Sensex, Nifty Extend Losses Amid Weak Global Cues
Indian equity benchmarks extended losses dragged by ICICI Bank, Larsen & Toubro and HDFC amid weak global cues.
The S&P BSE Sensex fell 0.12 percent or 43 points to 34,906 and the NSE Nifty 50 index 0.18 percent declined 19 points to 10,614.
Fourteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Healthcare index's 0.8 percent drop. On the other hand, the S&P BSE Power index was the top gainer, up 0.2 percent.
Fab Four Stocks Of The Day
Indoco Remedies: The Mumbai-based drugmaker rose as much as 13 percent, the most in over a month, to Rs 216.85 after it reported March quarter earnings.
- Revenue down 2.5 percent at Rs 270 crore versus Rs 277 crore
- Net profit up 14 percent at Rs 20.5 crore versus Rs 18 crore
- Ebitda up 53 percent at Rs 49 crore versus Rs 32 crore
- Margin at 18.1 percent versus 11.6 percent
CDSL: The Mumbai-based depository service provider rose as much as 11.31 percent to Rs 301.65 as government plans to dematerialise shares of unlisted companies, The Times of India reported.
ADF Foods: The Mumbai-based packaged food maker rose as much as 4.6 percent to Rs 276.10 ahead of a board meet on June 5 to consider share buyback proposal.
Astral Poly Technik: The Ahmedabad-based PVC plumbing system maker rose as much as 6 percent to record high of (Rs) 1,019 (apiece) on the back of heavy volumes. Trading volume was 4.1 times its 20-day average.
Hotel Leela Venture Erases Gains On Reporting Loss In Q4
Shares of the Mumbai-based hotel chain operator erased gains after it reported loss in March quarter.
Key earnings highlights:
- Net loss at Rs 15.8 crore versus profit of Rs 52.14 crore
- Revenue up 5 percent at Rs 206 crore versus Rs 196 crore
Chances Of Italy Going Out Of Eurozone Are Slim: Johan Jooste
Italy is going through a political crisis and chances of it going out of Eurozone are slim, Johan Jooste, CIO of Bank of Singapore told BloombergQuint.
Key highlights from the conversation:
- Italian situation is different than Turkey and Argentina
- Italy is going through a political crisis
- Odds of Italy going out of Eurozone are slim as they do not have their own currency
- Not on the verge of something like Lehman Brothers crisis
- Markets are punishing those economies where external debt is high
Moody's Cuts India GDP Growth Target For 2018 To 7.3% From 7.5%
- The Indian economy is in cyclical recovery led by both investment and consumption
- Higher oil prices and tighter financial conditions will weigh on the pace of acceleration
- Eexpect GDP growth of about 7.3 percent in 2018, down from our previous forecast of 7.5 percent
- Growth expectation for 2019 remains unchanged at 7.5 percent