ICICI Bank's guidance for the next two years tried to soften the blow given by bad March quarter results. Core income languished, bad loans and slippages were worse than expected. Besides, it was mum on the Chanda Kochhar controversyhttps://t.co/YoVhcA3Kpo @aparnaviyer02 pic.twitter.com/yY7BkzHoS9— Mint Mark to Market (@livemint_m2m) May 8, 2018
Market Wrap: Sensex, Nifty close flat, banking stocks top gainers
BSE Sensex closed 8.18 points up at 35,216.32, while the Nifty 50 ended 2.30 point higher at 10,717.80. Here are the highlights from the markets
Last Modified: Wed, May 09 2018. 04 37 PM IST
- 3.34 pm ISTClosing bell
- 2.55 pm ISTMarket update
- 2.52 pm ISTMutual funds log Rs1.4 trillion inflow in April
- 2.50 pm ISTAditya Birla Capital profit rises 91% in March 2018 quarter
- 1.50 pm ISTMarket update
- 1.43 pm ISTEuropean shares trade higher
- 1.40 pm ISTGST, bank balance sheet problems pushed India’s economic growth downward: UN
- 1.35 pm ISTAlok Industries says two more applications filed objecting liquidation
- 12 pm ISTOil prices fall as market awaits US decision on Iran
- 11.55 am ISTINOX Leisure shares up 4% after Q4 earnings
- 11.47 am ISTQuess Corp. shares jump 5%
- 11.05 am ISTMarket update
- 11.03 am ISTGodrej Properties shares rise 5%
- 11 am ISTICICI Bank is candid on numbers but mum on Chanda Kochhar controversy
- 10.55 am ISTBEML shares rose 7%
- 10.05 am ISTPNB Housing Finance shares decline on block deals
- 10.02 am ISTTrident shares fall as Q4 net profit halves
- 9.55 am ISTTata Coffee shares fall 7% as net profit declined in Q4
- 9.30 am ISTICICI Bank shares rise 6%
- 9.25 am ISTSensex, Nifty open higher
- 9.20 am ISTRupee opens lower against US dollar
- 9.15 am ISTAsian shares trade higher
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed flat om Tuesday, erasing early gains after stocks in Europe declined as investors braced themselves for President Donald Trump’s decision on the Iran nuclear deal. Shares opened higher led by ICICI Bank, which rose over 8%, but gains were capped by losses in capital goods and consumer durables sectors. Meanwhile, foreign investors sold shares worth Rs635.24 crore on a net basis, while domestic investors bought equities worth Rs1,037.23 crore on Monday, provisional data showed. Here are the highlights from markets:
- 3.34 pm IST Closing bellBSE Sensex closed 8.18 points, or 0.02%, up at 35,216.32, while the Nifty 50 ended 2.30 points, or 0.02%, higher at 10,717.80. Among the sectoral indices on BSE, bankex gained most at 1.32% followed by realty 1.06%, finance 0.44% and oil and gas 0.36%. Capital goods fell 0.85%, consumer durables 0.81%, teck 0.55% and IT 0.53%. BSE MidCap was down 0.10%, while SmallCap gained 0.10%. ICICI Bank, SBI, Axis Bank and Power Grid were top gainers, whereas M&M, L&T, IndusInd and Infosys were among the major losers.
- 2.52 pm IST Mutual funds log Rs1.4 trillion inflow in AprilInvestors have pumped Rs1.4 trillion into mutual funds in April, driving the industry asset base to a staggering Rs23.25 trillion, a surge of 9% from the preceding month.In comparison, assets under management (AUM) of the mutual fund industry, comprising 42 players, were at Rs21.36 trillion in March-end, according to the latest update with Association of Mutual Fund in India (Amfi). Read more
- 1.50 pm IST Market updateBSE Sensex traded lower by 22.74 points, or 0.06%, to 35,185.40, while the Nifty 50 edged down 7.45 points, or 0.07%, to 10,708.05. Among the sectoral indices on BSE, bankex, realty, FMCG, oil and gas led the gains, while capital goods, consumer durables, metal and industrials lost most. BSE MidCap and SmallCap declined 0.30% and 0.05%, respectively. ICICI Bank, SBI, Power Grid and Axis Bank were top gainers, whereas M&M, L&T, IndusInd Bank and Yes Bank were among the major gainers.
- 1.43 pm IST European shares trade higherEuropean stocks drifted Tuesday following broad advances in Asia, while crude fell as investors braced themselves for President Donald Trump’s decision on the Iran nuclear deal. The dollar edged lower and Treasuries steadied. The Stoxx Europe 600 Index advanced less than 0.05%, the highest in almost 14 weeks. UK’s FTSE 100 Index climbed 0.3% to 7,567.14, the highest in 14 weeks.
- 1.40 pm IST GST, bank balance sheet problems pushed India’s economic growth downward: UNThe Goods and Services Tax (GST) as well as protracted issues of corporate and bank balance sheet problems pushed India’s economic growth downward in 2017 but a gradual recovery is expected and the country’s economy is forecast to grow at 7.2% in 2018, according to a UN report.According to estimates in the UN Economic and Social Commission for Asia and the Pacific’s (ESCAP) flagship publication the Economic and Social Survey of Asia and the Pacific, India’s GDP grew at 6.6% in 2017, down from 7.1% in 2016. Read more
- 12 pm IST Oil prices fall as market awaits US decision on IranOil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. Should Trump pull the United States out of a multi-nation agreement on Tehran’s nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut.US West Texas Intermediate (WTI) crude futures had dropped 78 cents, or 1.1%, to $69.95 a barrel by 11.50am. They settled above $70 for the first time since November 2014 on Monday. Brent crude futures were down 67 cents, or 0.9%, at $75.50, having jumped 1.7% to settle at $76.17 a barrel in the previous session. (Reuters)
- 11 am IST ICICI Bank is candid on numbers but mum on Chanda Kochhar controversyRepeated questions to Chanda Kochhar on the allegations of conflict of interest involving her and Videocon Industries netted no answers. It seems that the ICICI Bank board has put the episode behind it.
- 10.05 am IST PNB Housing Finance shares decline on block dealsPNB Housing Finance Ltd shares fall nearly 7% to Rs1,280 in their biggest daily percentage loss in over 2 months. Private equity firm Carlyle Group LP’s unit is selling 8 million shares in PNB Housing Finance at a floor price of Rs1,280, or a 6.9% discount to the stock’s Monday close, IFR reports, citing a term sheet. Prior to the sale, Carlyle owned a 37.16% stake in PNB Housing Finance. The stock has risen 2.5% this year up to Monday. (Reuters)
- 9.30 am IST ICICI Bank shares rise 6%Shares of ICICI Bank jumped as much as 6.35% to Rs307.80 in the opening trade. The bank on Monday reported a net profit of Rs1,020 crore for the three months ended 31 March, compared with Rs2,024.64 crore in the year-ago period. Profit was in line with the Rs1,060.8 crore estimated by a Bloomberg poll of 18 analysts.
- 9.20 am IST Rupee opens lower against US dollarThe Indian rupee weakened against the US dollar on Tuesday, tracking losses in Asian currencies. The home currency was trading at 67.17 a dollar, down 0.04% from its Monday’s close of 67.14. It opened at 67.17 a dollar and touched a high and a low of 67.14 and 67.21, respectively.The 10-year bond yield stood at 7.639% compared to its previous close of 7.622%. Bond yields and prices move in opposite directions.
- 9.15 am IST Asian shares trade higherAsian stocks traded higher, extending a gradual recovery after declines in recent weeks stoked by concerns about the vulnerabilities of emerging-markets in the face of higher US yields, a stronger dollar and costlier energy prices. Oil is set to remain in focus amid speculation the US may pull out of the Iran deal, escalating tensions in the Middle East and potentially disrupting supplies from that Opec producer.The MSCI Asia Pacific Index rose 0.6%. Topix index advanced 0.5%. Hong Kong’s Hang Seng Index gained 1.2%. Kospi index added 0.4%. Futures on the S&P 500 Index remained little changed after the underlying gauge rose 0.4% on Monday. (Bloomberg)
First Published: Tue, May 08 2018. 09 26 AM IST
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