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  1. Subdued Q4 earnings arrest 4-day Sensex gain; PC Jeweller recoils 10%; IT, FMCG, realty slump; HCC falls 25%

Subdued Q4 earnings arrest 4-day Sensex gain; PC Jeweller recoils 10%; IT, FMCG, realty slump; HCC falls 25%

Indian stock markets ended lower on Thursday snapping the four days of the continuous surge with Sensex and Nifty finishing marginally down as shares of RIL, Infosys, Kotak Mahindra Bank, L&T and ITC fell.

By: | Published: May 3, 2018 4:48 PM
BSE Sensex ended down 73.28 points lower at 35,103.14 on Thursday. (Image: Reuters)

Indian stock markets ended lower on Thursday snapping the four days of the continuous surge with Sensex and Nifty finishing marginally down as shares of RIL, Infosys, Kotak Mahindra Bank, L&T and ITC fell. However, the losses contributed by these shares were offset by the uptick in shares of ICICI Bank, HDFC, Sun Pharma, Axis Bank. Shares of IT, FMCG and real estate sector were the major drag on Thursday. BSE Sensex ended down 73.28 points lower at 35,103.14 while NSE Nifty tripped below the 10,700-mark settling down 38.40 points or 0.36% at 10,679.65 after hovering between 10,720.6 and 10,647.45, during the day.

Shares of Sun Pharma, NTPC, Tata Steel, Axis Bank, ICICI Bank were the lead gainers among the BSE Sensex scrips on Thursday. The stock of PC Jeweller recovered nearly 10% to close at Rs 121.45 after management rubbished the news reports of Balram Garg, MD, PC Jeweller being arrested by the CBI. Shares of HCC, Jet Airways, Indigo and HCL Tech dropped 7% to 25%. The stock of HCC tumbled 24.84% to a 22-month low Rs 17.55 on Thursday.

Oil prices edged higher on Thursday despite swelling US crude inventories and record weekly US production, as focus shifted back to OPEC supply cuts and the potential of new US sanctions against Iran, Reuters said in a report. The continuous capital outflows by foreign institutional investors and lower-than-expected Q4 FY18 results by InterGlobe Aviation dropped the momentum. The benchmark Sensex has advanced 675.15 points in the last four sessions. Brent crude was at $73.56 per barrel whereas US WTI crude at $68.18 per barrel.

World stock markets were mixed on Thursday as investors analyzed the Fed’s decision to keep interest rates unchanged and kept an eye out for developments from China-US trade talks in Beijing. AP said in a report. Hong Kong’s Hang Seng index declined 1.2% to close at 30,313.37, South Korea’s Kospi shed 0.7% to end at 2,487.25 while Shanghai Composite index rose 0.6% to 3,100.86. Japanese stock markets were closed for a holiday.

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