- Advertisement -
Home Uncategorized Podcast | Sensex cracks 300 points ahead of Karnataka floor test; Nifty...

Podcast | Sensex cracks 300 points ahead of Karnataka floor test; Nifty below 10,600

0
The Nifty Midcap index slipped 3 percent and Nifty Smallcap index was down 2.4 percent in the last five trading sessions.

The S&P BSE Sensex cracked 300 points on Friday amid uncertainty as to who will form the government in Karnataka and rising crude oil prices. The Nifty50 slipped below its crucial support placed at 10,600 which does not augur well for the bulls.

The market closed lower for the 4th consecutive session in a row amid uncertainty in Karnataka. The Supreme Court on Friday ordered that floor test in the Karnataka assembly be held at 4 pm on Saturday.

The S&P BSE Sensex finally closed 300 points lower at 34,848 while the Nifty50 ended 86 points down at 10,596.

The S&P BSE Sensex slipped below its crucial support at 35000 while the Nifty50 broke below 10,600 on Friday.

On the weekly basis, Nifty and Sensex plunge 2 percent each respectively. Sectorally, Nifty PSU bank lost 6 percent, followed by Nifty Infra was down 3.5 percent, Nifty Energy slipped 3.5 percent, Nifty Auto corrected by about 3.4 percent, and Nifty Pharma was down 2.4 percent for the week ended 18 May.



The Nifty Midcap index slipped 3 percent and Nifty Smallcap index was down 2.4 percent in the last five trading sessions.

Top midcap losers include companies like PC Jeweller (down 18 percent), Allahabad Bank (down 18.5 percent), Syndicate Bank (down 16 percent), PNB (down 15 percent), Tata Global Beverages (down 15 percent), and SpiceJet (down 12 percent).

Stocks in news:

Bajaj Finance touched a fresh 52-week high of Rs 2,167.50, rising nearly 4 percent intraday Friday. The company has registered 60 percent growth in its Q4FY18 net profit at Rs 720.95 crore against Rs 449.15 crore in a year ago period. The stocks closed 3.7% higher.

Bajaj Finance saw its market capitalisation soaring to Rs 1,23,890 crore, followed by IndusInd Bank and Sun Pharma at Rs 1,16,252 and Rs 1,11,493 crore.



Retail chain Avenue Supermarts share price fell 5.2 percent intraday Friday as promoter Radhakishan Damani will sell up to 1 percent stake in the open market.

Bhushan Steel share price rallied nearly 5 percent after its board of directors approved the allotment of 7.2 crore shares to lenders.

Strides Shasun share price dropped over 20 percent after it reported a consolidated loss from continuing operations at Rs 4.4 crore for the March quarter against a profit of Rs 91.6 crore in year-ago.

Shriram Transport Finance Company (STFC), inked MOU with Hindustan Petroleum Corporation LTD (HPCL) to offer credit based fuel filling services to its customers on the digital platform. The stock closed 2.5% lower.

Biocon Ltd has sold close to 2 percent stake in its research arm Syngene International for an estimated Rs 230 crore. The stock closed 1.4% higher.



Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter. Profit for the quarter grew by 34.7 percent year-on-year to Rs 1,080 crore and revenue rose by 38.3 percent to Rs 6,773 crore. The stock closed 1.4% lower.

The chemicals firm SRF share price fell nearly 14 percent after it reported a 4 percent decline in its consolidated net profit at Rs 124 crore for the quarter ended March YoY.

Shares of JK Tyre and Industries rose 2.6 percent as the company reported strong numbers in the quarter ended March 2018. The company’s Q4 net profit was 77 percent at Rs 158.87 crore against Rs 89.48 crore in the same quarter last fiscal.

Shares of Voltas slipped nearly 6 percent on the back poor March quarter numbers. The company has reported a 3 percent fall in its consolidated net profit at Rs 194 crore for the fourth quarter ended March 2018 against Rs 200 crore in the same quarter last fiscal.



- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com

Exit mobile version