Sensex, Nifty snap three-day record closing run ahead of F&O expiry

All that happened in the markets today

Benchmark indices ended Wednesday's trading session with losses ahead of the May series futures , thereby breaking the three-day streak when they closed at record high levels, ahead of expiry of May series F&O contracts. Bank, auto, and metal stocks suffered the deepest cuts.

The benchmark S&P BSE Sensex index slipped 248 points, or 0.6 per cent, to settle at 39,502, with State Bank of India, Tata Motors, Tata Steel, ICICI Bank, and Maruti Suzuki being the top losers. Only nine out of the 30 BSE constituents ended the day in green.

The broader Nifty50 index gave up the 11,900-mark, and finished the day at 11,861 levels.

Among Nifty sectoral indices, only Nifty IT managed to stay in the green zone, with Nifty PSU Bank index, down 2.8 per cent, falling the most, followed by Nifty Metal, down 1.9 per cent.

In the broader market, the S&P BSE MidCap index slumped 126 points, or 0.8 per cent, to trade around 15,001 levels, while the S&P BSE SmallCap dipped 86 points, or 0.57 per cent, to end at 14,934.

BUZZING STOCKS

Logistics stocks were in focus in early morning trade on the BSE on Wednesday on the back of heavy volumes amid expectations of earnings improvement. READ MORE

Adani Gas shares hit a new high of Rs 174 before ending the day 2.6 per cent higher at Rs 167.45 on the BSE on the back of strong numbers in March quarter (Q4FY19) results. In comparison, the S&P BSE Sensex was up 0.65 per cent during the same period. READ MORE

Jubilant Life Sciences shares continued to remain under pressure, hitting 33-month low of Rs 501.10, down 2.7 per cent on the BSE on Wednesday. The stock has fallen 19 per cent in the past nine trading days, after reporting weak March quarter earnings. The stock was quoting at its lowest level since August 29, 2016. READ MORE

(With inputs from Reuters)

3:55 PM

Heatmap: S&P BSE Sensex

3:54 PM

Nifty sectoral indices at close

3:53 PM

Market at close

3:39 PM

Market at close

The S&P BSE Sensex ended at 39,502, down 248 points while the broader Nifty50 index settled at 11,861, down 68 points.

3:19 PM

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3:14 PM

Reliance Capital dips almost 5%

2:55 PM

KEI Industries shares gain for the eight consecutive day; stock surges 5%

KEI Industries gained ground for the eighth session, up 5 per cent at Rs 531 levels in otherwise weak market on Wednesday. This is also a high for the stock on the BSE. Since May 17, 2019, the stock of cable manufacturing company has rallied 37 per cent, after the company reported a strong operational performance in the March quarter (Q4FY19). In comparison, the S&P BSE Sensex was up 4.4 per cent during the same period. READ MORE

2:49 PM

Prabhudas Lilladher on SpiceJet

We continue to maintain our positive stance on SpiceJet as 1) massive fleet expansion plan 2) strong yield environment post Jet’s suspended operations 3) prime slots at key airports 4) strong regional operations 5) codeshare with Emirates & 6) likely return of Boeing 737 Max in July/August, will lead to ASK/Revenue & EBITDAR CAGR of 47%/51% & 72% respectively.

We value the stock at 8.3x adj. EV/EBITDAR. Maintain BUY with a target price of Rs211. Abnormal increase in crude oil prices & irrational yield environment remain a key risk to our call

2:48 PM

PC Jeweller tumbles 9%

2:47 PM

Emkay Global on Eicher Motors

Domestic volumes of Royal Enfield (RE) dropped 15% yoy in Q4FY19 due to fall in eight out of top 10 states. The number of states witnessing a decline has increased to 19 states in Q4FY19, with Delhi and Punjab being the latest additions. The stock currently trades at a P/E of 23x/21x on FY20/21 estimates. Maintain Sell rating on Eicher Motors with a target price of Rs 17,200 (Rs18,000 earlier), valuing the RE business at a P/E of 17x and the VECV business at a P/E of 15x

2:46 PM

Unsold housing inventory hits new low of 30 Months in 2 years: Anarock

Top 7 cities' unsold inventory declines from 50 months in Q1 2017 to 30 months this quarter
Unsold inventory in Delhi-NCR drops to 50% - from 90 months in Q1 2017 to 45 months in Q1 2019
Bangalore & Hyderabad’s current inventory levels at all-time low of 15 months each
Pune’s unsold inventory at 28 months, followed by Chennai with 30 months; MMR & Kolkata with 35 months each
Top 7 cities' cumulative unsold stock declines by 16% in 2 years - at 6.65 lakh units in Q1 2019

2:45 PM

Anand Rathi on JK Lakshmi Cement

Restrained pricing in its key operating region impacted JK Lakshmi?s Q4FY19performance. Further, its Odisha GU was delayed due to Fani, the cyclone. With no major capex announced, de-leveragingwould continue. On the commissioningof the thermal power plant and of the Odisha GU,together with modest operating costs, we expect a better performance. We retain our Buy rating, with a higher target of Rs 481 (at 10x FY21e EV/EBITDA), earlier Rs 389

2:44 PM

Market stats :: Volume shockers

COMPANY	LATEST	CHG(%)	VOLUME	AVG VOLUME (FOR PAST FIVE DAYS)	VOL CHG(%)
GALAXY SURFACT.	1172.00	7.56	9864	830	1088.43
EQUITAS HOLDINGS	134.35	-4.61	2131523	182505	1067.93
AEGIS LOGISTICS	233.45	4.52	56557	9968	467.39
ENDURANCE TECH.	1215.40	5.02	9659	1719	461.90
POWER FIN.CORPN.	122.40	3.73	2036772	362726	461.52