News End-Session

Market ends flat after volatile trade
15-May-18   16:38 Hrs IST

Key indices ended almost flat, erasing strong intraday gains, after Bhartiya Janata Party's lead decreased from the halfway mark in the ongoing Karnataka Assembly election results. The barometer index, the S&P BSE Sensex, fell 12.77 points or 0.04% to settle at 35,543.94. The Nifty 50 index fell 4.75 points or 0.04% to settle at 10,801.85.

The new alliance equations is in the offing as BJP fell short of majority after initial leads in the ongoing Karnataka Assembly election results. Media reports suggested that the Congress has offered to support Janata Dal (Secular), or JDS, and project H.D. Kumaraswamy as the state's next chief minister. This development could spoil the celebrations of BJP cadres on the emergence of the BJP as the single largest party in the state. The Congress and the BJP have both rushed senior leaders from Delhi to Bengaluru, media reports suggested.

Trends and results as at 16:30 IST showed the Bharatiya Janata Party (BJP) winning 82 seats and leading in 22 seats, Indian National Congress winning 52 seats and leading in 26 seats and Janata Dal (Secular) winning 28 seats and leading in 9 seats. 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.

In the equity market, trading was quite volatile today, 15 May 2018. Stocks began trading for the day on a firm note as initial trends showed BJP taking huge lead in Karnataka. Key benchmark indices hit fresh intraday high in morning trade triggered by trends and results showing the BJP is set to form the government in Karnataka. Stocks trimmed gains in afternoon trade. Stocks trimmed almost entire strong intraday gains in mid-afternoon. Market hovered near flat line in late trade.

The Sensex fell 12.77 points or 0.04% to settle at 35,543.94. The index rose 436.82 points, or 1.23% at the day's high of 35,993.53. The index fell 58.79 points, or 0.17% at the day's low of 35,497.92.

The Nifty 50 index fell 4.75 points or 0.04% to settle at 10,801.85. The index rose 122.60 points, or 1.13% at the day's high of 10,929.20. The index fell 25.20 points, or 0.23% at the day's low of 10,781.40.

The S&P BSE Mid-Cap index fell 0.81%. The S&P BSE Small-Cap index fell 0.65%. Both these indices underperformed the Sensex

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1028 shares rose and 1611 shares fell. A total of 140 shares were unchanged.

Among the sectoral indices, the S&P BSE Realty index (down 1.9%), the S&P BSE Industrials index (down 1.02%), the S&P BSE Auto index (down 0.71%), the S&P BSE Telecom index (down 0.65%), the S&P BSE Energy index (down 0.46%), the S&P BSE Healthcare index (down 0.45%), the S&P BSE Utilities index (down 0.3%), the S&P BSE Oil & Gas index (down 0.28%), the S&P BSE Capital Goods index (down 0.27%), the S&P BSE FMCG index (down 0.23%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.19%), the S&P BSE Finance index (down 0.15%), the S&P BSE Power index (down 0.15%), the S&P BSE Basic Materials index (down 0.13%), the S&P BSE Bankex (down 0.11%), underperformed the Sensex. The S&P BSE Metal index (up 0.21%), the S&P BSE Teck index (up 0.34%) and the S&P BSE IT index (up 0.48%), outperformed the Sensex. The S&P BSE Consumer Durables index was down 0.04%, matching the Sensex's fall in percentage terms.

Private sector banks were mixed. City Union Bank (up 1.18%), HDFC Bank (up 0.85%), Kotak Mahindra Bank (up 0.77%), Yes Bank (up 0.29%) and IndusInd Bank (up 0.16%), edged higher. Axis Bank (down 0.41%), ICICI Bank (down 0.63%), RBL Bank (down 0.84%) and Federal Bank (down 3.79%), edged lower.

Public sector banks declined. Allahabad Bank (down 8.6%), Dena Bank (down 6.02%), United Bank of India (down 5.35%), Punjab National Bank (down 3.8%), Syndicate Bank (down 3.21%), Canara Bank (down 3.12%), Union Bank of India (down 2.78%), Indian Bank (down 2.54%), Bank of India (down 2.47%), Central Bank of India (down 2.22%), Andhra Bank (down 1.95%), State Bank of India (down 1.87%), Corporation Bank (down 1.78%), IDBI Bank (down 1.66%), Bank of Baroda (down 1.65%) and Punjab & Sind Bank (down 0.6%), edged lower. Bank of Maharashtra (up 0.37%), UCO Bank (up 1.35%) and Vijaya Bank (up 2.83%), edged higher.

Realty stocks fell. D B Realty (down 8.47%), Indiabulls Real Estate (down 5.17%), Prestige Estates Projects (down 3.23%), Oberoi Realty (down 3%), Peninsula Land (down 1.77%), DLF (down 1.76%), Parsvnath Developers (down 1.67%), Anant Raj (down 1.46%), Godrej Properties (down 1.33%), Sunteck Realty (down 0.92%), Unitech (down 0.81%), Housing Development and Infrastructure (HDIL) (down 0.74%) and Sobha (down 0.17%), edged lower. Omaxe (up 0.29%), Mahindra Lifespace Developers (up 2.26%) and Phoenix Mills (up 2.4%), edged higher.

IT major Wipro fell 0.41%. 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 yesterday, 14 May 2018.

Tata Steel rose 2.29% on reports the National Company Law Tribunal today, 15 May 2018, approved Tata Steel's bid for debt-ridden Bhushan Steel. The order was pronounced in court today, 15 May 2018, and detailed judgement is awaited, media reports suggested. Shares of Bhushan Steel rose 4.81% to Rs 23.95.

According to reports, the Committee of Creditors (CoC) had approved Rs 32500 crore deal along with 12.27% equity in Bhushan Steel offered by Tata Steel. However, some employees of Bhushan Steel had challenged it before National Company Law Tribunal (NCLT) contending that Tata Steel was not eligible under section 29 (A) of the Insolvency and Bankruptcy Code (IBC).

On the macro front, the all-India general CPI inflation increased to 4.58% in April 2018 (new base 2012=100), compared with 4.28% in March 2018, snapping consistent moderation for last three months. The corresponding provisional inflation rate for rural area was 4.67% and urban area 4.42% in April 2018 as against 4.44% and 4.12% in March 2018. The core CPI inflation increased to 5.80% in April 2018 compared with 5.23% in March 2018. The data was released by the government after market hours yesterday, 14 May 2018.

The cumulative CPI inflation had declined to 3.59% in April-April FY2018 compared with 4.52% in April-April FY2017.

Meanwhile, the President of India, as advised by the Prime Minister, directed reallocation of portfolios amongst the members of the Union Council of Ministers. During the period of indisposition of Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios.

Rajyavardhan Singh Rathore be assigned the independent charge as Minister of State in the Ministry of Information and Broadcasting, in place of Smriti Zubin Irani, presently Minister of Information and Broadcasting.

S.S. Ahluwalia, Minister of State be relieved of the charge of Ministry of Drinking Water & Sanitation and assigned the portfolio of Ministry of State in the Ministry of Electronics & Information Technology. Alphons Kannanthanam, Minister of State be relieved of the charge of Minister of State in the Ministry of Electronics & Information Technology.

Overseas, European markets were mixed, as investors monitored key political and economic risks while oil prices hovered close to multi-year highs.

Asian stocks fell as investors remained cautious about key economic and political risks, while supply concerns kept crude oil prices near 3-1/2-year highs. US stock indexes posted modest gains yesterday, 14 May 2018 and the Dow ended with an eighth gain in a row, extending an uptrend on signs of easing trade tensions between the US and China.

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