MARKET WRAP: Indices end flat ahead of May F&O expiry; Nifty holds 10,600

Markets declined tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy

Benchmark indices ended flat on Wednesday tracking broader Asia as investors trimmed exposure to riskier assets amid a political crisis in Italy, ahead of F&O expiry for the month of May.

The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.

Indian oil refiners and retailers also took a hit after Indian Oil Corp Ltd (IOC) slashed pump prices for petrol and diesel, according to reports. State-run IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp control most of the retail fuel market in India.

Meanwhile, Fortis Healthcare rose as much as 4.8% during the day after it launched a new round of bidding for itself on Tuesday. The cash-strapped hospital operator’s board is also scheduled to meet to approve quarterly results on Wednesday.

GLOBAL MARKETS

Asian stocks extended a global sell-off as fears of repeat elections in the euro zone’s third-largest economy saw the euro hitting a 10-month low, sending investors rushing to safe-haven assets such as U.S. Treasuries.

MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4 percent.

CRUDE OIL

Oil struggled under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as US output has surged in recent years.

US crude futures retreated 0.2% to $66.58 per barrel, extending losses into a sixth consecutive sessions.

(with Reuters inputs)

3:42 PM

Nifty Pharma index ends 1.06% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
AUROBINDO PHARMA	564.50	578.80	-14.30	-2.47
PIRAMAL ENTERP.	2353.95	2405.75	-51.80	-2.15
DIVI'S LAB.	1045.00	1066.75	-21.75	-2.04
SUN PHARMA.INDS.	493.00	499.50	-6.50	-1.30
DR REDDY'S LABS	1957.50	1980.70	-23.20	-1.17

3:36 PM

Nifty sectoral gainers and losers

3:34 PM

BSE Sensex gainers and losers of the day

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,906, down 43 points while the broader Nifty50 index settled at 10,614, down 19 points.

3:24 PM

Dilip Buildcon slips 14% post Q4 results

Dilip Buildcon slipped 14% to Rs 901 on the BSE in intra-day trade even after the company reported 11% year on year (YoY) growth in its consolidated net profit at Rs 2.18 billion in March 2018 quarter (Q4FY18). The net profit growth during the quarter was lowest in past six quarters. READ MORE

 

3:09 PM

Global Markets: Stocks battered as Italian crisis deepens

 

Asian 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 borrowing costs for Rome and sending investors into safer assets such as US Treasuries.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.4%, while Japan’s Nikkei average sold off 1.5% to a six-week low.

 

Chinese shares also headed south, with the Shanghai Composite index down 1.4%. South Korea’s KOSPI and Australia’s S&P/ASX 200 slipped 2.0% and 0.5%, respectively.

2:54 PM

Weizmann Forex falls 20%; board to meet Monday to consider share buyback

 

Shares of Weizmann Forex are locked in lower circuit of 20% at Rs 683 per share on the BSE with only sellers were seen on the counter.

 

Thus far in the calendar year 2018, the stock of financial services company tanked 52% from Rs 1,415, as compared to 2% rise in the S&P BSE Sensex. It touched an all-time high of Rs 1,640 on December 5, 2017 on the BSE in intra-day trade READ MORE

2:39 PM

Stocks at 52-week low

COMPANY	PRICE()	52 WK LOW	CHG()	CHG(%)
BHARTI INFRA.	300.85	299.10	-4.60	-1.51
CAPLIN POINT LAB	515.50	496.30	-21.10	-3.93
EVEREADY INDS.	250.00	225.00	-6.50	-2.53
G M D C	118.90	115.00	-0.20	-0.17
GE T&D INDIA	307.95	307.15	-5.80	-1.85

2:30 PM

AirAsia shares tumble as probe threatens plans for India unit's IPO

 

AirAsia Group shares dropped sharply on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.

 

The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline's embattled leader, who has been under fire for supporting Malaysia's former prime minister and is being investigated over the cancellation of flights during the general election period. READ MORE

2:16 PM

Manpasand Beverages remains under pressure; stock plunges 42% in 3-days

 

Manpasand Beverages was locked in lower circuit for the third straight day, down 10% at Rs 248, also its fresh 52-week low on the BSE. The stock tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.

 

Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	34,933.29		-0.05%
Nifty 50	10,622.05		-0.11%
S&P BSE 200	4,621.80		-0.08%
Nifty 500	9,266.00		-0.05%
S&P BSE Mid-Cap	16,050.18		0.02%
S&P BSE Small-Cap	17,381.15		0.00%

1:46 PM

March quarter was good for Indian economy but will road ahead be bumpy?

 

India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.

 

Gross domestic product expanded an annual 7.3 percent in the first three months of 2018, the May 24-29 poll of 55 economists predicted, a touch faster than the 7.2 percent achieved in the last three months of 2017 — and well above China’s pace of 6.8 percent for the quarter ending in March. READ MORE

1:31 PM

Graphite India nears new high in weak market;stock up 22% post Q4 results

Shares of Graphite India were trading 3% higher at Rs 891 per share, extending their 6% gain in the past three days on the BSE in otherwise weak market, inching towards its all-time high price. READ MORE

 

1:15 PM

Consumption growth to be lower at 10-11% in value terms this year: Nielsen

Consumption growth in the country this year will be slightly lower at 10-11 per cent in value terms, compared with 13.5 per cent in 2017, due to factors like implementation of GST, among others, according to market researcher Nielsen.

 

The growth in the June quarter is expected to be in 'high single digits', after a 11 per cent growth in the March quarter, owing to policy interventions and their impact on trade, it added. READ MORE

1:00 PM

COMPANY NEWS RCom offers Ericsson Rs 5 bn to clear dues; NCLAT to hear interim prayer

 

The National Company Law Appellate Tribunal (NCLAT) will hear the interim prayer of Reliance Communications (RCom) on Wednesday after the bench headed by chairman Justice S J Mukhopadhaya suggested that the parties settle the matter themselves.

 

Appearing for RCom, senior advocate Kapil Sibal told New-Delhi based NCLAT that the stressed telecom company offered its operational creditor Ericsson an up-front sum of Rs 5 billion to clear all dues.READ MORE