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News End-Session

 
Market ends with modest losses
10-May-18   16:45 Hrs IST

Key benchmark indices ended with modest losses in a volatile session of trade as investors turned cautious ahead of the Karnataka assembly elections on 12 May 2018. Higher crude oil prices also weighed on sentiment. The barometer index, the S&P BSE Sensex, fell 73.08 points or 0.21% to settle at 35,246.27. The Nifty 50 index fell 25.15 points or 0.23% to settle at 10,716.55. Pharmaceutical shares declined. Realty stocks dropped.

The barometer index, the S&P BSE Sensex, fell 73.08 points or 0.21% to settle at 35,246.27. The Sensex hit day's high of 35,500.76 and day's low of 35,203.85.

The Nifty 50 index fell 25.15 points or 0.23% to settle at 10,716.55. The Nifty hit day's high of 10,785.55 and day's low of 10,705.

Broader market witnessed selling pressure. The BSE Mid-Cap index fell 1.52%. The BSE Small-Cap index fell 1.36%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 775 shares rose and 1,890 shares fell. A total of 122 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Realty index (down 2.02%), the S&P BSE Power index (down 1.55%), the S&P BSE Healthcare index (down 1.52%), underperformed the Sensex. The S&P BSE Oil & Gas index (up 0.54%) outperformed the Sensex.

ONGC (up 2.87%), Bharti Airtel (up 1.92%), Reliance Industries (up 0.55%), HDFC Bank (up 0.54%) and Coal India (up 0.45%) were the top gainers in the Sensex pack.

Tata Motors (down 2.34%), Power Grid Corporation of India (down 1.77%) and Bajaj Auto (down 1.62%) were the major losers in the Sensex pack.

Pharmaceutical shares declined. Dr Reddy's Laboratories (down 3.7%), Strides Shasun (down 7.9%), Glenmark Pharmaceuticals (down 1.84%), Sun Pharmaceutical Industries (down 1.85%), Cadila Healthcare (down 1.8%), Wockhardt (down 1.03%), Aurobindo Pharma (down 2.47%), Alkem Laboratories (down 0.32%) and Lupin (down 0.83%) edged lower. GlaxoSmithKline Pharmaceuticals (up 1.4%) rose.

Cipla lost 2.3%. The company announced that it has entered into an exclusive marketing and distribution agreement with US-based MannKind Corporation for Afrezza in India. Afrezza is the only USFDA approved inhaled insulin available for patients suffering from diabetes. The announcement was made after market hours yesterday, 9 May 2018. Afrezza, an inhaled insulin, is a cutting-edge product which will increase patient convenience, said Umang Vohra, MD & Global CEO, Cipla. The innovative drug delivery system will revolutionize the diabetic care in India.

Eicher Motors rose 0.99% after consolidated net profit rose 0.45% to Rs 461.53 crore on 35.05% rise in total income to Rs 2709.21 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 9 May 2018.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 36.3% to Rs 797 crore in Q4 March 2018 over Q4 March 2017. Profit after tax from continuing operations (PAT) rose 38.1% to Rs 649 crore in Q4 March 2018 over Q4 March 2017.

Eicher Motors said that on 9 March 2018, the board of directors of Eicher Polaris (EPPL), Eicher Motors' 50:50 joint venture with Polaris Inc., US, decided to wind down the operations of the EPPL. Consequently, the consolidated financial results include an amount of Rs 187.03 crore of exceptional nature representing the company's share of loss for Q4 March 2018. This is over and above the share of loss of Rs 124.95 crore recognised from the commencement of operation of the company in June 2015 31 till December 2017.

Realty stocks dropped. Parsvnath Developers (down 6.33%), DLF (down 3.77%), Indiabulls Real Estate (down 2.86%), Housing Development and Infrastructure (down 3.23%), D B Realty (down 1.45%), Unitech (down 3.44%), Godrej Properties (down 1.53%) and Oberoi Realty (down 1.07%) declined. Prestige Estates Projects (up 0.5%) and Sobha (up 0.87%) rose.

Jindal Steel & Power lost 6.61% after the company reported consolidated net loss of Rs 424.69 crore in Q4 March 2018, higher than net loss of Rs 100.01 crore in Q4 March 2017. Jindal Steel & Power's (JSPL) consolidated net sales rose 39.93% to Rs 8522.79 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 9 May 2018.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 38% to Rs 2136 crore in Q4 March 2018 over Q4 March 2017. EBITDA margin rose to 25% in Q4 March 2018 from 23% in Q4 March 2017.

Federal Bank slumped 11.57% after net profit dropped 43.49% to Rs 144.99 crore on 10.16% rise in total income to Rs 2862.14 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 9 May 2018.

Hikal lost 5.29% after net profit fell 12.41% to Rs 25.34 crore on 26.17% rise in total income to Rs 392.11 crore in Q4 March 2018 over Q4 March 2017. Hikal's board of directors has approved a 1:2 bonus issue of shares. The announcement was made after market hours yesterday, 9 May 2018.

On the political front, election will be held on 12 May 2018 in 223 constituencies out of 224 of the Karnataka Legislative Assembly, 1 constituency has been postponed following the death of B.N. Vijay Kumar, Jayanagar BJP candidate. The counting of votes and announcement of result will take place on 15 May 2018. The tenure of Karnataka assembly ends on 28 May 2018.

Overseas, European stocks were little changed ahead of the Bank of England's interest rate decision. While no change in policy is expected, the language of the policy statement and the inflation report will be key. Asian shares settled higher, tracking Wall Street's advance as oil prices traded higher after touching multi-year highs overnight.

In US, the broader stock market rallied as sharp gains in energy, financials and technology stocks propelled the main benchmarks firmly higher.

On the data front, US wholesale prices rose a scant 0.1% in April to mark the smallest gain since the end of 2017, perhaps a sign inflationary pressures are leveling off after a prolonged upsurge. The 12-month rate of wholesale inflation slipped to 2.6% from 3%. The so-called core rate of wholesale inflation also increased 0.1%. The core rate is a closely watched category that excludes food, energy and retail-trade margins. The yearly rate of core inflation slipped to 2.5% from 2.9%.

Meanwhile, the US Energy Information Administration reported Wednesday that crude supplies fell by 2.2 million barrels for the week ended 4 May 2018. The decline followed back-to-back weekly increases.

Oil prices continued their move higher after touching multiyear highs overnight as investors digested the impact renewed US sanctions on Iran would have on oil supplies.

In global commodities markets, Brent crude oil futures edged higher. Brent for June 2018 settlement was up 12 cents at $77.33 a barrel. The contract jumped $2.36 a barrel or 3.15% to settle at $77.21 a barrel during the previous trading session.

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