Key benchmark indices logged small losses in a highly volatile session of trade. The barometer index, the S&P BSE Sensex, fell 43.13 points or 0.12% at 34,906.11, as per the provisional closing data. The Nifty 50 index fell 18.95 points or 0.18% at 10,614.35, as per the provisional closing data. Markets across the globe were impacted by Italy's political crisis and fresh fears of a trade war between US and China.
Domestic stocks began trading for the day on a downbeat note on weak Asian stocks. Stocks cut losses in morning trade. After a brief intraday pullback, the key benchmark indices once again resumed decline in mid-morning trade on fresh selling in index pivotals. Indices reversed trend after hitting fresh intraday high in afternoon trade. Key benchmark indices cut losses in mid-afternoon trade. Recovery continued in late trade.
The S&P BSE Mid-Cap index rose 0.03%, outperforming the Sensex. The S&P BSE Small-Cap index fell 0.19%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,217 shares rose and 1,476 shares fell. A total of 161 shares were unchanged.
Mahindra & Mahindra (M&M) (up 3.08%), Coal India (up 2.34%) and Yes Bank (up 1.64%) edged higher from the Sensex pack.
Tata Motors (down 1.92%), Bajaj Auto (down 1.11%) and Axis Bank (down 1.1%) edged lower from the Sensex pack.
Private sector banking major ICICI Bank lost 1.86% to Rs 285.25.
Power Grid Corporation of India rose 1.11% after net profit rose 4.6% to Rs 2004.68 crore on 16.5% increase in net sales to Rs 7811.32 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.
BPCL fell 1.27% to Rs 400.30 on profit booking after a recent rally. Shares of BPCL rose 9.24% in three trading sessions to settle at Rs 405.45 yesterday, 29 May 2018, from its close of Rs 371.15 on 24 May 2018.
BPCL's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. Average gross refining margin (GRM) was $6.51 per barrel in the fourth quarter, compared with $6.01 per barrel a year earlier. The result was announced after market hours yesterday, 29 May 2018.
D-Link India hit an upper circuit limit of 5% at Rs 96.15 after the company reported net profit of Rs 5.31 crore in Q4 March 2018 compared with net loss of Rs 1.52 crore in Q4 March 2017. D-Link India's net sales rose 20.4% to Rs 182.80 in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.
Overseas, shares in Europe and Asia dropped as concerns about the repercussions of Italy's political turmoil and the renewal of trade tensions between the US and China gripped financial markets. The prospect that Italy might need a fresh election that could effectively become a referendum on the nation's inclusion in the euro zone rattled markets.
US stocks tumbled yesterday, 29 May 2018 joining a global equity selloff sparked by concern Italy's political woes will destabilise Europe.
On the Federal Reserve front, St. Louis Fed President James Bullard reportedly said early Tuesday in Japan that it was difficult for the US central bank to raise interest rates by a large margin when the Bank of Japan and the European Central Bank were pursuing accommodative policy.
Investors are also keeping an eye on the White House, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods. On Saturday, 2 June 2018 US Secretary of Commerce Wilbur Ross will reportedly travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
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