Sensex pares some losses amid global sell-off; Coal India top gainer
IOC, BPCL and HPCL share prices slipped as much as 2.1 per cent to 3.3 per cent after the oil marketing companies cut petrol and diesel prices by 1 paisa per litre each. Earlier in the day, in a big mistake, IOC had announced a reduction of 60 paise per litre in petrol prices and 56 paise rupees/litre in diesel prices. Later the company clarified the reduction is by just 1 paisa.
"The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price," a senior official of Indian Oil Corp (IOC), the nation's largest fuel retailer, explained.
Glenmark share price tanked 9 per cent on Wednesday after the pharma major reported a consolidated net profit of Rs 151.62 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 183.76 crore for the same period of the previous fiscal year.
Reacting to its earnings, the stock slipped as much as 8.92 per cent to hits its 52-week low of Rs 483.60 on the BSE. The stock pared losses to trade at Rs 517.50, down 2.5 per cent at 10:15 am.
Target: Rs 116
Stoploss: Rs 124
- Q4 income reduced 9.5% to Rs 3608 crore (YoY)
- Q4 profit reduced 29.4% to Rs 558.7 crore (YoY)
- Q4 EBITDA slipped 18.7%
Wall Street overnight
The S&P 500 and the Dow Jones Industrial Average fell more than 1 percent on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone. The Dow Jones Industrial Average fell 376.91 points, or 1.52 percent, to 24,376.18, the S&P 500 lost 30.88 points, or 1.13 percent, to 2,690.45 and the Nasdaq Composite dropped 36.31 points, or 0.49 percent, to 7,397.54.
Asian shares extended a global sell-off in early trading Wednesday as Italy’s political crisis provoked a heavy retreat on Wall Street, sent the euro to a 10-month low and pushed up borrowing costs for the government in Rome.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.1 percent, while Japan's Nikkei average .N225 shed 1.7 percent to hit a six-week low. South Korea's KOSPI .KS11 and the Australian stock benchmark slipped 1.6 percent and 0.7 percent, respectively.
The Sensex and Nifty took a breather on Tuesday after three sessions of gains, with the Sensex slipping below the key 35,000-level due to a heavy selling mainly in banking and healthcare counters amid unabated foreign fund outflows and subdued global cues. Moreover, fresh weakness in the rupee against the dollar too aggravated the woes.
In a volatile session, the Sensex, after opening higher at 35,213.14, advanced to hit a high of 35,234.14, but ended at 34,949.24, down 216.24 points, or 0.61 per cent. The gauge had risen 820.57 points in the previous three sessions.
The broader Nifty finished 55.35 points, or 0.52 per cent, down at 10,633.30 after hitting the day's high of 10,717.25 and a low of 10,616.10.