Ready to support JDS to form Karnataka govt: Congress https://t.co/11pqxdplOl— Livemint (@livemint) May 15, 2018
Market Wrap: Sensex, Nifty close flat as BJP seen falling short of majority in Karnataka
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
Last Modified: Tue, May 15 2018. 05 52 PM IST
- 3.35 pm ISTClosing bell
- 3.15 pm ISTLupin reports net loss in March 2018 quarter
- 3.03 pm ISTSensex up 50 points, Nifty trade flat
- 3 pm ISTKarnataka election results LIVE: Ready to support JDS, says Congress
- 2.03 pm ISTMarket update
- 2 pm ISTSuven Life Sciences shares gain 3% as Q4 profit rises
- 1.13 pm ISTEuropean shares trade lower
- 1.07 pm ISTNCLT approves Tata Steel resolution plan for Bhushan Steel
- 1.05 pm ISTNCLAT asks resolution professional for Binani to not seek opinion on eligibility of resolution applicants
- 12.17 pm ISTSensex, Nifty trim gains
- 12.13 pm ISTLupin, Britannia Industries earnings today
- 12 pm ISTTamboli Capital shares rise 4.45%
- 11.52 am ISTDeep Industries shares gain on receipt of award
- 10.52 am ISTBJP win to give short-term relief gains in markets
- 10.47 am ISTHUL shares hit 52-week high on strong Q4 results
- 10.45 am ISTBJP crosses majority mark, ahead in 114 seats
- 10.18 am ISTMarket update
- 10.13 am ISTFortis Healthcare trades higher
- 9.52 am ISTMarket update
- 9.50 am ISTPNB shares edge up ahead of Q4 results
- 9.47 am ISTPower Grid, Avenue Supermarts, IndiGo, Pidilite Industries added to MSCI India Index
- 9.25 am ISTMarket update
- 9.23 am ISTKarnataka election results LIVE: Congress leads in 70, BJP 69, JDS 32 seats at 9am
- 9.17 am ISTBond yield hits 3 year high, rupee trades lower against US dollar
- 9.13 am ISTAsian shares trade lower
- 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:
- 3.35 pm IST Closing bellBSE 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.
- 3.15 pm IST Lupin reports net loss in March 2018 quarterLupin 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)
- 3 pm IST Karnataka election results LIVE: Ready to support JDS, says CongressReady 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.
- 2.03 pm IST Market updateBSE 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.
- 2 pm IST Suven Life Sciences shares gain 3% as Q4 profit risesSuven 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.
- 1.13 pm IST European shares trade lowerEuropean 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.
- 1.07 pm IST NCLT approves Tata Steel resolution plan for Bhushan SteelThe 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.
- 1.05 pm IST NCLAT asks resolution professional for Binani to not seek opinion on eligibility of resolution applicantsThe 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.
- 10.52 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.
- 10.47 am IST HUL shares hit 52-week high on strong Q4 resultsShares 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.
- 10.45 am IST BJP crosses majority mark, ahead in 114 seatsBJP 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.
- 10.18 am IST Market updateBSE 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%.
- 10.13 am IST Fortis Healthcare trades higherFortis 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.
- 9.50 am IST PNB shares edge up ahead of Q4 resultsShares 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.
- 9.23 am IST Karnataka election results LIVE: Congress leads in 70, BJP 69, JDS 32 seats at 9amThe 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
- 9.17 am IST Bond yield hits 3 year high, rupee trades lower against US dollarThe 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.
- 9.13 am IST Asian shares trade lowerAsian 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)
First Published: Tue, May 15 2018. 09 27 AM IST