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MARKET WRAP: Sensex falls 216 pts, Nifty fails to hold 10650; banks drag

Benchmark indices ended lower on global correction and weaker rupee

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Benchmark indices
ended lower with the Sensex falling over  200 points on global correction and weaker rupee.

The S&P BSE Sensex ended at 34,949, down 216 points while the broader Nifty50 index settled at 10,633, down 55 points

Banking & financials stocks pulled the markets lower with the Nifty Bank Index slipping as much as 1.3% after three straight sessions of gain, with ICICI Bank and SBI shedding 3% each. 
 
Among indivisual stocks, M&M rose 3% after the company's March quarter earnings beat analyst expectations as profit grew by 50% year-on-year to Rs 11.55 billion and revenue increased 25.6% to Rs 131.89 billion during the quarter.

RUPEE

The rupee extended fall in afternoon, depreciating 50 paise to Rs 67.94 against the US dollar on fresh demand for the greenback from importers and banks.

GLOBAL MARKETS

A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome.

Asia flinched too. Japan’s Nikkei slipped 0.6%. Chinese shares were in the red, too, with the blue-chip index down 0.6% and Hong Kong’s Hang Seng index off 0.7%. 

CRUDE OIL PRICES
 
Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.

US crude futures tumbled to six-week lows and looked set for a fifth straight day of declines. The July contract was last down 1.6% at $66.81 a barrel.

(with Reuters inputs)

3:41 PM

Nifty Bank index ends 1.35% lower. Top losers:

COMPANY LATEST PREV CLOSE LOSS() LOSS(%)
PUNJAB NATL.BANK 85.50 88.70 -3.20 -3.61
BANK OF BARODA 140.30 145.40 -5.10 -3.51
ICICI BANK 289.75 299.25 -9.50 -3.17
ST BK OF INDIA 263.65 272.05 -8.40 -3.09
IDFC BANK 40.95 42.10 -1.15 -2.73

3:36 PM

Nifty sectoral gainers and losers

3:34 PM

BSE Sensex gainers and losers of the day

3:32 PM

Market at close
 
The S&P BSE Sensex ended at 34,949, down 216 points while the broader Nifty50 index settled at 10,633, down 55 points.
3:15 PM

Sebi begins probe into technical glitches at MCX, NSE's NOW

Markets regulator Sebi has begun initial probe into technical problem with MCX's trading system and "disruption" in NSE's web-based tool NOW, senior officials said.
 
The National Stock Exchange (NSE) on May 24 witnessed a "disruption" in its web-based tool NOW, which allows traders to use their own software and hardware for trading on the bourse. READ MORE

3:01 PM

D-Mart, Varun Beverages, Radico Khaitan, Edelweiss Financial hit new highs

Shares of Avenue Supermarts that runs the D-Mart retail stores, Radico Khaitan, Varun Beverages, Edelweiss Financial Services, Biocon, Hexaware Technologies, Kotak Mahindra Bank and MM Forgings were among 13 stocks from the S&P BSE 500 and Smallcap index that hit new high on the BSE in otherwise range-bound market. READ MORE
 

2:45 PM

India seeks gold, diamond mining rights in Russia

India is seeking rights to mine for gold and diamonds in Russia's resource-rich Far East, Trade Minister Suresh Prabhu told Reuters on Tuesday. Prabhu last week led an Indian delegation to attend the St. Petersburg International Economic Forum. READ MORE

2:30 PM

Caplin Point falls 11% on disappointing Q4 results
 
Shares of Caplin Point Laboratories have fallen 11% to Rs 532 per share on the BSE in intra-day trade after the company’s ebitda (earnings before interest, taxation, depreciation and amortization) margin in March quarter (Q4FY18) declined 400bps to 35% from 39% in previous year quarter.
 
The company’s consolidated net profit during the quarter under review increased by 5.9% at Rs 353 million against Rs 333 million in the corresponding quarter of previous fiscal. Gross revenue grew 19% to Rs 1,463 million over the previous year quarter. READ MORE
2:15 PM

Sebi likely to allow futures trading in petrol and diesel
 
The Securities and Exchange Board of India (Sebi) is considering allowing futures trading in petrol and diesel, according to sources. The petroleum and natural gas ministry has already approved the proposal. Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading.
 
Globally, petrol and diesel derivatives are traded on the Nymex and ICE exchanges. The proposal for trading in petrol and diesel derivatives was submitted by the Indian Commodity Exchange (ICEX) eight months ago. READ MORE
2:01 PM

Market Check

 
S&P BSE Sensex 35,043.74 Up -0.35%
 
Nifty 50 10,662.15 Up -0.25%
 
S&P BSE 200 4,635.60 Up -0.29%
 
Nifty 500 9,289.75 Up -0.19%
 
S&P BSE Mid-Cap 16,083.25 Up -0.22%
 
S&P BSE Small-Cap 17,415.13 Up -0.06%

1:44 PM

BHEL surges 9% as Q4 profit rises more than double
 
Shares of Bharat Heavy Electricals Limited (BHEL) have moved higher by 9% to Rs 86.45 per share on the BSE in noon deal after the state-owned company reported a more than double standalone net profit of Rs 4.57 billion in March quarter (Q4FY18). It had a profit of Rs 2.16 billion in the same quarter last fiscal. READ MORE
 

1:29 PM

Top BSE500 losers

COMPANY PRICE() CHG() CHG(%) VOLUME
MANPASAND BEVER. 275.85 -68.95 -20.00 10850
CAPLIN POINT LAB 540.25 -55.05 -9.25 26925
COX & KINGS 203.45 -13.05 -6.03 46703
BALRAMPUR CHINI 70.95 -3.75 -5.02 711113
VAKRANGEE 36.10 -1.90 -5.00 61496
» More on Top Losers
1:13 PM

Strides Shasun rebounds over 10% post clarification on auditor resignation

Strides Shasun rose 2% to Rs 432, bouncing back 13% from its early morning low on the BSE, after the company made clarification on rumor regarding resignation of statutory auditor. The stock hit a low of Rs 383 on the BSE in intra-day trade. READ MORE
 

1:06 PM

UBS COMMENT June policy meeting preview: a close call
 
In its monetary policy review, scheduled for 5-6 June, we expect the Monetary Policy Committee (MPC) to maintain the repo rate at 6%. However, we assign a 40% probability that the MPC will pre-emptively hike rates by 25bps in the June policy meeting. We expect the tone of the policy statement to remain hawkish. The minutes of the April meeting suggest that two of the six MPC members have already decided to vote in favour of a 25bp hike.
 
12:55 PM

Edelweiss on NMDC

NMDC’s Q4FY18 EBITDA of Rs 19 billion (up 2x YoY) surpassed consensus, despite stagnant sales volume, led by higher realisations. Going ahead, we expect the company to further improve its performance owing to: 1) higher realisation following the recent price hike; 2) volume uptick as steel plants in Chhattisgarh ramp up capacity; and 3) incremental earnings from the pellet plant coming on-stream. We retain our estimates and ‘BUY’ recommendation on the stock with an unchanged target price of Rs 195, implying an exit multiple of 7.0x.
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First Published: May 29 2018 | 3:30 PM IST

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