Markets Live: Sensex ends lower by 73 points ahead of Karnataka elections

Benchmark indices ended lower for the first time in four sessions as traders on the sidelines ahead of Assembly elections in Karnataka on Saturday amid concerns over surging global crude oil prices and weakening rupee.

The Sensex ended lower by 73.08 points or 0.21 per cent at 35,246.27 and the Nifty down 25.15 points or 0.23 per cent at 10,716.55.

Barring oil & gas, all other BSE sectoral indices ended in the negative zone.

Top five Sensex gainers were ONGC, Bharti Airtel, Reliance, HDFC Bank and Coal India, while the major losers were Dr Reddy's, Tata Motors, Sun Pharma, PowerGrid and Bajaj Auto.

According to provisional data, on a net basis, foreign portfolio investors had sold shares worth Rs 704.03 crore, while domestic institutional investors bought shares worth Rs 664.92 crore yesterday.

 

Global markets

World stocks hit a three-week high 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. Read more

 

Bullion prices

Gold prices gained Rs 60 to Rs 32,300 per 10 grams at the bullion market, on positive global cues and increased buying by local jewellers. Read more

 

Sensex gainers, losers

 

Pre-close trade

The Sensex fell 90.05 points or 0.25 per cent to 35,229.29 and the Nifty shed 29.3 points or 0.27 per cent to 10,712.40.

 

Nifty sectoral indices

 

Silver futures

Silver prices rose 0.12 per cent to Rs 40,128 per kg at the futures trade as speculators built up fresh positions amid a firm trend overseas. Read more

 

Gold futures

Gold prices were up by 0.16 per cent at Rs 31,260 per 10 grams at the futures trade as speculators created fresh positions, despite weak global cues. Read more

 

Nifty volume gainers

 

BSE gainers, losers

NSE gainers, losers

 

Benchmark indices were largely unchanged, with investors staying on the sidelines ahead of elections in Karnataka.

Prime Minister Narendra Modi's Bharatiya Janata Party 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 the results will be declared later that day.

“Markets will react positively if BJP wins in Karnataka,” said Aditya Agarwal, head-technical research, Way2Wealth.

“Expect minor corrections in the next couple of sessions with the possibility of NSE even falling to 10,500. It could get a little volatile.”

The BSE index was trading up 15.43 points or 0.04 per cent at 35,334.78 and the NSE index down 10.9 points or 0.1 per cent at 10,730.80.

Bridge the gaps for an effective RERA

Demand for real estate is likely to remain listless unless consumer confidence revives with the effective implementation of recent policy pronouncements and regulatory changes. Click here to read more

 

Oil on the boil provides buying opportunity

In the past few weeks, brent crude oil has crossed the $70/barrel mark and remained there for some time. This is making market participants evaluate the risk on fiscal spending, current account balance, currency and equity markets. Click here to read more

 

 

Good show by Eicher Motors

On the face of it, Eicher Motors’ muted consolidated profit growth of less than 1 per cent in the quarter ended March 2018 ( over the March 2017 quarter) is disappointing. But, adjusted for the exceptional loss of ₹187 crore incurred on the winding up of the joint venture with Polaris during the quarter, the bottomline has shown a robust 41.2 per cent growth to ₹648. 5 crore. Click here to read more

 

Nifty 50 May Futures (10,746)

Traders with a near-term perspective can go short on a decisive fall below 10,745 levels with a stop-loss at 10,755 levels. Near-term targets are 10,725 and 10,700 levels. Click here to read more

 

Auto sales

Domestic passenger vehicle sales rose 7.5 per cent to 2,98,504 units in April from 2,77,683 units in the same month last year. Domestic car sales were up 4.89 per cent at 2,00,183 units against 1,90,854 units in April 2017. More on this

 

Benchmark indices were largely unchanged, with investors staying on the sidelines ahead of elections in Karnataka.

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.

“Markets will react positively if BJP wins in Karnataka,” said Aditya Agarwal, head-technical research, Way2Wealth.

“Expect minor corrections in the next couple of sessions with the possibility of NSE even falling to 10,500. It could get a little volatile.”

The BSE index was down 5.16 points or 0.01 per cent at 35,314.19 and the NSE index down 13.8 points or 0.13 per cent at 10,727.90.

 

Banks were mostly trading higher with the Nifty Private Bank index extending gains into a tenth session. HDFC Bank and ICICI Bank rose about 1 per cent each.

Federal Bank falls to 2-1/2-year low

The stock dropped as much as 10.8 per cent to Rs 90.25, posting its biggest intraday percentage fall since October 2015. More on this

 

Eicher Motors jumps 3%

Eicher Motors stock jumped as much as 2.94 per cent to Rs 31,207.45, its biggest daily percentage gain in about a fortnight. Read more

 

Zydus Cadila has received final approval from the US health regulator to market Carbidopa tablets, used for treating Parkinson’s symptoms which inclue shakiness, stiffness and difficulty in moving. Read more

 

IRB Infrastructure Developers’ subsidiary has won a road project worth Rs 2,043 crore from state-run NHAI in Gujarat. Read more

 

Benchmark indices turned flat as investors stayed on the sidelines ahead of Karnataka elections on May 12.

IndiaTV final opinion poll has given Congress 96 seats, BJP 85 and JDS+ 38, which is likely to play the kingmaker on the D-Day. With no party touching the magic mark in the opinion poll, Karnataka is likely to throw a hung Assembly.

The Sensex was trading up 31.13 points or 0.09 per cent at 35,350.48 and the Nifty up 2.95 points or 0.03 per cent at 10,744.65.

Among BSE sectoral indices, power, realty, metal and infrastructure succumbed to heavy selling pressure, while oil & gas, IT and TECk found investors' support.

 

Top five Sensex gainers were ONGC, Coal India, Bharti Airtel, Infosys and IndusInd Bank, while the major losers were PowerGrid, Dr Reddy's, NTPC, Tata Motors and Tata Steel.

 

Spot gold down 0.1%

Gold prices nudged lower as the dollar held near its 2018-peak on firm US bond yields, with investors also keeping an eye out for any further impact from US President Donald Trump's decision to pull out of a nuclear deal with Iran. Read more

 

 

Dollar holds firm

The dollar index against a basket of six major currencies stood at 93.11 after hitting a 4 1/2-month high of 93.42, extending its gains from its April low to 4.7 per cent. Read more

 

Oil hits multi-year high

Brent crude futures, the international benchmark for oil prices, hit their strongest since November 2014 at $77.76 per barrel on Thursday. WTI crude futures also marked a November-2014 high, at $71.75 a barrel. Read more

 

Nikkei edges up

The Nikkei gained 0.3 per cent to 22,464.35 in mid-morning trade. Shares of Toyota Motor rose 2.3 per cent to hit fresh three-month highs. Read more

 

Rupee slumps to fresh 15-month low

The rupee weakened by 10 paise to a fresh 15-month low of 67.37 against the US dollar in early trade due to strengthening of the American currency overseas, sustained foreign fund outflows and soaring global crude prices. Read more

 

Domestic indices extended their uptrend for the fourth straight session owing to positive global cues. Unabated buying by domestic institutional investors also boosted the uptrend. According to brokers, investors keep expanding their positions on hopes of encouraging earnings from more companies.

The Sensex was trading up by 84.87 points or 0.24 per cent at 35,404.22 and the Nifty up 26.9 points or 0.19 per cent at 10,762.35.

 

Among BSE sectoral indices, oil & gas, TECk, IT and banking found investors support, while power, realty, healthcare and FMCG succumbed to selling pressure.

 

Top five Sensex gainers were Bharti Airtel, Coal India, ONGC, Kotak Bank and IndusInd Bank, while the major losers were PowerGrid, Dr Reddy's, Tata Motors, Asian Paints and Tata Steel.

 

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent, while Japan's Nikkei climbed 0.1 per cent. South Korea's KOSPI rose 0.4 per cent and Shanghai edged up 0.3 per cent. Read more

 

The board of directors of PC Jeweller will meet today to consider a proposal of buyback of its shares. The company shares were trading higher by 2.47 per cent Rs 213.75 on the BSE. Read more

 

Welspun Enterprises has emerged as the lowest bidder for an NHAI project in Tamil Nadu – four-laning of the Sattanathapuram to Nagapattinam section - at ₹1,837 crore. The company shares were up 2.28 per cent at Rs 157 on the BSE. Read more

 

Hikal board has recommended an issue of bonus shares (through capitalisation of its reserves) in the ratio of 1:2 (one bonus equity share for every two existing equity shares). Hikal shares were trading down by 4.8 per cent at Rs 242.05. Read more

 

Ashoka Buildcon has announced that one of its wholly-owned subsidiaries Ashoka Infraways Limited has received an arbitral award whereby the SPV has been awarded 1,384 additional toll days against various claims filed by the SPV.  The company shares were trading up 1.53 per cent at Rs 278 on the BSE. Read more

 

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1979 • HDFC Bank

 

₹1171 • Infosys

 

₹282 • ITC

 

Click here to view the full guide

The 30-share BSE index Sensex rose 108.74 points or 0.31 per cent to 35,428.09 and the 50-share NSE index Nifty climbed 37.95 points or 0.35 per cent to 10,779.65.

Today's stock pick

Hindustan Oil Exploration Company (₹129.8): Buy

On Wednesday, the stock jumped 6.3 per cent with above average volume, breaking above a key resistance as well as 50 per cent fibonacci retracement level of prior downtrend at ₹127. This rally gives investors with a short-term perspective an opportunity to buy the stock at current levels. Read more