Sensex plunges 273 points, Nifty ends below 10,700 ahead of F&O expiry; ICICI Bank top loser
Vinod Nair, Head of Research, Geojit Financial Services
Market sentiment is getting weak due to weakening rupee and lingering trade war between US & other major economies. The market is struggling for direction due to lack of domestic triggers while investors remained on a cautious note ahead of F&O expiry. Banks and Metals led the losses while IT outperformed due to rupee depreciation.
Finally Manpasand Beverages has announced their fourth quarter ended March 2018 (Q4FY18) result, and looking at the performance the company has recorded strong top-line and bottom-line growth. However, this has definitely cheered investors as they boosted the company’s stock price, which was trading on a negative note since start of today’s trading session. Manpasand posted a net profit of Rs 42.74 crore which was higher by a massive 256.46% compared to Rs 11.99 crore in the preceding quarter. The Q4FY18 profit also surged by 36.42% as against net profit of Rs 31.33 crore in the corresponding period of the previous year.
Shares of NDTV today surged 20 per cent to hit its upper circuit limit at Rs 39 after Sebi ordered Vishvapradhan Commercial to make an open offer. Regulator Sebi yesterday ordered a little-known entity, Vishvapradhan Commercial, to make an open offer for NDTV for indirectly acquiring control of up to 52 per cent stake through a convertible loan of Rs 350 crore in 2009 'sourced' from a subsidiary of Reliance Industries.
Fortis Healthcare: Fortis Healthcare finally reported its March quarter results with country's second largest hospital chain reporting a net loss of Rs 932 crore for the quarter, compared to a Rs 68 crore loss in the corresponding quarter.
Asian share markets were under pressure on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment in the region, while oil climbed as the United States pressured allies to stop buying Iranian crude. MSCI`s broadest index of Asia-Pacific shares outside Japan lost another 0.3 percent after touching a two-year trough on Tuesday.
Chinese blue chips eased 0.4 percent to be a whisker above 13-month lows as a settlement of Sino-U.S. tensions remained a distant prospect. Japan`s Nikkei had been faring better but soon succumbed to risk aversion and fell 0.5 percent.
Benchmarks eked out modest gains in choppy trade today as investors booked profit ahead of expiry of June derivatives contracts amid lacklustre overseas cues. Global markets were mixed amid escalating trade tensions between the US and other leading economies, including the EU, China and India.
The 30-share BSE Sensex, after rising over 145 points intra-day, surrendered most of the gains in the last 30 minutes of trade to end at 35,490.04, up just 19.69 points, or 0.06 per cent. In similar fashion, the 50-share NSE Nifty closed higher by mere 6.70 points, or 0.06 per cent at 10,769.15.