News End-Session

Market drops ahead of RBI policy
05-Jun-18   17:08 Hrs IST

Domestic stocks ended a volatile session of trade with modest losses. The barometer index, the S&P BSE Sensex, fell 108.68 points or 0.31% to settle at 34,903.21. The Nifty 50 index fell 35.35 points or 0.33% to settle at 10,593.15. The Sensex settled below the psychologically important 35,000 mark. A survey showing services activity in May shrank for the first time in three months as new orders stagnated dampened sentiment.

Sentiment was hurt after a survey showed services activity in May shrank for the first time in three months as new orders stagnated. Caution prevailed ahead of the central bank's policy decision on Wednesday. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meets between 4-6 June 2018 for the second bi-monthly monetary policy statement for 2018-2019. The resolution of the MPC will be unveiled at 14:30 pm on Wednesday, 6 June 2018.

The indices displayed some volatility in early trade and later slipped into negative terrain in morning trade. Indices hit fresh intraday low in mid-morning trade. Indices sharply pared losses in early afternoon trade. The indices hit fresh intraday low in mid-afternoon trade.

The barometer index, the S&P BSE Sensex, fell 108.68 points or 0.31% to settle at 34,903.21. The Sensex rose 61.23 points, or 0.17% at the day's high of 35,073.12 in early trade. The index fell 227.21 points, or 0.65% at the day's low of 34,784.68 in mid-afternoon trade.

The Nifty 50 index fell 35.35 points or 0.33% to settle at 10,593.15. The Nifty rose 4.65 points, or 0.04% at the day's high of 10,633.15 in early trade. The index fell 77.60 points, or 0.73% at the day's low of 10,550.90 in mid-afternoon trade.

Broader market declined sharply. Among secondary barometers, the BSE Mid-Cap index fell 1.20%. The BSE Small-Cap index fell 2.43%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 483 shares rose and 2216 shares fell. A total of 107 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Capital Goods index (down 1.96%), the S&P BSE Teck index (down 1.58%), the S&P BSE IT index (down 1.52%) underperformed the Sensex. The S&P BSE Oil & Gas index (up 0.1%), the S&P BSE Bankex (down 0.22%) and the S&P BSE Auto index (down 0.35%), outperformed the Sensex.

Reliance Industries (up 0.9%), Tata Steel (up 0.88%), HDFC (up 0.78%), Maruti Suzuki India (up 0.69%) and HDFC Bank (up 0.68%) were the major Sensex gainers.

Coal India (down 2.36%), Bharti Airtel (down 2.16%), Dr Reddy's Laboratories (down 1.87%) and Yes Bank (down 1.84%) were the major Sensex losers.

Capital goods stocks edged lower. ABB India (down 2.52%), Bharat Heavy Electricals (Bhel) (down 2.66%), BEML (down 3.29%), Bharat Electronics (up 0.8%), L&T (down 1.93%), Punj Lloyd (down 3.4%), Siemens (down 2.77%), Thermax (down 1.63%) declined.

IndusInd Bank rose 0.24%. Bharat Financial Inclusion rose 0.66%. IndusInd Bank today announced that it has received 'no-objection' from National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) for the proposed merger of Bharat Financial Inclusion (BFIL) with IndusInd Bank, following comments received from the Securities and Exchange Board of India (Sebi). The announcement was made during market hours today, 5 June 2018.

IndusInd Bank received “No-objection” from NSE on Friday, 1 June 2018, and from BSE on Monday, 4 June 2018. The “No-objection” is based on the draft scheme and other documents submitted by the bank.

On 13 March 2018, IndusInd Bank received “No Objection” from the Reserve Bank of India for the proposed merger of BFIL with IndusInd Bank. The merger had received the approval of the Competition Commission of India on 19 December 2017.

FMCG major Hindustan Unilever (HUL) rose 0.11%. The company announced during trading hours today, 5 June 2018, that it will be integrating the Foods and Refreshments categories in South Asia, effective 1 July 2018. This integration will help HUL increase organisational agility and better serve local consumers while harnessing the advantage of global scale. The integration of these two categories is also in alignment with the structure of Unilever globally. The company has also announced some key changes in the management committee.

Sudhir Sitapati, presently executive director, Refreshments, will be re-designated as Executive Director, Foods & Refreshment, and will be responsible for the integrated Foods and Refreshments (F&R) business. He will continue to be a part of the Management Committee of HUL. Geetu Verma, who is the currently the executive director, Foods, India, will be moving to Rotterdam as Global VP - Nutrition & Natural Platforms, Unilever. This is a new role designed to grow Unilever's presence in the Health and Wellbeing sector.

The foods & refreshments business has delivered consistent growth in India. It lends significant scale to Unilever in the region and will continue to be a strategic priority for the business. The company believes this integration will help drive synergies, become more agile and more consumer-centric, HUL said in a statement.

Idea Cellular lost 9.96%. The company said that it has received approval on its application to increase Foreign Direct Investment (FDI) limit in the company to 100%, from the current 67.5%, from the Department of Telecom (DoT). The approval is for total foreign investment upto 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries - Aditya Birla Telecom and Idea Cellular Infrastructure Services. The announcement was made after market hours yesterday, 4 June 2018.

The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the Sebi, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad. The merger of Vodafone India with Idea Cellular is in the final leg of regulatory approvals and is expected to complete in H1CY18, subject to the final approval from the DoT.

Biocon lost 7.09% in volatile trade. Biocon and Mylan N.V announced that the US Food and Drug Administration (FDA) has approved Mylan's FulphilaTM (pegfilgrastim-jmbd), a biosimilar to Neulasta (pegfilgrastim), co-developed with Biocon. Fulphila has been approved to reduce the duration of febrile neutropenia (fever or other signs of infection with a low count of neutrophils, a type of white blood cells) in patients treated with chemotherapy in certain types of cancer. The announcement was made before market hours today, 5 June 2018.

Fulphila is the first FDA-approved biosimilar to Neulasta and the second biosimilar from Mylan and Biocon'sjoint portfolio approved in the US. Mylan anticipates launching Fulphila in the coming weeks, representing the first alternative, more affordable treatment option to Neulasta for oncology patients. A suite of patient services also will be available at launch to further support patients and caregivers with treatment. Neulasta had US sales of $4.2 billion for the 12 months ended 31 March 2018, according to IQVIA.

Mylan and Biocon are exclusive partners on a broad portfolio of biosimilar and insulin products. Biosimilar to Neulasta is one of 11 biologic and insulin products co-developed by Mylan and Biocon for the global marketplace. Mylan has exclusive commercialization rights for the product in the US, Canada, Japan, Australia, New Zealand and in the European Union and European Free Trade Association countries. Biocon has co-exclusive commercialization rights with Mylan for the product in the rest of the world.

Sunteck Realty fell 1.36%. The company said that its board of directors has approved a proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 24% to 49% of the paid up equity share capital of the company. The increase will make available more limits for the RFPIs/ FIIs to invest in the equity share capital of the company. The announcement was made after market hours yesterday, 4 June 2018.

On the macro front, the Nikkei India Services Business Activity Index fell to 49.6 last month from 51.4 in April. A reading below 50 indicates contraction in activity, while a number above it signals expansion. Services activity in the country fell below the 50-point-mark for the first time since February, when the Index reading stood at 47.8.

Overseas, most European shares were trading higher. Asian markets reversed early losses and settled higher. US market posted strong gains Monday, led by a rally in the technology and consumer discretionary sectors, as traders appeared to shrug off global trade tensions and focused on a favorable economic backdrop instead.

US factory orders fell by 0.8% in April. The decline was concentrated in commercial aircraft. Orders for nondurable goods rose slightly. The increase in factory orders in March, meanwhile, was raised a tick to 1.7%.

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