May 30, 2018 09:16 AM IST | Source: Moneycontrol.com
Market Live: Sensex falls 150 pts, Nifty below 10,600 on political turmoil in Italy
Asian shares extended a global sell-off. Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's Kospi are down 1.5-2 percent.
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Earnings Reaction: Road construction company Dilip Buildcon share price fell 3 percent after contraction in operating margin for March quarter.
Net profit in Q4 grew by 11 percent year-on-year to Rs 217.4 crore and revenue from operations increased 46.1 percent to Rs 2,557.9 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 33.2 percent to Rs 472.6 crore, but margin fell 180 basis points to 18.5 percent compared to year-ago.
Dilip Buildcon posted one-time loss at Rs 15.2 crore and reported deferred tax expenses for the quarter at Rs 45.6 crore against write-back of Rs 0.7 crore.
These 20 stocks witnessed a FII trend reversal in Jan-Mar quarter; do you own any?
Sector-wise, FPIs bought into financials (non-banking financial companies and private bank), IT and metals and sold autos, utilities, state-run banks, energy and consumer staples.
Market Opening: Benchmark indices extended yesterday's losses on Wednesday, tracking weakness in global stocks on political turmoil in Italy.
The 30-share BSE Sensex dropped 151.57 points to 34,797.67 and the 50-share NSE Nifty slid 63.30 points to 10,570.
Vedanta, Tata Motors, SBI, ICICI Bank, Bharti Airtel, Axis Bank and Grasim Industries fell up to 2.5 percent.
M&M, BPCL and Infosys are gainers in opening.
Nifty Midcap lost 156 points. Nifty Bank declined 237 points.
Dilip Buildcon, Glenmark Pharma, BEL, Eveready Industries, Vakrangee, Jain Irrigation, Canara Bank, Allahabad Bank and LIC Housing Finance slipped up to 6 percent.
Greenply Industries, Reliance Communications, Dish TV and Power Grid are gainers.
Relief at last? IOC cuts petrol price by 60 paise, diesel by 56 paise
In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.
Market Outlook: ICICI Securities said
Equity benchmarks snapped their three-day winning streak and settled marginally lower weighed down by subdued global cues. The Nifty settled at 10,633, down 55 points or 0.5 percent. Broader markets behaved in line with benchmarks as the Nifty midcap and small cap lost 0.3 percent, each.
The price action formed a sizable bear candle encompassing the previous session’s real body and filled Monday’s positive gap, indicating a pause in momentum post the 300-point rally (seen over last three sessions). Going ahead, we expect the Nifty to take a breather amid positive price structure and gradually head towards 10,850 in coming weeks.
In the coming session, the market is likely to open negative, tracking weak global cues. However, we believe it would hold the key support zone of 10,500 as it is the confluence of 61.8% retracement of last leg of up move (10,418–10717) at 10,530 and placement of upward sloping trend line (adjoining 9,952 – 10,418) around 10,500. Thus, we believe any dip towards 10,500 should be used as an incremental buying opportunity in quality stocks. Failure to hold 10,500 would lead to prolonging of ongoing consolidation towards 10,400.
Stocks in the news: ONGC, ICICI Bank, Glenmark Pharma, Fortis, Interglobe Aviation, BoB
ONGC | ICICI Bank | Glenmark Pharma | Fortis | Interglobe Aviation | SAIL | Canara Bank | Bank of Baroda | Dilip Buildcon are stocks which are in news today.
Market Outlook: Stewart & Mackertich said
Taking global cues, Nifty is expected to open gap-down around 10,560 and likely to remain weak as long as it trades below 10,600. Next support is placed around 10,500.
The Nifty previous session ended 0.52% down at 10,633.30. It opened flat and touched the intraday high of 10717 before breaking down early morning low amid weak global cues. It failed to sustain above 10,700 for the second consecutive session towards ending the session with a bearish Marubzu candle nearer to day’s low 10616.10. Selling intensity may take the Benchmark Index below 30 EMA on daily chart placed around 10,600 and may test downside supports placed around 10,560 and 10,500.
On the Nifty hourly chart; breaking down 200 EMA placed around 10,605 may initiate further correction towards 10,560 and 10,500. In case of intraday pullback, 10,600 will act as the critical resistance.
Nifty patterns on multiple time frames show; it failed to sustain above the critical support placed around 10,700 for the second consecutive session and ended nearer to 30 daily EMA. Breaking down 30 daily EMA may leave the Nifty ending in deadlock for a few sessions. Hence, cautious trading is advised.
Market Pre-Opening: Benchmark indices are flat in pre-opening, which indicated that the market already priced in global weakness in previous session.
The 30-share BSE Sensex dipped 33.06 points to 34,916.18 and the 50-share NSE Nifty gained 1.20 points at 10,632.10.
Glenmark Pharma slipped 10 percent.
Wockhardt and Lupin fell 4 percent.
M&M gained 1.66 percent and Eveready Industries rose half a percent.
Crude Update: Oil prices were lower on worries that Saudi Arabia and Russia will pump more crude weighing on the market.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Brent crude was down 0.62 percent at $74.92 a barrel.
US West Texas Intermediate crude was down 0.36 percent at $66.49 a barrel, reports CNBC.
Market Cues: The Nifty50 is expected to open gap down on Wednesday following muted trend seen in other Asian markets. The index closed 55 points lower at 10,633 on Monday.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 71 points. Nifty futures were trading around 10,538-level on the Singaporean Stock Exchange.
The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of US banks tumbled, said a Reuters report.
Asian shares extended a global sell-off. Japan's Nikkei, China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's Kospi are down 1.5-2 percent.
Markets@Moneycontrol: Nifty likely to open below 10,600; 3 stocks which could give 7-11% return
The Nifty50 is expected to open gap down on Wednesday following muted trend seen in other Asian markets. The index closed 55 points lower at 10,633 on Monday.
Market Outlook: Hemang Jani, Head - Advisory, Sharekhan feels that the fluctuating rupee, oil prices and Bond yields could keep equity markets volatile.
However he maintains bullish view on the markets and feels there are select buying opportunities in auto, private banking and consumer durables. "We like stocks such as Max Financials, ONGC and UPL, which are backed by strong earnings potential going ahead."