Market Wrap: Sensex, Nifty close flat as BJP seen falling short of majority in Karnataka
7 min read.Updated: 15 May 2018, 05:52 PM ISTLivemint
BSE Sensex closed 12.77 points lower at 35,543.94, while the Nifty 50 ended 4.75 points down at 10,801.85. Here are the latest updates from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed marginally lower on Tuesday, erasing early gains, as investors turned cautious after afternoon trends in Karnataka election results showed BJP falling short of majority. The Congress and Janata Dal (Secular) has agreed to form an alliance to form government in Karantaka. Moreover, disappointing results dragged PSU bank stocks in negative territory. In the early trading hours, both the indices surged over 1%. Here are the latest updates from the markets:
15 May 2018, 03:35:00 PM IST
BSE Sensex closed lower by 12.77 points, or 0.04%, to 35,543.94, while the Nifty 50 inched down 4.75 points, or 0.04%, to close at 10,801.85. Sixteen out of 19 sectoral indices on BSE ended lower with realty, industrials, telecom and auto losing up to 1.90%. BSE MidCap and SmallCap declined 0.81% and 0.65%, respectively. Tata Steel, Power Grid, TCS and Asian Paints were top gainers, whereas Tata Motors, Coal India, SBI and Sun Pharma were among the major losers.
15 May 2018, 03:15:00 PM IST
Lupin reports net loss in March 2018 quarter
Lupin Ltd reported a surprise loss in its fiscal fourth quarter, due to a one-time charge. Net loss for the quarter ended 31 March came in at Rs784 crore compared with a profit of Rs380 crore a year earlier. Fifteen analysts on average expected a profit of 3.20 billion rupees, according to Thomson Reuters data. The company saw a one-time impairment charge of about Rs1,464 crore in relation to the Gavis group acquisition during the quarter. Lupin shares were trading 0.22% up at Rs756. (Reuters)
15 May 2018, 03:03:00 PM IST
Sensex up 50 points, Nifty trade flat
BSE Sensex traded higher by 53.37 points, or 0.15%, to 35,610.08, while the Nifty 50 inched up 1.55 points, or 0.01%, to 10,808.15.
15 May 2018, 09:27:00 AM IST
Karnataka election results LIVE: Ready to support JDS, says Congress
Ready to support Janata Dal (Secular) to form the Karnataka government, the Congress has said even as the BJP seemed to fall short of a clear majority, according to NDTV. As part of the agreement, the Congress is planning to appoint a chief minister from the JDS and a Dalit deputy chief minister from its own party.
BSE Sensex traded higher by 83.45 points, or 0.24%, to 35,640.16, while the Nifty 50 rose 21.70 points, or 0.20%, to 10,828.30. Among the sectoral indices on BSE, IT, metal, teck and bankex traded higher, while realty, healthcare, auto and industrials declined. BSE MidCap and SmallCap were down 0.71% and 0.23%. Tata Steel, Power Grid, Kotak Bank and TCS were top gainers, whereas Sun Pharma, Tata Motors, Dr. Reddy’s Labs and SBI were among the major losers.
15 May 2018, 09:27:00 AM IST
Suven Life Sciences shares gain 3% as Q4 profit rises
Suven Life Sciences Ltd shares rose 3.68% to Rs188.55 after the company reported a net profit of Rs62.51 crore in the March 2018 quarter, up from Rs40.07 crore a year ago. Total revenue from operations stood at Rs214 crore in the quarter ended 31 March versus Rs180 crore last year.
15 May 2018, 01:13:00 PM IST
European shares trade lower
European stocks traded lower following their Asian peers as traders grappled with worries around trade, growth and geopolitics. The Stoxx Europe 600 Index decreased less than 0.05%. UK’s FTSE 100 Index increased 0.1%. Germany’s DAX Index fell 0.3%, the largest fall in a week. Futures on the S&P 500 Index declined 0.2%, the first retreat in almost two weeks.
15 May 2018, 01:07:00 PM IST
NCLT approves Tata Steel resolution plan for Bhushan Steel
The National Company Law Tribunal (NCLT) approved Tata Steel Ltd’s resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code (IBC). Tata Steel shares rose 3.85% to Rs633.60, while Bhushan Steel shares jumped 4.81% to Rs23.95.
15 May 2018, 01:05:00 PM IST
NCLAT asks resolution professional for Binani to not seek opinion on eligibility of resolution applicants
The National Company Law Appellate Tribunal (NCLAT) prohibited the resolution professional for Binani Cement from seeking an opinion from the resolution applicants and other parties on the questions of eligibility, to avoid being prejudiced from such opinions. Shares of Binani Industries were up 1.53% to Rs89.50.
15 May 2018, 12:17:00 PM IST
Sensex, Nifty trim gains
BSE Sensex traded higher by 220.85 points, or 0.62%, to 35,777.56, while the Nifty 50 rose 61.80 points, or 0.57%, to 10,868.40.
15 May 2018, 12:13:00 PM IST
Lupin, Britannia Industries earnings today
Lupin Ltd, Reliance Communications Ltd, PI Industries Ltd and Britannia Industries Ltd are some of the other companies that will release their earnings for the March quarter today.
15 May 2018, 09:27:00 AM IST
Tamboli Capital shares rise 4.45%
Tamboli Capital Ltd shares surged 4.45% to Rs105.55 after the company said its board of directors recommended a dividend of Rs0.70.
15 May 2018, 11:52:00 AM IST
Deep Industries shares gain on receipt of award
Deep Industries Ltd shares rose 2.54% to Rs153.65 after the company said it has received a contract from Vedanta Ltd worth Rs47.78 crore for providing workover rig for primary period of 3 years.
15 May 2018, 10:52:00 AM IST
BJP win to give short-term relief gains in markets
“Karnataka was perceived as a bellwether for India’s state elections, with early indications of a strong mandate for the BJP likely a shot in the arm for market sentiments; this will take part of the sting from heightened asset markets volatility and wider GST-led adjustments. Short-term relief gains are likely in the domestic markets, particularly the currency, before attention returns to the prevailing exogenous risks” said Radhika Rao economist at DBS Bank Ltd.
15 May 2018, 10:47:00 AM IST
HUL shares hit 52-week high on strong Q4 results
Shares of Hindustan Unilever Ltd (HUL) climbed more than 2% and touched their 52-week high level in morning trade on Tuesday after the company posted strong earnings for the March 2018 quarter. Reacting to the numbers, HUL shares opened on a bullish note at Rs1,504.95, and jumped 2.54% to touch a high of Rs1,543.25 on the BSE. Similarly on the NSE, the stock opened at Rs1,530, then soared to its 52-week high of Rs1,542.40, up 2.58% over its previous closing price.
15 May 2018, 10:45:00 AM IST
BJP crosses majority mark, ahead in 114 seats
BJP crosses 100 mark according to official EC trends. BJP leads in 100 seats, followed by Congress in 52 and JDS in 37 seats. Trends out for 192 seats.
BSE Sensex traded higher by 425.77 points, or 1.19%, to 35,982.48, while the Nifty 50 rose 119.40 points, or 1.10%, to 10,926. BSE MidCap and SmallCap rose 0.69% and 1%, respectively. All the sectoral indices on BSE traded higher led by metal, which was up 2.13%, followed by bankex 1.80%, realty 1.66%, power 1.63% and utilities 1.42%. Yes Bank, Tata Steel, Power Gird and HDFC Bank were top gainers, whereas Tata Motors was the top losers at 1.13%.
15 May 2018, 10:13:00 AM IST
Fortis Healthcare trades higher
Fortis Healthcare Ltd shares rose 1.71% to Rs151.20. On Monday, TPG-backed Manipal Hospitals submitted a revised bid for Fortis. TPG-Manipal’s offer to infuse Rs2,100 crore is now pegged at Rs180 per share against an earlier proposal of investing the amount at Rs160, Fortis told exchanges. The new offer has valued Fortis at Rs9,403 crore and Manipal Health Enterprises Pvt. Ltd at Rs6,070 crore.
15 May 2018, 09:52:00 AM IST
BSE Sensex traded higher by 244.45 points, or 0.69%, to 35,801.16, while the Nifty 50 rose 60.55 points, or 0.56%, to 10,867.15.
15 May 2018, 09:50:00 AM IST
PNB shares edge up ahead of Q4 results
Shares of Punjab National Bank traded 0.67% up at Rs90 ahead of Q4 earnings today. PNB is expected to post a massive fourth quarter loss on Tuesday as the public sector lender counts the costs of a $2-billion fraud, tighter bad loan norms and higher bond yields. A Bloomberg poll of 14 analysts estimated, on an average, that the bank will report a stand-alone net loss of Rs3,835 crore in the quarter ended March.
15 May 2018, 09:47:00 AM IST
Power Grid, Avenue Supermarts, IndiGo, Pidilite Industries added to MSCI India Index
Power Grid Corp rose 3.2%, Avenue Supermarts Ltd surged 4%, Interglobe Aviation Ltd advanced 4% while Pidilite Industries Ltd 1.2% after all these four stocks added to MSCI India Index.
15 May 2018, 09:25:00 AM IST
BSE Sensex traded higher by 97.42 points, or 0.27%, to 35,654.13, while the Nifty 50 rose 51.55 points, or 0.48%, to 10,858.15.
15 May 2018, 09:23:00 AM IST
Karnataka election results LIVE: Congress leads in 70, BJP 69, JDS 32 seats at 9am
The Congress party is ahead in 70 seats, while the BJP is leading in 69 seats. The JDS is ahead in 32 seats. The Congress had won 122 seats in 2013 assembly elections. Chief minister Siddaramaiah is trailing by about 8,000 votes in Chamundeshwari seat
Bond yield hits 3 year high, rupee trades lower against US dollar
The yield on government bonds surged for the fifth consecutive session to hit a three-year high after higher-than-expected inflation data increased prospects of a rate hike by the Reserve Bank of India earlier in the year. The 10-year bond yield was at 7.903%—a level last seen on 18 May 2015, up 7 basis points from its previous close of 7.825%. Bond prices have fallen more than 80 basis points in this period. Bond prices and yields move in opposite directions.Meanwhile, the rupee opened at a fresh 15-month low against US dollar. The home currency was at 67.69 a dollar, down 0.26% from its previous close of 67.52.
15 May 2018, 09:13:00 AM IST
Asian shares trade lower
Asian stocks pulled back on Tuesday, brushing off a firmer Wall Street lead and pausing a recent rally, as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.65% after rising the previous day to its highest since late March. The index had rallied for three straight sessions prior to Tuesday.Australian stocks were down 0.35% after briefly touching a four-month high and South Korea’s KOSPI shed 0.55%. Japan’s Nikkei was a shade lower, its surge to a three-month peak bogging down. Hong Kong’s Hang Seng lost 0.5%, pulling back from a two-month peak to snap a five-day winning run and Shanghai inched up 0.05%. (Reuters)