News End-Session

Indices end flat ahead of Karnataka election results
14-May-18   16:31 Hrs IST

Key benchmark indices settled almost flat as investors were cautious ahead of Karnataka Assembly poll results tomorrow, 15 May 2018. The barometer index, the S&P BSE Sensex, rose 20.92 points or 0.06% at 35,556.71. The Nifty 50 index rose 0.10 points at 10,806.60.

Domestic stocks drifted higher in early trade on positive Asian stocks. Early sentiment was also boosted after exit polls reportedly showed that the Bharatiya Janata Party could emerge as the single largest party in Karnataka. Key benchmark indices extended gains and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade. Indices hit fresh intraday low in afternoon trade. Key benchmark indices hovered in a small range in mid-afternoon trade. Stock cut losses in late trade and regained positive zone.

The Sensex rose 20.92 points or 0.06% to settle at 35,556.71. The index rose 106.93 points, or 0.30% at the day's high of 35,642.72. The index fell 79.23 points, or 0.22% at the day's low of 35,456.56.

The Nifty 50 index rose 0.10 points to settle at 10,806.60. The index rose 28.35 points, or 0.26% at the day's high of 10,834.85. The index fell 31.75 points, or 0.29% at the day's low of 10,774.75.

The S&P BSE Mid-Cap index was off 0.88%. The S&P BSE Small-Cap index was off 1%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 845 shares rose and 1827 shares fell. A total of 160 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 2.5%), the S&P BSE Telecom index (down 1.14%), the S&P BSE Industrials index (down 0.97%), the S&P BSE Auto index (down 0.93%), the S&P BSE Capital Goods index (down 0.81%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.8%), the S&P BSE Realty index (down 0.53%), the S&P BSE Basic Materials index (down 0.51%), the S&P BSE Teck index (down 0.26%), the S&P BSE Power index (down 0.25%), the S&P BSE FMCG index (down 0.24%), the S&P BSE IT index (down 0.2%), the S&P BSE Metal index (down 0.19%), the S&P BSE Energy index (down 0.16%), the S&P BSE Healthcare index (down 0.12%) and the S&P BSE Finance index (up 0.04%), underperformed the Sensex. The S&P BSE Oil & Gas index (up 0.15%) and the S&P BSE Bankex (up 0.17%), outperformed the Sensex. The S&P BSE Utilities index rose 0.06%, matching the Sensex's rise in percentage terms.

IT major Wipro fell 0.15% to Rs 271.50. Wipro Gallagher Solutions (WGS}, a Wipro company and a leading provider of loan origination software solutions, and Precision Risk Management Systems, Inc. (PRMS), a leading provider of performance management solutions, announced that they have partnered to deliver advanced mortgage business intelligence (BI) and customer experience management solutions to mortgage lenders. As a part of this alliance, Wipro will offer its clients a powerful set of dashboard-driven performance management tools, including enterprise reporting, intuitive metrics and Key Performance Indicators (KPI) that focus on identifying potential problems before they progress in efforts to prevent business losses for lenders. The announcement was made after market hours today, 14 May 2018.

FMCG major Hindustan Unilever (HUL) fell 0.09% to Rs 1,504.95. The company's net profit rose 14.20% to Rs 1351 crore on 2.54% increase in total income to Rs 9197 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours today, 14 May 2018.

Most banks shares declined. Among private sector banks, Yes Bank (down 1.51%), City Union Bank (down 1.04%), RBL Bank (down 0.79%), Federal Bank (down 0.39%), ICICI Bank (down 0.37%) and Axis Bank (down 0.17%), edged lower. Kotak Mahindra Bank (up 0.28%), HDFC Bank (up 0.52%) and IndusInd Bank (up 1.07%), edged higher.

Among public sector banks, Dena Bank (down 5.96%), IDBI Bank (down 5.59%), Allahabad Bank (down 3.18%), Corporation Bank (down 2.95%), Indian Bank (down 2.44%), United Bank of India (down 2.19%), UCO Bank (down 2.09%), Vijaya Bank (down 1.69%), Central Bank of India (down 1.35%), Bank of Maharashtra (down 1.24%), Bank of India (down 1%), Andhra Bank (down 0.96%), Punjab & Sind Bank (down 0.45%), Syndicate Bank (down 0.39%) and Union Bank of India (down 0.34%), edged lower. Bank of Baroda (up 0.18%), Punjab National Bank (up 0.85%), State Bank of India (up 0.98%) and Canara Bank (up 1.40%), edged higher.

Most auto stocks declined. Ashok Leyland (down 4.2%), Mahindra & Mahindra (down 2.17%), Tata Motors (down 2%), Eicher Motors (down 1.33%), TVS Motor Company (down 0.78%), Escorts (down 0.42%) and Maruti Suzuki India (down 0.26%), edged lower. Bajaj Auto (up 0.52%) and Hero MotoCorp (up 0.94%), edged higher.

PTC India Financial Services lost 14.31% to Rs 21.55 after the company reported net loss of Rs 110.44 crore in Q4 March 2018 compared with net profit of Rs 109.76 crore in Q4 March 2017. PTC India Financial Services (PFS)'s total income fell 32.69% to Rs 290.53 crore in Q4 March 2018 over Q4 March 2017. The result was announced on Saturday, 12 May 2018.

As at 31 March 2018, the gross non-performing assets (NPAs) as at 31 March 2018 stood at Rs 838 crore compared to Rs 585 crore as at 31 March 2017. The cumulative effective debt sanction amounted to Rs 33104 crore whereas outstanding cumulative effective debt sanctioned stood at Rs 23827 crore.

The debt sanction during the year aggregated to Rs 8250 crore comprising mainly of Rs 4840 crore to renewable projects and Rs 3410 crore to other areas such as transmission, distribution, road etc. The debt sanction during the previous year aggregated to Rs 10297 crore. The debt disbursements aggregated to Rs 5103 crore during the year ended 31st March 2018 compared to Rs 4179 crore during the previous year.

On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index, stood at 3.18% (provisional) for the month of April 2018 (over April 2017) as compared to 2.47% (provisional) for the previous month and 3.85% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 0.69% compared to a build up rate of 0.00% in the corresponding period of the previous year. The data was released by the government during market hours today, 14 May 2018.

The government will announce consumer price inflation (CPI) for April 2018 after market hours today, 14 May 2018. CPI stood at 4.28% in March 2018.

India's industrial production (base year 2011-12=100) moderated to five-month low of 4.4% in March 2018 over March 2017, after healthy growth in the range of 7% to 8.5% for last four straight months. The deceleration in industrial production growth has moderated mainly driven by moderation in the manufacturing sector's production growth to 4.4% in March 2018. However, the growth of electricity generation output accelerated to 5.9%, while the mining output rebounded 2.8% in March 2018 after 0.4% decline in February 2018. The data was announced by government after market hours on Friday, 11 May 2018.

On the political front, exit polls reportedly showed that Karnataka could return a split verdict with the Bharatiya Janata Party as the single largest party. The Karnataka Assembly elections in a single-phase polling were held on Saturday, 12 May 2018. Polling was held in 222 constituencies of the 224-member assembly. Results will be announced tomorrow, 15 May 2018. Karnataka is one of only three states to be ruled by the Congress.

Overseas, European stocks were trading lower with investors tracking developments in Italian politics after two populist parties said they had reached a deal to form a new government.

Most Asian stocks settled higher on signs the United States and China were toning down their trade war rhetoric. US stocks edged higher on Friday, 11 May 2018 amid growing conviction that inflation will remain tame and as trade tensions eased.

Meanwhile, US reportedly plans to reintroduce sanctions against Iran have stoked anxiety in the Middle East. Iran pumps about 4% of the world's oil, and the latest development has sent oil prices near multi-year highs. The US threatened on Sunday to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.

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