News End-Session

Key benchmarks end with modest losses
17-May-18   16:38 Hrs IST

The market declined as investors were concerned about political uncertainty in Karnataka. The barometer index, the S&P BSE Sensex, fell 238.76 points or 0.67% to settle at 35,149.12. The Nifty 50 index fell 58.40 points or 0.54% to settle at 10,682.70. Crude oil prices inching closer to $80 per barrel, continued foreign fund outflows and mixed cues from other Asian markets also dented sentiment.

In global commodities markets, Brent crude oil futures edged higher. Brent for July 2018 settlement was up 59 cents at $79.87 a barrel. The contract had risen 85 cents, or 1.08% to settle at $79.28 a barrel during the previous trading session. Higher crude oil prices could increase India's fiscal deficit and current account deficit and stoke fuel price inflation.

Domestic stocks kickstarted trading for the day on a positive note after BJP leader B. S. Yeddyurappa was sworn in as chief minister of Karnataka. Stocks reversed early gains to sink in negative zone in morning trade. Stocks extended fall early afternoon trade. Market trimmed losses in afternoon trade. Key benchmark indices hovered in negative zone in mid-afternoon trade. Stocks hit intraday low following a sell-off in late trade.

The Sensex fell 238.76 points or 0.67% to settle at 35,149.12, its lowest closing level since 4 May 2018. The index rose 122.13 points, or 0.35% at the day's high of 35,510.01. The index fell 300.06 points, or 0.85% at the day's low of 35,087.82.

The Nifty 50 index fell 58.40 points or 0.54% to settle at 10,682.70, its lowest closing level since 4 May 2018. The index rose 36.15 points, or 0.34% at the day's high of 10,777.25. The index fell 76.60 points, or 0.71% at the day's low of 10,664.50.

Broader market rose. The S&P BSE Mid-Cap index rose 0.67%. The S&P BSE Small-Cap index rose 0.43%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,392 shares rose and 1,232 shares fell. A total of 130 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (up 1.37%), the S&P BSE Realty index (up 0.41%), the S&P BSE Telecom index (up 0.4%), the S&P BSE Industrials index (up 0.3%), the S&P BSE Capital Goods index (up 0.24%), the S&P BSE Oil & Gas index (up 0.08%), the S&P BSE Healthcare index (up 0.05%), the S&P BSE Auto index (up 0.04%), the S&P BSE Utilities index (up 0.03%), the S&P BSE IT index (down 0.1%), the S&P BSE Teck index (down 0.11%), the S&P BSE Power index (down 0.14%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.16%), the S&P BSE Finance index (down 0.27%), the S&P BSE Energy index (down 0.37%), the S&P BSE Basic Materials index (down 0.39%), the S&P BSE Metal index (down 0.59%) and the S&P BSE Bankex (down 0.63%), outperformed the Sensex. The S&P BSE FMCG index underperformed the Sensex, sliding 0.9%.

Index pivotal ITC fell 2.43% to Rs 279. Housing finance major HDFC fell 2.08% to Rs 1,875.05.

State-run Coal India rose 2.53% to Rs 271.40. Drug major Sun Pharmaceutical Industries rose 1.75% to Rs 480.10.

Most private sector banks declined. Axis Bank (down 1.79%), Yes Bank (down 1.2%), Federal Bank (down 1.19%), IndusInd Bank (down 1.01%), Kotak Mahindra Bank (down 0.99%), ICICI Bank (down 0.67%) and RBL Bank (down 0.36%), edged lower. HDFC Bank (up 0.15%) and City Union Bank (up 1.88%), edged higher.

Most public sector banks rose. Punjab & Sind Bank (up 4.98%), Dena Bank (up 2.15%), Allahabad Bank (up 2.06%), Syndicate Bank (up 1.82%), Bank of Maharashtra (up 1.37%), Punjab National Bank (up 1.19%), Union Bank of India (up 0.89%), United Bank of India (up 0.82%), Indian Bank (up 0.65%), IDBI Bank (up 0.64%), Bank of India (up 0.58%), Vijaya Bank (up 0.51%), Andhra Bank (up 0.14%) and State Bank of India (up 0.06%), edged higher. Canara Bank (down 0.46%), Central Bank of India (down 1.57%), Bank of Baroda (down 1.62%), Corporation Bank (down 1.73%) and UCO Bank (down 1.9%), edged lower.

Tata Steel lost 1.93%. On a consolidated basis, Tata Steel reported net profit of Rs 14688.02 crore in Q4 March 2018 compared with net loss of Rs 1168.02 crore in Q4 March 2017. Net sales rose 7.05% to Rs 35737.19 crore in Q4 March 2018 over Q4 March 2017. The company received one-time exceptional gain of Rs 11376.14 crore in March quarter. The exceptional gain includes a non-cash gain of Rs 14077 crore on account of restructuring of UK pension scheme.

Commenting on the result, TV Narendran, CEO & MD said that Tata Steel performance has been robust in FY 2018 driven by strong execution strategy and supported by favourable global demand-supply balance. During the year, the company's Indian operations delivered volume growth better than the market on the back of the ramp-up at our Kalinganagar plant and the strength of the firm's marketing network and brand equity. Growth was broad-based across our marketing segments.

Gross debt as on 31 March 2018 increased to Rs 92147 crore, mainly driven by foreign exchange translation impact. Net debt declined to Rs 69215 crore. The result was announced after market hours yesterday, 16 May 2018.

Index heavyweight and engineering & construction major L&T shed 0.86%. L&T said that its power transmission & distribution business of L&T Construction has won order valued Rs 2440 crore. The announcement was made during market hours today, 17 May 2018.

Telecom major Bharti Airtel lost 2.34%. Bharti Airtel said that pursuant to the Scheme, the Committee of Board of Directors of the Company has allotted five equity shares to Telenor South Asia Investment Pte. The announcement was made after market hours yesterday, 16 May 2018.

Reliance Communications surged 56.87% on reports that the company is in talks with Swedish telecom firm Ericsson for settlement. According to media reports, Reliance Communications (RCom) and Ericsson will inform the Mumbai bench of the National Company Law Tribunal (NCLT) they are in settlement talks. This news provides some hope that RCom could avoid insolvency proceedings. Insolvency proceedings would put a hold on any asset sales by RCom.

RCom clarified after market hours on 15 May 2018, that the company and two of its subsidiaries Reliance Telecom and Reliance Infratel, await the detailed orders of the National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC. Ericsson has reportedly sought Rs 1154 crore from RCom and two of its arms after having signed a seven-year deal in 2014 to operate and manage RCom's nationwide network.

In December 2017, Reliance Jio agreed to buy a majority of the wireless assets of RCom for an undisclosed amount. Both companies signed agreements for sale of wireless spectrum, tower, optical fibre network and media convergence node assets.

On the political front, Bharatiya Janata Party's (BJP's) B.S. Yeddyurappa was today, 17 May 2018, sworn in as chief minister of Karnataka. The swearing-in came after a four-hour, post-midnight Supreme Court hearing on a Congress-JDS petition that sought to quash his candidature. The Supreme Court made it clear that the swearing-in and the government formation would be subject to its final order on the Congress-JDS petition before it. Yeddyurappa still has to prove the BJP's majority in the assembly.

Karnataka delivered a hung Assembly on Tuesday with no party getting a clear majority to form government in the state. While the Bharatiya Janata Party (BJP) emerged as the single-largest party, winning 104 seats, falling marginally short of the 113 seats needed to form a government. The Congress and the Janata Dal Secular (JDS) stood second and third with wins on 78 and 38 seats respectively.

Overseas, European shares were trading higher as investors continued to monitor corporate earnings and political risk. Asian stocks settled on a mixed note. US stocks rose yesterday, 16 May 2018, with major indexes advancing in a broad rally as investors appeared to shake off fears of rising bond yields, helping equities resume a recent uptrend.

On the economic front, construction on new houses dropped 3.7% in April. The annual rate of new homes being built declined to 1.29 million last month from a revised 1.34 million pace in March that was the strongest since mid-2007.

US factory output rose in April, although new estimates of manufacturing and overall industrial production showed less growth in prior months than initially believed, casting a shadow over the economic outlook. Industrial production rose 0.7% in April, the Federal Reserve said Wednesday. Output rose at a 2.3% rate in the first quarter.

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