Market drops on weak Asian stocks

Domestic stocks began trading for the day on a downbeat note on weak Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 179.36 points or 0.51% at 34,769.88. The Nifty 50 index was down 65.75 points or 0.62% at 10,567.55.

The S&P BSE Mid-Cap index was down 0.38%. The S&P BSE Small-Cap index was down 0.24%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 667 shares rose and 905 shares fell. A total of 59 shares were unchanged.

Overseas, Asian stocks dropped as concerns about the repercussions of Italy's political turmoil and the renewal of trade tensions between the US and China gripped financial markets. The prospect that Italy might need a fresh election that could effectively become a referendum on the nation's inclusion in the euro zone rattled markets.

US stocks tumbled yesterday, 29 May 2018 joining a global equity selloff sparked by concern Italy's political woes will destabilise Europe.

Investors are also keeping an eye on the White House, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods.

Back home, BPCL fell 1.1%. The company's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.

Power Grid Corporation of India rose 1.91% after net profit rose 4.6% to Rs 2004.68 crore on 16.5% increase in net sales to Rs 7811.32 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.

Glenmark Pharmaceuticals lost 3.01%. On a consolidated basis, Glenmark Pharmaceuticals' net profit fell 17.48% to Rs 151.63 crore on 7.28% decline in net sales to Rs 2247.89 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.

Jubilant FoodWorks gained 2.68%. With reference to the news report regarding stake sale by the promoters in Jubilant FoodWorks, the company clarified that the report is completely incorrect and baseless. The clarification was issued after market hours yesterday, 29 May 2018.

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