MARKET WRAP: Sensex ends 273 pts lower, Nifty at 10,671; PSU banks decline

The markets ended lower on Wednesday due to a rise global crude oil prices and rupee hitting a 19-month low during the day, while traders turned cautious a day before the expiry of June derivatives contracts.

The S&P BSE Sensex ended at 35,217, down 273 points while the broader Nifty50 index settled at 10,671, down 98 points.

Among sectoral indices, the Nifty PSU Bank index ended 2.4% lower led by a fall in the shares of IDBI Bank, Syndicate Bank and Bank of India. Shares of public sector banks (PSBs) fell on concerns of stress in the banking sector after the Reserve Bank of India (RBI) on Tuesday said Gross NPA ratio of banks is likely to rise from 11.6 per cent in March 2018 to 12.2 per cent by the end of the current financial year ratio.

Among individual stocks, the oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) fell up to 8% on the BSE as global oil prices rose amid supply disruptions.
 

RUPEE

The rupee plunged by 30 paise to hit a 19-month low of 68.54 against the US dollar in early trade today on strong month-end dollar demand from importers and banks amid sustained foreign capital outflows.

This is the rupee's lowest level against the greenback since November 29, 2016.
 

GLOBAL MARKETS

Asian share markets were under stress on Wednesday as further falls in Chinese stocks and the yuan sent ripples across the region, while oil climbed as the United States leaned on allies to stop buying Iranian crude.

Chinese blue chips sank 2.2 per cent to be a whisker above 13-month lows as a resolution of Sino-US tensions remained a distant prospect.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost another 0.6 per cent after touching a two-year trough on Tuesday.

Japan’s Nikkei had been faring better but soon succumbed to risk aversion and fell 0.3 per cent.

CRUDE OIL

Oil prices rose on Wednesday on a supply disruption in Canada, falling US crude stocks, uncertainty over Libyan exports and after US officials told importers to stop buying Iranian crude from November.

(WIth inputs from Reuters)

3:50 PM

Top losers in BSE Oil & Gas:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
B P C L	383.65	417.20	-33.55	-8.04
H P C L	277.05	299.35	-22.30	-7.45
I O C L	156.25	166.55	-10.30	-6.18
GAIL (INDIA)	323.60	342.85	-19.25	-5.61
INDRAPRASTHA GAS	253.05	262.10	-9.05	-3.45

3:47 PM

Nifty PSU Banks ended 2.43% lower today. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
IDBI BANK	50.70	54.45	-3.75	-6.89
SYNDICATE BANK	41.00	43.75	-2.75	-6.29
ANDHRA BANK	31.80	33.30	-1.50	-4.50
PUNJAB NATL.BANK	76.75	79.85	-3.10	-3.88
BANK OF INDIA	88.70	92.20	-3.50	-3.80

3:45 PM

Nifty sectoral losers of the day

3:43 PM

BSE Sensex: HDFC Bank top gainer of the day, ICICI Bank, Tata Motors, SBI among top losers

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,217, down 273 points while the broader Nifty50 index settled at 10,671, down 98 points.

3:16 PM

Gold falls to Rs 31,570 on weak global cues, muted demand

Gold remained weak for the second straight day and drifted lower by Rs 25 to Rs 31,570 per 10 gram amid weakening global trend and easing demand from the local jewellers at the bullion market today. Silver slipped below the Rs 41,000-mark, declined by Rs 120 per kg, due to reduced offtake by industrial units and coin makers. READ MORE

2:57 PM

RBI might think otherwise, but Indian banks may see NPAs mount to 20% soon

Imagine India’s GDP growth had collapsed to 3 per cent; inflation was about to hit double digits; exports were tanking; and the country’s twin deficits – in the government’s budget, and in the nation’s current account – were out of control.

It’s only when the Reserve Bank of India tries to imagine such a dire scenario for March 2019 that its simulation exercise for bad loans throws up a figure of 17.3 per cent of state-run banks’ total assets. READ MORE

2:45 PM

Asia Check

Asian share markets were under stress on Wednesday as further falls in Chinese stocks and the yuan sent ripples across the region, while oil climbed as the United States leaned on allies to stop buying Iranian crude.

 

Chinese blue chips sank 2.2 per cent to be a whisker above 13-month lows as a resolution of Sino-US tensions remained a distant prospect.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan lost another 0.6 per cent after touching a two-year trough on Tuesday.

 

Japan’s Nikkei had been faring better but soon succumbed to risk aversion and fell 0.3 per cent.

2:30 PM

UPL's turnaround script for FY19: It hasn't been the best of starts, indeed

 

It has not been the best of starts for UPL. The company (earlier known as United Phosphorus and in the businesses of agrochemicals, industrial chemicals, and chemical intermediates) failed to hit its annual revenue growth expectation of eight to 10 per cent for 2017-18. This is the first time it happened in the last five years.

 

This, with concerns on high raw material costs, falling prices in the key markets of Brazil and North America, and currency fluctuations, besides continuous capital expenditure, has led to muted sentiment for the stock. It has shed about eight per cent in a week and is down almost 23 per cent since its high earlier this calendar year. READ MORE

2:16 PM

Bhagiradha Chemicals zooms 37% from intra-day low post a huge block deal

Shares of Bhagiradha Chemicals & Industries have moved higher by 16% to Rs 282 per share on the BSE, bouncing back 37% from their intra-day low on Wednesday after nearly 25% of the total equity of the agrochemicals company changed hands through block deal. The stock hit a low of Rs 206 in intra-day trade against its Tuesday's close of Rs 244 on the BSE. READ MORE

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,282.80	-207.24	-0.58
S&P BSE SENSEX 50	11,202.59	-76.04	-0.67
S&P BSE SENSEX Next 50	31,853.65	-489.88	-1.51
S&P BSE 100	10,965.22	-88.41	-0.80
S&P BSE Bharat 22 Index	3,294.23	-60.20	-1.79

(Source: BSE)

2:00 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	35273.77	35490.04	-216.27	-0.61
	14487.80	14640.97	-153.17	-1.05
	15403.45	15661.31	-257.86	-1.65
	15929.85	16295.88	-366.03	-2.25
	4149.95	4182.28	-32.33	-0.77

1:46 PM

Top losers in BSE500:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
CG POWER & INDU.	48.05	54.75	-6.70	-12.24
PHILLIPS CARBON	197.50	222.00	-24.50	-11.04
JP ASSOCIATES	15.05	16.90	-1.85	-10.95
SREI INFRA. FIN.	62.55	69.10	-6.55	-9.48
NBCC	73.05	79.90	-6.85	-8.57

1:31 PM

Mid and Small-caps under pressure; 132 stocks hit 52-week low

Shares of mid and smallcap companies were under pressure with 132 stocks hit their respective 52-week lows after more than 1% fall in these indices. Adani Power, Reliance Power, Punj Lloyd, GTL, GTL Infrastructure, KSK Energy Ventures, Gammon Infrastructure and MBL Infrastructure were among 20 stocks from the midcap and smallcap index hit their record lows on the BSE in intra-day trade today. READ MORE

1:15 PM

HCL Tech firms up after acquisition

HCL Technologies rose 1.32% to Rs 921.30 on BSE after the company said it signed a definitive agreement to acquire Germany-based IT and engineering services provider, H&D International Group. The announcement was made during trading hours today. READ MORE