MARKET WRAP: Indices gain for 3rd straight session; IT stocks underperform
Benchmark indices gained on Monday as a sharp drop in crude prices and a recovery in the rupee boosted sentiment
 "Markets, Stocks, BSE, NSE, SENSEX")
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Benchmark indices gained for a third straight session on Monday as a sharp drop in crude prices and a recovery in the rupee boosted sentiment.
The S&P BSE Sensex ended at 35,165, up 241 points while the broader Nifty50 index settled at 10,689, up 84 points
The S&P BSE Sensex ended at 35,165, up 241 points while the broader Nifty50 index settled at 10,689, up 84 points
Oil prices fell on Monday, extending even steeper declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as US production gains showed no signs of abating.
Among individual stocks, shares of Sun Pharmaceutical Industries saw their best day in over three years, up over 6% on strong fourth-quarter results.
The rupee firmed up against the dollar on Monday to its strongest level in two weeks. Shares of information technology companies fell, on worries that a stronger rupee could hit returns from the US market
Tata Consultancy Services fell 2.5% while Tech Mahindra shares posted their biggest intraday drop since May 29, 2017.
GLOBAL MARKETS
Japan’s Nikkei gained 0.3 per cent in early trade, while South Korea’s Kospi rose 0.5 per cent, buoyed by stocks which are seen as benefiting from a further thawing in tensions with Pyongyang. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat.
CRUDE OIL PRICES
Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while US production gains show no signs of slowing.
Brent crude futures stood at $75.35 a barrel, down $1.09 from the previous close and after touching a three-week low of $74.49 earlier in the session.
(with Reuters inputs)
3:45 PM
Sun Pharma ends 6.55% up on NSE
3:42 PM
Nifty IT index ends 1.92% lower. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
| TECH MAHINDRA | 675.25 | 702.75 | -27.50 | -3.91 |
| HCL TECHNOLOGIES | 894.50 | 916.00 | -21.50 | -2.35 |
| TCS | 3502.05 | 3585.80 | -83.75 | -2.34 |
| TATA ELXSI | 1208.30 | 1232.70 | -24.40 | -1.98 |
| MINDTREE | 1011.45 | 1023.60 | -12.15 | -1.19 |
3:38 PM
Nifty sectoral performers
3:36 PM
BSE Sensex: Sun Pharma gains 6.42% during the day, Power Grid, TCS among top losers
3:32 PM
Market at close
The S&P BSE Sensex ended at 35,165, up 241 points while the broader Nifty50 index settled at 10,689, up 84 points.
3:28 PM
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3:12 PM
EARNINGS NTPC Q4 profit jumps 46%, beats estimates
NTPC reported a 46% jump in fourth-quarter profit on Monday, marginally beating analysts’ estimates.
Profit after tax from continuing operations was Rs 26.26 billion ($389.59 million) in the three months ended March 31, compared with Rs 17.95 billion a year earlier, the state-controlled company said.
3:00 PM
Fortis Healthcare gets approval from Hero-Burman to re-open bidding
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2:46 PM
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2:32 PM
A troubled 2018 so far for billionaire Anil Agarwal’s Vedanta Ltd. may get worse amid concern that its key copper smelter in southern India could remain shut until 2019, further pressuring a stock that’s down 25 percent since the start of the year. READ MORE
So far so bad: Vedanta slid 25% this year, and then Thoothukudi hit
A troubled 2018 so far for billionaire Anil Agarwal’s Vedanta Ltd. may get worse amid concern that its key copper smelter in southern India could remain shut until 2019, further pressuring a stock that’s down 25 percent since the start of the year. READ MORE
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First Published: May 28 2018 | 3:30 PM IST