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PremiumMUMBAI :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Tuesday, snapping a three-day winning streak dragged by banking stocks as losses widened in the fourth quarter for PSU Banks on the bank of higher bad loan provisions. Moreover, stocks in Europe and Asia fell over political crisis in Italy and uncertainly about US-North Korea summit. Continued selling by foreign investors also abated losses. On Monday, Foreign investors sold shares worth a net of Rs795.06 crore, while domestic investors bought shares worth a net of Rs1,017.65 crore, provisional data showed. Here are the latest updates from the markets:
BSE Sensex closed lower by 216.24 points, or 0.61%, to 34,949.24, while the Nifty 50 fell 55.35 points, or 0.52%, to close at 10,633.30. BSE MidCap and SmallCap declined 0.44% and 0.26%, respectively.Among the sectoral indices on BSE, oil and gas, IT, auto and telecom gained, while bankex, finance, realty and consumer durables declined most. On NSE, Nifty PSU Bank Index was down 2.95%. Mahindra, Bharti Airtel, Infosys and TCS were top gainers, whereas ICICI Bank, SBI, IndusInd Bank and Yes Bank were among the major losers.
The Nifty PSU Bank Index fell 2.98% dragged by Allahabad Bank, IDBI Bank and Syndicate Bank. Nifty Bank was down 0.91%.
BSE Sensex traded lower by 197.67 points, or 0.56%, to 34,967.81, while the Nifty 50 fell 59.10 points, or 0.55%, to 10,629.55.
India’s largest utility vehicle and farm equipment maker Mahindra and Mahindra Ltd on Tuesday reported a 70.33% jump in standalone net profit for the March 2018 quarter. Mahindra shares 1.72% to Rs864.20.Q4 Profit rose to Rs1,059.09 crore from Rs621.78 crore a year earlier. Revenue during the period increased 10.47% to Rs13,307. 88 crore from Rs12,047.58 crore in the year-ago quarter. Read more
Bharat Heavy Electricals Ltd shares rose 6% to Rs83.95 per share after the company reported a net profit of Rs457 crore in the quarter ended 31 March, up from Rs216 crore a year earlier, the company said on Tuesday. Analysts on average had expected a profit of Rs519 crore, according to Thomson Reuters data.
Reliance Communications Ltd (RCom) has offered to pay Rs500 crore to Ericsson India Pvt. Ltd to settle a dispute related to unpaid dues of over Rs1,150 crore. RCom shares were trading at Rs16.15, up 5.56% per share on BSE.RCom made the offer during a National Company Law Appellate Tribunal (NCLAT) hearing over an appeal filed by RCom against a 15 May order of the Mumbai bench of the National Company Law Tribunal (NCLT) initiating insolvency proceedings against it on a plea made by Ericsson for recovery of unpaid dues. Read more
The Indian rupee on Tuesday weakened against the US dollar, tracking losses in Asian currencies as traders eyed rising political risks in Europe. Month-end dollar demand from importers also impacted the currency, Bloomberg reported.At 2.08pm, the home currency was trading at 67.96 against the US dollar, down 0.47% from its previous close of 67.43. The currency opened at 67.62 a dollar and touched a low of 68 a dollar. The 10-year bond yield stood at 7.762% from its Monday’s close of 7.738%.
BSE Sensex traded lower by 138.23 points, or 0.39%, to 35,027.25, while the Nifty 50 fell 32.50 points, or 0.30%, to 10,656.15.
Suven Life Sciences Ltd said that it has received one product patent from each New Zealand and US corresponding to the new chemical entities for the treatment of disorders associated with Neurodegenerative diseases. Shares were trading 2.90% lower at Rs191.10
Hindoostan Mills Ltd said that its board will consider a sale of its composite division situated at Ambarnath and Karad either in whole or substantial the whole or in parts. Shares were up 1.14% to Rs297.85.
The increase in crude oil production by Russia and Opec countries, amid the Venezuelan crisis, would simply offset the involuntary production declines.
Crude oil prices have declined bringing some relief. But fundamentally, little has changed, writes @PallaviPengonda https://t.co/5nQNW02rmi
— Mint Mark to Market (@livemint_m2m) May 29, 2018
BSE Sensex traded lower by 76.92 points, or 0.22%, to 35,088.56, while the Nifty 50 edged down 13.70 points, or 0.13%, to 10,674.95.
Vista Pharmaceuticals Ltd shares jumped 9.99% to Rs36.90 after the company said that it has signed a non-disclosure agreement with a company to acquire a complex ANDA for UROCARE. The US market size for this BRAND is USD 1.3 billion (Rs8,840 Crores) as per the latest IMS data, the company said in a BSE filing.
Reliance Communications Ltd said its unit Reliance Infratel Ltd has informed the NCLAT that it has reached a settlement with minority investors holding a 4.26% stake in the company. RCom shares rose 6.54% to Rs16.30.
BSE Sensex traded higher by 31.61 points, or 0.09%, to 35,197.09, while the Nifty 50 edged up 13.70 points, or 0.13%, to 10,702.35. BSE MidCap and SmallCap rose 0.25% and 0.48%, respectively. Among the sectoral indices on BSE, capital goods, oil and gas, industrials and auto gained up to 1.24%, while finance, bankex and consumer durables declined up to 0.5%. Sun Pharma, L&T, Tata Steel and Maruti were top gainers, whereas SBI, ICICI Bank, Kotak Bank and HDFC were among the major losers.
Manpasand Beverages Ltd shares tanks another 20% lower circuit after Deloitte Haskins & Sells Filing, auditor of the company clarified that they resigned because the maker of juices didn’t share “significant information” sought by them for auditing its financial statements.
Aurobindo Pharma Ltd shares fell 5% to Rs577 after the company said its net profit fell 0.5% to Rs 529 crore from a year ago. Revenue was up 11% to Rs 4049 crore.
Larsen and Toubro Ltd shares rose 1.2% to Rs 1395 after the company said its profit rose 5% from a year ago to Rs3,337.95 crore in the March quarter from Rs3,180.41 crore. Revenue from operations rose 10% to Rs41,110.86 crore from Rs37,179.30 crore. Read more
Vedanta Ltd shares fell 5.5% to Rs239 after the Tamil Nadu government orders permanent shutdown of Sterlite copper plant in Thoothukudi in the wake of last week’s firing that killed 13 people protesting against the plant.
Bank of India shares were down 5% at Rs102 after the bank reported a massive loss for the March quarter at Rs3,969 crore as the public sector bank set aside more funds for bad loans.
BSE Sensex traded lower by 59.34 points, or 0.17%, to 35,106.14, while the Nifty 50 edged down 11.05 points, or 0.10%, to 10,677.60.
The Indian rupee on Tuesday weakened against US dollar, tracking losses in Asian currencies after hitting a two-week high in the previous session.At 9.15am, the home currency was trading at 67.67 against the US dollar, down 0.33% from its previous close of 67.43. The currency opened at 67.62 a dollar. The 10-year bond yield stood at 7.759% from its Monday’s close of 7.738%.
Asian shares fell on Tuesday and the euro slipped back to 6-1/2 month lows as early elections loomed in Italy, but a revival in diplomatic talks with North Korea and a retreat in oil prices from recent highs supported sentiment. MSCI’s index of Asia-Pacific shares outside Japan dipped 0.3% after three consecutive sessions of gains. Japan’s Nikkei skidded 0.8% while South Korean shares slipped 0.5%.
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