OTHERS :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 fell on Wednesday to a three-week closing low dragged by losses in shares of oil marketing companies after oil prices rose to the highest level in a month as the risk of a supply crunch continued to haunt markets. Moreover, signs of escalating trade war tensions between US and other world economies heaped more pressure on stocks.The Indian rupee weakened to a 19-month low against the US dollar over concerns that higher crude oil prices will worsen fiscal balance and accelerate inflation. Foreign investors sold shares worth Rs538.40 crore on net basis, while local investors bought equities to the tune of Rs238.05 crore on Tuesday, showed provisional data. Here are the highlights from the markets:
Closing bell: Sensex, Nifty close lower
BSE Sensex closed lower by 272.93 points, or 0.77%, to 35,217.11, while the Nifty 50 fell 97.75 points, or 0.91%, to close at 10,671.40. Meanwhile, BSE MidCap and SmallCap declined 1.50% and 2%, respectively.All the sectoral indices on BSE, except IT, ended lower with oil and gas losing most at 3.81% dragged by BPCL (8.04%), HPCL (7.45%) and IOC (6.18%) . Power, capital goods, realty, energy, utilities and industrials fell over 2%.HDFC Bank, Coal India, Cipla and TCS were among the major gainers, whereas ICICI Bank, L&T, Tata Motors and SBI were among the top losers.
Market update: Sensex down 300 points
BSE Sensex traded lower by 309.29 points, or 0.87%, to 35,180.75, while the Nifty 50 fell 111.15 points, or 1.03%, to 10,658.
Net profit rises in Q4 for Manpasand Beverages
Manpasand Beverages Ltd reported a net profit of Rs42.74 crore in the March 2018 quarter, up from Rs31.34 crore a year ago. The company’s Q4 revenue from operations increased to Rs385 crore from Rs273 billion crore in the same quarter last year. Manpasand Beverages shares were down 0.64% to Rs144.
Market update: Sensex, Nifty extend losses
BSE Sensex traded lower by 264.13 points, or 0.74%, to 35,225.91, while the Nifty 50 fell 102.05 points, or 0.95%, to 10,667.10. BSE MidCap and SmallCap fell 1.65% and 2.35%, respectively.All the sectoral indices on BSE, except IT, traded in negative territory with oil and gas losing most at 3.51%, power 2.64%, utilities 2.64%, industrials 2.33% and energy 2.02%.HDFC Bank, Hindustan Unilever, Coal India and TCS were among the top gainers, whereas ICICI Bank, Power Grid, Tata Motors and L&T were major losers.
Rupee hits 19-month low; Brokers say may touch 69.5 mark by year end
The Indian rupee on Wednesday weakened to a 19-month low against the US dollar over concerns that higher crude oil prices will worsen fiscal balance and accelerate inflation. At 1.52pm, the rupee was trading at 68.56 against US dollar, down 0.39% from its previous close of 67.99. The rupee opened at 68.42 a dollar and touched a low of 68.61—a level last seen on 30 November 2016. Year to date, the rupee weakened nearly 7%.The rupee is now just 0.3% away from its all time closing low of 68.825, which it hit on 28 August 2013. The rupee hit a record low of 68.8625 on 30 November 2016.
European shares trade lower
Dread over higher global barriers to trade kept a lid on European stock markets on Wednesday, with little other company and economic news to provide relief from rising protectionism which has hit equity markets hard.Europe’s STOXX 600 fell 0.3%, with autos stocks again the worst performers, falling 0.9% and driving Germany’s DAX down 0.5% as BMW , Volkswagen and Daimler declined. The pan-European index hit its lowest since 12 April while the autos sector, a prominent target of higher US tariffs, neared its lowest in ten months.(Reuters)
HG Infra bags Rs1,172 crore order
H. G. Infra Engineering Ltd said that it has received an order from Modern Road Makers Pvt Ltd, a unit of IRB Infrastructure Developers Ltd, for a road project valued at Rs1,172. crore in Uttar Pradesh. HG Infra shares rose 5.93% to Rs264.80.
Market update: Sensex, Nifty extend losses
BSE Sensex traded lower by 207.43 points, or 0.58%, to 35,282.61, while the Nifty 50 fell 73.05 points, or 0.68%, to 10,696.10.
Why RIL isn’t talking about a Reliance Retail IPO
Brokerages CLSA and Kotak Institutional Equities already ascribe an enterprise value of over ₹ 1 trillion for Reliance Retail, and valuations can be far higher on listing.
Why RIL isn't talking about a Reliance Retail IPO https://t.co/2Mzc3pwHla
— Livemint (@livemint) June 27, 2018
Oil prices rise on US push to shut out Iran
Oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after U.S. officials told importers to stop buying Iranian crude from November. Uncertainty over Libyan exports also supported crude, traders said. Brent crude futures had climbed 61 cents, or 0.8%, from their last close to $76.92 per barrel by 12.25pm. US West Texas Intermediate crude futures were at $70.88, up 35 cents, or 0.5%.US demanded all countries stop imports of Iranian oil from November, a State Department official said on Tuesday. Oil markets did not react more strongly to Washington’s pressure as the move was expected. In addition, top exporter Saudi Arabia plans to raise output to make up for lost supplies.(Reuters)
Market update: Sensex, Nifty trade lower
BSE Sensex traded lower by 52.41 points, or 0.15%, to 35,437.63, while the Nifty 50 fell 31.55 points, or 0.29%, to 10,737.60. Meanwhile, BSE MidCap and SmallCap underperformed and were down 1.08% and 1.32%, respectively.All the sectoral indices on BSE, except IT, FMCG and Teck, traded lower with oil and gas, utilities, power, industrials and basic materials losing most. IT was up over 1%.Hindustan Unilever, TCS, Infosys and HDFC were among the top gainers, whereas ICICI Bank, ONGC, L&T and SBI were major losers.
HCL Technologies buy German IT service provider
HCL Technologies Ltd said that it has signed a definitive agreement to acquire Germany-based IT and engineering services provider H&D International Group. The acquisition will further enhance HCL’s domain expertise in the global automotive sector. HCl Tech shares were trading 1.12% up at Rs919.45.
Will RBI’s prompt corrective action resurrect banks or incapacitate them?
PCA is seen as an intensive care unit where sick banks with tattered balance sheets are nursed through various restrictions to fortify them before they restart operations as normal banks
Will RBI's prompt corrective action (PCA) resurrect banks or incapacitate them? The central bank says that the capital adequacy ratio of 11 sick PSU banks under the PCA, is likely to drop to 6.5% in end FY2019 from 10.8% in end FY2018. https://t.co/n0S34QgrGx @aparnaviyer02 pic.twitter.com/cnU3pyZKRm
— Mint Mark to Market (@livemint_m2m) June 27, 2018
IT stocks trade higher as rupee weakens; TCS hits record high
Information technology shares traded higher as the rupee weakened to a 19-month low against the US dollar. NSEs Nifty IT Index rose 1.18% led by Tech Mahindra 2.83%, TCS 1.27% and Infosys 0.81%. In intraday trade, TCS shares of rose as much as 1.79% to a record high of Rs1,885.15. The stock up 37.12% gains this year as of Tuesday’s close and is the biggest pct gainer among NSE Index shares
Mindtree shares rise over 1%
Shares of Mindtree Ltd rose 1.1% to Rs977.90 after Mint reported that Japan’s NEC Corp. and a large global private equity fund are in initial talks to acquire a controlling stake in Mindtree Ltd from its founders.
NDTV shares jump 20%
New Delhi Television Ltd surged 20% to Rs 39 after Sebi ordered a little-known entity, Vishvapradhan Commercial, to make an open offer for NDTV for indirectly acquiring control of up to 52% stake through a convertible loan of Rs 350 crore in 2009 ‘sourced’ from a subsidiary of Reliance Industries Ltd.
Fortis Healthcare shares down over 2% after Q4 net loss
Shares of Fortis Healthcare Ltd fell 2.6% to Rs131 after the company said its loss for March quarter widened to Rs932 crore due to exceptional loss from Rs63.80 crore a year ago. Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances. Read more
OMCs, aviation stocks fall as oil prices rise
Shares of oil marketing companies and aviation were trading lower as crude oil prices surged. Bharat Petroleum Corp Ltd fell 3%, Hindustan Petroleum Corp Ltd 2.5%, Indian Oil Corp Ltd 2.1%. Among aviation stocks, Jet Airways India Ltd fell 2%, SpiceJet Ltd 2.3% and Indigo 1.1%.
Market update: Sensex, Nifty open flat
BSE Sensex traded higher by 28.78 points, or 0.08%, to 35,518.82, while the Nifty 50 edged down 8.50 points, or 0.08%, to 10,760.65.
Rupee hits 19-month low against US dollar
The Indian rupee weakened to a 19-month low against the US dollar as traders were worried that rising crude oil prices may accelerate fiscal deficit and inflation. The rupee opened at 68.42 a dollar and touched a low of 68.50—a level last seen on 1 December 2016. At 9.15am, the rupee was trading at 68.49 against US dollar, down 0.30% from its previous close of 67.99. Year to date, the rupee has weakened nearly 7%.(Ravindra N. Sonavane/Mint)
Opening bell: Cues to look out for before trading today
■ Asian markets opened mixed as weakness in Chinese stocks and currency weighed on the sentiment, reports Reuters. Overnight US stocks closed higher, with S&P 500 closing 0.22% up.■ Bad loans at Indian banks, especially those controlled by the government, will increase further in the year to 31 March, placing additional strain on the already stressed financial system, a central bank study warned.■ Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines Ltd, said he was trying to sell assets worth about Rs13,900 crore ($2.04 billion) to repay creditors, reports Reuters.■ Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter, or Q4, ballooned to ₹932 crore, hurt by impairment charges. reports Reuters.■ The Life Insurance Corp. of India (LIC) may acquire about 30% additional stake in IDBI Bank through the issuance of fresh equity shares by the beleaguered bank, reports The Economic Times.■ IndusInd Bank Ltd said that it has signed a share purchase agreement with Infrastructure Leasing and Financial Services Ltd, (IL&FS) and other minority shareholders to acquire 100% of IL&FS Securities Services Ltd, a subsidiary of IL&FS.■ The Securities and Exchange Board of India (Sebi) passed an order asking Vishvapradhan Commercial Pvt Ltd(VCPL) to make an open offer in New Delhi Television Ltd (NDTV), reports Business Standard. VCPL acquired indirect control through a loan agreement which necessitated an open offer, adds the report.(R. Sree Ram/Mint)
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