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PremiumMUMBAI :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed lower on Wednesday, breaking a nine-day winning streak dragged by banking stocks. Shares opened higher and extended gains led by FMCG stocks, but turned negative in the afternoon trade dragged by losses in banking and consumer durable sectors. Meanwhile, investors are also cautious as corporate earnings season has begun. On a net basis, DIIs bought shares worth Rs723.81 crore, while foreign funds sold shares to the tune of Rs951.39 crore on Tuesday, provisional data showed. Here are the highlights from the markets:
BSE Sensex closed lower by 63.38 points, or 0.18%, to 34,331.68, while the Nifty 50 fell 11.10 points, or 0.11%, to close at 10,537.60. BSE MidCap and SmallCap fell 0.07% and 0.37%, respectively. Among the sectoral indices on BSE, FMCG gained most at 1.57% followed by telecom 0.50% and realty 0.49%, while consumer durables fell 1.18%, bankex 0.88% and energy 0.81%. ITC, Wipro, Bharti Airtel and Tata Steel were top gainers, whereas Axis Bank, M&M, IndusInd Bank and Hero MotoCorp were among the major losers.
Gold prices rose by Rs30 to Rs32,380 per 10 grams at the bullion market on Wednesday largely due to token buying by jewellers on the auspicious occasion of ‘Akshaya Tritiya’, but a subdued trend overseas capped the gains. Silver prices also strengthened by Rs150 at Rs40,450 per kg largely in step with gold.Traders said, besides token purchases by consumers on the auspicious occasion of ‘Akshaya Tritiya’, depreciating rupee against the dollar helped gold prices to trade higher. A weak rupee, which slipped to a near seven-month low against the dollar making imports costlier, too supported the upside in gold prices.
BSE Sensex traded lower by 40.32 points, or 0.12%, to 34,354.74, while the Nifty 50 edged down 6.05 points, or 0.06%, to 10,542.65.
IDBI Bank said it is seeking shareholders’ approval for issuance of equity shares aggregating to Rs7,881 crore to the government of India and increase in authorised share capital to Rs8,000 crore. Shares fell 0.91% to Rs70.50
The Indian rupee on Wednesday rebounded from a seven-month low and was trading little changed against US dollar after local equity markets gained for a 10th consecutive session. The home currency was trading at 65.64 against US dollar, up 0.01% from its Tuesday’s close of 65.65. The rupee opened at 65.70 a dollar and touched a low of 65.77 a dollar—a level last seen on 28 September 2017. Yields on 10-year government bond stood at 7.52% from its previous close of 7.489%. Bond yields and prices move in opposite directions.
Dynamatic Technologies Ltd shares rose 0.75% to Rs1,875 after the company said it has signed a memorandum of understanding with Daher Aerospace to explore possibilities of partnering together to add potential value in the global aerospace realm through collaborated efforts.
BBSE Sensex traded higher by 185.25 points, or 0.54%, to 34,580.31, while the Nifty 50 gained 38.85 points, or 0.37%, to 10,587.55.
Cera Sanitaryware Ltd shares rose 1.58% to Rs3,269 after the company announced plans for a new polymer project for manufacturing seat covers, cisterns, fittings and other related products made of plastics. The company will invest Rs5.61 crore in the project, the total cost of which is Rs22 crore.
Europe’s main stock markets rose at the start of trading following solid gains across Asia and on Wall Street. London’s benchmark FTSE 100 index climbed 0.2% to 7,243.37 points. In the eurozone, Frankfurt’s DAX 30 won 0.1% to 12,597.58 points and the Paris CAC 40 advanced 0.1% to 5,360.45. (AFP)
Mishra Dhatu Nigam Ltd has signed two non-binding confidential memorandum of understanding at the recently concluded Defexpo India 2018, the company said in response to a BSE query. Midhani shares jumped 9.97% to Rs153.30.
Artson Engineering Ltd shares rose 4.20% to Rs81.80 after the company said it has received a letter of intent of about Rs13.53 crore.
ACC Ltd, HDFC Standard Life Insurance Co Ltd, Mastek Ltd, and MindTree Ltd are some of the companies that will release their earnings for the March quarter on Wednesday.
BSE Sensex traded higher by 84.54 points, or 0.25%, to 34,479.64, while the Nifty 50 gained 23.45 points, or 0.22%, to 10,572.15.
Amtek Auto Ltd said it has signed a share purchase agreement with Nippon Steel and Sumitomo Metal Corp. to sell all equity shares and preference shares held by the company in SMI Amtek Crankshaft Pvt. Ltd to Nippon Steel and Sumitomo Metal. Amtek Auto shares fell 4.79% to Rs21.85.
Dabur India Ltd’s shares climbed as much as 2.8% to Rs353.6, their highest since 2 February. Brokerage firm CLSA said outlook for consumer staple firms is improving with the forecast for normal monsoon in 2018 and high likelihood of a big increase in government’s support prices for agricultural produce.Pressures from Patanjali Ayurved, which impacted market shares of rivals, also seem to have eased, added CLSA. Stocks of Dabur and Emami Ltd are among top picks of CLSA, with “buy” rating. CLSA raised price target of Dabur to Rs415 from Rs400. (Reuters)
Reliance Capital Ltd said March-quarter profit before tax for Reliance Securities rose 134% to Rs16 crore. Reliance Securities’ total income rose 8% to RS101 crore in the quarter ended 31 March. Reliance Capital shares fell 0.82% to Rs439.
BSE Sensex traded higher by 37.02 points, or 0.11%, to 34,432.08, while the Nifty 50 gained 9.45 points, or 0.09%, to 10,558.15. BSE MidCap and SmallCap were up 0.22% and 0.28%, respectively. Among the sectoral indices on BSE, FMCG, telecom, realty and healthcare gained, while oil and gas, consumer durables, energy and IT declined.
Electrosteel Steel Ltd shares fell 4% to Rs2.89. Vedanta’s resolution plan for Electrosteel Steels approved by NCLT. Vedanta will hold 90% stake while existing shareholders and creditors to get the remaining 10%.
Indian Hume Pipe Co. Ltd shares rose 6% to Rs357 after the company said it got order worth Rs108.19 crore.
IRB Infrastructure Developers Ltd shares rose 3% to Rs265 after the company said in a notice to BSE that it got clean chit from CBI in two cases related to land-grabbing and killing of Right to Information (RTI) activist Satish Shetty.
Indian Hotels Ltd shares rose 2.4% to Rs 151 after the company announced its entry into Saudi Arabia with a 340-keys property in Makkah.
Fortis Healthcare Ltd shares rose 2% to Rs147 after the company said it got non-binding expression of interest from Fosun.
This Akshaya Tritya, here are things you should know before stepping into a jewellery store—gold prices, purity, making charges and tax
Akshaya Tritya: All that shines isn't gold https://t.co/U0HJM9nKMa
— Livemint (@livemint) April 17, 2018
The Indian rupee on Wednesday weakened for a third session to hit a near seven-month low against US dollar. The home currency was trading at 65.76 against US dollar, down 0.17% from its Tuesday’s close of 65.65. The rupee opened at 65.70 a dollar and touched a low of 65.77 a dollar—a level last seen on 28 September 2017. Yields on 10-year government bond stood at 7.481% from its previous close of 7.49%. Bond yields and prices move in opposite directions.
BSE Sensex traded higher by 57.37 points, or 0.17%, to 34,452.43, while the Nifty 50 gained 18 points, or 0.17%, to 10,566.70.
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