Sensex today: DRL, Tata Motors top loser; index ends 73 points lower even as world stocks trade higher
Sensex today: DRL, Tata Motors top loser; index ends 73 points lower even as world stocks trade higher
The benchmark indices on Thursday pared morning gains to end lower as investors turned cautious, keeping to the sidelines ahead of elections in Karnataka. The Sensex ended at 35,246, down 73.08 points, while the broader Nifty50 closed at 10,716, down 25.15 points. In the broader market, the BSE Midcap and the BSE Smallcap underperformed to lose 1.5 per cent each.
Market breadth, indicating the overall health of the market turned negative. On the BSE, 1,887 stocks declined, 779 stocks gained, while 121 stocks remained unchanged.
Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) will be looking to gain a foothold in Karnataka, the first big state electing an assembly this year to be followed by three others before general elections next May.
Votes will be cast on Saturday with counting being held on May 15, and results will be declared later that day.
Overseas, World stocks hit a three-week high on Thursday and turned positive for the year as rising oil prices gave energy firms a shot in the arm that countered the effects of increased political uncertainty.
Brent crude rose to another 3-1/2 year high of $77.89 overnight amid fears of supply disruptions after President Donald Trump withdrew the United States from a nuclear accord with Iran and ordered sanctions to be reimposed.
European shares largely took their cues from Asian and U.S. peers and rose, but the gains were tempered as British phone company BT reported disappointing results and the pan European STOXX 600 Index was only marginally higher.
Britain’s FTSE 100 Index was still up on the day ahead of a Bank of England policy meeting at which rates are expected to be kept on hold, a sea change from expectations a few weeks ago, when a hike seemed nailed on.
On Wednesday, the Sensex ended at 35,319, up 103.03 points, while Nifty50 closed at 10,741, up 23.90 points. In the broader market, the BSE Midcap and BSE Smallcap indices underperformed to lose 0.6 per cent and 0.1 per cent, respectively.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 704.03 crore while the domestic institutional investors purchased stocks worth Rs 664.92 crore.
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Sensex heatmap at close
Source: BSE
Jindal Steel share price plunges 8%; should you buy on dips?
Jindal Steel share price plunged over 8 per cent on Thursday after the private steel maker reported widening of its consolidated loss at Rs 424.69 crore for the quarter ended on March 31, 2018 due to higher expenses and finance cost. It had posted a consolidated loss of Rs 100.01 crore in the year-ago period. Reacting to its Q4 earnings, the stock of the company tanked as much as 8.14 per cent to Rs 240.30 on the BSE.
PC Jeweller share price surges 6% ahead of buyback announcement
PC Jeweller share price rallied over 6 per cent ahead of company's board meeting scheduled for later today wherein the Board of Directors are expected to consider the proposal for buyback of fully paid-up equity shares of the company. PC Jeweller buyback is expected to be fixed at Rs 300 per share. PC Jeweller share price rose as much as 6.11 per cent to Rs to Rs 221.35 on the BSE. At 12:10 pm, the stock was trading at 215.80, up 3.45 per cent.
Markets cut morning gains
At 12:25 pm, the Sensex was trading at 35,338, up 19.42 points, while the broader Nifty50 was ruling at 10,739, down 1.75 points.
Fast Money: 20 best calls for Intra-day @ May 10, 2018
Markets at Open
At 9:18 am, the Sensex was trading at 35,448, up 128.66 points, while the broader Nifty50 was ruling at 10,773, up 31.65 points. In the broader market, the BSE Midcap slipped 0.1 per cent, while BSE Smallcap gained 0.2 per cent.
Stocks in News
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Kokuyo Camlin: Net profit rose 102.7% to Rs.5.8 Cr Vs. 2.9 Cr.
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HDFC Bank (Buy)
Target: Rs 2040
Stoploss: Rs 1960- New FPI rules from May 18
- Buying momentum to continue
Asia stocks rise as crude oil extends rally on Iran worries
Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump’s decision to pull out of a nuclear deal with Iran. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 percent, while Japan’s Nikkei climbed 0.1 percent. South Korea’s KOSPI rose 0.4 percent and Shanghai edged up 0.3 percent.
Brent crude futures rose 0.7 percent to $77.76 a barrel in early trade, the highest since November 2014 and building on gains of about 3 percent on Wednesday. US light crude futures rose 0.8 percent.
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The Sensex and Nifty ended higher on Wednesday, led by IT stocks such as Tata Consultancy Services, as the technology index recovered to close 0.55 per cent higher after losing 4.3 per cent over the previous five sessions. However, negative trend in Asian markets and US President Donald Trump's decision to pull out of the 2015 Iran nuclear deal capped gains on the benchmark indices.
The Sensex ended at 35,319, up 103.03 points, while Nifty50 closed at 10,741, up 23.90 points. In the broader market, the BSE Midcap and BSE Smallcap indices underperformed to lose 0.6 per cent and 0.1 per cent, respectively.
Wall Street Update
Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump’s decision the previous day to quit a nuclear agreement with Iran. Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump’s decision returned to the market.
The Dow Jones Industrial Average rose 0.75 per cent to end at 24,542.54 points, while the S&P 500 gained 0.97 per cent to 2,697.79. The Nasdaq Composite added 1 per cent to finish the session at 7,339.91.
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