Sensex ends 73 points lower; pharma, metal stocks drag

Friday, 11 May, 2018

The market ended with marginal losses as investors turned cautious ahead of the Karnataka assembly elections on May 12.

Brent crude futures, the worldwide benchmark for oil prices, hit their strongest since November 2014 at Dollars 77.76 per barrel on Thursday. Intra-day, it hovered between 10,689.85 and 10,766.25.

The Sensex was up by 103.03 points or 0.29 per cent at the Wednesday's closing. USA light crude futures rose 0.8 per cent. Energy shares soared as crude oil prices reached 3-1/2-year highs, with investors betting the U.S. withdrawal from a nuclear agreement with Iran would increase tensions in the Middle East and curtail oil supply.

Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 704.03 crore, while domestic institutional investors (DIIs) bought shares worth Rs 664.92 crore yesterday, provisional data showed.

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"Banks/financials are under pressure due to rise in yield and earlier recognition of stressed assets".

ICICI Bank (+1.8%), M&M (+1.3%), Zee (+1.2%), Eicher (+1.1%) and Tech Mahindra (+0.98%) were the top gainers on the NSE. The Nifty Pharma and Nifty Metal sub-index of NSE fell 1.83 per cent and 1.04 per cent respectively. Among the sectoral indices on the BSE, Realty was down 2.02 per cent, followed by Power (-1.55 per cent) and Healthcare (-1.52 per cent).

Shares of Federal Bank slumped almost 12 per cent after the company reported a fall of 43.5 per cent in standalone net profit for the quarter ended March 2018.

Minutes into trading, it was quoting at 35,440.82 points, up by 121.47 points, or 0.34 per cent.