Home Business Market Live: Sensex trims losses on recovery in banks; rupee gains 27 paise after hitting 68.13/$

Market Live: Sensex trims losses on recovery in banks; rupee gains 27 paise after hitting 68.13/$

29 min read



May 16, 02:16 PM (IST)

Results: Aluminium major Hindalco Industries reported a decline of 25 percent (YoY) in its profits for the March quarter at Rs 377 crore. The company had posted a profit of Rs 502.5 crore for the same period of last year.

The company’s revenue from operations rose 5.9 percent to Rs 11,681 crore from Rs 11,026 crore YoY while operating profit fell 6.6 percent to Rs 1,257.6 crore and margin contracted 140 basis points to 10.8 percent compared to year-ago.​

  Results:  Aluminium major Hindalco Industries reported a decline of 25 percent (YoY) in its profits for the March quarter at Rs 377 crore. The company had posted a profit of Rs 502.5 crore for the same period of last year. 

 The company’s revenue from operations rose 5.9 percent to Rs 11,681 crore from Rs 11,026 crore YoY while operating profit fell 6.6 percent to Rs 1,257.6 crore and margin contracted 140 basis points to 10.8 percent compared to year-ago.​



May 16, 02:07 PM (IST)

Earnings: Two-wheeler maker TVS Motor Company has reported a healthy growth of 30.6 percent year-on-year in profit at Rs 165.6 crore fro the quarter ended March 2018, but overall earnings barring revenue missed analyst expectations.

Profit in the year-ago period was at Rs 126.8 crore.

Revenue from operations met analyst expectations, growing by 40.4 percent to Rs 3,993 crore compared to Rs 2,844.5 crore YoY.

Operating profit jumped 73.8 percent YoY to Rs 280.7 crore and margin expanded 130 basis points to 7 percent in Q4FY18.

  Earnings : Two-wheeler maker TVS Motor Company has reported a healthy growth of 30.6 percent year-on-year in profit at Rs 165.6 crore fro the quarter ended March 2018, but overall earnings barring revenue missed analyst expectations. 

 Profit in the year-ago period was at Rs 126.8 crore. 

 Revenue from operations met analyst expectations, growing by 40.4 percent to Rs 3,993 crore compared to Rs 2,844.5 crore YoY. 

 Operating profit jumped 73.8 percent YoY to Rs 280.7 crore and margin expanded 130 basis points to 7 percent in Q4FY18.



May 16, 02:01 PM (IST)


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Market Update: The market recovered further in afternoon after banks cut losses. The strength in FMCG and IT stocks, and the recovery in rupee & fall in oil prices also helped the market. 

The Sensex cut losses to around 50 points from 300 points in morning while the Nifty Midcap index turned in the green. 

After the Karnataka poll verdict, investors are closely watching which party will form the government.

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Market Update: The market recovered further in afternoon after banks cut losses. The strength in FMCG and IT stocks, and the recovery in rupee & fall in oil prices also helped the market. 

The Sensex cut losses to around 50 points from 300 points in morning while the Nifty Midcap index turned in the green. 

After the Karnataka poll verdict, investors are closely watching which party will form the government.



May 16, 01:51 PM (IST)

Earnings: ITC share price gained a percent after March quarter profit grew by 9.9 percent year-on-year to Rs 2,933 crore but revenue fell nearly 5 percent to Rs 10,587 crore.

Operating income during the quarter increased 6.9 percent to Rs 4,144 crore and margin expanded 430 basis points to 39.1 percent compared to year-ago.

  Earnings : ITC share price gained a percent after March quarter profit grew by 9.9 percent year-on-year to Rs 2,933 crore but revenue fell nearly 5 percent to Rs 10,587 crore. 

 Operating income during the quarter increased 6.9 percent to Rs 4,144 crore and margin expanded 430 basis points to 39.1 percent compared to year-ago.



May 16, 01:40 PM (IST)

Buzzing: AIA Engineering share price gained over a percent after the company reported profit growth of 31.6 percent year-on-year at Rs 151.7 crore for the quarter ended March 2018.

Revenue from operations grew by 11.3 percent year-on-year to Rs 743.9 crore and operating income increased 4.1 percent to Rs 166.6 crore, but margin contracted 230 basis points to 22.4 percent in Q4FY18.

  Buzzing : AIA Engineering share price gained over a percent after the company reported profit growth of 31.6 percent year-on-year at Rs 151.7 crore for the quarter ended March 2018. 

 Revenue from operations grew by 11.3 percent year-on-year to Rs 743.9 crore and operating income increased 4.1 percent to Rs 166.6 crore, but margin contracted 230 basis points to 22.4 percent in Q4FY18.



May 16, 01:35 PM (IST)


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Earnings: On Mobile Global's March quarter consolidated net profit shot up 62.6 percent sequentially to Rs 4.3 crore due to other income.

Revenue from operations fell 6.3 percent quarter-on-quarter to Rs 148.2 crore and operating income declined 22.9 percent to Rs 12.3 crore and margin contracted 180 basis points to 8.3 percent in Q4FY18.

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Earnings: On Mobile Global's March quarter consolidated net profit shot up 62.6 percent sequentially to Rs 4.3 crore due to other income.

Revenue from operations fell 6.3 percent quarter-on-quarter to Rs 148.2 crore and operating income declined 22.9 percent to Rs 12.3 crore and margin contracted 180 basis points to 8.3 percent in Q4FY18.



May 16, 01:31 PM (IST)

Here are the top headlines from Moneycontrol News' Sakshi Batra



May 16, 01:20 PM (IST)


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Concession Agreement: IRB Infrastructure share price gained over a percent as IRB PS Highway Private Limited and IRB PP Project Private Limited – wholly-owned subsidiaries, have now executed concession agreement with National Highways Authority of India (NHAI) for two Hybrid Annuity Projects under NHDP Phase IV in the state of Tamil Nadu.

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Concession Agreement: IRB Infrastructure share price gained over a percent as IRB PS Highway Private Limited and IRB PP Project Private Limited – wholly-owned subsidiaries, have now executed concession agreement with National Highways Authority of India (NHAI) for two Hybrid Annuity Projects under NHDP Phase IV in the state of Tamil Nadu.



May 16, 01:19 PM (IST)


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Buzzing: Granules India said the US FDA has issued Establishment Inspection Report (EIR) for company’s Jeedimetla facility located at Hyderabad, Telangana.

This facility was inspected by US FDA in March 2018 and there was one (1) 483 observation during the inspection. The company has responded to the observation within the stipulated timeframe. Jeedimetla facility manufactures Active pharmaceutical ingredients (APIs) and Pharmaceutical Formulation Intermediates (PFIs), it added.

The stock price gained nearly 3 percent.

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Buzzing: Granules India said the US FDA has issued Establishment Inspection Report (EIR) for company’s Jeedimetla facility located at Hyderabad, Telangana.

This facility was inspected by US FDA in March 2018 and there was one (1) 483 observation during the inspection. The company has responded to the observation within the stipulated timeframe. Jeedimetla facility manufactures Active pharmaceutical ingredients (APIs) and Pharmaceutical Formulation Intermediates (PFIs), it added.

The stock price gained nearly 3 percent.



May 16, 01:11 PM (IST)


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Lemon Tree Hotels in focus: Hotel chain Lemon Tree announced the opening of its new hotel, Lemon Tree Hotel, Baddi, marking its entry into this industrial town of Himachal Pradesh.

Carnation Hotels Private Limited, the hotel management arm of Lemon Tree Hotels, will be managing this midscale hotel. The management agreement was signed by Rattan Keswani, Deputy Managing Director – Lemon Tree Hotels & Whole Time Director – Carnation Hotels, and M/s Royal Park (owner).

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Lemon Tree Hotels in focus: Hotel chain Lemon Tree announced the opening of its new hotel, Lemon Tree Hotel, Baddi, marking its entry into this industrial town of Himachal Pradesh.

Carnation Hotels Private Limited, the hotel management arm of Lemon Tree Hotels, will be managing this midscale hotel. The management agreement was signed by Rattan Keswani, Deputy Managing Director – Lemon Tree Hotels & Whole Time Director – Carnation Hotels, and M/s Royal Park (owner).



May 16, 01:01 PM (IST)


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Market Update: The market trimmed losses in afternoon following further recovery in banking stocks, rupee and fall in crude oil prices. After the Karnataka poll verdict, investors are closely watching which party will form the government.

The 30-share BSE Sensex was down 87.70 points at 35,456.24 and the 50-share NSE Nifty fell 38.10 points to 10,763.80 while the Nifty Midcap index recouped all its losses to trade flat.

About two shares declined for every share rising on the BSE.

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Market Update: The market trimmed losses in afternoon following further recovery in banking stocks, rupee and fall in crude oil prices. After the Karnataka poll verdict, investors are closely watching which party will form the government.

The 30-share BSE Sensex was down 87.70 points at 35,456.24 and the 50-share NSE Nifty fell 38.10 points to 10,763.80 while the Nifty Midcap index recouped all its losses to trade flat.

About two shares declined for every share rising on the BSE.



May 16, 12:46 PM (IST)


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Europe Update: Shares in Europe opened mixed as investors monitor surging interest rates in the bond markets.

The pan-European Stoxx 600 was 0.1 percent up with the various sectors moving in different directions, reports CNBC.

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Europe Update: Shares in Europe opened mixed as investors monitor surging interest rates in the bond markets.

The pan-European Stoxx 600 was 0.1 percent up with the various sectors moving in different directions, reports CNBC.



May 16, 12:31 PM (IST)

Here are the top headlines from Moneycontrol News' Anchal Pathak



May 16, 12:29 PM (IST)

Earnings: DB Corp's March quarter earnings missed analyst expectations as consolidated profit fell 11 percent year-on-year to Rs 57.1 crore and operating income dropped 12.8 percent to Rs 97.9 crore and margin contracted 440 basis points to 17.3 percent.

  Earnings : DB Corp's March quarter earnings missed analyst expectations as consolidated profit fell 11 percent year-on-year to Rs 57.1 crore and operating income dropped 12.8 percent to Rs 97.9 crore and margin contracted 440 basis points to 17.3 percent.



May 16, 11:59 AM (IST)


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Crude Oil Update: Oil prices fell, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

Brent crude futures, the international benchmark for oil prices, were at USD 78.26 per barrel, down 0.22 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at USD 71.15 a barrel, down 0.22 percent, from their last settlement.

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Crude Oil Update: Oil prices fell, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming US sanctions against major crude exporter Iran.

Brent crude futures, the international benchmark for oil prices, were at USD 78.26 per barrel, down 0.22 percent, from their last close.

US West Texas Intermediate (WTI) crude futures were at USD 71.15 a barrel, down 0.22 percent, from their last settlement.



May 16, 11:56 AM (IST)


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Buzzing: Share price of Gammon Infrastructure Projects advanced 18.3 percent intraday as private sector lender ICICI Bank acquired nearly 18 percent stake in the company through invocation of pledged shares.

ICICI Bank has acquired 168,999,900 shares of Gammon Infrastructure through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the bank stands at 17.94 percent," company said in a BSE filing.

Prior to acquisition, the ICICI Bank holding in the Gammon Infrastructure Projects was nil, the filing added.

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Buzzing: Share price of Gammon Infrastructure Projects advanced 18.3 percent intraday as private sector lender ICICI Bank acquired nearly 18 percent stake in the company through invocation of pledged shares.

ICICI Bank has acquired 168,999,900 shares of Gammon Infrastructure through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the bank stands at 17.94 percent," company said in a BSE filing.

Prior to acquisition, the ICICI Bank holding in the Gammon Infrastructure Projects was nil, the filing added.



May 16, 11:53 AM (IST)


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Market Update: The market is off its day's low amid rupee recovery and fall in crude oil prices. After digesting election results, investors closely watch movement of political parties for forming the government in Karnataka.

The 30-share BSE Sensex was down 171.57 points at 35,372.37 and the 50-share NSE Nifty fell 58.70 points to 10,743.20.

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Market Update: The market is off its day's low amid rupee recovery and fall in crude oil prices. After digesting election results, investors closely watch movement of political parties for forming the government in Karnataka.

The 30-share BSE Sensex was down 171.57 points at 35,372.37 and the 50-share NSE Nifty fell 58.70 points to 10,743.20.



May 16, 11:38 AM (IST)


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Karnataka Election Results: Sources told CNN-News18 that the meeting of BJP legislative is over and Yeddyurappa is elected as BJP legislature party head.

Karnataka governor may invite BJP to form the government.

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Karnataka Election Results: Sources told CNN-News18 that the meeting of BJP legislative is over and Yeddyurappa is elected as BJP legislature party head.

Karnataka governor may invite BJP to form the government.



May 16, 11:32 AM (IST)

Here are the top headlines from Moneycontrol News' Anchal Pathak



May 16, 11:29 AM (IST)


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NCLT Case: Shares of Reliance Communications slipped nearly 18 percent intraday as NCLT admitted an insolvency petition filed by Ericsson against the company.

The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run Reliance Communications and two of its subsidiaries seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network but has not been paid the bill.

Last September, the Swedish company had filed a petition in the NCLT's Mumbai bench seeking liquidation of the telecom operator to recover Rs 1,150 crore that RCom owes it.

The tribunal admitted the petition which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.

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NCLT Case: Shares of Reliance Communications slipped nearly 18 percent intraday as NCLT admitted an insolvency petition filed by Ericsson against the company.

The National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by Swedish communications equipment major Ericsson against Anil Ambani-run Reliance Communications and two of its subsidiaries seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network but has not been paid the bill.

Last September, the Swedish company had filed a petition in the NCLT's Mumbai bench seeking liquidation of the telecom operator to recover Rs 1,150 crore that RCom owes it.

The tribunal admitted the petition which could potentially result in delaying RCom's plans to sell assets to lighten its debt load.



May 16, 11:20 AM (IST)


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Buzzing: Shares of Vivimed Labs added 2.3 percent intraday as the company acquired Hungarian company, SONEAS.

Vivimed Labs Spain S.L, the parent of UQUIFA S.A, has signed definitive agreements to facilitate the acquisition of SONEAS, company said in release.
The business has been acquired from Lochlomond and Euroventures which are both based out of Hungary.

The acquisition broadens UQUIFA's market offering in the CDMO space by enhancing its ability to now undertake preclinical, phase I, II and III NCE project development.

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Buzzing: Shares of Vivimed Labs added 2.3 percent intraday as the company acquired Hungarian company, SONEAS.

Vivimed Labs Spain S.L, the parent of UQUIFA S.A, has signed definitive agreements to facilitate the acquisition of SONEAS, company said in release.
The business has been acquired from Lochlomond and Euroventures which are both based out of Hungary.

The acquisition broadens UQUIFA's market offering in the CDMO space by enhancing its ability to now undertake preclinical, phase I, II and III NCE project development.



May 16, 11:18 AM (IST)


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Market Update: The uncertainty over formation of government in Karnataka, asset quality concerns, rupee depreciation and higher crude oil prices dented market sentiment as the Sensex was down 195.43 points at 35,348.51 and the Nifty fell 70.90 points to 10,731.

The Nifty Midcap index trimmed losses to half a percent. About three shares declined for every share rising on the BSE.

ICICI Bank is the biggest loser among Nifty50 stocks, falling 3 percent followed by Reliance Industries, IOC, SBI, L&T, HPCL and UltraTech Cement.

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Market Update: The uncertainty over formation of government in Karnataka, asset quality concerns, rupee depreciation and higher crude oil prices dented market sentiment as the Sensex was down 195.43 points at 35,348.51 and the Nifty fell 70.90 points to 10,731.

The Nifty Midcap index trimmed losses to half a percent. About three shares declined for every share rising on the BSE.

ICICI Bank is the biggest loser among Nifty50 stocks, falling 3 percent followed by Reliance Industries, IOC, SBI, L&T, HPCL and UltraTech Cement.



May 16, 11:11 AM (IST)

Here are the top headlines from Moneycontrol News' Anchal Pathak



May 16, 11:01 AM (IST)


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Drug Launch: Glenmark Pharmaceuticals Europe has launched a generic version of Seretide Accuhaler, used to treat asthma, in Denmark.

The product was developed by Celon Pharma and Glenmark has marketing and distribution rights for the product across 15 European countries.

"This is Glenmark's first inhaled respiratory product launch in Europe. Glenmark is the first generic company to receive regulatory approval for substitution in Denmark for its generic of Seretide Accuhaler," Glenmark Pharmaceuticals Ltd said in a BSE filing.

Glenmark had entered into a strategic development and licensing agreement with Celon Pharma S.A. to develop and market a generic version of GlaxoSmithKline's Seretide Accuhaler product – Fluticasone/Salmeterol dry powder inhaler in 15 European countries, reports PTI.

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Drug Launch: Glenmark Pharmaceuticals Europe has launched a generic version of Seretide Accuhaler, used to treat asthma, in Denmark.

The product was developed by Celon Pharma and Glenmark has marketing and distribution rights for the product across 15 European countries.

"This is Glenmark's first inhaled respiratory product launch in Europe. Glenmark is the first generic company to receive regulatory approval for substitution in Denmark for its generic of Seretide Accuhaler," Glenmark Pharmaceuticals Ltd said in a BSE filing.

Glenmark had entered into a strategic development and licensing agreement with Celon Pharma S.A. to develop and market a generic version of GlaxoSmithKline's Seretide Accuhaler product – Fluticasone/Salmeterol dry powder inhaler in 15 European countries, reports PTI.



May 16, 10:18 AM (IST)


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RBI Intervention: The Reserve Bank of India (RBI) likely intervened heavily in the foreign exchange market right from the start of trade on Wednesday to stem any fall in the rupee, three dealers said.

"It looks like RBI is in a mood today," said a senior dealer at a state-run bank, estimating that within the first 10 minutes the Reserve Bank of India might have sold USD 300 million to USD 400 million proactively to prevent any sharp fall in the rupee.

The rupee was trading at 67.8775 to the dollar compared with its previous close of 68.15 as against expectation of the rupee weakening early on itself on firm crude and widening India trade deficit, reports Reuters.

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RBI Intervention: The Reserve Bank of India (RBI) likely intervened heavily in the foreign exchange market right from the start of trade on Wednesday to stem any fall in the rupee, three dealers said.

"It looks like RBI is in a mood today," said a senior dealer at a state-run bank, estimating that within the first 10 minutes the Reserve Bank of India might have sold USD 300 million to USD 400 million proactively to prevent any sharp fall in the rupee.

The rupee was trading at 67.8775 to the dollar compared with its previous close of 68.15 as against expectation of the rupee weakening early on itself on firm crude and widening India trade deficit, reports Reuters.



May 16, 10:16 AM (IST)

Stock Picks Podcast



May 16, 10:11 AM (IST)


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Buzzing: Share price of Cyient gained 3.5 percent intraday as the company signed definitive agreement to acquire the remaining stake in its subsidiary company.

The company signed definitive agreement to acquire the remaining 49 percent stake in its subsidiary Cyient Insights to take the overall stake to 100 percent.
The consideration is paid in cash and said acquisition is likely to close in seven days and is subject to customary closing conditions.

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Buzzing: Share price of Cyient gained 3.5 percent intraday as the company signed definitive agreement to acquire the remaining stake in its subsidiary company.

The company signed definitive agreement to acquire the remaining 49 percent stake in its subsidiary Cyient Insights to take the overall stake to 100 percent.
The consideration is paid in cash and said acquisition is likely to close in seven days and is subject to customary closing conditions.



May 16, 10:04 AM (IST)


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Earnings Reaction: Public sector lender Syndicate Bank share price dropped nearly 6 percent after it reported a net loss of Rs 2,195.12 crore in the last quarter ended March 31, due to high bad loans that required higher provisioning.

The bank had posted a net profit of Rs 103.84 crore in the corresponding January-March quarter of 2016-17. In December quarter, there was a net loss of Rs 869.77 crore.

The bank's provisioning requirement for bad assets were raised by nearly three times during the March quarter to Rs 3,544.68 crore as against Rs 1,192.54 crore in the same period previous fiscal, it said in a regulatory filing.

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Earnings Reaction: Public sector lender Syndicate Bank share price dropped nearly 6 percent after it reported a net loss of Rs 2,195.12 crore in the last quarter ended March 31, due to high bad loans that required higher provisioning.

The bank had posted a net profit of Rs 103.84 crore in the corresponding January-March quarter of 2016-17. In December quarter, there was a net loss of Rs 869.77 crore.

The bank's provisioning requirement for bad assets were raised by nearly three times during the March quarter to Rs 3,544.68 crore as against Rs 1,192.54 crore in the same period previous fiscal, it said in a regulatory filing.



May 16, 09:57 AM (IST)


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Market Update: The market extended losses, with the Sensex falling more than 250 points on correction in banks stocks after disappointing earnings by PNB.

The Nifty Bank index is down more than 300 points while the Nifty Midcap slipped a percent.

Technology stocks outperformed as the rupee hit 68 against the US dollar, though RBI intervention helped it to recover sharply from lows of 68.13 a dollar.

The 30-share BSE Sensex was down 281.37 points at 35,262.57 and the 50-share NSE Nifty fell 92.90 points to 10,709.

About three shares declined for every share rising on the BSE.

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Market Update: The market extended losses, with the Sensex falling more than 250 points on correction in banks stocks after disappointing earnings by PNB.

The Nifty Bank index is down more than 300 points while the Nifty Midcap slipped a percent.

Technology stocks outperformed as the rupee hit 68 against the US dollar, though RBI intervention helped it to recover sharply from lows of 68.13 a dollar.

The 30-share BSE Sensex was down 281.37 points at 35,262.57 and the 50-share NSE Nifty fell 92.90 points to 10,709.

About three shares declined for every share rising on the BSE.



May 16, 09:53 AM (IST)


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Japanese Economy Shrinks: Japan's economy shrank for the first time in two years in the first quarter of the year amid weak consumption, official data showed.

The world's third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-March period, compared with growth of 0.1 percent at the end of 2017, the Cabinet Office said.

Private consumption was flat after an uptick of 0.2 percent in the final quarter of last year. Private residential investment plunged another 2.1 percent after a 2.7 percent fall in the previous quarter.

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Japanese Economy Shrinks: Japan's economy shrank for the first time in two years in the first quarter of the year amid weak consumption, official data showed.

The world's third-largest economy contracted by 0.2 percent quarter-on-quarter in the January-March period, compared with growth of 0.1 percent at the end of 2017, the Cabinet Office said.

Private consumption was flat after an uptick of 0.2 percent in the final quarter of last year. Private residential investment plunged another 2.1 percent after a 2.7 percent fall in the previous quarter.

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