MARKET WRAP: Sensex dips 495 pts; Nifty below 11,600; RIL, financials drag

All that happened in the markets today

The market made a faltering start to the week ahead of the expiry of futures and options contracts for April series due Thursday with Oil Marketing Companies (OMCs) and financial stocks dragging the indices down on Monday. Index heavyweight Reliance Industries (RIL) slipped 3 per cent on Monday after the company announced its March 2018 quarter results on Thursday. At the current levels, the stock factors in most positives, said leading brokerages. READ MORE ON RIL HERE

The headline index, S&P BSE Sensex lost 495 points or 1.26 per cent to settle at 38,645, with YES Bank being the biggest loser and Bharti Airtel the top gainer. Out of 31 components, 25 scrips ended in the red and rest five in the green.

The broader Nifty50 index of the National Stock Exchange (NSE) lost 158 points or 1.35 per cent to end at 11,594. 

In the broader market, the S&P BSE Midcap index slipped 235 points or nearly 1.53 per cent to close at 15,148 while the S&P BSE Smallcap index ended at 14,804, down around 217 points or 1.44 per cent. 

A 3 per cent jump in oil prices amid weak global cues also dented sentiment. Asian shares slipped on Monday, weighed down by underperforming Chinese stocks, while oil prices rallied on news the United States is likely to ask all importers of Iranian oil to end their purchases or face sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3 percent, edging away from a nine-month peak scaled last week. The Shanghai Composite Index was down 1.3 percent, South Korea’s KOSPI edged down 0.2 percent and Japan’s Nikkei was little changed.

BUZZING STOCKS

Dewan Housing Finance Corporation (DHFL) shares plunged 11 per cent to end the day at Rs 140, extending its Thursday’s 8 per cent decline after rating agency CRISIL downgraded credit rating of the company's commercial paper and continued on watch negative. READ MORE
 

Shares of state-owned oil marketing companies (OMCs) such as Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) dipped almost 6 per cent after a steep rise in the crude oil prices. READ MORE

4:03 PM

MARKET COMMENT :: Jagannadham Thunuguntla, senior vice president, head research (wealth), Centrum Broking

Indian markets had a rough day today, on the back of sharp rise in crude oil price above US$74 per barrel. As a significant importer of crude oil, the high oil price is not good for Indian macros. Further, after breath-taking rally of past two months, a correction was due in the Indian markets; and crude oil has triggered it. Further, ongoing results season has provided mixed performance till date. For the markets to sustain at elevated levels, it’s very important for Indian corporate earnings to remain robust

3:47 PM

Sectoral indices at close

3:44 PM

Top losers of the day

COMPANY	PRICE(Rs)	CHG(Rs)	CHG(%)	VOLUME
PC JEWELLER	128.00	-17.20	-11.85	5276643
DEWAN HSG. FIN.	139.05	-18.15	-11.55	2691416
RELIANCE CAPITAL	137.20	-14.55	-9.59	3198681
INDIABULLS HOUS.	728.10	-72.15	-9.02	627751
SPICEJET	125.25	-11.00	-8.07	9121684

3:40 PM

Market check

3:38 PM

Nifty at close

3:36 PM

Market at close

3:34 PM

Market at close | NSE Nifty sheds 161 points to close at 11,591

3:33 PM

Market at close | BSE Sensex closes 495 lower at 38,645

3:31 PM

Jet Airways sees sharp recovery, up 0.6%

3:26 PM

Market at Day's low | Nifty loses 166 points, or 1.41%, to trade at 11,587

3:25 PM

Market at Day's low | Sensex sheds 504, or 1.29%, to trade at 38,635.90

3:04 PM

MARKET CHECK

2:55 PM

Nifty Private Bank index is trading almost 1.8% lower

2:42 PM

NEWS ALERT | Gruh Finance to consider raising fund on April 30

2:37 PM

Mahindra Life Q4 results: Revenue up 44.8% at Rs 234.3 crore YoY