Market Wrap: Sensex, Nifty close lower dragged by pharma, power stocks
BSE Sensex closed lower by 73.08 points at 35,246.27, while the Nifty 50 ended 25.15 points down at 10,716.55. Here are the latest updates from the markets
Last Modified: Thu, May 10 2018. 04 49 PM IST
- 3.35 pm ISTClosing bell
- 3.05 pm ISTMarket update
- 3 pm ISTAdani Transmission profit rises to Rs150 crore in Q4
- 2.53 pm ISTGold prices gain on global cues, jewellers’ buying
- 2.23 pm ISTWelspun shares jump 11%
- 2.15 pm ISTIndian Bank shares slumps over 8% as Q4 profit declines
- 2.10 pm ISTRupee trades flat against US dollar, bond prices fall
- 1.18 pm ISTMarket update
- 1.15 pm ISTOil prices hit highest in years
- 1.10 pm ISTEveready Industries shares up over 1% as Franklin Templeton raises stake
- 11.45 am ISTMahindra Logistics shares up 3%
- 11.40 am ISTPassenger vehicle sales rise 7.5% in April; Car sales up 4.89%
- 10.40 am ISTMarket update
- 10.35 am ISTIRB Infrastructure shares rise after winning Rs2,043 crore order
- 10.30 am ISTZydus Cadila gets approval from USFDA for Carbidopa tablets
- 9.43 am ISTFederal Bank shares down 10% as profit falls in Q4
- 9.35 am ISTEicher Motors shares gain 2% after Q4 results
- 9.30 am ISTMarket update
- 9.27 am ISTRupee, bond prices fall for second day on higher oil prices
- 9.25 am ISTAsian shares rise, oil prices extend gains
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed lower on Thursday as investors are cautious ahead of elections in the state of Karnataka. Moreover, global stocks were mixed, with European shares trading lower and US futures nudging upward. Oil prices extended gains as tensions in the Middle East flared following the US decision to renew sanctions on Iran. On a net basis, foreign investors sold shares worth Rs704.03 crore, while domestic investors bought shares worth Rs664.92 crore on Wednesday, provisional data showed. Here are the latest updates from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 73.08 points, or 0.21%, to 35,246.27, while the Nifty 50 fell 25.15 points, or 0.23%, to close at 10,716.55. BSE MidCap and SmallCap fell 1.52% and 1.36%, respectively. All the sectoral indices on BSE, except energy and telecom, ended in negative territory with realty, power, healthcare and consumer durables losing up to 2.02%. ONGC, Bharti Airtel, Reliance Industries and HDFC Bank were top gainers, whereas Dr. Reddy’s Labs, Tata Motors, Sun Pharma and Power Grid were among the top losers.
- 3 pm IST Adani Transmission profit rises to Rs150 crore in Q4Adani Transmission Ltd reported a consolidated net profit of Rs150 crore in the March 2018 quarter compared to a profit of Rs94.9 crore a year ago. Total income rose to Rs878 crore versus Rs840 crore last year. Shares were down 0.73% to Rs162.50.
- 2.53 pm IST Gold prices gain on global cues, jewellers’ buyingGold prices maintained an upward trend for the fifth straight day today, gaining Rs 60 to Rs 32,300 per 10 grams at the bullion market on positive global cues and increased buying by local jewellers. Silver also strengthened by Rs 200 to Rs 40,770 per kg, backed by increased offtake by industrial units and coin makers. Sentiment remained upbeat largely on the back of a firm trend overseas and pick up in buying by jewellers to meet ongoing wedding season demand, traders said.
- 2.23 pm IST Welspun shares jump 11%Welspun Enterprises Ltd shares surged 10.78% to Rs170.05 after the company reported a consolidated net profit of Rs25.19 crore, compared to a profit of Rs6.69 crore a year ago. Consolidated revenue from operations stood at Rs405 crore versus Rs182 crore a year ago.
- 2.15 pm IST Indian Bank shares slumps over 8% as Q4 profit declinesIndian Bank shares plunged 8.58% to Rs312.60 after its March-quarter net profit fell 59% to Rs132 crore from Rs320 crore a year ago. The company earned Rs4,464 crore in interest in the March 2018 quarter, compared to Rs4,017 crore a year ago. March-quarter gross NPA stood at 7.37% versus 6.27% in the previous quarter.
- 2.10 pm IST Rupee trades flat against US dollar, bond prices fallThe Indian rupee on Thursday pared most of the morning losses and was trading little changed against the US dollar in mid-day trading sessions. At 2pm, the home currency was trading at 67.30 against US dollar, down 0.03% from its previous close of 67.28. The currency opened at 66.33 and touched a low of 67.44 a dollar. The 10-year bond yield stood at 7.726%, up from its previous close of 7.709%. Bond yields and prices move in opposite directions.
- 1.18 pm IST Market updateBSE Sensex traded lower by 52.07 points, or 0.15%, to 35,267.28, while the Nifty 50 edged down 24.80 points, or 0.23%, to 10,716.90. All the sectoral indices on BSE, except energy and oil & gas, traded lower with realty, power, metal, basic materials, utilities and healthcare losing up to 2%. BSE MidCap and SmallCap declined 1.34% and 1.17%, respectively. ONGC, IndusInd Bank, Bharti Airtel and Coal India were top gainers, whereas Dr. Reddy’s Labs, Tata Motors, Power Grid and Sun Pharma were among the top losers.
- 1.15 pm IST Oil prices hit highest in yearsOil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed US sanctions against major crude exporter Iran amid an already tightening market. US plans to impose new sanctions against Iran, which produces around 4% of global oil supplies, after abandoning an agreement reached in late 2015 which limited Tehran’s nuclear ambitions in exchange for removing US-Europe sanctions.Oil prices rose sharply in response to the announced measures. Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 above $77.80 per barrel at 9.51am on Thursday. US West Texas Intermediate (WTI) crude futures also marked a November-2014 high, at $71.75 a barrel at that time. (Reuters)
- 1.10 pm IST Eveready Industries shares up over 1% as Franklin Templeton raises stakeFranklin Templeton Investment Funds increased its shareholding in Eveready Industries from 4.69% to 5.79%. Based on the weighted average price of Rs285.40 per share, the deal is estimated to be worth Rs22.80 crore. Eveready Industries shares rose 1.18% to Rs281.95.
- 11.40 am IST Passenger vehicle sales rise 7.5% in April; Car sales up 4.89%Domestic passenger vehicle sales rose 7.5% to 2,98,504 units in April from 2,77,683 units in the same month last year. Domestic car sales were up 4.89% to 2,00,183 units as against 1,90,854 units in April 2017, according to data released by the Society of Indian Automobile Manufacturers (Siam). Read more
- 9.43 am IST Federal Bank shares down 10% as profit falls in Q4Federal Bank shares fell 10% to Rs93 after the bank reported a 44% decline in its net profit at Rs145 crore in the March 2018 quarter. It reported a 130% jump in its provisions in the quarter at Rs371.50 crore from Rs162 crore a quarter ago.
- 9.27 am IST Rupee, bond prices fall for second day on higher oil pricesThe Indian rupee and bond prices on Thursday fell for a second session on fears of higher inflation and wider current account deficit due to rising oil prices. The home currency was trading at 67.36 against US dollar, down 0.12% from its previous close of 67.28. The currency opened at 66.33 and touched a low of 67.37 a dollar. The 10-year bond yield stood at 7.712%, up from its previous close of 7.709%. Bond yields and prices move in opposite directions.
- 9.25 am IST Asian shares rise, oil prices extend gainsMost Asian stocks edged higher on Thursday after a positive session on Wall Street, while oil extended its climb past $71 a barrel, a level it breached for the first time since 2014. Investors remain focused on geopolitics this week, with US markets extending gains in afternoon trading after North Korea’s good-will gesture of releasing US citizens as captives. Still, markets remained bound in a trading range, with uncertainties such as Middle East tensions and the knock-on effects of higher Treasury yields and a stronger dollar.Topix index was little changed. Kospi index climbed 0.4%. Hang Seng Index was up 0.7%. The Shanghai Composite Index gained 0.2%. S&P 500 futures rose less than 0.1%. S&P 500 closed up 1%. (Bloomberg)
First Published: Thu, May 10 2018. 09 31 AM IST