Realty stocks decline

Stocks continued to gyrate in a small range amid negative bias in early afternoon trade. At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 43.71 points or 0.13% at 34,383.58. The Nifty 50 index was down 17.85 points or 0.17% at 10,547.45. Most capital goods stocks declined. Realty stocks fell. Negative Asian stocks weighed on the domestic bourses.

A bout of volatility was witnessed in early trade as the key benchmark indices dipped in negative zone after a positive start to the day's trading session. Stocks hovered in a small range after hitting intraday low in morning trade. Key indices moved in a small range in negative zone in mid-morning trade.

 

The S&P BSE Mid-Cap index was down 0.57%. The S&P BSE Small-Cap index was down 0.15%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,389 shares fell and 992 shares rose. A total of 113 shares were unchanged.

Most capital goods stocks declined. BEML (down 1.04%), Bharat Electronics (down 3.86%), L&T (down 0.82%), Punj Lloyd (down 1.92%) and Thermax (down 0.46%) fell. Bharat Heavy Electricals (Bhel) (up 1.59%), ABB India (up 0.52%) and Siemens (up 0.68%) rose.

Realty stocks declined. DLF (down 2.07%), Indiabulls Real Estate (down 1.55%), Housing Development and Infrastructure (down 1.95%), D B Realty (down 1.79%), Unitech (down 0.82%), Sobha (down 0.51%), Godrej Properties (down 1%), Prestige Estates Projects (down 1.84%), and Oberoi Realty (down 0.43%) fell.

M&M fell 0.47%. M&M said that Mahindra Susten Bangladesh (MSBPL) has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh on 19 April 2018 as a subsidiary of Mahindra Susten (MSPL), which in turn is a wholly owned subsidiary (WOS) of Mahindra Holdings (MHL), which in turn is a WOS of the company. The announcement was made after market hours yesterday, 20 April 2018.

Yes Bank lost 2.92%. Yes Bank received Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore. This is in continuation with the bank's international foray to expand services to the NRI population living in London and Singapore and to also be positive for International Business development. The announcement was made during market hours today, 20 April 2018.

Eveready Industries lost 9.45% after the Competition Commission of India (CCI), in a Suo Moto case against the company and others, about cartelisation in respect of zinc carbon dry cell batteries' market in India, has passed an order, imposing a penalty of Rs 171.55 crore on the company. The announcement was made after market hours yesterday, 19 April 2018.

Meanwhile, RBI deputy governor Viral Acharya flagged two reasons that had induced him to pause from voting to begin the process of withdrawal of accommodation: first, the possibility of US shale gas response softening the oil price outlook, and two, growth recovery in the economy still being nascent. Uncertainty on these fronts has now receded, Viral Acharya said. The minutes of the Monetary Policy Committee Meeting held on 4 April and 5 April 2018 were released after market hours yesterday, 19 April 2018.

The Monetary Policy Committee (MPC) had in its two-day meeting held on 4 April and 5 April 2018 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6% per cent.

Overseas, Asian stocks fell with technology stocks leading the way following a downbeat outlook from Taiwan Semiconductor Manufacturing Co. Inflation remained weak in Japan. Core consumer prices rose 0.9% from a year earlier in March, versus February's reading of 1%.

US stocks ended lower yesterday, 19 April 2018 with consumer staples, real estate and technology shares leading the losses.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) meets later today, 20 April 2018 to discuss production caps. Oil futures were down slightly in Asia after hitting a 3-year high this week.

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