MARKETS ON FRIDAY: Indices decline for 4th session, Sensex down 301 pts

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state's new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm. 

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%. 

The Nifty PSU Bank Index also shed 1.6%, in what could be its fourth consecutive session of fall, on continued concerns about disappointing quarterly results due to a jump in bad-loan provisions.

In the global markets, Asian stocks were steady on Friday amid caution over developments in US-China trade negotiations, while the dollar perched near a five-month peak after the benchmark US Treasury yield hit its highest in seven years.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. The index was headed for a 1% loss this week.

Hong Kong’s Hang Seng rose 0.17% and Shanghai climbed 0.3% as some investors bet Beijing and Washington will reach a deal in the latest round of trade talks.

Japan’s Nikkei rose 0.35%, South Korea’s KOSPI was up 0.3% and Australian stocks dipped 0.2%.

(with Reuters inputs)

3:41 PM

Nifty PSU Bank index ends 1.65%. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
ALLAHABAD BANK	37.80	39.75	-1.95	-4.91
ORIENTAL BANK	75.40	78.85	-3.45	-4.38
IDBI BANK	60.45	62.55	-2.10	-3.36
SYNDICATE BANK	43.30	44.80	-1.50	-3.35
ANDHRA BANK	34.35	35.35	-1.00	-2.83

3:35 PM

Nifty sectoral gainers and losers

3:33 PM

BSE Sensex: Top gainers and losers of the day

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points.

3:25 PM

Strides Shasun tanks 25% on weak Q4 results

Shares of Strides Shasun have tanked 25% to Rs 378 per share, also their 52-week low on the BSE after the company reported a consolidated net loss of Rs 44 million in March 2018 quarter (Q4FY18). The pharmaceutical company reported its first quarterly loss since September 2014 quarter. It had posted a net profit of Rs 916 million in Q4FY17. Revenue from operations during the quarter under review declined 1.9% to Rs 6.64 billion from Rs 6.77 billion in the corresponding quarter of previous fiscal. READ MORE

3:13 PM

EARNINGS IMPACT

Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.

 

Profit for the quarter grew by 34.7% year-on-year to Rs 10.80 billion and revenue rose by 38.3% to Rs 67.73 billion.Operating profit jumped 45.2% to Rs 13.15 billion for the quarter and margin expanded 90 basis points to 19.4% compared to year-ago.

3:00 PM

BUZZING STOCK

Biocon gained 1% after the company sold close to 2% stake in its research arm Syngene International for an estimated Rs 230 crore. 

 

"Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale," Biocon said in a regulatory filing.

2:46 PM

Funds will stick to duration norms, but may take credit risk

 

In the recent re-categorisation of schemes that fund houses have undertaken in response to the Securities and Exchange Board of India’s (Sebi’s) October circular, many debt and hybrid funds have been shuffled around. Investors need to understand the change that has happened in the funds they hold and only then decide whether to stay put or exit and move to another fund.

 

Among debt funds, a large number of categories, 16, have been created. In the very short-duration segment, only liquid funds existed earlier, which invested in papers with a maturity of up to 91 days. READ MORE

2:30 PM

Avenue Supermarts falls 8% as Radhakishan Damani plan to sale upto 1% stake

 

Avenue Supermarts, which operates the chain of D-Mart stores, dipped 8% to Rs 1,379 on the BSE in noon deal after the company said the promoter Radhakishan Shivkishan Damani propose to sell upto 1% stake in the company in the open market for achieving minimum public shareholding.

 

“Mr.Radhakishan Shivkishan Damani, one of our promoters has conveyed to us his intention to sell the equity shares of face value of Rs 10 each of the Company to enable us to comply with the requirements of minimum public shareholding,” Avenue Supermarts said in a BSE filing. READ MORE

2:16 PM

Ahead of IPO, Unit Trust of India moves to clear pension hurdle

 

Nearly 800 former employees of the erstwhile Unit Trust of India (UTI) might be a step closer to securing a resolution on a matter that has been hanging fire for more than 15 years.

 

In a meeting held recently, the board of directors at UTI MF, the country’s sixth-largest asset manager, discussed the long-pending demand for providing pension to its erstwhile employees who had opted for voluntary retirement in 2003, said two people familiar with the matter. READ MORE

2:00 PM

Market Check

S&P BSE Sensex	34,889.12		-0.74%
Nifty 50	10,615.20		-0.63%
S&P BSE 200	4,605.68		-0.83%
Nifty 500	9,231.90		-0.78%
S&P BSE Mid-Cap	15,943.44		-1.18%
S&P BSE Small-Cap	17,415.30		-1.12%

1:45 PM

ADAG stocks tumble

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
RELIANCE NAV.ENG	15.95	16.90	-0.95	-5.62	11946264
RELIANCE POWER	34.30	35.60	-1.30	-3.65	2100655
REL. COMM.	16.00	16.55	-0.55	-3.32	54377986
RELIANCE CAPITAL	384.00	392.25	-8.25	-2.10	510899
RELIANCE INFRA.	392.45	396.75	-4.30	-1.08	171707

1:31 PM

Nifty PSU Bank hits fresh 52-week low; BOB touches over 2-yr low of Rs 126

 

Shares of public sector undertaking (PSU) banks are trading lower for the fourth straight trading days with Nifty PSU Bank index hitting fresh 52-week low on the National Stock Exchange (NSE) on Friday. READ MORE

1:15 PM

Four years of Modi govt: Market return improves but still below UPA's

 

The benchmark Sensex has delivered 42 per cent return in the four years of the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA). The returns are slightly below the previous government—Congress-led United Progressive Alliance (UPA), when Sensex had gone up nearly 45 per cent.

 

Among the seven governments, to have competed four years, this is the second-worst return. The worst returns were under the Atal Bihari Vajpayee-led NDA government, which had assumed office in October 1999. READ MORE

1:00 PM

Microfinance to be half of Ujjivan's business in 5 yrs, says MD & CEO Ghosh

 

A well-run non-banking company has better margins than a bank, but the objective of setting up Ujjivan was to provide comprehensive financial inclusion, Ujjivan Small Finance Bank MD & CEO Samit Ghosh tells Anup Roy in an interview. Read full interview here