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Benchmark indices ended lower for a fourth straight session on continued FII outflows and rising crude oil prices.
The Sensex ended lower by 300.82 points or 0.86 per cent at 34,848.30 and the Nifty down 86.3 points or 0.81 per cent at 10,596.40.
The Sensex shed 1.93 per cent and the Nifty 1.94 per cent for the week. Both the indexes marked their biggest weekly loss in 10 weeks.
Investors remained on the sidelines amid doubts whether the B S Yeddyurappa government in Karnataka will be able to prove its majority in the house tomorrow, brokers said.
The Supreme Court today ordered a floor test in the Karnataka Assembly at 4 PM tomorrow, reducing the 15-day window given by the Governor to Yeddyurappa to prove majority.
Investor sentiment was also subdued due to caution over developments in US-China trade negotiations.
Barring FMCG, all other sectoral indices ended in the red.
Top five Nifty gainers were Bajaj Finance, TechM, Bajaj Finserve, HUL and Kotak Bank, while the major losers were Cipla, Wipro, Indiabulls Housing Finance, Sun Pharma and Tata Motors.
HUL briefly surpasses ITC in m-cap
Hindustan Unilever's shares surged as much as 2.2 per cent to a record Rs 1,604.50. At Friday's high, HUL's market cap was Rs 3,47,300 crore ($51.01 billion) vs ITC's market cap of Rs 3,47,200 crore. Read more
NCC board meet next week
NCC Ltd board will meet next week to consider raising funds through issuance of equity shares or warrants to promoters on a preferential basis. Read more
RCom shares slump 20%
Shares of Reliance Communications Ltd plunged as much as 20 per cent. The stock gave up all its early gains as according to sources, the company's settlement with Ericsson over dues is unlikely for now. Read more
The Sensex plunged over 300 points at pre-close trade owing to unabated FII outflows, and rising crude oil prices which went past the $80 per barrel mark on Thursday. Investor sentiment was also subdued due to caution over developments in US-China trade negotiations.
The BSE index was trading lower by 305.77 points or 0.87 per cent at 34,843.35 and the NSE index down 84.6 points or 0.79 per cent at 10,598.10.
Top five Sensex gainers were HUL, Kotak Bank, ITC, IndusInd Bank and TCS, while the major losers were L&T, ICICI Bank, Sun Pharma, Wipro and Tata Motors.
Barring FMCG, all other BSE sectoral indices were trading in the red.
As per provisional data, foreign portfolio investors had sold shares worth Rs 830.94 crore, while domestic institutional investors bought equities to the tune of Rs 428.92 crore yesterday.
Sell gold if it rallies to $1,305/oz
A positive trigger for the medium-term in sustaining the uptrend is likely to be above a close of $1,375. In the coming week, we expect prices to gradually edge lower to $1,278 and failure to hold here could drag prices even lower to $1,255-60. Click here to read more
Biocon sells stake in Syngene
Biocon Ltd has sold close to 2 per cent stake in its research arm Syngene International for an estimated Rs 230 crore. More on this
Crude @ $80 gives Govt the jitters
Crude worries
As crude oil prices soared above $80 a barrel for the first time since November 2014, government number-crunchers are feeling fidgety, as it will affect inflation, current account, fiscal position and growth, and call for tighter macroeconomic policies. Click here to read more
Shares of Reliance Communications surged for a second straight day, rising as much as 29.9 per cent to ₹21.30, their highest in a month. Read more
Benchmark indices declined for a fourth straight session, dragged by financials such as ICICI Bank Ltd and Housing Development Finance Corp, and were headed for their biggest weekly fall in eight.
Investor sentiment was subdued amid caution over developments in US-China trade negotiations and as crude prices broke above $80 a barrel for the first time since November 2014 on Thursday.
“It will be an earnings-driven market going forward,” said Teena Virmani, vice president, Kotak Securities.
“Given the rise in oil prices and higher yields, valuation multiples are not going to grow sharply from now on, so markets will rely on earnings revival.”
At 2 pm local time, the 30-share BSE index Sensex was trading lower by 234.60 points or 0.67 per cent at 34,914.52 and the 50-share NSE index Nifty down 63.55 points or 0.59 per cent at 10,619.15. Both indexes have declined 1.5 per cent so far this week.
The NSE Bank Index fell as much as 0.8 per cent, extending its drop into a third session. ICICI Bank declined 2.8 per cent, while HDFC slipped 1 per cent.
The Nifty PSU Bank Index shed 1.3 per cent, in what could be its fourth consecutive session of fall, on continued concerns about disappointing quarterly results due to a jump in bad-loan provisions. The index has declined 5.8 per cent so far this week, its biggest since the week ended March 23.
JK Tyre shares rally 8% on Q4 profit
The stock jumped as much as 7.8 per cent to Rs 155.7; it posted its biggest intraday percentage gain since February 12. More on this
A representational image
Central Bank shares hits over 2-year low
The lender’s shares fell as much as 6.4 per cent to Rs 62, lowest since March 2016. The stock posted its biggest daily percentage loss since March 27. Read more
Insurance Uncovered
In motor insurance, third-party cover is mandatory while own-damage cover is optional. While a third-party cover protects the life or property of a third party by the insured vehicle, the OD cover insures your vehicle against damage or theft. Click here to read more
It's time India launched weather futures
Managing risk has become the buzzword in India in recent times. But it is surprising that instruments to hedge risks posed by weather are not present in the country, especially given the agrarian tilt in its society and the large impact weather has on various industries. Click here to read more
Benchmark indices continued their downtrend due to unabated FII outflows, and rising crude oil prices which went past the $80 per barrel mark on Thursday. Domestic sentiment was also hit as the rupee plunged to 68.03 against the dollar.
The Sensex was trading down by 163.02 points or 0.46 per cent at 34,986.10 and the Nifty down 47.20 points or 0.44 per cent at 10,635.50.
Sensex gainers, losers
BSE sectoral indices
As per provisional data, foreign portfolio investors had sold shares worth Rs 830.94 crore, while domestic institutional investors bought equities to the tune of Rs 428.92 crore yesterday.
Bank Nifty Options trade bearish
The market has turned bearish due to selling in key index stocks amid selling in banking stocks. Looking at near the money Strike price on the Option side of Bank Nifty, we would be able to understand the current bearish sentiment on this counter. Read more
Nifty 50 May Futures (10,671)
The outlook is bearish and so the current bounce-back move could be short-lived. Strong resistances are at 10,685 and 10,705 which are likely to cap the upside. Click here to read more
Crude oil holds steady
Oil prices held firm on strong demand, ongoing supply cuts led by producer cartel OPEC and looming US sanctions against major crude exporter Iran. Click here to read more
Floor test in Karnataka Assembly
The Supreme Court today ordered the floor test in Karnataka Assembly at 4 pm on Saturday. The apex court said all MLAs will vote tomorrow. Protem Speaker will decide what manner the floor test should be held. Read more
11.25 am
Gold prices slip
Gold prices edged down to near their lowest levels this year, pressured by a firm US dollar amid surging US Treasury yields. Spot gold was down about 0.1 per cent at $1,289.16 per ounce at 0253 GMT. Read more
The Sensex was trading down by 124.32 points or 0.35 per cent at 35,024.80 due to unabated foreign fund outflows and surging global crude oil prices. Similarly, the Nifty was trading down by 29.25 points or 0.27 per cent at 10,653.45.
Domestic sentiment was also hit as the rupee weakened to 67.87 against the dollar.
Brokers said the sentiment remained weak largely on sustained capital outflows by foreign funds and rising global crude oil prices, which went past the $80 per barrel mark. Investors also remained wary due to political developments in Karnataka.
Top five Sensex losers were Bharti Airtel, ICICI Bank, Wipro, Tata Motors and Adani Ports, while the major gainers were Bajaj Auto, HUL, IndusInd Bank, YES Bank and ITC.
10.45 am
Dollar at 4-month high
The dollar edged higher against the yen and set a fresh four-month high, buoyed by a rise in US Treasury yields that suggests a more upbeat outlook for the world's largest economy. More on this
Rupee weakens to 67.87
The rupee weakened by 17 paise to 67.87 against the US dollar in early trade at the interbank forex market today on fresh demand for the greenback from importers and banks. Click here to read more
Mumbai-based financial services provider Avendus Capital is gearing up to launch a new fund with a corpus of over ₹500 crore to invest in private companies across sectors such as consumer and financial services. More on this
Broker's call
Centrum Broking
Lupin (Buy)
CMP: ₹763.2
Target: ₹930
Click here to read the full text
SEBI ‘warns’ PNB over delay in disclosure of scam
Scam-hit Punjab National Bank has received a ‘warning’ from SEBI for its tardiness in complying with various mandatory norms in the wake of the Nirav Modi fraud. Click here to read more
'Baffled by small, mid-cap stocks’ fall'
Porinju Vilayath
The recent fall in prices of small- and mid-cap stocks caught a few seasoned investors on the wrong foot. Porinju Veliyath, Kerala-based ace stock-picker and portfolio manager, has written a letter to his clients admitting that he was ‘baffled by the unusual sell-off in small- and mid-cap stocks’. Click here to read more
Asian markets
Asian stocks edged up as investors kept a cautious watch on developments in US-China trade negotiations, while the dollar was perched near a five-month peak against a basket of currencies thanks to the benchmark US Treasury yield topping a seven-year high. Click here to read more
asian
Day Trading Guide
₹2027 • HDFC Bank
₹1184 • Infosys
₹279 • ITC
Click here to view the full guide
9.15 am
The Sensex opened lower by 76.56 points at 35,149.12 against the previous close of 35,072.56 and the Nifty down 20.7 points at 10,682.70 against 10,662.
9.05 am
Today's stock pick
The stock of Max India has gained 3.5 per cent on Thursday, after taking support at around ₹80 recently. Investors with a contrarian view and high risk appetite can consider buying the stock at current levels. Read more
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