Sensex ends flat, midcaps melt amid uncertainty over Karnataka election results

May 15, 03:39 PM (IST)   

Market Closing: Benchmark indices ended flat after the BJP is likely to fail to reach half-way mark in Karnataka, though it is likely to be emerging as the largest party with 104 seats.
The 30-share BSE Sensex was down 12.77 points at 35,543.94 and the 50-share NSE Nifty fell 4.70 points to 10,801.90. 
Nifty Midcap index was down 179 points.
Punjab National Bank down 6 percent after Q4 earnings.
Karnataka Bank, Jet Airways, Dena Bank, Allahabad Bank, PTC India Financial Services, HDFC Standard Life, Adani Transmission, Indiabulls Real, NCC, Balaji Telefilms, Hathway Cables, Bajaj Hindusthan, KEC International, JK Paper and Tata Global Beverages down up to 10 percent.
Dr Lal PathLabs, Avenue Supermarts and Fortis Healthcare gained up to 10 percent.
May 15, 03:29 PM (IST)   
Results Reaction: Karnataka Bank share price fell 4 percent after profit for the March quarter dropped sharply to Rs 11 crore compared to Rs 138.4 crore in corresponding period last fiscal.
Gross non-performing assets were higher at 4.92 percent from 3.97 percent and net NPA increased to 2.96 percent from 2.85 percent QoQ.
May 15, 03:20 PM (IST)   
Buzzing: Punjab National Bank has posted highest ever quarterly loss at Rs 13,417 crore for the January-March period of 2018.. The stock lost more than 3 percent.
Gross non-performing assets jumped to 18.38 percent from 12.11 percent and net NPAs rose to 11.24 percent from 7.55 percent YoY.
Provisions and contingencies shot up sharply to Rs 20,353.1 crore for the quarter ended March 2018, an increase of 356 percent from previous quarter and 254 percent compared to same period last fiscal.
May 15, 03:12 PM (IST)   
Results: Texmaco Rail has reported profit at Rs 22.9 crore for the March quarter against Rs 5.9 crore in same period last year.
Revenue grew by 1.8 percent to Rs 284.6 crore while operating profit jumped 88.6 percent to Rs 24.7 crore and margin improved 400 basis points to 8.7 percent YoY.
May 15, 02:57 PM (IST)   
Earnings: Pharma major Lupin has posted a loss of Rs 783.5 crore for the quarter ended March 2018, due to one-time loss of Rs 1,464.3 crore on Gavis Group acquisition.
The company had reported profit of Rs 380.2 crore for March quarter 2017.
Revenue from operations for the quarter stood at Rs 4,033.8 crore, down 5.2 percent YoY.
Operating profit grew by 25.6 percent to Rs 698.7 crore but margin contracted to 17.3 percent from 22.1 percent YoY.
Earnings : Pharma major Lupin has posted a loss of Rs 783.5 crore for the quarter ended March 2018, due to one-time loss of Rs 1,464.3 crore on Gavis Group acquisition. 
The company had reported profit of Rs 380.2 crore for March quarter 2017. 
Revenue from operations for the quarter stood at Rs 4,033.8 crore, down 5.2 percent YoY. 
Operating profit grew by 25.6 percent to Rs 698.7 crore but margin contracted to 17.3 percent from 22.1 percent YoY. 
May 15, 02:48 PM (IST)   
Results: Vodafone India posted operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31.
It had reported a loss of around Rs 30,690 crore for 2016-17 on account of the UK-based Vodafone group cutting down valuation of Indian unit by taking gross impairment charge of 4.5 billion euro.
Vodafone, which is in the process of merging with Idea, expects the process to be completed by June, possibly making the latest results the last on standalone basis.
Vodafone India continues to face tariff war heat and reported 18.7 per cent decline in organic service revenue to around Rs 35,045 crore in 2017-18 compared to Rs 42,927 crore service revenue registered in the preceding fiscal, reports PTI.
May 15, 02:46 PM (IST)   
Earnings Reaction: Snowman Logistics share price fell more than 5 percent after March quarter profit after tax plunged 47.2 percent to Rs 1.9 crore from Rs 3.6 crore YoY.
Revenue from operations, however, increased 16.3 percent to Rs 51.8 crore from Rs 44.6 crore YoY.
Earnings Reaction:  Snowman Logistics share price fell more than 5 percent after March quarter profit after tax plunged 47.2 percent to Rs 1.9 crore from Rs 3.6 crore YoY. 
Revenue from operations, however, increased 16.3 percent to Rs 51.8 crore from Rs 44.6 crore YoY. 
May 15, 02:35 PM (IST)   
Market Update: The market erased all its gains to trade mildly lower in afternoon, with the Nifty struggling below the 10,800 levels as the BJP is away from its half-way mark, though it is likely to be emerging as the largest party in the Karnataka Assembly.
The 30-share BSE Sensex was down 47 points at 35,509.71 and the 50-share NSE Nifty fell 23.70 points to 10,782.90.
The market breadth remained in favour of declines. About 1,567 shares declined against 949 advancing shares on the BSE.
Tata Motors was the biggest loser among Nifty50 stocks, falling more than 4 percent followed by Reliance Industries, ITC, SBI, ICICI Bank, L&T and IOC.
The Nifty Midcap index extended losses, falling 1.4 percent.
May 15, 02:29 PM (IST)   
Rupee Update: The Indian rupee slipped again in afternoon, trading 35 paise or 0.52 percent lower at 67.86 against the US dollar.
May 15, 02:22 PM (IST)   
Results: Auto component maker JBM Auto has reported a massive 61.1 percent growth year-on-year in profit at Rs 23.6 crore for the quarter ended March 2018, backed by revenue as well as operational performance.
Profit in the year-ago quarter stood at Rs 14.6 crore.
Revenue from operations during the quarter grew by 15.6 percent to Rs 448 crore compared to Rs 387.4 crore in same period last year.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) jumped 26.3 percent year-on-year to Rs 58.8 crore and margin expanded by 110 basis points to 13.1 percent for the quarter ended March 2018.
May 15, 02:19 PM (IST)   
May 15, 02:12 PM (IST)   
Petrol/diesel prices hiked for second day in a row post Karnataka elections 2018
Petrol prices across India have been hiked by 15 paise on Tuesday taking them to the highest level in over four years at Rs 74.95 per litre in the National Capital.
May 15, 02:10 PM (IST)   
Bonus on early completion of project: Shares of PNC Infratech added 4 percent intraday as company received Rs 34 crore bonus for early completion of highway project in UP.
The company has received Rs 33.73 crore from National Highways Authority of India (NHAI) for early completion of a highway stretch in Uttar Pradesh.
PNC Raebareli Highways received the amount as bonus for early completion of two-laning of 166.44 km Raebareli-Jaunpur section of NH-231, PNC Infratech MD Yogesh Jain said in a statement.
This is the second bonus for the company in last three months.
"The scheduled date to complete the project was June 2, 2016, but we completed it on February 27, 2016," Jain added.
Bonus on early completion of project:  Shares of PNC Infratech added 4 percent intraday as company received Rs 34 crore bonus for early completion of highway project in UP. 
The company has received Rs 33.73 crore from National Highways Authority of India (NHAI) for early completion of a highway stretch in Uttar Pradesh. 
PNC Raebareli Highways received the amount as bonus for early completion of two-laning of 166.44 km Raebareli-Jaunpur section of NH-231, PNC Infratech MD Yogesh Jain said in a statement. 
This is the second bonus for the company in last three months. 
"The scheduled date to complete the project was June 2, 2016, but we completed it on February 27, 2016," Jain added. 
May 15, 02:07 PM (IST)   
Buzzing:  Shares of Indian Hume Pipe Company declined 4 percent intraday as company received cancellation of letter of acceptance from Madhya Pradesh Jal Nigam Maryadit. 
Madhya Pradesh Jal Nigam Maryadit cancelled the letter of acceptance in respect of work order of Rs 578.50 crore due to discrepancies found in the bid process relating to tender on e-procurement portal. 
The company had received letter of acceptance from Madhya Pradesh Jal Nigam Maryadit for Kundaliya Multi Village Rural Water Supply Scheme District - Rajgarh, Madhya Pradesh for the work order of Rs 578.50 crore including trial run and running and maintenance of the entire scheme for 10 years. 
May 15, 02:04 PM (IST)   
May 15, 02:03 PM (IST)   
Market Update: The market lost more than 3/4th of its gains in afternoon trade. The BJP is likely to emerge as the single largest party in the Karnataka Assembly as it leads in 106 constituencies but is slightly away from its half-way mark.
The 30-share BSE Sensex was up 79.14 points at 35,635.85 and the 50-share NSE Nifty rose 20.20 points to 10,826.80.
The Nifty Midcap index extends losses, falling nearly a percent as the market breadth also turned in favour of declines.
Tata Motors, Reliance Industries, ITC and ICICI Bank are under pressure but HDFC twin and Infosys continued to support the market.
May 15, 01:56 PM (IST)   
Vote Counting: The BJP was likely to finish tantalisingly close to the halfway mark in the Karnataka Assembly elections today, if not score an outright victory,
with its candidates winning 7 seats and leading in 102 others, officials said.
Congress candidates have won two seats and were ahead in 69, while the JD(S) was leading the table in 39 constituencies.
A party has to secure 112 seats for a simple majority in the Assembly. Though Karnataka has a 224-member Lower House, polling was held for 222 seats, reports PTI.
May 15, 01:50 PM (IST)   
BJP seen emerging as single largest party in Karnataka; 10 stocks that could deliver up to 44% return
The market's focus will increasingly shift to macros and earnings. India's macros have weakened considerably in the past few months.
May 15, 01:48 PM (IST)   
MSCI Additions: As many as four companies - Avenue Supermarts, Biocon, HDFC Standard Life Insurance Company and InterGlobe Aviation - will be added to the MSCI India Index with effect from June 1.
The news triggered buying in most of these companies, with shares of Avenue Supermarts surging 4.6 percent on BSE. 
InterGlobe soared 1.2 percent and Biocon went up 0.7 percent.
The scrip of HDFC Standard Life however, fell sharply by 5.4 percent.
The changes in the constituents for MSCI India domestic index will take place as of close of May 31, 2018,  MSCI India announced yesterday.
IDFC Bank, Power Finance Corporation and Vakrangee will move out of the index, it said.
May 15, 01:44 PM (IST)   
Market near record high after BJP's strong show in Karnataka; here's what experts have to say
The market received a boost on Tuesday as it became clear that the Bharatiya Janata Party (BJP) was on course to close in on a majority in Karnataka.
May 15, 01:20 PM (IST)   
Investors factor in a 'Modi win in 2019'?: Global investors have priced in a "Modi win in 2019", and the government may consider various stimulus options to support the rural economy in the run-up to Lok Sabha elections next year, says a UBS report.
"Our discussions with investors and the market's multiples suggest that Prime Minister Narendra Modi winning 2019 is being priced in," UBS Securities Head of India Research Gautam Chhaochharia and Analyst Sanjena Dadawala said in a research note.
It further noted the government may consider various stimulus options to support the rural economy ahead of the general elections.
According to the global brokerage, measures like minimum support price (MSP) hikes, price deficiency payment to farmers (done by Madhya Pradesh) and income support to farmers (done by Telangana), may be considered by the government.
Other potential ways could be through an interest rate subsidy, including zero-interest loans for farmers, reports PTI.
May 15, 01:15 PM (IST)   
Europe Update: European markets were mixed, as investors monitored key political and economic risks while oil prices hovered close to multi-year highs.
The pan-European Stoxx 600 was flat, with most sectors and major bourses pointing in opposite directions, reports CNBC.
May 15, 01:12 PM (IST)   
Market Update: Benchmark indices are off their day's high. The BJP is likely to emerge as the single largest party in the Karnataka Assembly as it leads in 105 constituencies but is slightly away from its half-way mark.
The 30-share BSE Sensex was up 171.46 points at 35,728.17 and the 50-share NSE Nifty gained 48.90 points at 10,855.50 while the Nifty Midcap index turned lower, falling 0.3 percent.
May 15, 01:07 PM (IST)   
Market Outlook: VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said going by the trends and the leads so far, with BJP emerging as a the single largest party, markets are relieved. 
Even if the Congress forms the Government with the help of the JDS, the markets won’t be perturbed.
The markets will now start looking at the international commodity prices and the movement of the Dow. Early monsoon arrival forecast augurs well for the markets, he added.
May 15, 12:58 PM (IST)   
CEO to step down: Vodafone's Chief Executive Vittorio Colao will step down in October after 10 years in charge of the world's second largest mobile operator, and will be succeeded by Chief Financial Officer Nick Read, the company said, reports Reuters.
May 15, 12:55 PM (IST)   
German growth slows: German economic growth slowed slightly more than expected in the first quarter of the year due to weak trade, a first estimate from the Federal Statistics Office showed on Tuesday.
Europe's biggest economy grew 0.3 percent in the first three months - the slowest rate since the third quarter of 2016 - after expanding 0.6 percent in the final three months of last year, reports Reuters.
May 15, 12:53 PM (IST)   
Market Update: The market continued to trade higher but off its day's high. The BJP is likely to be emerging as the single largest party in the Karnataka Assembly as it led in 105 constituencies but is slightly away from the half-way mark.
The 30-share BSE Sensex was up 241.76 points at 35,798.47 and the 50-share NSE Nifty rose 68.90 points to 10,875.50.
About 1,382 shares advanced against 1,045 declining shares on the BSE.
Tata Steel was the biggest gainer among Nifty50 stocks, rising 4 percent after its resolution plan for Bhushan Steel approved by NCLT and ahead of March quarter earnings due tomorrow.
May 15, 12:40 PM (IST)   
Record Date for Merger: Emami Infrastructure has fixed May 25, 2018 as the record date for the purpose of taking record of the shareholders of Zandu Realty Ltd for issuance of equity shares of the Emami Infrastructure Ltd pursuant to Scheme of Amalgamation of Zandu Realty Ltd with the Emami Infrastructure Ltd.
May 15, 12:38 PM (IST)   
Asia Update: Slight gains seen during the US session failed to translate into an advance in Asian stocks, with major markets in the region trading below the flat line.
The Nikkei 225 was down 0.21 percent while South Korea's Kospi fell 0.71 percent.
Hong Kong's Hang Seng declined 1 percent and Australia's ASX 200 dropped 0.61 percent while China's Shanghai Composite gained 0.5 percent.
May 15, 12:33 PM (IST)   
BJP on Karnataka Elections: With the BJP set for an impressive win in the Karnataka assembly poll, its leaders described the victory as an endorsement of Prime Minister Narendra Modi's development agenda and claimed that people have rejected divisive, toxic and negative agenda of the Congress.
According to the Election Commission figures, the BJP is heading in over 112 seats and appears set for getting a majority. 
Union minister Ravi Shankar Prasad also took a swipe at Congress president Rahul Gandhi, saying somebody was dreaming of becoming prime minister, a reference to Gandhi's statement during the Karnataka poll campaign that he was ready for the job if his party emerged victorious in the next Lok Sabha elections.
His cabinet colleague Nirmala Sitharaman said it is an historic day for the party and the win was an endorsement of Modi's development agenda.
People have rejected divisive, toxic and negative politics of the Congress, she said.
People, however, went for Modi's development agenda, she added, reports PTI.
May 15, 12:25 PM (IST)
May 15, 12:22 PM (IST)
Market Update: Benchmark indices continued to trade higher, though are off their day's high. BJP is leading in 107 seats while Congress is leading in 73 seats and JDS in 40 seats.
The 30-share BSE Sensex was up 211.40 points at 35,768.11 and the 50-share NSE Nifty gained 62.70 points at 10,869.30.
May 15, 12:10 PM (IST)
Karnataka Election Results 2018 LIVE: Modi wave sweeps Karnataka! BJP inches closer to majority, celebrations at HQ
State Congress unit concedes loss in assembly polls, DK Shivakumar says 'too early to assign blame'
May 15, 12:05 PM (IST)
TTK Healthcare in focus: Credit rating agency ICRA has reaffirmed its ratings for the various working capital facilities extended by the banks for TTK Healthcare.
May 15, 12:00 PM (IST)
UBS bets on select IT, auto, real estate & banking names
Going forward, the monsoon, March quarter earnings and global macro headwinds are seen taking over from the Karnataka polls as the main sources of cues for the market.
May 15, 11:58 AM (IST)
May 15, 11:56 AM (IST)
Buzzing: Bhushan Steel share price is locked at 5 percent upper circuit after the National Company Law Tribunal (NCLT) has approved the resolution plan of Tata Steel for Bhushan Steel.
The Tata Group company has offered Rs 36,400 crore as its resolution plan for Bhushan Steel.
There were pending buy orders of 260,741 shares, with no sellers available.
May 15, 11:51 AM (IST)
Market Update: The market continued to trade strong, though it is off its day's high. The BJP is likely to be emerging as the single largest party in the Karnataka Assembly as it led in 110 constituencies while Congress is leading in 70 seats and JDS in 39 seats. 
The 30-share BSE Sensex was up 317.44 points at 35,874.15 and the 50-share NSE Nifty gained 89 points at 10,895.60.
The Nifty Bank index is up over 350 points while Pharma, IT and FMCG indices turned flat.
The broader markets continued to underperformed frontliners, with the Nifty Midcap index rising half a percent.
May 15, 11:40 AM (IST)
Crude Oil Update: Oil prices were flat as ongoing production cuts by OPEC and looming US sanctions against Iran tightened the market amid signs of ongoing strong demand.
Brent crude futures, the international benchmark for oil prices, were at USD 78.21 per barrel, down 0.03 percent from their last close and not far off a three-and-a-half year high of USD 78.53 a barrel reached the previous session.
US West Texas Intermediate (WTI) crude futures were at USD 70.91 a barrel, down 0.07 percent and also not far off their November 2014 high of USD 71.89 a barrel reached last week.
May 15, 11:30 AM (IST)
Market Outlook: Abhimanyu Sofat, Head of Research, IIFL said the early indications suggest an edge for the BJP though what is the final number for JDS will be critical for government formation.
"Since, Karnataka is the only bastion of the BJP south of Vindhyas a clear majority will be a big thumps up to the Modi Government running up 2019 elections. Clearly, there is likely to be a difference in the voter behaviour in state and Lok Sabha election as was visible in strong performance of BJP in 2014 versus 2013. After some hours of volatility, we expect market to trend with a positive bias and do not see any major negative reaction of the market to the results."
May 15, 11:27 AM (IST)
May 15, 11:24 AM (IST)
Vote Counting in Karnataka: The BJP today looked on course to emerging as the single largest party in the Karnataka Assembly as it led in 115 constituencies, according to trends available for 222 of the state's 222 seats polling for which was held on May 12.
The ruling Congress was ahead in 65 seats, while the JD(S) of former prime minister H D Deve Gowda in 40.
May 15, 11:21 AM (IST)
Tata Steel Q4 preview: Tata Steel is expected to swing back to profit in the fourth quarter ending March 2018, aided by better price realisation.
A Reuters poll of 10 analysts estimated the steelmaker to report a consolidated net profit of Rs 2,552 crore in the period ending March 31, 2018, as against a loss of Rs 1,168 crore a year earlier.
The company will announce its results on May 16.
May 15, 11:08 AM (IST)
Vote Counting in Karnataka: The BJP today looked on course to emerging as the single largest party in the Karnataka Assembly as it led in 115 constituencies, according to trends available for 222 of the state's 222 seats polling for which was held on May 12.
The ruling Congress was ahead in 65 seats, while the JD(S) of former prime minister H D Deve Gowda in 40.
May 15, 11:03 AM (IST)
Acquisition: Kopran Research Laboratories, a wholly owned subsidiary of Kopran, has purchased API facility of Maxheal Pharmaceuticals India at Panoli, Gujarat.
The enterprise value of the unit is Rs 12.95 crore. The expansion of the unit is expected to be completed by December 2018 to launch new line of products.
May 15, 10:59 AM (IST)
Karnataka Election Results 2018 LIVE: BJP crosses half-way mark in leads; Congress dials Deve Gowda
According to leads and trends on CNN News 18, BJP likely to emerge as single largest majority
May 15, 10:55 AM (IST)
May 15, 10:49 AM (IST)
May 15, 10:47 AM (IST)
Market Update: The market continues to trade strong, though it is slightly off its day's high. BJP leading in Karnataka with 112 seats boosted investors sentiment. Congress is leading at 65 seats and JDS at 44 seats.
All sectoral indices are in the green, with banks and metals leading the charge while the broader markets underperformed frontliners, with the Nifty Midcap rising 0.4 percent.
HDFC Bank, Reliance Industries, ICICI Bank, Infosys, TCS continue to support the market.
May 15, 10:41 AM (IST)
May 15, 10:37 AM (IST)
Bond Yield Update: 7.17 percent 2028 10-year government bond yield inched up 0.46 percent to 7.862 percent.
May 15, 10:29 AM (IST)
Sectoral Performance: All sectoral indices are trading in the green, with Nifty Bank leading the charge with 1.8 percent rally while Metal gained 1.6 percent.
Auto, FMCG, IT and Realty indices gained up to 1.4 percent while the Nifty Midcap index rose 0.7 percent.
May 15, 10:24 AM (IST)
With over 24,000% gains since listing, an analyst sees no excess baggage in this luggage maker
A broking firm has initiated coverage on the stock with a hold recommendation and a target of Rs 666 per share, implying an upside of seven percent from Monday's close.
May 15, 10:20 AM (IST)
May 15, 10:18 AM (IST)
Karnataka Election Results 2018 LIVE: Modi Mania? BJP crosses half-way mark in leads, celebrations begin
According to leads, BJP is now well past the halfway mark of 112 and has won single largest majority
May 15, 10:18 AM (IST)
Market Update: Benchmark indices rallied further as BJP crossed the half-way mark in leads in Karnataka.
The 30-share BSE Sensex rose 429.49 points or 1.21 percent to 35,986.20 and the 50-share NSE Nifty gained 119.40 points or 1.10 percent at 10,926.
About 1,378 shares advanced against 585 declining shares on the BSE.
May 15, 10:12 AM (IST)
Punjab National Bank likely to report loss of Rs 3,909 crore for Q4 FY18
Punjab National Bank, which is at the centre of a near Rs 13,000 crore fraud involving jewellers Nirav Modi and Mehul Choksi, is set to report a loss of Rs 3,908.6 crore for the fourth quarter ending March 2018, as per Reuters poll estimates.
May 15, 10:11 AM (IST)
Market Outlook: Vinod Nair, Head Of Research at Geojit said the market has been doing well in anticipation of the Karnataka election.
"And as expected there is no clear majority to any one party till now, market may wonder about the political movement going forward hinting about JD’s association to which alliance. Based on the final outcome, the market will define the movement going forward."
May 15, 10:08 AM (IST)
Rupee Update: The rupee recouped some opening losses, trading 10 paise lower at 67.62 against the US dollar.
It opened lower by 28 paise to a fresh 16-month low of 67.79 against the dollar in early trade today amid gains in the US currency overseas.
Forex dealers said the dollar strengthened against major global currencies today, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed US bond yields higher. 
Early losses in stock markets and demand for the US currency from importers also weighed on the local unit, they added.
Yesterday, the rupee had lost 18 paise to end at a fresh 16-month low of 67.51 against the US currency on heavy dollar purchases and sustained fund outflows from equities.
May 15, 10:04 AM (IST)
Market Update: Benchmark indices extended rally as the latest vote counting trend shows that BJP is leading in 112 seats, Congress in 61 seats and JDS in 45.
The 30-share BSE Sensex was up 351.17 points or 0.99 percent at 35,907.88 and the 50-share NSE Nifty rose 93.30 points or 0.86 percent to 10,899.90.
May 15, 10:02 AM (IST)
Emkay on CPI Inflation: After a softening trend of inflation in Q4FY18, Apr’18 witnessed a sharp reversal in overall inflation, both at wholesale and retail levels. CPI inflation rose to 4.6 percent while WPI too picked up momentum with 3.2 percent print.
Core inflation increased sharply, and with currency depreciation and rise in commodity prices, the research house expects input cost inflation to also rise substantially. In the last 5 months, urban core inflation has increased at a much faster pace than rural CPI. Lower food inflation and rising rural core inflation are indicating that the rural distress has not yet abated completely.
"Rise in core inflation and increasing upward risk to overall CPI (our expectation is 5.4-5.8 percent for FY19) is likely to prompt RBI to withdraw its Aug’17 25bps rate cut. However, we expect RBI to maintain status quo in Jun’18 policy while turning slightly more hawkish."
May 15, 9:57 AM (IST)
Lupin Q4 preview: Profit to narrow YoY despite improved operational performance
Lupin, India's second-largest drugmaker by sales, is likely to report a 15 percent year-on-year (YoY) decline in the fourth quarter FY18 net profit due to increased competition for its US generic portfolio.
May 15, 9:56 AM (IST)
Market Outlook: VK Vijayakumar, Chief Investment Strategist at Geojit feels if BJP succeeds in gaining simple majority that will be a major morale boost for the ruling party and very positive for the markets. It is clear from early trends that BJP is making good gains at the expense of congress.
If this trend continues the markets will gain further strength.
But the upside will be capped because there are some major headwinds in the form of high crude prices. The middle east situation has turned very volatile following the killing of 55 Palestinians yesterday. The crude is likely to remain high or even go up. This will impact India's CAD which might touch 2.4 percent of India's GDP. Inflation will inch up and the RBI is likely to turn hawkish for June's monetary policy. These headwinds will cap the upside to the markets, he said.
The reaction to the election result will be short-term and the economic trends will dictate the direction of the market going forward, he feels.
May 15, 9:53 AM (IST)
Market Update: The market is trading strong in morning despite weakness in Asia, as the vote counting trend shows that BJP is leading in Karnataka. So far, the BJP is leading with 107 seats, Congress is leading in 62 seats and JDS in 46 seats.
The 30-share BSE Sensex was up 275.33 points at 35,832.04 and the 50-share NSE Nifty rose 72.60 points to 10,879.20 while the market breadth remains strong as about two shares advanced for every share falling.
HUL gains over a percent after reporting volume growth of 11 percent in Q4 and better-than-expected earnings.
The Nifty Midcap is trading in line with frontliners while all sectoral indices are in the green barring Auto.
May 15, 9:49 AM (IST)
Karnataka Election Results 2018 LIVE: BJP nears 100-mark, inches closer to magic figure of 113
Leads have come in from over over 200 constituencies now. BJP is ahead in rural seats, while Congress is leading in Dalit-dominated areas
May 15, 9:43 AM (IST)
Market Update: Benchmark indices remained strong amid vote counting in Karnataka. So far BLP is leading at 102 seats while Congress is leading at 60 seats and JDS at 49 seats.
The 30-share BSE Sensex was up 216.85 points at 35,773.56 and the 50-share NSE Nifty rose 54 points to 10,860.60.
The market breadth is also strong as about two shares advanced for every share falling on the BSE.
May 15, 9:40 AM (IST)
Fortis in focus: Fortis Healthcare share price rallied nearly 2 percent after the Manipal-TPG consortium sweetened the offer for the company, valuing the company at Rs 9,403 crore — an increase of 12.5 percent compared to their previous offer — signalling that the game for India's second largest healthcare services provider isn't over.
The latest revision of Manipal-TPG values Fortis at Rs 180 per share, making it the highest bidder. The consortium also said it will invest Rs 2,100 crore upfront as part of the deal.
May 15, 9:31 AM (IST)
Earnings Reaction: Bombay Dyeing & Manufacturing share price gained nearly 3 percent after it reported a standalone net profit of Rs 10.95 crore for the fourth quarter ended on March 31, 2018. The company had posted a net loss of Rs 62.53 crore in the January-March period a year ago, Bombay Dyeing said in a BSE filing.
Its total income during the period under review was up 37.02 percent at Rs 765.21 crore as against Rs 558.44 crore of the corresponding quarter.
May 15, 9:30 AM (IST)
Vote Counting Karnataka: Modi-led BJP has been leading with 95 seats while Congress is showing a lead in 61 seats and JDS in 45 seats.
May 15, 9:28 AM (IST)
Market Update: Benchmark indices rebounded, with the Sensex rising 187.64 points to 35,744.35 amid vote counting in Karnataka.
The 50-share NSE Nifty reclaimed 10,850 levels, rising 45.80 points to 10,852.40.
About 759 shares advanced against 528 declining shares on the BSE.
May 15, 9:25 AM (IST)
Buzzing: Diagnostic chain Dr Lal PathLabs share price rallied nearly 4 percent after it reported 27.21 percent rise in consolidated net profit to Rs 40.2 crore for the quarter ended March 31, 2018. The company had posted a net profit of Rs 31.6 crore during January-March, 2016-17, Dr Lal PathLabs said in a filing to BSE.
Consolidated operating revenue rose to Rs 266.8 crore for the quarter under review. It was Rs 219.9 crore for the same period a year ago.
May 15, 9:21 AM (IST)
Market Update: Benchmark indices were flat in opening trade amid rising bond yields and vote counting in Karnataka.
The 30-share BSE Sensex was up 7.33 points at 35,564.04 and the 50-share NSE Nifty fell 9.80 points to 10,796.80.
HUL gained 2 percent following 11 percent volume growth in Q4.
Indiabulls Housing Finance, Yes Bank and HDFC Bank were early gainers.
Axis Bank, Kotak Mahindra Bank, Reliance Industries, SBI, PNB, Bank of Baroda, Bajaj Finance, Adani Ports, NTPC, HCL Tech, Bharti Infratel and ICICI Bank were under pressure.
Nifty Midcap index was down 72 points.
PC Jeweller, Balrampur Chini, HDFC Standard Life, Adani Power, Praj Industries, Allahabad Bank and IDBI Bank were down up to 8 percent.
BEML, Dr Lal PahLabs, Fortis Healthcare, Bombay Dyeing, KEC International, JK Paper, Balaji Amines and InterGlobe Aviation gained up to 5 percent.
May 15, 9:12 AM (IST)
Crude Oil Update: Oil prices held firm as ongoing production cuts by OPEC and looming US sanctions against Iran tightened the market amid strong demand.
Brent crude futures, the international benchmark for oil prices, were at USD 78.26 per barrel, up 0.04 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 70.98 a barrel, up 0.03 percent.
May 15, 9:11 AM (IST)
May 15, 9:09 AM (IST)
Technical Recommendations: Aditya Agarwala, Technical Analyst, YES Securities (I) Ltd spoke to Moneycontrol.
Dixon Technologies (India) Ltd: Buy | Target - Rs 3,880 | Stoploss - Rs 3,500 | Return - 9%
Infosys Ltd: Buy | Target - Rs 1,260 | Stoploss - Rs 1,130 | Return - 14%
Akzo Nobel India Ltd: Buy | Target - Rs 2,150 | Stoploss - Rs 1,880 | Return - 12%
May 15, 9:07 AM (IST)
Moneycontrol News
The market was flat in pre-opening trade amid weakness in Asian stocks. Traders closely watch Karnataka election results.
The 30-share BSE Sensex was up 6.97 points at 35,563.68 and the 50-share NSE Nifty rose 17.70 points to 10,824.30.
HUL gained more than 8 percent following strong results.
Indiabulls Housing Finance rose 2 percent. Lupin was up 0.6 percent ahead of earnings later today.
Titan Company, Jet Airways and HPCL, rose over a percent. Allahabad Bank and IDBI Bank were under pressure.
Asia stocks traded lower, after an uninspiring performance on Wall Street eclipsed support from US-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.
Markets in the US ended the day higher on Monday amid hope that there could be a potential breakthrough in tensions between the US and China, the world's two largest economies.
The Dow Jones industrial average rose 68.24 points to 24,899.41 while the S&P 500 gained 0.1 percent to close at 2,730.13 and the Nasdaq composite advanced 0.1 percent to 7,411.32.