News End-Session

Indices settle with minor losses
30-May-18   16:23 Hrs IST

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% to settle at 34,906.11. The Nifty 50 index fell 18.95 points or 0.18% to settle at 10,614.35. 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 Sensex fell 43.13 points or 0.12% to settle at 34,906.11, its lowest closing level since 24 May 2018. The index rose 68.21 points, or 0.20% at the day's high of 35,017.45. The index fell 214.13 points, or 0.61% at the day's low of 34,735.11.

The Nifty 50 index fell 18.95 points or 0.18% to settle at 10,614.35, its lowest closing level since 25 May 2018. The index rose 15.40 points, or 0.14% at the day's high of 10,648.70. The index fell 74.85 points, or 0.70% at the day's low of 10,558.45.

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, 1,213 shares rose and 1,479 shares fell. A total of 162 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 0.77%), the S&P BSE Capital Goods index (down 0.68%), the S&P BSE Industrials index (down 0.65%), the S&P BSE Oil & Gas index (down 0.62%), the S&P BSE Consumer Durables index (down 0.45%), the S&P BSE Telecom index (down 0.22%), the S&P BSE Basic Materials index (down 0.17%), the S&P BSE Realty index (down 0.16%) and the S&P BSE Energy index (down 0.12%), underperformed the Sensex. The S&P BSE Teck index (down 0.11%), the S&P BSE FMCG index (down 0.1%), the S&P BSE Auto index (down 0.09%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.09%), the S&P BSE IT index (down 0.06%), the S&P BSE Finance index (up 0.03%), the S&P BSE Bankex (up 0.11%), the S&P BSE Metal index (up 0.15%), the S&P BSE Power index (up 0.2%) and the S&P BSE Utilities index (up 0.25%), outperformed the Sensex. The S&P BSE Energy index fell 0.12%, matching the Sensex's loss in percentage terms.

Banks shares were mixed. Among private sector banks, Yes Bank (up 1.64%), Kotak Mahindra Bank (up 1.48%), City Union Bank (up 1.04%), HDFC Bank (up 0.69%) and IndusInd Bank (up 0.60%), edged higher. RBL Bank (down 0.6%), Federal Bank (down 0.92%), Axis Bank (down 1.1%) and ICICI Bank (down 1.86%), edged lower.

Among public sector banks, Punjab & Sind Bank (down 3.38%), Vijaya Bank (down 2.66%), Bank of India (down 1.48%), UCO Bank (down 1.48%), Bank of Baroda (down 1.25%), Allahabad Bank (down 0.83%), United Bank of India (down 0.83%), Andhra Bank (down 0.68%), Dena Bank (down 0.6%), Union Bank of India (down 0.5%), Syndicate Bank (down 0.3%) and Canara Bank (down 0.27%), edged lower. Central Bank of India (up 0.21%), IDBI Bank (up 0.23%), Punjab National Bank (up 0.58%), State Bank of India (up 0.76%), Bank of Maharashtra (up 0.81%), Corporation Bank (up 1.63%) and Indian Bank (up 2.38%), edged higher.

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% 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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