You are here: Home » Markets » News
Business Standard

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

SI Reporter  |  New Delhi 

MARKETS LIVE: Indices edge lower, Nifty tests 10,600 mark; Pharma cos slip

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 Nifty sectoral gainers and losers BSE Sensex gainers and losers of the day 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. 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   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.

Benchmark ended flat on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, ahead of F&O expiry for the month of May.

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

Indian oil refiners and retailers also took a hit after Indian Oil Corp Ltd (IOC) slashed pump prices for petrol and diesel, according to reports. State-run IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp control most of the retail fuel market in India.

Meanwhile, Fortis Healthcare rose as much as 4.8% during the day after it launched a new round of bidding for itself on Tuesday. The cash-strapped hospital operator’s board is also scheduled to meet to approve quarterly results on Wednesday.

GLOBAL MARKETS

Asian extended a global sell-off as fears of repeat elections in the euro zone’s third-largest economy saw the euro hitting a 10-month low, sending investors rushing to safe-haven assets such as U.S. Treasuries.

MSCI’s broadest index of Asia-Pacific outside Japan tumbled 1.4 percent.

CRUDE OIL

Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US output has surged in recent years.

US crude futures retreated 0.2% to $66.58 per barrel, extending losses into a sixth consecutive sessions.

(with Reuters inputs)

First Published: Wed, May 30 2018. 15:30 IST
RECOMMENDED FOR YOU

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

Benchmark ended flat on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, ahead of F&O expiry for the month of May.

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

Indian oil refiners and retailers also took a hit after Indian Oil Corp Ltd (IOC) slashed pump prices for petrol and diesel, according to reports. State-run IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp control most of the retail fuel market in India.

Meanwhile, Fortis Healthcare rose as much as 4.8% during the day after it launched a new round of bidding for itself on Tuesday. The cash-strapped hospital operator’s board is also scheduled to meet to approve quarterly results on Wednesday.

GLOBAL MARKETS

Asian extended a global sell-off as fears of repeat elections in the euro zone’s third-largest economy saw the euro hitting a 10-month low, sending investors rushing to safe-haven assets such as U.S. Treasuries.

MSCI’s broadest index of Asia-Pacific outside Japan tumbled 1.4 percent.

CRUDE OIL

Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US output has surged in recent years.

US crude futures retreated 0.2% to $66.58 per barrel, extending losses into a sixth consecutive sessions.

(with Reuters inputs)

image
Business Standard
177 22