1. Sensex ends 69 points down on weak global cues, Nifty settles at 7,870; Punjab National Bank gains

Sensex ends 69 points down on weak global cues, Nifty settles at 7,870; Punjab National Bank gains

Benchmark indices BSE Sensex and NSE Nifty snapped two-day gaining streak on Wednesday tracking subdued global markets

By: | New Delhi | Updated: May 18, 2016 4:11 PM
BSE SENSEX, NSE NIFTY STOCK MARKET ON WEDNESDAY Benchmark indices BSE Sensex and NSE Nifty snapped two-day gaining streak on Wednesday tracking subdued global markets (Reuters)

3.30 pm: Benchmark indices BSE Sensex and NSE Nifty snapped two-day gaining streak on Wednesday tracking subdued global markets after strong US inflation numbers and Federal Reserve comments raised fear of rate hike. The rupee which weakened for the fifth day against also weighed market sentiments.

The benchmark BSE Sensex resumed lower at 25,671.48, and continued to trade in negative terrain and slipped to a low of 25,503.40 before ending 69 points or 0.27 per cent down at 25,704.61. Nifty index on the National Stock Exchange closed 20.60 points, or 0.26 per cent down at 7,870.15.

Read more: Punjab National Bank shares surge over 3% despite Q4 loss of Rs 5,367 cr, here is why

In the 50-share index, State Bank of India, ONGC, Lupin, Larsen & Toubro and HCL Tech gained between 1.18 per cent and 1.79 per cent. On the other hand, Bosch, ZEEL, Bajaj Auto, Hero MotoCorp and Mahindra & Mahindra slid between 1.44 per cent and 2.48 per cent.

Asian equity markets ended mostly lower on Wednesday as hawkish comments from Fed officials and upbeat data pointing to a US rate hike this year dampened investor sentiment. Chinese shares ended lower as positive home price data dashed hopes for more fiscal and monetary stimulus. Japanese stocks ended the day almost flat after the yen see-sawed against the US dollar, rising and falling in strength as investors digested Japan’s stronger than expected GDP data and US inflation.

asian markets shanghai nikkei hang seng Source: Ace Equity

3.07 pm: Dairy firm Parag Milk Foods, which recently concluded its extended IPO, will list shares on the bourses on Thursday. The company’s Rs 760-crore initial public offering (IPO), which was extended by three days, was oversubscribed 1.83 times on the final day of the offer which ended on May 11. The issue period was from May 4-11.

2.44 pm: Sensex was down 140 points at 25,633. Traders were seen piling position in PSU, Capital Goods and Realty stocks while selling was witnessed in Auto, TECK and Bankex sector stocks.

2.02 pm: Tata Metaliks was locked in upper circuit for the second consecutive session on Wednesday, following its parent’s decision to call off the merger plan. Tata Steel on Tuesday said that it has decided to drop its plan to merge Tata Metaliks and Tata Metaliks DI Pipes with itself. Shares of Tata Metaliks surged 19.94 per cent to Rs 168.40. Sensex was down 147 points at 25,626. Read more

1.37 pm: Share of OCL India were trading over 14 per cent higher on the BSE, after the company reported a more than double net profit at Rs 134 crore for the fourth quarter ended March 31, 2016 (Q4FY16), due to higher realisation and other income. Sensex was trading 112.81 points down 25660. Nifty was down 34.85 points at 7,855.90.

12.52 pm: Punjab National Bank wiped off their initial gains after the bank reported a net loss of Rs 5,367.14 crore for the fourth quarter ended March 2016 against net profit of Rs 306 crore in the same quarter a year ago. The scrip jumped as much as 4.6 per cent intraday. At 12.52 pm, shares of the bank were trading almost flat at Rs 73.80. Sensex was down 186 points at 25,587.

12.32 pm: GlaxoSmithkline Consumer Healthcare were trading over 4 per cent down after the company registered a fall of 8.18 per cent in its net profit at Rs 180.68 crore for the quarter ended March 31, 2016 as compared to Rs 196.78 crore for the same quarter in the previous year.

11.44 am: Shares of Maruti Suzuki and Mahindra & Mahindra (M&M) were trading in red in the morning trade on Wednesday after UK-based vehicle testing agency Global New Car Assessment Programme (NCAP) on Tuesday awarded zero star safety ratings to Maruti’s Celerio and Eeco models, as well as Mahindra’s utility vehicle Scorpio. Maruti Suzuki and M&M shares plunged as much as 3.57 per cent 2.17 per cent intraday. Read more

11.20 am: Sensex was trading 214 points down at 25,559. Nifty was trading 63 points down at 7,827.

10.46 am: State Bank of India (SBI) is planning to sell part of its holding in National Stock Exchange (NSE) through a competitive bidding process, where it owns 15 per cent stake. The bank intends to disinvest up to 5 per cent of its equity holding. The last date for submission of bid is May 19. The bank expects about Rs 1,000 crore from the stake sale. Shares of SBI were trading 1.04 per cent up at Rs 178.90.

10.33 am: State Bank of India on Tuesday announced that it is looking to merge operations of five of its subsidiary banks with itself. Cheering the announcement, shares of three publicly traded subsidiaries State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) surged up to 15 per cent in early trade. Read more

10.23 am: Sensex was down 243 points at 25,529. Brokers said besides profit-booking in recent gains, a weak trend at other Asian bourses tracking overnight losses in the US after strong inflation data that fuelled talk of an interest rate hike, dampened the sentiment here.

9.56 am: The rupee depreciated by 8 paise to trade at 66.95 against the US dollar in early trade, due to
sustained demand for the American unit from importers and banks amid a lower opening in the domestic equity market.

9.55 am: In the 50-share index, BPCL (up 0.20 per cent), Coal India (up 0.05 per cent) and ONGC (0.02 per cent) were only gainers.

9.37 am: Shares of GlaxoSmithkline Consumer Healthcare were trading 4 per cent down at Rs 5,845.

9.32 am: Cupid hit upper circuit on Wednesday after the company informed bourses that it has executed agreement worth Rs 13.58 crore with PSI India. As per the terms of agreement, Cupid is required to supply 83.5 million units of male condoms to distribute in India. The share price of the company surged 2 per cent to Rs 317.70. Sensex was down 201 points at 25,572.

9.21 am: Voltas was trading 2.42 per cent up at Rs 343.15. Tata Group firm Voltas on Tuesday reported a 51.43 per cent increase in its consolidated net profit at Rs 180.71 crore for the quarter ended March 2016 on account of improvement in order execution by projects business.

9.16 am: The BSE Sensex plunged 210.46 points to 25,563.15 in the early trade. In the 30-share index, ONGC (up 0.64 per cent) and NTPC (up 0.22 per cent) were only gainers

9.15 am: The BSE Sensex opened 102.13 points, or 0.40 per cent down at 25,671.48. Nifty opened 44 points down at 7,846.75.

8.41 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open in red on Wednesday tracking SGX Nifty and subdued global markets.

At 8.25 am (IST), SGX Nifty was down 31.50 points, or 0.40 per cent, at 7,877.50.

Overall, Asian markets were trading in red in the morning trade after strong US inflation data and comments from Federal Reserve officials rekindled prospects of the central bank raising rates later this year.

Asian peers, Hang Seng and Shanghai were down by over 1 per cent.

Wall Street sold off on Tuesday, with the S&P 500 losing 0.94 per cent, after US consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose. The Dow Jones Industrial Average index slid 180.73 points, or 1.02 per cent, at 17,529.98.

Equities jumped for a second straight session as the BSE Sensex rose 120 points to 25,773.61 after investors raised their exposure following exit polls that showed BJP coming to power in Assam for the first time.

Shares of Voltas and State Bank of India (SBI) will remain in focus on Wednesday. The company on Tuesday reported a 51.43 per cent increase in its consolidated net profit at Rs 180.71 crore for the March quarter on account of improvement in order execution by projects business. It had posted a net profit of Rs 119.33 crore in the January-March quarter of 2014-15 fiscal.

SBI on Tuesday proposed merger of its five associate banks and newly created Bharatiya Mahila Bank (BMB) with itself, a move that will create Rs 37-lakh crore banking behemoth with over 50 crore customers.

(With agency inputs)

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