Domestic stocks nudged lower in early trade on negative Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 56.27 points or 0.16% at 35,109.21. The Nifty 50 index was down 18.30 points or 0.17% at 10,670.35.
The S&P BSE Mid-Cap index was down 0.31%, underperformed the Sensex. The S&P BSE Small-Cap index was down 0.03%, outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 710 shares rose and 615 shares fell. A total of 61 shares were unchanged.
Overseas, Asian stocks were trading lower as the political crisis in Italy worsened as a fresh election appeared likely in the eurozone's third-largest economy. US markets remained closed yesterday, 28 May 2018 for Memorial Day. UK markets were also closed yesterday, 28 May 2018 for the spring bank holiday.
The leader of Italy's Five Star Movement party reportedly called for the country's president, Sergio Mattarella, to be impeached after the latter chose to veto a pick for economy minister. Mattarella on Monday appointed a former International Monetary Fund economist to the role of interim prime minister, with snap elections expected.
Back home, L&T gained 3.08%. On a consolidated basis, net profit of Larsen & Toubro (L&T) rose 4.95% to Rs 3337.95 crore on 11.09% rise in net sales to Rs 40678.10 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 28 May 2018.
Consolidated order book of the group stood at Rs 263107 crore as at 31 March 2018, with international order book constituting 24% of the total order book.
L&T said it expects to continue its planned trajectory of profitable and steady growth which, along with its many value enhancing measures, is aimed at improving shareholder returns on a sustainable basis.
Vedanta lost 2.75% after the company said that it received an order dated 28 May 2018 from the Government of Tamil Nadu directing the Tamil Nadu Pollution Control Board (TNPCB) to seal the company's copper smelter plant 1 at Thoothukkudi District, Tamil Nadu' and to close the said plant permanently. Vedanta said it is further studying the order and shall keep the stock exchanges updated on any developments. The announcement was made after market hours yesterday, 28 May 2018.
Oil India gained 3.48% after the company reported net profit of Rs 866.50 crore in Q4 March 2018, higher than net profit of Rs 19.31 crore in Q4 March 2017. Net sales rose 19.4% to Rs 2998.44 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 28 May 2018.
The company had accounted royalty payment of Rs 1152 crore made to Assam and Arunachal Pradesh government in Q4 March 2017.
During the fourth quarter of the financial year 2017-2018, the per barrel realisation (price at which Oil India sold the crude it discovered) rose to $64.93 a barrel. This was $52.50 a barrel in the same quarter of the financial year 2016-2017.
IDBI Bank fell 0.76%. Government of India increased its stake in IDBI Bank by 5% to 85.96% by acquiring 109.73 crore shares via preferential allotment on 25 May 2018. The announcement was made after market hours yesterday, 28 May 2018
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
