After a brief intraday pullback, the key benchmark indices once again resumed decline on fresh selling in index pivotals. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 168.51 points or 0.48% at 34,780.73. The Nifty 50 index was down 56.40 points or 0.53% at 10,576.90. PSU OMCs declined. Capital goods stocks saw mixed trend. Weak Asian stocks weighed on the local stocks.
Domestic stocks began trading for the day on a downbeat note on weak Asian stocks. Stocks cut losses in morning trade.
The S&P BSE Mid-Cap index was down 0.15%. The S&P BSE Small-Cap index was off 0.08%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On the BSE, 1015 shares rose and 1263 shares fell. A total of 124 shares were unchanged.
Overseas, Asian stocks dropped as concerns about the repercussions of Italy's political turmoil and the renewal of trade tensions between the US and China gripped financial markets. The prospect that Italy might need a fresh election that could effectively become a referendum on the nation's inclusion in the euro zone rattled markets.
US stocks tumbled yesterday, 29 May 2018 joining a global equity selloff sparked by concern Italy's political woes will destabilise Europe.
Investors are also keeping an eye on the White House, with the Trump administration giving conflicting signals on talks with North Korea and plowing ahead with plans for tariffs on Chinese goods. On Saturday, 2 June 2018 US Secretary of Commerce Wilbur Ross will reportedly travel to Beijing for more talks with Vice Premier Liu He on topics including ZTE Corp. and trade.
Back home, PSU OMCs declined. HPCL (down 2.09%) and Indian Oil Corporation (down 0.9%) fell.
BPCL fell 1.78% to Rs 398.25 on profit booking after a recent rally. Shares of BPCL rose 9.24% in three trading sessions to settle at Rs 405.45 yesterday, 29 May 2018, from its close of Rs 371.15 on 24 May 2018.
BPCL's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. Average gross refining margin (GRM) was $6.51 per barrel in the fourth quarter, compared with $6.01 per barrel a year earlier. The result was announced after market hours yesterday, 29 May 2018.
Capital goods stocks saw mixed trend. ABB India (up 1.82%), Bharat Heavy Electricals (Bhel) (up 1.38%), Punj Lloyd (up 1.56%) and Thermax (up 0.56%) rose. BEML (down 0.2%), Bharat Electronics (down 3.99%), L&T (down 1.14%) and Siemens (down 0.97%) fell.
Manpasand Beverages hit a lower circuit limit of 10% at Rs 248.30, extending recent steep losses triggered by resignation of the company's statutory auditor. Manpasand Beverages announced the resignation of statutory auditor Deloitte Haskins & Sells with effect from 26 May 2018. The announcement was made on Sunday, 27 May 2018.
Shares of Manpasand Beverages hit a lower circuit limit of 20% at Rs 344.80 on Monday, 28 May 2018. The stock has fallen 42.39% in three sessions from its close of Rs 431 on Friday, 25 May 2018.
The board appointed Mehra Goel & Co as statutory auditor of the company with effect from 27 May 2018 to fill the casual vacancy. Manpasand Beverages said that the board meeting scheduled on 30 May 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled and further notice for the same will be sent in due course of time.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)