Nifty slips below 10,600 mark ; Strides Shasun; Bajaj Auto stocks down

Equity benchmark indices extended losses dragged by banking and pharma shares.

May 18, 2018 09:05 IST India Infoline News Service

National Stock Exchange
The Nifty lost further ground on the back of ongoing developments in Karnataka. However, it's approaching its important support of 10,600 levels. Bank Nifty too slipped further approaching its support of 21-DEMA of 25,800 levels.

On the political front, Hearing Congress-JD(S) plea against Karnataka Governor inviting BJP to form the government, the Supreme Court ordered for a floor test to be conducted tomorrow in Karnataka assembly at 4 PM.

All sectoral indices are in the red barring FMCG, with the PSU Bank and Pharma indices losing 0.90% each.

Shares of RCOM rebounded after the company said that it is in talks with Ericsson to allow the company to exit NCLT process.

Strides Shasun stock declined 21.5% after it has reported 2% yoy decline in the revenue to Rs664.2cr.

Shares of Bajaj Finance gained 4.5% after the company’s net profit was higher due to superior asset quality performance, which led to lower provisions.

Shares of Avenue Supermarts slipped over 6%. Promoter Radhakishan Damani will sell up to 1% stake in the open market.

Shares of Voltas dropped 7% after poor March quarter numbers. Net profit during the quarter decreased by 2.4% yoy to Rs195.6cr as compared to Rs200.3cr in Q4FY17.

At 3:11 PM, the BSE Sensex was down 314 points at 34,835, and the Nifty was down 88 points at 10,593.

In the broader market, the BSE Midcap was marginally by 0.95%, while the BSE Smallcap was down by 1.03%.

Bajaj Finance (+3.8%), Bajaj Auto (+2.5%), Tech Mahindra (+2.3%), HUL (+1.7%) and ITC (+1.3%) were the top gainers on the NSE.

Bharti Airtel (-2.7%), ICICI Bank (-2.4%), UltraTech (-2.3%), Wipro (-2.2%) and Tata Motors (-1.7%) were the top losers on the NSE.

Out of 2,044 stocks traded on the NSE, 768 advanced, 878 declined and 398 remained unchanged today.

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