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Podcast | Bears make a comeback on D-Street; Nifty ends below 10,650

Profit booking hits D-Street as Nifty50 witnessed selling pressure around 10,700 levels for the second consecutive day in a row on Tuesday. The S&P BSE Sensex slipped over 200 points to close below its crucial psychological support at 35,000.

The S&P BSE Sensex slipped 216 points or 0.61 percent to close at 34,949 while the S&P BSE Sensex ended 55 points lower at 10,633.

Benchmark indices snapped the three-day winning streak, dented by weak global cues and sharp fall in rupee. Banking & financials are the major losers that pulled the market lower in trade today.

“Banks underperformed grossly with losses of close to one and a half percent, FII s continue to be net sellers in trade for the month. Aurobindo Pharma, ICICI, and SBI were some of the worst performers of the session whereas M&M held up in trade today on the back of stellar results,” Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

“Overall, we continue to remain muted on the market’s overall and would believe the indices are still overbought at this juncture; we would advocate holding onto short positions at this point,” he said.

Sectorally, the S&P BSE Oil & Gas index rose 0.49 percent, followed by the S&P BSE Auto index which rose 0.43 percent, and the S&P BSE IT index which gained 0.34 percent.

On the losing front, S&P BSE Banking index slipped 1.6 percent, followed by the S&P BSE Healthcare index which dropped 0.8 percent, and the S&P BSE Consumer Durable index which slipped 0.7 percent.

The S&P BSE Midcap index dropped 0.44 percent, and the S&P BSE Smallcap index dropped 0.26 percent.

Top Sensex gainers include M&M (up 2.2 percent), Bharti Airtel (up 1.08 percent), TCS (up 0.54 percent), Hero MotoCorp (up 0.43 percent), and L&T (up 0.18 percent).

Top Sensex losers include SBI (down 2.7 percent), followed by IndusInd Bank (down 2.08 percent), Yes Bank (down 1.7 percent), and Asian Paints (down 1.5 percent).

Stocks in news:

M&M’s March quarter earnings beat analyst expectations as profit grew by 50 percent year-on-year to Rs 1,155 crore and revenue increased 25.6 percent to Rs 13,189 crore during the quarter. The stock closed 2.2 percent higher at Rs 868.

State-run power equipment maker Bharat Heavy Electricals (BHEL) has reported more than double growth in March quarter profit at Rs 457.2 crore, driven by strong operational income. The stock closed 5.5 percent higher.

Uflex share price rallied 10 percent despite sharp fall in March quarter profit. Consolidated net profit dropped 27.6 percent year-on-year to Rs 71.1 crore, but revenue from operations grew by 12.2 percent to Rs 1,817.8 crore for the quarter ended March 2018.

Vista Pharmaceuticals share price is locked at 10 percent upper circuit after the company signed a non-disclosure agreement (NDA) to acquire a complex ANDA for UROCARE.

After being locked in a lower circuit on Monday, shares of Manpasand Beverages continued to be locked in the same band today as well, as investors continued to be wary of corporate developments. This is despite the company trying to allay fears around the controversy surrounding its auditor, Deloitte, resigning abruptly.

Aurobindo Pharma share price fell 4.2 percent after it reported a marginal decline in its net profit at Rs 528.5 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 532.5 crore during the same period of 2016-17 fiscal.

In other news/Global update:

Petrol and diesel prices continue to soar and touched another peak on Monday. Petrol was hiked by 16 paise to Rs 86.24 per litre in Mumbai. This is the 16th straight hike in a row.

Majority of markets in Asia traded lower amid a deadlock in Italy over the government formation as well as slide in oil prices. Nikkei 225 declined 0.55 percent.

Meanwhile, European stocks plunged on the back of developments in Italy and that led to a fear of euro zone break-up risk in Italy and political turmoil in Spain. European Stoxx 600 was down around 1.3 percent during early morning trade.

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Nifty rallies for 3rd day on oil slide, rupee gain; Sensex closes up 241 pts, midcaps outperform

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