Market Wrap: Sensex plunges 239 points, dragged by financials
BSE Sensex closed 238.76 points lower at 35,149.12, while the Nifty 50 ended 58.40 points down at 10,682.70. Here are the highlights from the markets
Last Modified: Thu, May 17 2018. 04 49 PM IST
- 3.23 pm ISTMarket update: Sensex, Nifty down
- 3.17 am ISTMarket update: Sensex, Nifty head for third day of losses
- 3.10 pm ISTSensex continues to trade lower, Nifty at 10,698.25
- 2.52 pm ISTHUL overtakes ITC in terms of market cap first time
- 2.45 am ISTMarket update: Sensex, Nifty trades lower
- 2.23 pm ISTSebi issues warning to PNB on delaying disclosures
- 2.00 pm ISTMarket update: At 2pm, Indian rupee was trading at 67.70 against US dollar
- 1.50 pm ISTMarket update: Sensex, Nifty struggle
- 1.34 pm ISTRCom shares surge 46% on settlement talks with Ericsson
- 12.50 pm ISTIndian shares slip; financials top drag
- 12.40 pm ISTMarket update: Major losers and gainers
- 12.30 pm ISTMarket update: Sensex, Nifty down
- 12.12 pm ISTCrude oil prices inch towards $80/barrel
- 12.00 pm ISTSensex, Nifty hit fresh intraday low despite Yeddyurappa’s swearing-in as Karnataka CM
- 11.35 am ISTCrude oil futures up 0.58% amid positive Asian cues
- 11.15 am ISTSensex, Nifty down
- 10.44 am ISTMarket update: Sensex, Nifty down
- 10.28 am ISTMuthoot Finance, Hindalco Industries, GSFC shares down
- 10. 22 am ISTTata Steel, Divi’s Lab, Granules India, RCom shares up
- 10.10 am ISTHow Asian markets are faring
- 9.55 am ISTAll sectoral indices in the green
- 09.45 am ISTRupee opens marginally higher against US dollar
- 09.40 am ISTCareer Point, Punjab & Sind Bank decline
- 9.37 am ISTMarket opens, Future group stocks gains
- The benchmark stock indices today opened on a positive note after BJP’s B. S. Yeddyurappa was sworn-in as the chief minister of Karnataka. The 30-share Sensex bounced 122.13 points, or 0.34%, to 35,510.01. It had lost 168.83 points in the previous two sessions.Here are the market live updates:
- 3.10 pm IST Sensex continues to trade lower, Nifty at 10,698.25Equity benchmarks have continued to trade lower for the second consecutive day as Sensex fell over 100 points. Nifty was at 10,698.25. Coal India, Tata Motors, Bajaj Finserv and Bajaj Finance are the top gainers among both indices, while ITC, Bharti Airtel and Hindalco have lost the most.
- 2.52 pm IST HUL overtakes ITC in terms of market cap first timeShares India’s largest consumer-goods company Hindustan Unilever Ltd (HUL) on Thursday has overtaken cigarette and consumer goods maker ITC Ltd in terms of market capitalisation first time after former reported better than expected volume growth for March quarter.Data from BSE shows that, HUL has market cap of Rs343164.39 crore after its shares rose advanced to record high of Rs1,594, up 1.4% from its previous close. Since start of January, the script gains 15%.ITC market cap stood at Rs342452.52 crore. Its shares were down 1.8% to Rs280.75 a share. So far this year it surged 21%. Read more Ravindra Sonavane
- 2.23 pm IST Sebi issues warning to PNB on delaying disclosuresMumbai: The Securities and Exchange Board of India (Sebi) on Thursday issued a warning letter to Punjab National Bank (PNB) on delaying disclosures with respect to the Nirav Modi scam, said the company in an exchange notification. The regulator said that there was a delay of 6 days in making disclosure to the exchanges that they have filed a complaint with the Reserve Bank of India (RBI) and Central Bureau of Investigations (CBI) with respect to the Rs12,636 crore scam Nirav Modi group, Gitanjali group. According to the regulator this delay in informing the stock exchanges was a violation of the Listing Obligation and Disclosure Requirements (LODR). As per the LODR companies need to inform stock exchanges about any price sensitive information in a timely manner. Read more Jayshree P Upadhyay
- 2.00 pm IST Market update: At 2pm, Indian rupee was trading at 67.70 against US dollarMumbai: The Indian rupee on Thursday strengthened for second sessions against US dollar tracking gains in Asian currencies. At 2pm, the home currency was trading at 67.70 against US dollar, up 0.13% from its previous close of 67.80. The currency opened at 67.76 a dollar and touched a high and a low of 67.58 and 67.80 respectively.The 10-year bond yield stood at 7.904%, up from its Wednesday’s close of 7.903%. Bond yields and prices move in opposite directions. So far this year, rupee weakened over 5.8% while foreign investors have bought $766.40 million and sold $3.32 billion in equity and debt markets, respectively.Benchmark Sensex Index fell 0.35% or 124.59 points to 35263.29. Since start of January, it gained 4%. Asian currencies were trading higher. Indonesian rupiah was up 0.26%, Japanese yen 0.19%, China Renminbi 0.17%, Philippines peso 0.16%, Thai Baht 0.12%, Singapore dollar 0.08%. However, South Korean won was down 0.13%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.137, down 0.27% from its previous close of 93.392. Ravindra Sonavane
- 1.34 pm IST RCom shares surge 46% on settlement talks with EricssonMumbai: Debt laden Reliance Communications Ltd surged over 46% on Thursday afternoon after a news report suggested that the company is in talks with Swedish telecom firm Ericsson for settlement.On Thursday, RCom shares rose as much as 45.97% to Rs15.40 a share. So far this year, it has declined 60.52%. RCom and Ericsson said to inform National Company Law Tribunal (NCLT) in Mumbai that they are in settlement talks, television channel BTVI reported. Read more Ravindra Sonavane
- 12.50 pm IST Indian shares slip; financials top dragIndian shares slipped on Thursday, hurt by financials. Karnataka elections had a temporary effect on the markets, but macro-economic factors such as the rise in crude oil prices and inflation will have a bigger say in the medium term, said analysts.India’s retail inflation accelerated for the first time in four months in April, suggesting the RBI may turn hawkish at its policy meeting next month. Reuters
- 12.12 pm IST Crude oil prices inch towards $80/barrelCrude oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping ever closer to $80 per barrel as supplies tightened and demand remained strong.Brent crude futures were at $79.40 per barrel at 0617 GMT, up 0.14% from their last close after marking their highest in more than 3-1/2 years.US West Texas Intermediate (WTI) crude futures were at $71.73 a barrel, up 24 cents, or 0.3%, from their last settlement and not far off Tuesday’s $71.92 a barrel—also a level not seen since November 2014. Bloomberg
- 12.00 pm IST Sensex, Nifty hit fresh intraday low despite Yeddyurappa’s swearing-in as Karnataka CMThe BSE Sensex and Nifty hit fresh intraday low even as BJP’s Yeddyurappa took oath as Karnataka CM.At 12 the BSE Sensex traded lower by 120.15 points, or 0.34%, at 35,267.73, while the Nifty 50 rose/fell 30.40 points, or 0.28%, to 10,710.70. After a four-hour long, post-midnight hearing on a Congress-JD(S) petition, the Supreme Court refused to stay BJP leader B.S. Yeddyurappa’s swearing-in as Karnataka chief minister at 9am today.The Supreme Court made it clear that the swearing-in and the government formation would be subject to its final order on the Congress-JD(S) petition before it.
- 11.35 am IST Crude oil futures up 0.58% amid positive Asian cuesCrude oil rose 0.58% to Rs4,848 per barrel in futures market today as speculators widened their bets, taking positive cues from the Asian markets. At the Multi Commodity Exchange, crude oil for delivery in May was trading higher by Rs28, or 0.58%, to Rs4,848 per barrel, in a business turnover of 1,741 lots. Analysts said traders built up speculative positions on positive global cues after US crude stockpiles fell last week as exports hit a record high and refineries ramped up output.
- 10.28 am IST Muthoot Finance, Hindalco Industries, GSFC shares down■ Muthoot Finance Ltd fell 6% to Rs396.75. The company on Wednesday reported 40.3% jump in standalone net profit at Rs451.39 crore for March quarter on the back of diversification of loan portfolio. The company had registered a net profit of Rs321.78 crore during January-March, 2016-17. Total revenue from operations was however down at Rs1,572.92 crore as against Rs1,709.63 crore in the year-ago period, Muthoot Finance said in a regulatory filing.■ Hindalco Industries Ltd fell 4% to Rs231 after the company reported 24.98% decline in its standalone net profit to Rs376.97 crore for the fourth quarter ended 31 March.■ Gujarat State Fertilizer & Chemicals Ltd fell 7% to Rs122 after the company reported 16% drop in net profit for March quarter to Rs156.41 crore from a year ago.■ Praj Industries Ltd rose 5.4% to Rs104.30 after the company reported a net profit of Rs27 crore in March quarter, up 17% from a year ago.
- 10. 22 am IST Tata Steel, Divi’s Lab, Granules India, RCom shares up ■ Tata Steel Ltd fell 2.4% to Rs607.45. The company reported a profit of Rs 14688 crore helped by one off pensions gains against with a Rs1168 crore loss a year ago. The Indian steelmaker on Wednesday reported an exceptional gain of ₹113.76 billion in the quarter ended March, including a non-cash gain of ₹140.77 billion relating to the restructuring of its British pension scheme■ Divi’s Laboratories Ltd rose 2% to Rs1186 after the drug firm said that the inspection conducted by the US health regulator of its Unit-1 facility at Choutuppal, Telangana this month was successful.■ Granules India Ltd rose 6% to Rs103 after the pharmaceuticals company said Granules Pharmaceuticals Inc., a wholly owned subsidiary of the company, received US health regulatory approval for generic Methylergonovine tablets.■ Reliance Communications Ltd rose 7% to Rs11.25 after huge block deals. Around 1.41 million shares of the company changed hands in a block deal, Bloomberg reported. However, details of the buyers and sellers were not known.
- 10.10 am IST How Asian markets are faringIn the rest of Asia, Japan’s Nikkei rose 0.44%, Hong Kong’s Hang Seng inched up 0.01%, while Shanghai Composite Index shed 0.35% in early deals. The US Dow Jones Industrial Average ended 0.25% higher yesterday as retailers results and solid economic data boosted confidence in the American economy.
- 9.55 am IST All sectoral indices in the greenAll the sectoral indices, led by consumer durables, realty, metal, power and banking, were in the green. The NSE Nifty also jumped 36.15 points, or 0.33%, to 10,777.25. Major movers in the Sensex kitty included Coal India, Power Grid, Wipro, SBI, Kotak Bank, Sun Pharma, ICICI Bank, TCS, Infosys, M&M, L&T and Maruti Suzuki, rising up to 1.79%. Tata Steel, however, fell 0.83%.
- 09.45 am IST Rupee opens marginally higher against US dollarThe Indian rupee on Thursday strengthened for second sessions against US dollar tracking gains in Asian currencies.At 9.15am, the home currency was trading at 67.73 against US dollar, up 0.08% from its previous close of 67.80. The currency opened at 67.76 a dollar.
- 09.40 am IST Career Point, Punjab & Sind Bank declineCareer Point Ltd fell 13.16% to Rs105.60 after the company reported 48.51% decline in its net profit to Rs303.78 crore in March quarter against Rs590.03 crore a year ago.Punjab & Sind Bank declined 6.07% to Rs30.15 after the bank reported a loss of Rs524.62 crore in March quarter against profit of Rs8.33 crore a year ago.
- 9.37 am IST Market opens, Future group stocks gainsFuture group stocks trades higher. Future Consumer rose 3.08%, Future Enterprises Ltd gains 9.57%, Future Lifestyle Fashions Ltd 0.65%.■ JK Lakshmi Cement Ltd rose 1.28% to Rs388 after the company reported 62% increase in its net profit to Rs 34 crore in March quarter. Revenue rose 11% to Rs 897 crore.
First Published: Thu, May 17 2018. 09 46 AM IST