MARKETS ON FRIDAY: Indices decline for 4th session, Sensex down 301 pts

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka,

SI Reporter  |  New Delhi 

Nifty PSU Bank index ends 1.65%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) ALLAHABAD BANK 37.80 39.75 -1.95 -4.91 ORIENTAL BANK 75.40 78.85 -3.45 -4.38 IDBI BANK 60.45 62.55 -2.10 -3.36 SYNDICATE BANK 43.30 44.80 -1.50 -3.35 ANDHRA BANK 34.35 35.35 -1.00 -2.83 Nifty sectoral gainers and losers BSE Sensex: Top gainers and losers of the day Market at close   The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points. Strides Shasun tanks 25% on weak Q4 results Shares of Strides Shasun have tanked 25% to Rs 378 per share, also their 52-week low on the BSE after the company reported a consolidated net loss of Rs 44 million in March 2018 quarter (Q4FY18). The pharmaceutical company reported its first quarterly loss since September 2014 quarter. It had posted a net profit of Rs 916 million in Q4FY17. Revenue from operations during the quarter under review declined 1.9% to Rs 6.64 billion from Rs 6.77 billion in the corresponding quarter of previous fiscal. READ MORE EARNINGS IMPACT Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.   Profit for the quarter grew by 34.7% year-on-year to Rs 10.80 billion and revenue rose by 38.3% to Rs 67.73 billion.Operating profit jumped 45.2% to Rs 13.15 billion for the quarter and margin expanded 90 basis points to 19.4% compared to year-ago.

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state's new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm. 

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%. 

The Nifty PSU Bank Index also shed 1.6%, 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.

In the global markets, Asian stocks were steady on Friday amid caution over developments in US-China trade negotiations, while the dollar perched near a five-month peak after the benchmark US Treasury yield hit its highest in seven years.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. The index was headed for a 1% loss this week.

Hong Kong’s Hang Seng rose 0.17% and Shanghai climbed 0.3% as some investors bet Beijing and Washington will reach a deal in the latest round of trade talks.

Japan’s Nikkei rose 0.35%, South Korea’s KOSPI was up 0.3% and Australian stocks dipped 0.2%.

(with Reuters inputs)
First Published: Fri, May 18 2018. 15:31 IST

MARKETS ON FRIDAY: Indices decline for 4th session, Sensex down 301 pts

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka,

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka,
Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state's new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm. 

The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%. 

The Nifty PSU Bank Index also shed 1.6%, 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.

In the global markets, Asian stocks were steady on Friday amid caution over developments in US-China trade negotiations, while the dollar perched near a five-month peak after the benchmark US Treasury yield hit its highest in seven years.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. The index was headed for a 1% loss this week.

Hong Kong’s Hang Seng rose 0.17% and Shanghai climbed 0.3% as some investors bet Beijing and Washington will reach a deal in the latest round of trade talks.

Japan’s Nikkei rose 0.35%, South Korea’s KOSPI was up 0.3% and Australian stocks dipped 0.2%.

(with Reuters inputs)
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