Podcast | Sensex recovers 150 points off lows, Nifty above 10,700; banks fall
Equity benchmarks witnessed a volatile day of trade on Tuesday as confused investors looked for cues from Karnataka on the domestic side, while developments from Korea dominated the global cues.
The Street ended volatile session off its low points as the Sensex pulled back around 150 points, while the Nifty managed to end above 10,700. At the close of market hours, Sensex ended over 150 points lower over 35K mark, while Nifty ended 61 points lower at 10,740.
The day began on a lower note, as geopolitical tensions from North Korea dragged indices in the morning. North Korea on Tuesday abruptly cancelled talks with the South planned for Wednesday and threatened to walk away from the US negotiations. But a recovery in the last hours managed to cut losses for benchmarks.
Among sectoral indices, PSU banks cracked over 3 percent, while Bank Nifty managed to end over a percent lower. Midcaps managed to end the day flat.
Stocks in the news
Indiabulls Real Estate share price gained 12 percent ahead of board meeting to consider share buyback proposal.
Punjab National Bank (PNB) touched 52-week low of Rs 74.30, falling 12 percent after the post weak numbers posted by the bank for the quarter ended March 2018.
There’s another bank in focus. Syndicate Bank share price dropped nearly 12 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.
Vivimed Labs gained 3 percent as the firm acquired Hungarian company, SONEAS.
Reliance Communications lost over 15 percent as the NCLT admitted an insolvency petition filed by Ericsson against the company.
Gammon Infrastructure Projects advanced 20 percent as private sector lender ICICI Bank acquired nearly 18 percent stake in the company through invocation of pledged shares.
Hindalco Industries fell around 2 percent after it 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.
ITC ended nearly 1.5 percent higher as FMCG earnings surprised positively.