Sensex loses 188 points; all sectoral indices end in the red except Nifty Bank

04 May 2018


May 04, 03:34 PM (IST)   

Market Closing: Benchmark indices closed sharply lower on Friday, with the Sensex falling 187.76 points to 34,915.38 and the Nifty declining 61.40 points to 10,618.30.
Nifty Midcap index was down 65 points.
Hexaware Technologies, NIIT Technologies, JSW Energy, Castrol India, Delta Corp and Tata Elxsi fell up to 13 percent.
Varun Beverages, Gruh Finance, L&T Finance Holdings, Godrej Properties, IRB Infrastructure, TeamLease and Just Dial gained up to 15 percent.
May 04, 03:32 PM (IST)   
May 04, 03:29 PM (IST)   
Market Update: Benchmark indices remained under pressure, with the Sensex falling 181.60 points to 34,921.54 and the Nifty declining 63 points to 10,616.70. 
All sectoral indices were in the red barring Nifty Bank that was trading flat.
About three shares declined for every two shares rising on the BSE.
May 04, 03:21 PM (IST)   
Results: Bombay Stock Exchange (BSE) has reported a 14.6 percent degrowth in March quarter profit at Rs 62.1 crore YoY but revenue grew by 19 percent to Rs 136.6 crore.
May 04, 03:01 PM (IST)   
Fortis in focus: Manipal-TPG is likely to revise bid for buying Fortis Healthcare and the offer is likely to be above Rs 175 per shares, reports CNBC-TV18 quoting sources.
May 04, 02:59 PM (IST)   
Earnings: Ambuja Cements has reported standalone profit at Rs 271.8 crore for the quarter ended March 2018, a growth of 10.3 percent over Rs 246.5 crore reported in year-ago.
Revenue from operations during the quarter grew by 11.9 percent to Rs 2,862.6 crore compared to Rs 2,559.3 crore in same period last fiscal.
May 04, 02:52 PM (IST)   
Market Update: Benchmark indices extended losses in last hour of trade, with the Sensex falling around 250 points on further correction in ITC and Infosys.
All sectoral indices were in the red while the rupee depreciated 24 paise to 66.88 against the US dollar.
PC Jeweller extended rally, rising more than 37 percent on top of 10 percent upside in previous session after the managing director, Balram Garg yesterday denied investigation by SEBI and CBI.
May 04, 02:39 PM (IST)   
Earnings Reaction: Carborundum Universal share price gained 3 percent after the March quarter net profit surged 48.3 percent year-on-year to Rs 65.8 crore from Rs 44.4 crore.
Revenue from operations during the quarter grew by 16 percent to Rs 649.5 crore while operating profit (EBITDA or earnings before interest, tax, depreciation and amortisation) jumped 25.5 percent to Rs 115.8 crore with margin expansion of 130 basis points at 17.8 percent YoY.
May 04, 02:32 PM (IST)   
SEBI on HDFC AMC IPO: Sebi has kept HDFC Asset Management Company's proposed IPO in abeyance "for examination of past violations," the latest update with the markets regulator showed.
However, the Securities and Exchange Board of India (Sebi) did not clarify further.
The fund house had filed preliminary papers with Sebi in March, seeking approval to float an initial public offering.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. 
May 04, 02:20 PM (IST)   
Earnings Reaction: State-run lender Bank of Maharashtra share price rallied more than 7 percent after it has reduced its March quarter loss sharply to Rs 113.51 crore on sequential as well as year-on-year basis.
Higher operational income (due to lower employee cost) and net interest income helped the bank cut losses.
Loss for the quarter ended March 2017 stood at Rs 455.5 crore and for the December quarter at Rs 596.70 crore.
Net interest income, the difference between interest earned and interest expended, grew by 15.4 percent year-on-year to Rs 881.2 crore in March quarter while other income (non-interest income) increased 4.6 percent to Rs 402 crore.
May 04, 02:05 PM (IST)   
Earnings: NIIT Technologies has reported a 17.8 percent growth in March quarter profit after tax at Rs 97.3 crore compared to Rs 82.6 crore in previous quarter.
Revenue from operations during the quarter grew by 4.3 percent to Rs 788.8 crore, against Rs 756.5 crore in December quarter.
The company announced dividend of Rs 15 per share.
May 04, 01:52 PM (IST)   
Market Update: The market was reeling under selling pressure, with the Sensex falling more than 150 points but the Nifty Bank traded in the green.
The broader markets also traded in line with frontliners, with the Nifty Midcap index falling half a percent.
The 30-share BSE Sensex was down 173.13 points at 34,930.01 and the 50-share NSE Nifty declined 54.40 points to 10,625.30. About three shares declined for every two shares rising on the BSE.
Godrej Properties was up over 3 percent after the board approved private placement worth Rs 995 cr to Gamnat PTE, which leads to 5.9 percent equity dilution.
Phillips Carbon Black was up over 2 percent after reporting nearly 3-fold increase in March quarter profit.
May 04, 01:42 PM (IST)   
DEA Secretary on Rupee:  The Indian rupee at 65-66 per US dollar is its "fair" value and does not require any intervention, Economic Affairs Secretary Subhash Chandra Garg said, allaying concerns of the impact of a dropping currency on the economy.
With oil stabilising around USD 75 per barrel and India allowing foreign portfolio investors (FPIs) to invest in treasury bills, the rupee would be around 66-67 to a dollar for some time,  Garg, who is here to attend a meeting of the Asian Development Bank (ADB), said. 
"My sense is that there is stability now and this level of (rupee at) about 66-67 (to a dollar) should be the level that should prevail for some time," he told PTI.
He said the rupee at 64 to a dollar "hurt exports" and was not justified by the real exchange rates. "Rupee appreciated to 64 or something. That is where it hurt our exports. 64 was not at the level which was justified by the real exchange rates. So coming back to 65-66 is a fair valuation. I don't think we have a concern there," he said.
The rupee has been the second-worst performing Asian currency this year, dropping 2.4 percent against the dollar, after strengthening 6.4 percent in 2017, according to Bloomberg data. 
May 04, 01:34 PM (IST)   
Earnings: Carbon black manufacturer Phillips Carbon Black has reported 162.5 percent increase YoY in profit at Rs 74.3 crore for the quarter ended March 2018, driven by revenue and operational performance.
Profit in same quarter last fiscal was at Rs 28.3 crore.
Revenue from operations in Q4 grew by 37 percent to Rs 753 crore compared to Rs 550 crore in year-ago period.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) increased 23 percent to Rs 101.9 crore YoY, but margin contracted 160 basis points to 13.5 percent on higher raw material cost that jumped 45 percent YoY.
May 04, 01:25 PM (IST)   
ADB Chief Economist on India: India need not worry much about currency fluctuation at the moment as the country has good accumulation of foreign exchange reserves, but a depreciating rupee could put inflationary pressure on the economy, ADB Chief Economist Yasuyuki Sawada said today.
He said the Asian Development Bank (ADB) does not foresee a sharp increase in oil prices which has touched USD 75 a barrel recently.
"Foreign exchange reserves have been accumulating over time. There has been no indication of depletion of reserves so I don't think, we need to worry much about the exchange rate fluctuation.  Of course depreciation can be good or bad. Good news is exporting sector can gain from this depreciation of rupee. The potential negative impact is this depreciation will put inflationary pressure on the economy," Sawada told PTI in an interview.
According to reports, Indian rupee has been among the worst performing currencies in the emerging market pack this year and has lost over 4.5 percent against the US dollar. The rupee closed at 66.65 against the American currency yesterday.
May 04, 01:14 PM (IST)   
May 04, 01:04 PM (IST)   
Earnings: Godrej Properties has reported more than 2-fold increase in March quarter profit at Rs 141.5 crore YoY, driven by other income and higher revenue.
Revenue from operations during the quarter increased 20.8 percent year-on-year to Rs 521.2 crore, with a 210 percent jump in sales booking value to Rs 1,054 crore from Rs 340 crore YoY.
However, sales booking value on sequential basis declined 14 percent.
Other income during the quarter shot up sharply to Rs 326.7 crore compared to Rs 31 crore in corresponding period last fiscal following stake sale in subsidiary.
"During the quarter ended March 2018, the company has sold equity share in Godrej Green Homes (GGHL), comprising of 50 percent of the equity share capital of GGHL," the company said.
May 04, 12:52 PM (IST)   
Market Update: The market remained under pressure, with the Sensex falling more than 150 points on correction in index heavyweights Infosys, ITC, Reliance Industries and HDFC.
All sectoral indices are in the red barring Realty and Bank while the Nifty Midcap index traded in line with frontliners, falling half a percent.
The 30-share BSE Sensex was down 176.63 points  at 34,926.51 and the 50-share NSE Nifty fell 56.70 points to 10,623.
Godrej Properties gained more than 3 percent after Q4 profit jumped over 2-fold on higher other income.
May 04, 12:29 PM (IST)   
FCCB Redemption: Jain Irrigation said it has redeemed the 1,000 FCCB’s of USD 10,000 each aggregating to USD 10 million on May 2, 2018 as per the terms of the agreement dated February 26 and 27, 2013 executed between the company and Proparco and FMO respectively.
The company has also paid redemption premium of USD 1.34 million, aggregate redemption amount being USD 11.34 million (approximately Rs 75.41 crore), it added.
May 04, 12:14 PM (IST)   
May 04, 11:51 AM (IST)   
Market Update: The market extended losses in late morning deals, with the Sensex falling more than 150 points on global weakness amid US-China trade talks.
All sectoral indices were in the red barring Realty. Pharma index hit the most, falling a percent followed by Auto and Metal.
The 30-share BSE Sensex was down 176.63 points at 34,926.51 and the 50-share NSE Nifty fell 56.70 points to 10,623.
ITC, Infosys, Yes Bank, Axis Bank, Sun Pharma and Bajaj Auto were biggest losers, falling more than 1.5 percent.
PC Jeweller extended rally, rising 24 percent on top of 10 percent upside in previous session after the managing director, Balram Garg denied investigation by SEBI And CBI.
May 04, 11:36 AM (IST)   
Board Meeting: L&T Technology Services informed exchanges that a meeting of board of directors will be held on May 22 to consider and approve the audited financial results of the company for the Year ended March 31, 2018 along with the auditors report thereon and to recommend final dividend, if any.
May 04, 11:34 AM (IST)   
Order Win: NCC share price rallied more than 3 percent after the construction company has received three new orders totaling to Rs 1,276.93 crore (exclusive of GST) in the month of April, 2018.
These three orders pertain to electrical division, it said.
May 04, 11:24 AM (IST)   
Buzzing: Share price of Thirumalai Chemicals  gained 6 percent intraday Friday as recommends sub division of equity share.
The company at its meeting held on May 03 recommended to the shareholders consideration for splitting of 1,50,00,000 equity shares of Rs 10 each in the authorised share capital of the company into 15,00,00,000 equity shares of Re 1 each.
The board also recommended a dividend of Rs 20 per share of the company.
The company posted percent growth in its Q4 net profit at Rs 29.27 crore against Rs 21.97 crore in a year ago period. Revenue of the company rose Rs 238.42 crore against Rs 280.93 crore.
May 04, 11:20 AM (IST)   
May 04, 11:08 AM (IST)   
Asia Update: Asia markets were subdued, with investors watching how US-China trade talks progress on Friday.
Greater China markets were subdued for the most part. The Shanghai Composite edged down 0.18 percent, while the Hang Seng Index declined 0.60 percent.
The ASX 200 was down 0.56 percent while the Kospi fell 0.58 percent.
Japan markets are closed for a holiday.
May 04, 11:05 AM (IST)   
Services PMI: India’s service sector continued to improve at the start of the quarter, with business activity rising at a faster pace, supported by new order growth. Reflecting improvements in demand conditions, job creation accelerated to the sharpest since March 2011. Inflationary price pressures continued to ease further, with input and output charge inflation registering below their respective historical averages, Nikkei IHS Markit said.
The seasonally adjusted Nikkei India Services Business Activity Index rose from 50.3 to 51.4 in April. This signalled a faster expansion in output at Indian service firms than in the prior month. According to anecdotal evidence, greater inflows of new work helped to bolster activity. However, the latest upturn was modest and remained weaker than the series trend.
The seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.8 to a three-month high of 51.9 in April, driven by faster output growth in both the manufacturing and service sectors. The latest reading was consistent with a modest rise in overall business activity.
May 04, 11:02 AM (IST)   
US Jobs Growth Expectations: US job growth likely accelerated in April after a weather-related slowdown in the previous month, with the unemployment rate expected to drop to near a 17-1/2-year low of 4.0 percent.
The Labor Department's closely watched employment report on Friday is also expected to show steady wage growth, which would add to signs of building inflation pressures and likely keep the Federal Reserve on a gradual path of monetary policy tightening.
The US central bank on Wednesday left interest rates unchanged and said it expected annual inflation to run close to its "symmetric" 2 percent target over the medium term, reports Reuters.
May 04, 10:53 AM (IST)   
Market Update: The market extended losses, with the Sensex breaking 35,000 levels following weakness in global peers amid US-China trade talks.
The 30-share BSE Sensex was down 132.34 points at 34,970.80 and the 50-share NSE Nifty fell 40.40 points to 10639.30, dragged by index heavyweights Infosys, Reliance Industries, ITC, HDFC that were down up to 1.6 percent.
Sun Pharma, Vedanta, Asian Paints, Bajaj Auto, Wipro and Hindalco Industries among others were down 1-2 percent whereas Adani Ports, ONGC, Bharti Airtel and GAIL gained 1-2.5 percent.
May 04, 10:51 AM (IST)   
Results to watch out for today are Ambuja Cements, Godrej Properties, PVR, NIIT Technologies, Bank of Maharashtra and Wockhardt.
May 04, 10:15 AM (IST)
Buzzing: Shares of J Kumar Infraprojects added 2.3 percent in morning trade on the back of orders win worth Rs 446 crore.
The company won an order from the Maharashtra Metro Rail Corporation (Pune Metro Rail Project) for construction of underground shafts for tunneling of Agricultural College and Swargate Metro Station and a multi-model integration at the Sargate metro station and R&R facilities for an amount of Rs 222.33 crore, as per company release.
The second include improvement of Chheda Nagar Junction, Ghatkopar (East) on the Eastern Express Highway from Mumbai Metropolitan Regional Development Authority (MMRDA) for an amount of Rs 223.85 crore.
May 04, 10:11 AM (IST)
May 04, 10:01 AM (IST)
Rupee Update: The rupee edged 2 paise lower to 62.66 against the US dollar after opening one paisa higher after the greenback weakened overseas ahead of monthly US jobs report and China-US trade meet outcome.
Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies as senior Chinese and US officials met in Beijing today for a second day of trade talks, supported the domestic unit.
Investors are also keeping an eye on the US employment report for April for further indications of the strength of the US labour market and inflation pressures, they added.
Yesterday, the rupee had ended marginally 2 paise higher  at 66.64 against the US dollar despite a caution among investors ahead of trade talks between China and the US.
May 04, 9:54 AM (IST)
Market Update: The market is trading marginally lower tracking weakness in the global peers amid US-China trade talks.
The 30-share BSE Sensex was down 59.71 points at 35,043.43 and the 50-share NSE Nifty fell 24.90 points to 10,654.80.
The market breadth was balanced. About 871 shares advanced against 801 declining shares on the BSE.
IT, metals, pharma stocks, Reliance Industries, HDFC were under pressure.
Bharti Airtel was up over 2 percent after a media report indicated that it plans to raise as much as USD 1.5 billion by diluting stake in Africa unit.
May 04, 9:45 AM (IST)
May 04, 9:41 AM (IST)
Buzzing: Bharti Airtel share price rallied nearly 3 percent in morning after a media report indicated that the company is planning to raise funds through stake dilution in Africa operations.
"Bharti Airtel plans to raise as much as USD 1.5 billion by diluting about a fourth of its stake when it lists the holding company for Africa operations, Bharti Airtel International (Netherlands) BV (BAIN BV), in early 2019," The Economic Times said quoting people with knowledge of the matter. 
May 04, 9:34 AM (IST)
Rating Agency downgrades Bharti Airtel: Global ratings agency Standard & Poor's today revised down its outlook on the country's largest telco Bharti Airtel to "negative" from stable, following weak financial performance in FY18 and concerns on elevated capex in the current financial year.
"We view an aggravation in price competition without any meaningful reduction in capex as key risks to a recovery in Bharti's financial performance," it said in a note.
While the agency affirmed its rating on the Sunil Mittal-led company at 'BBB-', the outlook was revised down to "negative" from "stable".
May 04, 9:29 AM (IST)
HFCL share price rallies on BSNL order
Telecom gear firm Himachal Futuristic Communications Limited (HFCL) and Vanu India have jointly bagged a telecom network rollout project worth Rs 579 crore in the northeast region from state-run firm BSNL.
"The contract to HFCL covers products and services worth Rs 579 crore. The scope of the project includes surveying, planning, supply, installation, testing, commissioning, and maintenance for five years of radio access network," HFCL and Vanu India said in a joint statement. 
The network deployment will include installation of 924 solar powered base transceiver station (BTS) sites manufactured by HFCL using Vanu India's technology in rural parts of northeast region.
May 04, 9:23 AM (IST)
Earnings Reaction: Mid-sized IT services firm Hexaware Technologies share price fell more than 6 percent despite it posted a 17.9 percent rise in consolidated net profit at Rs 134.3 crore for the quarter ended March 31, 2018. This is against a net profit of Rs 113.9 crore in the same period a year ago, Hexaware said in a statement.
Its revenue rose 9.2 percent to Rs 1,049 crore from Rs 960.5 crore in the same period a year ago, as per Indian Accounting Standards. Hexaware follows the January-December fiscal.
In dollar terms, Hexaware saw its net profit increasing 20.3 percent to USD 20.7 million, while revenue was higher by 12.1 percent to USD 162.2 million in the March 2018 quarter.
May 04, 9:18 AM (IST)
Market Opening: Benchmark indices opened flat with a negative bias following correction in global peers.
The 30-share BSE Sensex was down 19.92 points at 35,083.22 and the 50-share NSE Nifty fell 8.70 points to 10,671.
Axis Bank, Bharti Airtel, Kotak Mahindra Bank, Tech Mahindra and, Infosys were under pressure.
Bharti Airtel, Bajaj Finance and Vedanta were early gainers.
Nifty Midcap index was down 33 points. Hexaware, Castrol India, JSW Energy, HCC and Adani Power fell up to 6 percent.
PC Jeweller, Ruchi Soya, Jet Airways, Emami, L&T Finance and HFCL gained up to 5 percent.
May 04, 9:15 AM (IST)
Some experts feel that the upcoming Karnataka elections will also play a crucial role in charting the market’s direction at least in the near-term. The recommend using any election-induced dips to buy quality stocks.
May 04, 9:12 AM (IST)
Market Outlook: ICICI Securities said the benchmark indices continued to witness selling and slipped below 10,700 after struggling to move and sustain above 10,700 on Thursday. The Nifty finally ended around 40 points lower whereas the premiums in Nifty as well as Bank Nifty increased significantly. Selling was clearly visible in most heavyweights, which kept the index move in check whereas IVs rose by another 1.2 percent.
The research house feels the Nifty index is likely to remain under pressure with such high premiums. "Nifty futures settled at a premium of 32 points with a rise in IVs by 1.1 percent. The highest Put base is at the 10500 strike with 45 lakh shares while the highest Call base is at the 11000 strike with 59 lakh shares."
May 04, 9:10 AM (IST)
Technical Recommendations: We spoke to Way2Wealth Brokers Pvt. Ltd and here’s what they have to recommend:
Jindal Steel: Sell| Target: Rs 218| Stop loss: Rs 264| Timeframe 15 to 21 trading session| Return 9%
Voltas: Sell| Target: Rs 570| Stop loss: Rs 665| Timeframe 15 to 21 trading sessions| Return 7%
ITC: Buy| Target: Rs 320| Stop loss: Rs 266| Timeframe 15 to 21 sessions| Return 12%
May 04, 9:09 AM (IST)
May 04, 9:07 AM (IST)
Stocks in news: PNB Housing Finance: Q4 consolidated net profit up 0.8 percent at Rs 219.2 cr; revenue up 9.1 percent at Rs 1,570 cr YoY
L&T Finance Holdings: Q4 profit up 30 percent at Rs 409 cr; revenue up 27 percent at Rs 2,748.34 crore YoY; gross NPA at 4.80 percent versus 5.49 percent and net NPA at 2.34 percent versus 2.87 percent QoQ
Vedanta: Q4 net profit up 34.3 percent at Rs 5,675 crore; revenue up 22.7 percent at Rs 27,630 crore YoY
Thirumalai Chemicals: Q4 consolidated net profit at Rs 39.7 crore versus Rs 19.1 crore; revenue up 7.9 percent at Rs 330.7 crore versus Rs 306.6 crore YoY; recommends stock split from Rs 10 to Re 1 and dividend of Rs 20 per share
Nucleus Software: Q4 net profit down 15.2 percent at Rs 17.3 crore; revenue up 10.3 percent at Rs 111 crore YoY
Trent: Q4 net profit down 53.8 percent at Rs 11.7 crore; revenue up 17.9 percent at Rs 528.7 crore YoY Q4 net profit up 90.9 percent at Rs 16.8 crore; revenue up 84.4 percent at Rs 84.4 crore YoY
HCC: Q4 consolidated loss at Rs 1,090 crore versus loss of Rs 982.6 crore; revenue up 2.7 percent at Rs 10,132 crore YoY
Emami: Q4 consolidated net profit down at Rs 60.9 crore versus Rs 83.3 crore; revenue up 8.2 percent at Rs 617 crore YoY; board approves bonus issue of 1:1
May 04, 9:05 AM (IST)
Moneycontrol News
Benchmark indices were marginally higher in pre-opening trade despite global weakness.
The 30-share BSE Sensex was up 19.05 points at 35,122.19 and the 50-share NSE Nifty gained 20.80 points at 10,700.50.
Ruchi Soya and PC Jeweller were gainers while HCC, Jet Airways, Sun Pharma and JSW Energy were under pressure.
Asian shares were marginally lower today.
The S&P 500 ended lower on Thursday after a choppy session as disappointing earnings reports from several companies offset strong economic data, said a Reuters report.
The Dow Jones Industrial Average rose 5.17 points, or 0.02 percent, to 23,930.15, the S&P 500 lost 5.94 points, or 0.23 percent, to 2,629.73 and the Nasdaq Composite dropped 12.75 points, or 0.18 percent, to 7,088.15.

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