Market Wrap: Sensex slips below 35,000, Nifty settles at 10,633 dragged by banking stocks
BSE Sensex closed 216.24 points lower at 34,949.24, while the Nifty 50 ended 55.35 points down at 10,633.30. Here are the highlights from the markets
Last Modified: Tue, May 29 2018. 05 01 PM IST
- 3.35 pm ISTClosing bell: Sensex down over 200 points, Nifty 50 down 55 points
- 2.58 pm ISTNifty PSU Bank Index down 3%
- 2.48 pm ISTMarket update: Sensex below 35,000
- 2.45 pm ISTMahindra Q4 profit rises 70.33% to Rs1,059 crore, beats estimates
- 2.37 pm ISTBHEL Q4 profit more than doubles to Rs457 crore
- 2.25 pm ISTRCom offers to pay Ericsson Rs500 crore to settle dispute
- 2.20 pm ISTRupee trades lower against US dollar
- 1.20 pm ISTMarket update: Sensex, Nifty extend losses
- 1.15 pm ISTSuven Life Sciences gets patent approvals
- 1.07 pm ISTHindoostan Mills considers sale of composite division
- 12.28 pm ISTHas the tide finally turned for crude oil prices, or is it too early to celebrate?
- 12.15 pm ISTMarket update: Sensex, Nifty volatile
- 11.47 am ISTVista Pharmaceuticals shares jump 10%
- 11.43 am ISTRCom shares rise 6%
- 10.55 am ISTMarket update: Sensex, Nifty gain
- 10.53 am ISTManpasand Beverages shares tank 20%
- 10.07 am ISTAurobindo Pharma shares down 5%
- 10.03 am ISTL&T shares up 1% after Q4 net profit rises
- 9.28 am ISTVedanta shares fall 5% after Tamil Nadu closes copper plant
- 9.25 am ISTBank of India shares decline 5%
- 9.23 am ISTMarket update: Sensex, Nifty trade lower
- 9.20 am ISTRupee trades lower against US dollar
- 9.15 am ISTAsian shares trade lower
- 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:
- 3.35 pm IST Closing bell: Sensex down over 200 points, Nifty 50 down 55 pointsBSE 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.
- 2.45 pm IST Mahindra Q4 profit rises 70.33% to Rs1,059 crore, beats estimatesIndia’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
- 2.37 pm IST BHEL Q4 profit more than doubles to Rs457 croreBharat 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.
- 2.25 pm IST RCom offers to pay Ericsson Rs500 crore to settle disputeReliance 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
- 2.20 pm IST Rupee trades lower against US dollarThe 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%.
- 1.15 pm IST Suven Life Sciences gets patent approvalsSuven 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
- 12.28 pm IST Has the tide finally turned for crude oil prices, or is it too early to celebrate?The increase in crude oil production by Russia and Opec countries, amid the Venezuelan crisis, would simply offset the involuntary production declines.
- 11.47 am IST Vista Pharmaceuticals shares jump 10%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.
- 10.55 am IST Market update: Sensex, Nifty gainBSE 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.
- 10.53 am IST Manpasand Beverages shares tank 20%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.
- 10.03 am IST L&T shares up 1% after Q4 net profit risesLarsen 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
- 9.28 am IST Vedanta shares fall 5% after Tamil Nadu closes copper plantVedanta 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.
- 9.25 am IST Bank of India shares decline 5%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.
- 9.20 am IST Rupee trades lower against US dollarThe 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%.
- 9.15 am IST Asian shares trade lowerAsian 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%.
First Published: Tue, May 29 2018. 09 26 AM IST
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