News End-Session

Market ends lower amid negative global cues
03-May-18   16:40 Hrs IST

Key benchmarks suffered losses, dragged by IT stocks, while negative global stocks amid caution about the China-US trade talks also weighed on investor sentiment. The barometer index, the S&P BSE Sensex, fell 73.28 points or 0.21% to settle at 35,103.14. The Nifty 50 index fell 38.40 points or 0.36% to settle at 10,679.65.

Overseas, European equities were trading lower as investors closely monitored trade talks between the US and China and digested new earnings reports. Asian stocks fell after the Federal Reserve reiterated plans to continue raising rates gradually amid firming inflation. Japan markets are closed for a four-day holiday weekend.

A US trade delegation arrived in China on Thursday for talks on tariffs. The discussions, led by US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of US complaints about China's trade practices, from accusations of forced technology transfers to state subsidies for technology development. The US Embassy in Beijing said the delegation planned to meet Chinese officials on both days, in addition to US Ambassador Terry Branstad, before leaving on Friday evening.

US stocks fell yesterday, 2 May 2018, as investors assessed the US Federal Reserve's signal that it's in no rush to raise rates even as inflation rises to its target.

The Federal Reserve on Wednesday kept a key US interest rate steady, saying that while inflation has moved higher, it's likely to run near the central bank's 2% target in the coming months. The central bank maintained its fed funds at a range of 1.5%-1.75%.

In its statement, the Fed noted the latest readings that show both overall and core inflation have moved close to the central bank's 2% goal. Fed officials were split between whether to raise rates three or four times this year.

Back home, the Sensex fell 73.28 points or 0.21% to settle at 35,103.14, its lowest closing level since 27 April 2018. The index rose 80.89 points, or 0.23% at the day's high of 35,257.31. The index fell 156.34 points, or 0.44% at the day's low of 35,020.08.

The Nifty 50 index fell 38.40 points or 0.36% to settle at 10,679.65, its lowest closing level since 26 April 2018. The index rose 2.55 points, or 0.02% at the day's high of 10,720.60. The index fell 70.60 points, or 0.66% at the day's low of 10,647.45.

The S&P BSE Mid-Cap index fell 1.16%. The S&P BSE Small-Cap index fell 0.84%. Both these indices underperformed the Sensex.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,848 shares fell and 817 shares rose. A total of 134 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (down 1.79%), the S&P BSE IT index (down 1.62%), the S&P BSE Capital Goods index (down 1.6%), the S&P BSE Teck index (down 1.39%), the S&P BSE Industrials index (down 1.3%), the S&P BSE FMCG index (down 1.14%), the S&P BSE Energy index (down 0.87%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.73%), the S&P BSE Telecom index (down 0.6%), the S&P BSE Oil & Gas index (down 0.59%), the S&P BSE Auto index (down 0.39%) and the S&P BSE Consumer Durables index (down 0.33%), underperformed the Sensex. The S&P BSE Healthcare index (down 0.17%), the S&P BSE Finance index (down 0.02%), the S&P BSE Utilities index (up 0.04%), the S&P BSE Bankex (up 0.22%) and the S&P BSE Metal index (up 0.80%), outperformed the Sensex. The S&P BSE Basic Materials index (down 0.21%) and the S&P BSE Power index (down 0.21%), matching the Sensex's returns in percentage terms.

Adani Ports and Special Economic Zone fell 0.78% to Rs 396.80. Consolidated net profit fell 20.19% to Rs 929.06 crore on 36.50% increase in total income to Rs 3487.29 crore in Q4 March 2018 over Q4 March 2017. The result was announced at the fag end of the trading session today, 3 May 2018.

Private sector banks were mixed. City Union Bank (up 1.83%), Axis Bank (up 1.71%), ICICI Bank (up 1.61%), IndusInd Bank (up 0.58%) and RBL Bank (up 0.44%), edged higher. Yes Bank (down 0.07%), HDFC Bank (down 0.14%), Federal Bank (down 1.21%) and Kotak Mahindra Bank (down 1.9%), edged lower.

Most public sector banks declined. Andhra Bank (down 1.97%), Punjab & Sind Bank (down 1.56%), Syndicate Bank (down 1.49%), Dena Bank (down 1.3%), Bank of Maharashtra (down 1.24%), Union Bank of India (down 1.09%), UCO Bank (down 1.03%), Corporation Bank (down 1.01%), Punjab National Bank (down 0.86%), Bank of Baroda (down 0.66%), Allahabad Bank (down 0.63%), Bank of India (down 0.2%), IDBI Bank (down 0.08%) and Central Bank of India (down 0.07%), edged lower. Canara Bank (up 0.18%), State Bank of India (up 0.48%), Vijaya Bank (up 1.22%) and Indian Bank (up 1.29%), edged higher.

IT shares witnessed selling pressure. HCL Technologies (down 7.49%), MindTree (down 1.97%), Wipro (down 1.94%), MphasiS (down 1.6%), Tech Mahindra (down 1.56%) and TCS (down 0.43%), edged lower. Persistent Systems (up 0.14%), Hexaware Technologies (up 0.27%) and Oracle Financial Services Software (up 1.56%), edged higher.

IT major Infosys fell 1.33% to Rs 1,181.85. Infosys after market hours yesterday, 2 May 2018 announced a partnership with Astound, an enterprise software company applying machine learning and natural language processing to automate services and support for enterprises. Through this partnership, Astound's Artificial Intelligence (AI) platform will be embedded into Infosys Enterprise Service Management Café to deliver AI-driven automation to large enterprises and their employees.

The solution reduces call volume, mean time to resolve tickets, improves customer satisfaction and reduces support costs by providing recommendations to users in real time.

Vedanta rose 1.02% to Rs 286.35. On a consolidated basis, the company's profit after taxes rose 34% to Rs 5675 crore on 17% increase in net sales to Rs 27630 crore in Q4 March 2018 over Q4 March 2017. The result was announced after trading hours today, 3 May 2018.

Oil and Natural Gas Corporation (ONGC) rose 0.56% after the company said that it has drilled 503 wells in 2017-18, which is the highest number of wells drilled in last 27 years. The announcement was made after market hours yesterday, 2 May 2018.

Among the 503 wells, 119 exploratory and 384 development wells were drilled. In order to assess the prospectivity of existing acreages in a time-bound manner and add to the company's reserve base, more focus was laid on exploratory drilling.

During FY 2018, ONGC's planned capex outlay on drilling activities was Rs 16038 crore with a target to drill 496 wells including 110 exploratory and 386 development wells. However, the company has drilled 503 wells at a cost of approx Rs 14200 crore which is 11.5% lower than the budget outlay. The initiatives taken by the company to optimize cost and enhance operational efficiencies has yielded additional savings in the fiscal year ended March 31 March 2018.

This year, ONGC has set a capex outlay of Rs 17615 crore on drilling activities. There is a significant upside in the number of deepwater development wells planned by the company. The company has set an ambitious target to drill 535 wells, of which 24 are deep-water development wells as part of Cluster-2 development of KG-DWN-98/2 project, off the EastCoast of India. The company is also set to drill 30 wells as part of its CBM development project.

Two-wheeler major Hero MotoCorp fell 0.06% to Rs 3,660. The company said it sold 694,022 units in April 2018. This translates into a double digit growth of 16.5% over April 2017, when the company had sold 595,706 units. With the forecast of a normal monsoon this year and a strong pipeline of new products coming up, Hero MotoCorp is confident of sustaining its growth momentum in the coming months. The announcement was made after trading hours today, 3 May 2018.

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