MARKET WRAP: Indices end flat; SBI gains 4%, Dr Reddy's up 6% post Q4 nos
Markets pared their morning gains to end flat on Tuesday amid weakness in their Asian counterparts
 "Markets, Stocks, BSE, NSE, SENSEX")
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Markets pared morning gains to end flat on Tuesday amid weakness in their Asian counterparts.
The S&P BSE Sensex ended at 34,651, up 35 points while the broader Nifty50 index settled at 10,537, up 20 points.
Among sectoral indices, the Nifty Metal index is nearly 1% up led by a rise in shares of JSW Steel, Hindustan Copper and Coal India.
Among individual stocks, State Bank of India (SBI) gained 3% even after it posted net loss of Rs 77.18 bn in January - March 2018 quarter, as against a net profit of Rs 28.15 billion in the previous corresponding period.
Dr Reddy's Labs gained over 6% even after it posted an about 3% fall in quarterly profit, hurt by headwinds in the US market.
GLOBAL MARKETS
Asian shares skidded on Tuesday as a strong dollar sapped demand for emerging market assets while surging oil prices stoked concerns about a flare-up in inflation and faster U.S. interest rate increases.
OIL PRICES
Oil prices rose on Tuesday, with Brent edging closer to $80 per barrel, on concerns that Venezuela's crude output could drop further following a disputed presidential election and potential U.S. sanctions on the OPEC-member.
(with Reuters inputs)
The S&P BSE Sensex ended at 34,651, up 35 points while the broader Nifty50 index settled at 10,537, up 20 points.
Among sectoral indices, the Nifty Metal index is nearly 1% up led by a rise in shares of JSW Steel, Hindustan Copper and Coal India.
Among individual stocks, State Bank of India (SBI) gained 3% even after it posted net loss of Rs 77.18 bn in January - March 2018 quarter, as against a net profit of Rs 28.15 billion in the previous corresponding period.
Dr Reddy's Labs gained over 6% even after it posted an about 3% fall in quarterly profit, hurt by headwinds in the US market.
GLOBAL MARKETS
Asian shares skidded on Tuesday as a strong dollar sapped demand for emerging market assets while surging oil prices stoked concerns about a flare-up in inflation and faster U.S. interest rate increases.
Japan's Nikkei was mostly flat while Australian shares fell 0.9 per cent. Chinese shares opened in the red with the blue-chip CSI300 off 0.7 per cent. Liquidity was relatively thin due to holidays in South Korea and Hong Kong.
The MSCI's broadest index of Asia-Pacific shares outside Japan was just a shade higher at 568.4 points, but well below an all-time peak of 617.12 hit in January.
OIL PRICES
Oil prices rose on Tuesday, with Brent edging closer to $80 per barrel, on concerns that Venezuela's crude output could drop further following a disputed presidential election and potential U.S. sanctions on the OPEC-member.
Brent crude futures were at $79.37 per barrel, up 15 cents, or 0.2 per cent, from their last close. Brent broke through $80 for the first time since November 2014 last week. The US West Texas Intermediate (WTI) crude futures were at $72.45 a barrel, up 21 cents, or nearly 0.3 per cent.
(with Reuters inputs)
3:44 PM
Nifty PSU bank index ends 3.25% higher. Top gainer:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| PUNJAB NATL.BANK | 81.55 | 78.15 | 3.40 | 4.35 |
| SYNDICATE BANK | 46.35 | 44.55 | 1.80 | 4.04 |
| ST BK OF INDIA | 253.90 | 244.45 | 9.45 | 3.87 |
| BANK OF BARODA | 132.90 | 129.90 | 3.00 | 2.31 |
| UNION BANK (I) | 88.40 | 86.95 | 1.45 | 1.67 |
3:38 PM
Nifty sectoral performers
3:36 PM
BSE Sensex: Dr Reddy's top gainer of the day, Asian Paints top loser
3:33 PM
Market at close
The S&P BSE Sensex ended at 34,651, up 35 points while the broader Nifty50 index settled at 10,537, up 20 points.
3:27 PM
Stock Quote:
Dr Reddy's Q4 profit falls 19 % on US headwinds, revenue drops to Rs 14 bn
Indian generic drugmaker Dr. Reddy's Laboratories Ltd posted a 19 percent drop in quarterly net profit on Tuesday, missing analysts' estimates, pulled down by headwinds in the US market.
The company's net profit, for the quarter ended March 31, came in at 2.72 billion rupees ($39.98 million), compared with 3.38 billion rupees a year earlier, the company said. READ MORE
Stock Quote:
3:15 PM
Reliance Communications (RCom) has moved higher by upto 19% to Rs 15.95 in noon deal, bouncing back 24% from its early morning low on the BSE after the company filed appeal before the Hon’ble National Company Law Appellate Tribunal (NCLAT) against the Hon’ble National Company Law Tribunal (NCLT) order. The stock hit an intra-day low of Rs 12.90 on the BSE. READ MORE
RCom gains as company files appeal before NCLAT against NCLT order
Reliance Communications (RCom) has moved higher by upto 19% to Rs 15.95 in noon deal, bouncing back 24% from its early morning low on the BSE after the company filed appeal before the Hon’ble National Company Law Appellate Tribunal (NCLAT) against the Hon’ble National Company Law Tribunal (NCLT) order. The stock hit an intra-day low of Rs 12.90 on the BSE. READ MORE
3:05 PM
SBI Q4 loss widens to Rs 77.18 bn as higher NPAs worsen asset quality
State Bank of India (SBI) reported whopping Rs 77.18 billion loss in its fourth quarter, against Rs 28.14 billion profit in the same quarter an year ago, as asset quality worsened significantly and the lender provided huge money as provision against its stressed loans READ MORE
State Bank of India (SBI) reported whopping Rs 77.18 billion loss in its fourth quarter, against Rs 28.14 billion profit in the same quarter an year ago, as asset quality worsened significantly and the lender provided huge money as provision against its stressed loans READ MORE
Rajnish Kumar. (Photo: Reuters)
2:59 PM
Sugar stocks rise up to 20% Top gainers:
| COMPANY | LATEST | PREV CLOSE | GAIN() | GAIN(%) |
| RAJSHREE SUGARS | 33.10 | 27.65 | 5.45 | 19.71 |
| SIR SHADI LAL | 37.95 | 34.45 | 3.50 | 10.16 |
| BALRAMPUR CHINI | 71.85 | 66.00 | 5.85 | 8.86 |
| DWARIKESH SUGAR | 25.55 | 23.50 | 2.05 | 8.72 |
| DHAMPUR SUGAR | 100.90 | 93.15 | 7.75 | 8.32 |
2:45 PM
Q4 results: Amara Raja trails Exide for third straight quarter
The Amara Raja stock corrected over 8 per cent intraday on its weak March quarter performance, and downward revision of margin estimates by brokerages for FY19. While the stock recovered from its intraday lows, a weak industrial segment as well as any upward movement of lead prices will be overhangs.
A major headwind is margin pressure because of the lead prices, which have hit their highest levels in at least five years in the March quarter. READ MORE
2:30 PM
NEWS ALERT SBI reports loss of Rs 77.18 billion vs PAT of Rs 28.14 billion
Earnings Impact
Earnings Impact
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First Published: May 22 2018 | 3:30 PM IST