MARKET WRAP: Global cues, K'taka result drag Sensex 156 pts; PNB down 12%

Benchmark indices fell on Wednesday on doubts over the composition of the next government in Karnataka

2:02 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,445.45	-98.49	-0.28
S&P BSE SENSEX 50	11,270.85	-35.96	-0.32
S&P BSE SENSEX Next 50	32,719.45	-156.79	-0.48
S&P BSE 100	11,066.39	-37.95	-0.34
S&P BSE Bharat 22 Index	3,575.96	-6.72	-0.19

1:45 PM

Europe Update

Shares in Europe opened mixed as investors monitor surging interest rates in the bond markets. The pan-European Stoxx 600 was 0.1% up with the various sectors moving in different directions

1:30 PM

V-Mart Retail hits new high; stock zooms 1400% in 5 years

 

Shares of V-Mart Retail hit a new high of Rs 2,405 per share, up 5% in intra-day trade on Wednesday, extending its previous day’s 8% surge on the BSE in otherwise weak market.

 

V-Mart primarily operate in Tier-II and Tier-III cities with a chain of value retail departmental stores offering apparels general merchandise and kirana catering to the entire family. Based in New Delhi its operations are spread across northern western and eastern parts of India. READ MORE

1:17 PM

Top BSE500 losers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
REL. COMM.	10.40	-2.05	-16.47	17622881
PUNJAB NATL.BANK	75.55	-10.45	-12.15	6584907
SYNDICATE BANK	44.70	-5.30	-10.60	859371
CORPORATION BANK	26.00	-1.50	-5.45	59676
VAKRANGEE	57.05	-3.00	-5.00	11719

12:59 PM

Fraud-hit PNB stock is a dud investment, caution analysts

Punjab National Bank (PNB) hit its lowest level since June 3, 2016 on Wednesday, falling nearly 12 per cent to Rs 75 levels, after reporting a record loss of Rs 134 billion in the January – March 2018 quarter (Q4FY18) – way higher than the Rs 26-27 billion loss expected by analysts. Operating loss during the recently concluded quarter stood Rs 4.5 billion – the first such instance in the bank’s history.

The results have made analysts cautious on public sector banks (PSBs) that are saddled with a large quantum of non-performing assets (NPAs), especially PNB, which they feel could remain under pressure. READ MORE

12:45 PM

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.

Brent crude futures were at $78.22 per barrel, down 21 cents, or 0.3 per cent, from their last close while US West Texas Intermediate (WTI) crude futures were at $71.03 a barrel, down 28 cents, or 0.4 per cent, from their last settlement. READ MORE

12:32 PM

Suspected RBI interventions stems rupee's fall

Suspected currency market intervention by the Reserve Bank of India (RBI) for a second consecutive day stemmed the rupee's fall, three dealers said after seeing heavy dollar selling from the outset of trade on Wednesday. The rupee had weakened to a 16-month closing low of 68.15 per dollar on Tuesday, but after the latest round of suspected central bank support it had bounced back to 67.80, despite the dollar's strength on international markets. READ MORE

 

12:16 PM

HEG, Graphite India extend gain after strong Q4 results

Shares of graphite electrode manufacturers HEG and Graphite India were trading higher for the fourth straight days after these companies reported a robust net profit growth in March quarter (Q4FY18).

HEG was up 4% to Rs 3,392, surging 16% in past seven trading days, after the company reported net profit of Rs 6.34 billion in March quarter (Q4FY18), on back of strong operational income. It had posted net loss of Rs 34 million in year ago quarter. READ MORE

12:00 PM

Market Check

 

S&P BSE Sensex	35,378.63		-0.47%
Nifty 50	10,743.80		-0.54%
S&P BSE 200	4,656.83		-0.46%
Nifty 500	9,324.10		-0.45%
S&P BSE Mid-Cap	16,022.33		-0.29%
S&P BSE Small-Cap	17,494.26		-0.18%

11:45 AM

Indiabulls Real Estate surges 9% as board mulls share buyback

 

Shares of Indiabulls Real Estate have surged 9% to Rs 202 per share on the BSE in early morning trade in otherwise weak market after the Mumbai-based real estate developer said that its board will meet on Friday, May 18, 2018, to consider the proposal of buy-back of equity shares of the company.

 

“A meeting of the Board of Directors of the Company will be held on Friday, May 18, 2018, to consider, inter alia, the proposal of Buy-back of equity shares of the Company,” Indiabulls Real Estate said in a BSE filing on Tuesday after market hours. READ MORE

11:30 AM

Interview of the day

Timely RBI intervention can help cap rupee slide at 72 levels: Nizam Idris

 

A steady rise in crude oil prices and the possibility of rate hikes by the US Federal Reserve pushed the rupee to a 16-month low on Wednesday. Singapore – based NIZAM IDRIS, managing director, head of strategy – fixed income and currencies at Macquarie Bank says that the rupee can easily hit 70.0 against the US dollar. Read full interview here

11:15 AM

ADAG shares hit 52-week lows; RCom falls 14%

Shares of Anil Dhirubhai Ambani Group (ADAG) companies were trading lower for the second straight day with Reliance Communications (RCom) falling 14% in intra-day trade on Wednesday after bankruptcy court admits Ericsson's plea against the company.
 

Besides, RCom, Reliance Naval and Engineering, Reliance Nippon Life Asset Management, Reliance Home Finance, Reliance Capital, Reliance Power and Reliance Infrastructure were down in the range of 2% to 6% on the BSE. All these stocks were trading at their respective 52-week lows. READ MORE

11:00 AM

Mainland China shares make it to New York-based MSCI

New York-based MSCI on Tuesday agreed to include the so-called China-A shares in its global indices. About 234 large-cap stocks listed in mainland China will be partially included in the MSCI global and regional indices from June 1.

 

Initially, the weight of the shares in the MSCI Emerging Markets (EM) Index will be only 0.39 per cent because of the 2.5 per cent partial inclusion factor. In September, this will increase to 0.78 per cent as MSCI increases the inclusion factor. READ MORE

10:46 AM

Star fund managers jump ship even as assets soar

The mutual fund (MF) industry has never had it better. Assets are growing at a scorching pace and investors are staying put despite bouts of market volatility. The good times, however, are causing an unintended side effect: Exodus of top fund managers.

 

DSP BlackRock Investment Managers may be on the verge of losing Anup Maheshwari, currently the chief investment officer (CIO)-equities, at the fund house. Maheshwari, formerly the head of equities and corporate strategy, has been with DSP BlackRock for more than two decades. READ MORE

10:28 AM

Q4 results: Tata Communications performance yet to match estimates

Tata Communications failed to live up to analysts’ expectations, missing their estimates and its guidance by a wide margin on the back of a muted March quarter performance. Revenues were down 2.4 per cent, sequentially, to Rs 41 billion largely because of a 14 per cent drop in voice revenues and flat data revenues. The data business accounts for about 72 per cent of its revenues, while voice and ATM businesses constitute the remaining 28 per cent. READ MORE

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