has approved the resolution plan of Tata Steel for Bhushan Steel.

 

The Tata Group company has offered Rs 36,400 crore as its resolution plan for Bhushan Steel.

12:31 PM

BSE 500 top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
BF UTILITIES	437.50	393.25	44.25	11.25
DR LAL PATHLABS	871.45	806.10	65.35	8.11
BEML LTD	1133.00	1054.15	78.85	7.48
V-MART RETAIL	2277.10	2118.90	158.20	7.47
MPHASIS	1047.45	985.45	62.00	6.29

12:20 PM

Effects of new rules: Domestic brokerages try to dodge derivatives curbs

Several domestic brokerages are asking their clients to shore up their incomes in the wake of the implementation of ‘product suitability’ framework in the derivatives market. Under the proposed framework, the exposure of an investor in the derivatives market will be directly linked to the income disclosed in his/her tax returns. READ MORE