Asia"s infrastructure funds look to India for returns, not China"s Belt-and-Road https://t.co/2G1ZsZ7B56— Livemint (@livemint) May 16, 2018
Market Wrap: Sensex down 156 points dragged by RIL, ICICI Bank, Nifty ends at 10,741
BSE Sensex closed 156.06 points lower at 35,387.88, while the Nifty 50 ended 60.75 points down at 10,741.10. Here are the highlights from the markets
Last Modified: Thu, May 17 2018. 10 01 AM IST
- 3.35 pm ISTClosing bell
- 3.20 pm ISTITC shares rise 1% after Q4 results
- 2.45 pm ISTMarket update
- 2.37 pm ISTRupee gains as state run banks said to sell dollar
- 2.30 pm ISTEuropean shares edge higher
- 1.05 pm ISTSensex, Nifty trim losses
- 1.00 pm ISTGlobal gold prices recover on short-covering
- 12.50 pm ISTPunjab Alkalies shares fall over 3%
- 11.55 am ISTMarket update
- 11.52 am ISTPNB Housing Finance market cap zooms past parent PNB
- 11.45 am ISTAsia’s infrastructure funds look to India for returns, not China’s Belt-and-Road
- 11.42 am ISTGlenmark Pharmaceuticals launches generic version of asthma drug
- 10.25 am ISTOil prices eases
- 10.23 am ISTMidcap PSU bank stocks trade lower
- 9.39 am ISTMarket update
- 9.37 am ISTRCom shares down 10%
- 9.35 am ISTPNB shares slump 10% after Q4 loss
- 9.30 am ISTMarket update
- 9.28 am ISTRupee trades higher against US dollar
- 9.25 am ISTAsian shares trade lower
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed lower for a second straight day on Wednesday, tracking losses in global equities amid rising geopolitical tensions in the Korean peninsula. Shares in Asia and Europe declined after North Korea called off talks with South Korea, throwing a major US-North Korean summit into question. Moreover, Kranataka election results threw up a hung assembly in the state, giving the three main parties an opportunity to form post-poll alliances. Foreign investors sold shares worth a net Rs518.47 crore, while domestic investors bought shares worth Rs531.33 crore on Tuesday, according to provisional data. Here are the highlights from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 156.06 points, or 0.44%, to 35,387.88, while the Nifty 50 fell 60.75 points, or 0.56%, to close at 10,741.10. Among the sectoral indices on BSE, realty gained most at 1.99% followed by FMCG 1.65% and IT 0.18%. Energy fell most at 1.75%, oil and gas 1.58%, bankex 1.17% and finance 0.91%. BSE MidCap was down 0.27%, while SmallCap edged up 0.06%. On NSE, Nifty PSU Bank index fell 3.05%. Hindustan Unilever, ITC, Wipro and Yes Bank were top gainers, whereas ICICI Bank, Reliance Industries, SBI and Hero MotoCorp were among the major gainers.
- 3.20 pm IST ITC shares rise 1% after Q4 resultsITC Ltd shares rose 1.40% to Rs285.75 after the company said its net profit in the March quarter increased 9.86% over the same period last year to Rs2,932.71 crore as margins expanded. Gross revenue from sales rose only 3.56% to Rs17,933.48 crore which the company said was due to subdued demand and disruptions in supply chain.
- 2.37 pm IST Rupee gains as state run banks said to sell dollarThe Indian rupee recovered from a 15-month low against the US dollar amid speculations that state-run banks sold dollars on behalf of Reserve Bank of India (RBI) to support the currency, Bloomberg reported.At 2pm, the rupee was trading at 67.84 against US dollar, up 0.40% from its previous close of 68.05. The currency opened at 68.11 a dollar and touched a high of 68.13. The 10-year bond yield stood at 7.881%, up from its previous close of 7.905%. Bond yields and prices move in opposite directions.
- 2.30 pm IST European shares edge higherWorld share prices were mixed, with European benchmarks posting modest gains after a day of losses in most major Asian markets. China-US trade talks, North Korea’s cancellation of meetings with South Korea and weaker than expected Japanese economic growth weighed on sentiment.Germany’s DAX added 0.2% to 12,992.35 and the CAC 40 of France edged 0.1% higher to 5,559.51. Britain’s FTSE 100 rose 0.2% to 7,739.10. The future for the S&P 500 climbed 0.1% to 2,712.40 and the future for the Dow also gained 0.1% to 24,687.00, pointing to early gains on Wall Street. (AP)
- 1.00 pm IST Global gold prices recover on short-coveringGold prices recovered some lost ground on short-covering after prices fell to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar. Spot gold rose 0.3% to $1,294.30 per ounce at 12.09pm, after shedding 1.7% and marking the lowest this year at $1,288.31 in the previous session. This was also the lowest price level for the yellow metal since 28 December. US gold futures for June delivery were up 0.3% at $1,293.60 per ounce. (Reuters)
- 12.50 pm IST Punjab Alkalies shares fall over 3%Shares of Punjab Alkalies and Chemicals Ltd fell 3.67% to Rs45.95 after the company disclosed that fire broke out at its plant in Naya Nangal, Ropar district of Punjab, after an explosion on 15 May. The fire was controlled within time and this incident is not expected to have any significant impact on the company’s business operations, it said in a BSE filing.
- 11.55 am IST Market updateBSE Sensex traded lower by 168.66 points, or 0.47%, to 35,375.28, while the Nifty 50 fell 60.90 points, or 0.56%, to 10,740.95. BSE MidCap and SmallCap were down 0.29% and 0.18%, respectively. Among the sectoral indices on BSE, realty, IT, Teck and consumer durables traded higher, while oil and gas, energy, bankex and telecom fell. Wipro, Yes Bank, Tata Motors and Hindustan Unilever were top gainers, whereas ICICI Bank, Hero MotoCorp, Adani Ports and SBI were among the major losers.
- 11.52 am IST PNB Housing Finance market cap zooms past parent PNBThe state-run lender Punjab National Bank (PNB) is trading at a discount to its housing finance subsidiary PNB Housing Finance Ltd for the first time after the market capitalisation was eroded on back of huge losses in the March quarter during which $2 billion fraud was discovered. Currently, the market cap of PNB Housing stands at Rs21,122.08 crore, while PNB has Rs20,552.47 crore market cap. As of March 2018, PNB holds 32.96% stake in PNB Housing.
- 11.45 am IST Asia’s infrastructure funds look to India for returns, not China’s Belt-and-RoadSome of Asia’s biggest infrastructure investors are seeing plenty of opportunities in India. In China’s mammoth Belt-and-Road initiative, however, not so much.
- 11.42 am IST Glenmark Pharmaceuticals launches generic version of asthma drugGlenmark Pharmaceuticals Ltd shares were up 1.63% to Rs514.50. The company’s European unit has launched a generic version of Seretide Accuhaler, used to treat asthma, in Denmark. The product was developed by Celon Pharma and Glenmark has marketing and distribution rights for the product across 15 European countries.
- 10.25 am IST Oil prices easesOil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3%, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014. US light crude closed 35 cents, or 0.5%, higher at $71.31 a barrel, also not far off the day’s peak at $71.92, its highest since November 2014.
- 9.37 am IST RCom shares down 10%Reliance Communications Ltd shares slumped 10% to Rs 11.25 after National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency plea filed by Sweden’s Ericsson against Reliance Communications, potentially delaying the Indian firm’s plans to sell assets to lighten its debt load.
- 9.35 am IST PNB shares slump 10% after Q4 lossPunjab National Bank fell 10% to Rs 80 after the bank on Tuesday reported a Rs13,417-crore loss for the January-March period, the largest quarterly loss posted by an Indian lender, reeling under a $2-billion fraud, tighter loan classification norms and losses in its bond portfolio.
- 9.28 am IST Rupee trades higher against US dollarThe Indian rupee on Wednesday opened little changed, but soon rose above 68-mark against US dollar. The home currency was trading at 67.97 against US dollar, up 0.19% from its previous close of 68.05. The currency opened at 68.11 a dollar and touched a high of 68.13. On Tuesday, the rupee weakened past 68-mark first time since January 2017. The 10-year bond yield stood at 7.904%, up from its previous close of 7.905%. Bond yields and prices move in opposite directions.
- 9.25 am IST Asian shares trade lowerAsian markets fell in early trade on Wednesday after Pyongyang called off talks with Seoul, throwing a major US-North Korean summit into question, and a spike in the US 10-year Treasury yield to a seven-year high knocked sentiment on Wall Street.MSCI’s Asia-Pacific Index outside Japan was down 0.1%, South Korea’s KOSPI was 0.4% lower and Japan’s Nikkei was down 0.3%. Overnight in US, the Dow fell 0.78% and the S&P 500 lost 0.68%. (Reuters)
First Published: Wed, May 16 2018. 09 32 AM IST