Market Live: Sensex, Nifty mildly lower; RIL, HDFC, Infosys, metals stocks drag

May 17, 11:20 AM (IST)

Here are the top headlines from Moneycontrol News’ Anchal Pathak

May 17, 11:09 AM (IST)

Market Update: Benchmark indices remained under pressure amid consolidation, as investors monitor corporate earnings, and rupee and crude movement.

The 30-share BSE Sensex was down 91.02 points at 35,296.86 and the 50-share NSE Nifty fell 28.10 points to 10,713.

About 1,186 shares advanced against 945 declining shares on the BSE.

May 17, 10:24 AM (IST)

Crude Update: Oil prices firmed, with Brent crude creeping ever closer to USD 80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong.

Brent crude futures were at USD 79.34 per barrel, up 0.08 percent from their last close.

US West Texas Intermediate (WTI) crude futures were at USD 71.68 a barrel, up 0.27 percent, from their last settlement, reports CNBC.

May 17, 10:18 AM (IST)

Order Win: The power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs 2,440 crore which include a major order is received under the Saubhagya scheme.

The scope of these packages involves electrification works in urban and rural areas, augmentation of 33/11kV substations and replacement of conductors with aerial bunched cables, L&T said.

An order secured from the Department of Disaster Management for the construction of underground power cable network on turnkey basis in the eastern region of India, it added.

May 17, 10:15 AM (IST)

May 17, 10:12 AM (IST)

Market Update: The market erased opening gains to trade mildly lower, dragged by HDFC, Reliance Industries, Infosys and metals stocks. The Nifty50 is trading below 10,750 levels.

Hindalco, Cipla, Tata Steel, BPCL are top losers among Nifty50, down up to 4 percent while Titan Company and Bharti Infratel gained more than a percent.

May 17, 09:57 AM (IST)

Buzzing: Tata Steel saw profit booking after opening higher as it reported a consolidated net profit of Rs 14,688 crore for the March quarter, as against a loss of Rs 1,168 crore in the same quarter last year, benefiting from a one-time gain of Rs 11,376.14 crore from the restructuring of its UK business’ pension scheme.

The Jamshedpur-based company’s consolidated revenue from operations for the reporting quarter grew to Rs 36,132 crore, up from the Rs 35,304.89 crore reported last year.

The company’s total expenses rose to Rs 32,626.42 crore, around 5 percent higher than in the corresponding quarter last year. Cost of raw material, which accounts for the lion’s share of overall expenses, rose only 4 percent on year to Rs 10,369.77 crore.

May 17, 09:44 AM (IST)

Market Update: The market consolidates, trading mildly higher as all sectoral indices are in the green barring metals.

The Nifty50 is hovering around 10,750 levels while the Nifty Midcap index is up fourth of a percent.

The market breadth remains strong as about two shares gained for every share falling on the BSE.

Tata Steel and Hindalco are top losers among Nifty50, down 2 percent each while TCS, HDFC Bank and ICICI Bank continue to support the market.

May 17, 09:38 AM (IST)

USFDA Inspection: Shares of Divis Laboratories added 4 percent as USFDA completed inspection with no 483 observations.

The company’s unit-I at Choutuppal, Telangana had an inspection by USFDA from May 14-16.

This was a general cGMP inspection by the FDA and it has been concluded with no 483 observations.

The company’s board meeting is scheduled to be held on May 26, 2018, to consider and approve standalone and consolidated audited financial results for the year ended March 31, 2018 and to recommend dividend, if any, on equity shares for the financial year 2017-18.

USFDA Inspection: Shares of Divis Laboratories added 4 percent as USFDA completed inspection with no 483 observations. The company's unit-I at Choutuppal, Telangana had an inspection by USFDA from May 14-16. This was a general cGMP inspection by the FDA and it has been concluded with no 483 observations. The company's board meeting is scheduled to be held on May 26, 2018, to consider and approve standalone and consolidated audited financial results for the year ended March 31, 2018 and to recommend dividend, if any, on equity shares for the financial year 2017-18.

May 17, 09:31 AM (IST)

Buzzing: Shares of Granules India rose 2.3 percent as the company received USFDA approval for Methylergonovine tablets.

The USFDA has approved company’s abbreviated new drug applications (ANDA) for Methylergonovine 0.2 mg tablets.

The ANDA was filed by Granules Pharmaceuticals Inc., a wholly owned subsidiary of Granules India. The approved ANDA is the bioequivalent to the reference listed drug product, Methergine 0.2 MG.

Methylergonovine is a semi-synthetic ergot alkaloid used for the prevention and control of postpartum haemorrhage.

May 17, 09:29 AM (IST)

TVS Motor Company to pump in Rs 700 crore on new products, BSVI upgrade

TVS Motor Company to pump in Rs 700 crore on new products, BSVI upgrade

The two-wheeler maker will use the funds on new products, enhancing production capacity, on new technology and for on-going works at Bharat Stage VI.

May 17, 09:27 AM (IST)

Rupee Update: The Indian rupee extended opening gains, trading 18 paise higher at 67.61 against the US dollar.

The 30-share BSE Sensex is off its opening high, rising 51.85 points to 35,439.73 while the 50-share NSE Nifty gained 18.70 points at 10,759.80.

The market breadth was positive as about two shares gained for every share falling on the BSE.

May 17, 09:19 AM (IST)

Market Opening: Benchmark indices rebounded following confirmation that BJP is forming government in Karnataka.

The 30-share BSE Sensex was up 112.77 points at 35,500.65 and the 50-share NSE Nifty gained 29.90 points at 10,771.

Tata Steel, Vedanta, TCS, Wipro, Tata Motors, ITC and SBI were early gainers while Cipla, HPCL, BPCL and Lupin were losers.

Nifty Midcap was up 0.3 percent.

Divis Labs, Transport Corporation, Future Consumer, Future Enterprises, Colgate, Parag Milk Foods, JK Lakshmi Cement, BEML, Jyothy Labs, HEG and Delta Corp gained up to 5 percent.

TVS Motor, Muthoot Finance, Brigade Enterprises, Punjab & Sind Bank, Muthoot Finance, Century Plyboards and Career Point fell up to 10 percent.

May 17, 09:14 AM (IST)

Karnataka Election Results 2018 LIVE: Yeddyurappa sworn-in as Karnataka chief minister

Karnataka Election Results 2018 LIVE: Yeddyurappa sworn-in as Karnataka chief minister

BS Yeddyurappa will be sworn-in as the chief minister of Karnataka at 9.00 am today after the Supreme Court refused to stay Governor’s decision. However, the top court has kept it subject to the case outcome.

May 17, 09:12 AM (IST)

Capex: Sajjan Jindal-led JSW Steel today said the company has decided to invest an additional Rs 17,600 crore for increasing its steel capacity to 24.7 million tonne per annum (mtpa) by 2020.

“Looking at the domestic demand growth, we see a shortage of steel if we don’t expand in the next two years,” JSW Steel joint managing director and group chief financial officer Seshagiri Rao told reporters here while announcing almost two-fold rise in consolidated net profit to Rs 2,879 crore in the March quarter, against Rs 1,008 crore in the year-ago quarter.

“We have decided to expand our capacity from 18 mt (million tonne) to 24.7 mt, which includes addition of one mt at Vijaynagar and 0.67 mt at Dolvi unit, and also expand our downstream projects by 2020,” he said.

The overall estimated capex plan of Rs 26,815 crore announced last year is expected to be enhanced by Rs 17,600 crore to implement new projects, Rao said, adding, “Overall, the company is now implementing a cumulative capex pipeline of Rs 44,415 crore by March 2020.”

May 17, 09:09 AM (IST)

Market Update: Benchmark indices remained higher in pre-opening. The Sensex gained 95.74 points at 35,483.62 and the Nifty rose 34.50 points to 10,775.60 while Nifty Midcap index went up 0.34 percent.

Tata Steel, JSW Steel and Delta Corp gained more than a percent each.

May 17, 09:07 AM (IST)

Markets@Moneycontrol: Nifty likely to open flat; Bajaj Finserv, Escorts, JSW Steel to be in focus

Markets@Moneycontrol: Nifty likely to open flat; Bajaj Finserv, Escorts, JSW Steel to be in focus

The Nifty50 is likely to open on a flat note Thursday following muted trend seen in Asian stocks. The index closed down 60.80 points at 10,741.10 on Wednesday.

May 17, 09:07 AM (IST)

Indian Rupee: The rupee extended gains on Thursday morning, rising 5 paise to 67.74 against the US dollar.

The currency recovered sharply in previous session, closing up 31 paise at 67.79 a dollar after hitting 16-month low of 68.13 a dollar.

May 17, 09:03 AM (IST)

Market Pre-Opening: Benchmark indices were higher in pre-opening trade despite muted trend in Asian stocks.

The 30-share BSE Sensex was up 144.41 points at 35,532.29 and the 50-share NSE Nifty gained 19.70 points at 10,760.80.

Infosys gained a percent while BPCL was down half a percent.

BEML rallied 8 percent while Karur Vysya Bank was down 3 percent. TVS Motor fell 5 percent.

On the global front, Asian stocks were narrowly mixed, shrugging off the firmer close on Wall Street as the yield on the US 10-year Treasury stayed above 3 percent, reports CNBC.

US stocks rose on Wednesday as retail shares jumped on the back of strong quarterly earnings from retailer Macy’s.

The Dow Jones industrial average closed 62.52 points higher at 24,768.93. The S&P 500 gained 0.4 percent to 2,722.46 and the Nasdaq composite advanced 0.6 percent to 7,398.30, reports CNBC.

May 17, 09:00 AM (IST)

Source: moneycontrol