News End-Session

Sensex settles a tad above 35,000
04-Jun-18   16:47 Hrs IST

Domestic stocks settled with modest losses on first trading day of the week led by slide in banking and realty stocks. The barometer index, the S&P BSE Sensex, fell 215.37 points or 0.61% to settle at 35,011.89. The Nifty 50 index fell 67.70 points or 0.63% to settle at 10,628.50. The Sensex settled a tad above the psychological 35,000 level after sliding below that level in late trade.

Investors remained on the sidelines ahead of Reserve Bank of India's (RBI) monetary policy review meeting. The RBI's 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.

After opening higher, indices declined in morning trade. Indices recovered and hovered near flat line in early afternoon trade. Shares hit fresh intraday low in late trade as selling intensified.

The barometer index, the S&P BSE Sensex, fell 215.37 points or 0.61% to settle at 35,011.89, its lowest closing level since 30 May 2018. The Sensex rose 328.33 points, or 0.93% at the day's high of 35,555.59 in early trade. The index fell 245.01 points, or 0.70% at the day's low of 34,982.25 in late trade.

The Nifty 50 index fell 67.70 points or 0.63% to settle at 10,628.50, its lowest closing level since 30 May 2018. The Nifty rose 74.10 points, or 0.69% at the day's high of 10,770.30 in early trade. The index fell 77.85 points, or 0.73% at the day's low of 10,618.35 in late trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.82%. The BSE Small-Cap index fell 2.09%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 563 shares rose and 2,127 shares fell. A total of 182 shares were unchanged.

Bharti Airtel (down 2.77%), Adani Ports and Special Economic Zone (down 2.47%), Power Grid Corporation of India (down 2.06%), Hindustan Unilever (down 1.73%) and ONGC (down 1.71%) were the major Sensex losers.

Infosys (up 1.59%), Mahindra & Mahindra (up 1.27%), Tata Steel (up 1.18%), Reliance Industries (up 1.09%) and TCS (up 0.71%) were the major Sensex gainers.

Bank stocks declined. Among private bank stocks, HDFC Bank (down 2.99%), Kotak Mahindra Bank (down 1.13%), ICICI Bank (down 1.14%), Axis Bank (down 0.2%) and IndusInd Bank (down 0.93%) declined. Yes Bank (up 0.22%) rose.

Among PSU bank stocks, Andhra Bank (down 3%), State Bank of India (SBI) (down 1.37%), Bank of Baroda (down 4%), Canara Bank (down 0.9%), IDBI Bank (down 4.38%), Bank of India (down 2.12%) and Union Bank of India (down 1.57%) dropped. Punjab National Bank (up 0.36%) rose.

Dr Reddy's Laboratories gained 2.86% after the company announced that the audit of its API Srikakulam Plant (SEZ), Andhra Pradesh by the USFDA, has been completed with no observations. The announcement was made on Saturday, 2 June 2018.

Hero MotoCorp shed 0.32%. The company said its total sales rose 11% to 7.06 lakh units in May 2018 over May 2017. The announcement was made after market hours on Friday, 1 June 2018.

Sustaining strong sales momentum, Hero MotoCorp has continued to further consolidate its domestic market leadership with an all-time high sales for the month of May. During the month, Hero MotoCorp showcased its new offering in the premium segment-the Xtreme 200R. This motorcycle is slated for launch in the second quarter of this fiscal.

With the forecast of a good monsoon this year, there is expectation of an uptick in market demand in the later part of the year, leading to a sustained momentum in the positive turnaround in sentiments across the country, Hero MotoCorp said. The company is well placed to leverage that with the upcoming introduction of its new motorcycles and scooters during the year, it added.

Realty shares declined. Peninsula Land (down 5.9%), Housing Development and Infrastructure (HDIL) (down 6.7%), Prestige Estates Projects (down 4.13%), Indiabulls Real Estate (down 4.58%), D B Realty (down 4.45%), Unitech (down 3.39%), DLF (down 3.79%), Sobha (down 1.76%), Godrej Properties (down 2.25%), Parsvnath Developers (down 1.84%) and Oberoi Realty (down 0.74%) edged lower.

Cadila Healthcare fell 0.37%. Zydus Cadila has received the final approval from the USFDA to market Doxycycline HyclateCapsulesUSP, 50mg and 100mg. It is atetracycline antibiotic used for treatment of a wide variety of bacterial infections, including those that cause acne. This medication is also used for prophylaxis of malaria. It will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad. The announcement was made on Saturday, 2 June 2018.

Whirlpool of India rose 0.1% after the company announced strategic joint venture with Elica to expand cooking business. The announcement was made on Saturday, 2 June 2018.

Whirlpool of India's board of directors approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India. As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018.

Sunil D'Souza, Managing Director of Whirlpool of India said the cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica's impressive capabilities in consumer insights, design, manufacturing and also broaden its distribution.

Dilip Buildcon rose 0.9% after the company received letter of award from National Highways Authority of India for a new hybrid annuity project valued at Rs 1313.90 crore in Karnataka. Dilip Buildcon said that the order is for four laning of Bellary to Byrapura Section of NH-150A on Hybrid Annuity Mode under Bharatmala Pariyojana in Karnataka on Hybrid Annuity Mode Pkg - 1. The construction period of the project is 24 months. The announcement was made on Saturday, 2 June 2018.

Shivam Autotech rose 2.66% after the company announced that it has achieved about 8% increase in sales in May 2018 over May 2017. The announcement was made after market hours on Friday, 1 June 2018.

Overseas, European stocks were trading higher as optimism for the world's largest economy helped investors put concerns over protectionism to one side. Asian stocks were trading higher, tracking gains seen on Wall Street on Friday, 1 June 2018. US stock-market indices jumped on Friday, following a solid jobs data for May, while shrugging off concerns over Italian politics and trade wars.

Despite the positive mood, trade concerns continued to linger after US-China trade talks yielded no major breakthroughs. China threatened that previous trade agreements negotiated by the countries will not take effect if the Trump administration goes ahead with a planned tariff increase.

US allies also took aim during a G-7 finance leaders meeting at metals tariffs imposed by the Trump administration.

On the US data front, the Institute for Supply Management said Friday that its manufacturing index rose to 58.7%, up 1.4% from April and a two-month high.

The US labor market remains strong with 223,000 new jobs created in May, while the unemployment rate fell to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. Receding fears about political upheaval in Italy also helped boost sentiment.

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