Market falls for 9th straight session, suffers worst losing streak in 8 yrs

All that happened in the markets today

A last hour sell-off prompted the benchmark indices to end lower for the ninth consecutive session that also marked the markets' longest losing streak in over eight years.

The S&P BSE Sensex tumbled 372 points, or 0.99 per cent lower, to end the day at 37,091, with Sun Pharma, YES Bank, Tata Steel, IndusInd Bank, and Tata Motors being the biggest losers. Only six of the 30 BSE constituents ended the day in green.

The NSE Nifty 50 fared worse, plummeting 131 points, or 1.16 per cent, to give up 11,200 and settle at 11,148 levels. About 1,429 stocks declined and 352 shares advanced on the NSE.

The broader markets were worse-off, with the S&P BSE MidCap index sliding 1.84 per cent, or 265 points, to close at 14,125, while the S&P BSE SmallCap index fared the worst, down 304 points, or 2.15 per cent at 13,802 levels.

Except the Nifty IT index, all the sectoral indices ended in the red, with Nifty PSU Bank index (down 5 per cent), Nifty Pharma index (down 4.37 per cent), and Nifty Media (down 3.78 per cent), taking the deepest cuts.

BUZZING STOCKS

Shares of State Bank of India (SBI) were trading 2 per cent higher at Rs 314 during the early morning trade on Monday, after the bank reported healthy March quarter numbers for 2018-19 before ending the day 0.42 per cent lower at Rs 306.75. READ MORE

Eicher Motors slipped 7.69 per cent to Rs 18,766.35 apiece on the BSE on Monday, after the company reported weak operational performance during the March quarter of 2018-19 (Q4FY19). The EBITDA (earnings before interest, tax, depreciation and amortization) margin contracted to 27.4 per cent, down 164 basis points on sequential basis and 415 bps on yearly basis. READ MORE

Shares of Delta Corp, which is engaged in casino gaming business, plunged almost 13 per cent at Rs 186.40 on Monday on the back of heavy volumes. Earlier in the day. the stock hit its lowest level of Rs 182 since September 25, 2017. READ MORE

GLOBAL MARKETS

Global equities fell on Monday after their worst week of 2019, as hopes of an imminent U.S.-China trade deal were crushed and neither side showed a willingness to budge, raising fears of a fresh round of tit-for-tat tariffs.

The pan-European Stoxx 600 slipped 0.7 per cent while S&P 500 futures shed 1.3 per cent. Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding 1.2 per cent and 1.8 per cent, respectively, while Hong Kong’s financial markets were closed for a holiday. Japan’s Nikkei average sank as much as 1 per cent to hit its lowest level since March 28, before closing down 0.7 per cent.

(With inputs from Reuters)

3:36 PM

Gainers and losers of the day on S&P BSE Sensex

3:35 PM

Market at close | NSE Nifty sheds 124 points to close at 11,154.70

3:34 PM

Market at close | BSE Sensex closes 372 points lower at 37,090.82

3:24 PM

IRB Infra tumbles 13%

3:19 PM

India Cements slips 8%

3:00 PM

Sun Pharma tumbles almost 20% in a sudden fall

2:57 PM

NEWS ALERT | ITC announces dividend of Rs 5.75 per share

2:52 PM

ITC erases gains on Q4 result; stock tanks over 1%

2:48 PM

ITC trading 1% higher

2:47 PM

NEWS ALERT | ITC appoints Sanjiv Puri as chairman

- Puri is current MD of ITC

- Appointment effective from May 13

2:46 PM

NEWS ALERT | ITC Q4 result

- EBITDA at Rs 4,572 crore

- EBITDA margin at 38.1%

2:45 PM

NEWS ALERT | ITC Q4 result

- Revenue at Rs 11,992 crore

- Net profit at Rs 3,482 crore

2:44 PM

NEWS ALERT | JPMorgan cuts emerging markets risk after US-China trade setback: Reuters

- JPMorgan said it had reduced its emerging markets risk for the second time in as many months on Monday following the set-back in U.S-China trade talks.

- The bank said it had moved to a small ‘underweight’ in EM FX and though it was keeping an overweight on EM rates markets given globally supportive central banks, it had shifted OW duration positions from high yielders to low yielders.

2:40 PM

Prabhudas Lilladher on SBI

"SBI’s core performance was better off than expectations on the back of higher other income, led by continued strong recovery from W.off a/c, decent NII and relatively good opex control. Earnings were dented on the back of sharp provision rise based on ageing of certain legacy NPAs in the NCLT List -1 taking PCR to around 100 per cent. Also, asset quality improved on the back of lower slippages (Rs 79.6 billion or 1.6 per cent of loans) v/s expectations and also incorporating few of the recent stress names. Going ahead, higher recoveries & lower slippages should improve asset quality, while better PCR of +60 per cent (70 per cent on corporate book and 93 per cent on NCLT) should translate to normalization in credit cost, helping improve return ratios. We retain BUY with revised TP of Rs 427 (from 361) based on 1.5x Mar-21 (rolled over from Sep-20) and Rs88 for subs."

2:40 PM

Sector watch | Gas distribution companies

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
ADANI GAS	125.90	135.25	124.25	-5.05	-3.86	0.72	57409
INDRAPRASTHA GAS	297.70	312.15	297.70	-13.95	-4.48	1.37	46182
GAIL (INDIA)	334.65	342.75	333.85	-6.20	-1.82	0.93	27744
PETRONET LNG	231.40	237.00	231.40	-4.50	-1.91	0.42	17944
MAHANAGAR GAS	864.85	894.70	859.60	-24.10	-2.71	1.27	14667
GUJ.ST.PETRONET	175.20	179.00	171.65	-0.65	-0.37	0.23	12969
DEEP INDUSTRIES	134.00	138.55	133.00	-2.05	-1.51	0.04	3343

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First Published: May 13 2019 | 7:24 AM IST