Why markets go up when Modi Sarkar gets an election win. Three reasons. 1. Political stability along with political will— Monika Halan (@monikahalan) May 30, 2018
2. Fight against corruption and formalisation of economy
3. Structural reform. IBC, GST, Benami and Aadhar
My piece in @livemint https://t.co/C5YVbR7evr
Market Wrap: Sensex, Nifty close lower, Tata Motors, ICICI Bank top losers
BSE Sensex closed 43.13 points lower at 34,906.11, while the Nifty 50 ended 18.95 points down at 10,614.35. Here are the highlights from the markets
Last Modified: Wed, May 30 2018. 05 00 PM IST
- 3.35 pm ISTClosing bell
- 3.15 pm ISTNCLAT allows Vedanta to pay Rs5,320 crore as part of Electrosteel resolution
- 3.07 pm ISTMarket update: Sensex, Nifty trade lower
- 2.45 pm ISTRupee strengthens against US dollar
- 2.07 pm ISTAksharchem shares down 2% as net profit declined in Q4
- 2.03 pm ISTMedicamen Biotech shares fall after Q4 earnings
- 1.25 pm ISTThe stock market and Modi Sarkar
- 1.05 pm ISTManpasand Beverages shares hit lower circuit for 3rd straight session
- 12.47 pm ISTMarket update: Sensex, Nifty trade lower
- 12.45 pm ISTEveready Industries gets Rs5.71 crore order
- 12.40 pm ISTInfosys completes acquisition of WONGDOODY
- 12.27 pm ISTHawks take hold in India as RBI policy looks set to tighten
- 10.32 am ISTCoal India shares up 3% after Q4 earnings
- 10.28 am ISTMahindra shares rise 2.5% as net profit increases in Q4
- 9.57 am ISTVedanta shares down 7%
- 9.32 am ISTBanking stocks extend losses
- 9.30 am ISTRCom shares gain 5%
- 9.27 am ISTMarket update: Sensex, Nifty fall 0.5% in opening trade
- 9.25 am ISTRupee opens flat against Us dollar
- 9.20 am ISTGlobal stocks take battering as Italian crisis roils financial markets
- Mumbai: BSE Sensex and NSE’s Nifty 50 closed lower for the second straight day on Wednesday dragged by banking stocks, following losses in global stock markets as Italy’s political crisis rippled across financial markets. Moreover, fresh fears of a trade war between US and China also weighed. Moreover, investors await India’s GDP data due to be released after 5.30pm on Thursday. GDP expanded an annual 7.3% in the first three months of 2018, showed a Reuters poll. Meanwhile, foreign investors sold shares worth a net of Rs407.33 crore on Friday, while domestic investors bought Rs578.38 crore in equities, NSE data showed. Here are the highlights from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 43.13 points, or 0.12%, to 34,906.11, while the Nifty 50 fell 18.95 points, or 0.18%, to closed at 10,614.35. BSE MidCap edged up 0.03%, while SmallCap fell 0.19%.Among the sectoral indices on BSE, utilities, power, bankex and metal gained, while pharma, capital goods, oil and gas and consumer durables declined. M&M, Coal India, Yes Bank and Kotak Bank were top gainers, whereas Tata Motors, ICICI Bank, Bajaj Auto and Axis Bank among the major losers.
- 3.15 pm IST NCLAT allows Vedanta to pay Rs5,320 crore as part of Electrosteel resolutionThe National Company Law Appellate Tribunal (NCLAT) on Wednesday permitted Vedanta Ltd to make an upfront payment of Rs5,320 crore to the Committee of Creditors (CoC) of debt ridden Electrosteel Steel India Ltd pursuant to its approved resolution plan for the corporate debtor, while reserving its verdict on Vedanta’s eligibility to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code.
- 2.45 pm IST Rupee strengthens against US dollarThe Indian rupee on Wednesday strengthened against US dollar ahead of key gross domestic product (GDP) data and the Reserve Bank of India’s (RBI) bi-monthly policy meeting.The home currency was trading at 67.56 against the US dollar, up 0.48% from its previous close of 67.87. The currency opened at 67.78 a dollar and touched a high of 67.48. The 10-year bond yield stood at 7.745% from its Tuesday’s close of 7.756%. Bond yields and prices move in opposite directions.
- 1.25 pm IST The stock market and Modi SarkarThe BSE Sensex seems to like it when Modi Sarkar wins elections. Look how it rose and then fell as Karnataka elections changed colour from saffron to a muddled something
- 1.05 pm IST Manpasand Beverages shares hit lower circuit for 3rd straight sessionShares of Manpasand Beverages Ltd plunged 10% to hit their lower circuit limit for the third consecutive session on Wednesday on account of the resignation of its auditing firm with effect from 26 May.The stock has been on a downtrend for the sixth consecutive sessions and has cracked as much as 42.25% since 22 May. The shares of the company on Wednesday opened at Rs248.30, down 9.99% over its previous closing price on the BSE.
- 12.47 pm IST Market update: Sensex, Nifty trade lowerBSE Sensex traded lower by 56.41 points, or 0.16%, to 34,892.83, while the Nifty 50 fell 35.35 points, or 0.33%, to 10,597.95. BSE MidCap was down 0.08%, while SmallCap gained 0.06%.Among the sectoral indices on BSE, power, metal, utilities and energy gained up to 0.78%, while healthcare, capital goods, oil and gas, and bankex declined. Coal India, M&M, Power Grid and Kotak Bank were top gainers, whereas ICICI Bank, Tata Motors, Dr. Reddy’s Labs and Wipro were among the major losers.
- 12.27 pm IST Hawks take hold in India as RBI policy looks set to tightenThe interest-rate cycle in India is turning. The central bank may be set to tighten policy next week to keep inflation in check and stem the declines in the rupee, if the rate-market moves are any indication.The Reserve Bank of India (RBI) hasn’t tinkered with rates since August, and even cut inflation projections last month, raising expectations that borrowing costs would remain on hold. But a surprising hawkish tilt revealed in its April policy minutes and the recent spike in oil has boosted speculation the authority may lift rates at its 6 June meeting. Here are four charts that show how markets preparing for a potential tightening. Read more
- 10.32 am IST Coal India shares up 3% after Q4 earningsCoal India Ltd shares added 3% to Rs291. Its net profit for the March quarter had slipped 52% to Rs1,295.34 crore from Rs2,718.80 crore a year ago on the back of a sharp rise in employee benefit costs. CIL’s revenue for the quarter rose 8.5% year-on-year to Rs28,909.32 crore, but overall expenses went up by 24%. Expenses on employee benefits alone jumped 80.2% to Rs16,653.86 crore from Rs9,240.67 crore during the period under consideration
- 10.28 am IST Mahindra shares rise 2.5% as net profit increases in Q4Mahindra & Mahindra Ltd shares rose 2.5% to Rs 890.15 after the company reported a 70.33% jump in standalone net profit for the quarter ended March, benefiting from a broader rural recovery which resulted in higher tractor and auto sales. Profit rose to Rs1,059.09 crore from Rs621.78 crore a year earlier, while net sales at maker of the Scorpio and XUV5OO, increased 10.47% to Rs13,307.88 crore from Rs12,047.58 crore in the year-ago quarter.
- 9.57 am IST Vedanta shares down 7%Vedanta Ltd shares fell 3% to Rs 247.15. Tamil Nadu cancelled land allotment to Vedanta’s Thoothukudi plant. The cancellation of land allotment for the proposed expansion of the Sterlite Copper plant came a day after the government ordered the state Pollution Control Board to ‘seal and permanently close’ the existing unit.
- 9.32 am IST Banking stocks extend lossesBanking stocks were trading lower. Canara Bank fell 2.4%, Indian Bank 2.4%, Allahabad Bank 2.1%, Bank of India 2%, Oriental Bank of Commerce 2%, Union Bank of India 1.9%, Syndicate Bank 1.8%, State Bank of India 1.4%, IDFC Bank 1.8%, Axis Bank 1.5%, ICICI Bank 1.5%, Yes Bank 1.3%.
- 9.30 am IST RCom shares gain 5%Reliance Communications Ltd shares rose 5% to Rs16.50. Reliance Infratel Ltd on Tuesday withdrew its petition from National Company Law Appellate Tribunal (NCLAT) seeking permission to sell its tower and fibre assets. The Reliance Communications group firm was also backed by State Bank of India at NCLAT.
- 9.25 am IST Rupee opens flat against Us dollarThe Indian rupee on Wednesday opened marginally higher against the Us dollar, but soon erased all the gains and was trading little changed.The rupee was trading at 67.89 against the US dollar, down 0.02% from its previous close of 67.87. The currency opened at 67.78 a dollar. The 10-year bond yield stood at 7.736% from its Tuesday’s close of 7.756%. Bond yields and prices move in opposite directions.
- 9.20 am IST Global stocks take battering as Italian crisis roils financial marketsAsian stocks extended a global sell-off on Wednesday as Italy’s political crisis rippled across financial markets, toppling the euro to a 10-month low, pushing up Italian borrowing costs and sending investors rushing to safe-haven assets such as US Treasuries.MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.5%, while Japan’s Nikkei average sold off as much 1.9% to hit a six-week low. In China, the Shanghai Composite index down 1.8%, South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0% and 0.6%, respectively.The sharp downturn followed from an equally harsh session on Wall Street on Tuesday, where the Dow Jones fell 1.6%, the S&P 500 lost 1.2% and the Nasdaq dropped 0.5%. The financial sector took a hard hit. (Reuters)
First Published: Wed, May 30 2018. 09 28 AM IST