Sensex today: Index ends flat ahead of Karnataka elections outcome; PC Jeweller tanks 11%
Markets twiddle Their Thumbs Ahead Of Karnataka Results: HDFC Securities
The Nifty moved in a small range during the trading hours to close unchanged at 10,806. While the large caps were neutral, the Small Cap and Medium Cap Indices closed 1.5% and 1.3% respectively. The Realty sector fell the most, 1.02% , while autos reversed 0.92%. Bank Nifty gained 0.13%. The advance decline ratio continued to be weak. Once can expect volatility tomorrow as results hit the TV screens. A BJP majority is not priced in and neither is a Congress win.
A state-run Chinese bank has launched the country's first India-dedicated publicly offered investment fund, saying the Indian market offers the best opportunity for Chinese investors due to the prospects of double-digit growth. The fund, named the Industrial and Commercial Bank of China (ICBC) Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market".
It is China's first publicly offered fund for investing in India, state-run Global Times reported.
The week started off with a bang for this company's stock in the markets as investors chased it with gusto! Sun TV share price zoomed 13 per cent in Monday's trade amid lacklustre trend in broader markets. This was after the broadcaster Sun TV Network reported a 22.82 per cent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Dena Bank share price on Monday plunged over 12 per cent after the Reserve Bank of India restricted bank from assuming fresh credit exposure and recruitment of staff. The stock tanked as much as 12.46 per cent to Rs 18.45 on the BSE.
The RBI on Saturday initiated prompt corrective action against Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring. The restriction came a day after the public sector lender reported widening of its net loss to Rs 1,225.42 crore in the March quarter on mounting bad loans and higher provisioning to cover them.
HPCL, BPCL, IOC share prices gained up to 4 per cent as the oil marketing companies hiked petrol and diesel prices for the first time since April 24 after teh conclusion of the Karnataka election voting. Petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.
HPCL share price rallied nearly 4 per cent to Rs 330.05 on the BSE. IOC share price gained 2.39 to Rs 173.45, while BPCL share price added 2.67 per cent to Rs 410.05. On a year-to-date basis, the stocks fell up to 23 per cent as investors feared no hike in oil prices in tandem with global oil prices will create margin pressure on PSUs.
Industrial output growth fell to a five-month low of 4.4 per cent in March due to a decline in capital goods production and deceleration in mining activity and power generation, according to official data released after market hours on Friday. Inflation data will be released later today.
Petrol price in India today: As was widely expected, the petrol and diesel prices have finally gone up for the first time since April 24. The gains came right after polling in Karnataka elections concluded on Saturday. state-owned Oil companies IOC, BPCL and HPCL kept petrol rates unchanged for more than three weeks now in various state capitals even as global crude oil prices surged to multi-year highs.
OMCs had been mandated for daily revision in fuel prices since June 2017 in tandem with rise or fall in Brent crude price.