Sensex below 35,000 as SC orders floor test
Key benchmark indices extended fall in early afternoon trade due to political uncertainty in Karnataka after the Supreme Court reportedly directed for floor test in Karnataka Assembly tomorrow, 19 May 2018. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 150.58 points or 0.43% at 34,998.54. The Nifty 50 index was down 46 points or 0.43% at 10,636.70. Sentiment also took a hit as crude oil prices hovered near the $80 per barrel mark and sustained selling from foreign funds.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,411 shares fell and 921 shares rose. A total of 130 shares were unchanged.
ICICI Bank (down 2.21%), Tata Motors (down 2.27%) and Wipro (down 1.77%) edged lower from the Sensex pack.
Capital goods stocks edged lower. BEML (down 3.11%), Bharat Electronics (down 1.16%), L&T (down 1.56%), ABB India (down 0.33%), Bharat Heavy Electricals (Bhel) (down 0.88%), Siemens (down 1.18%) and Thermax (down 1.22%) fell.
Cement stocks declined. Ambuja Cements (down 2.03%), ACC (down 2.29%), UltraTech Cement (down 2.27%) declined. Shree Cement (up 0.42%) rose.
Grasim Industries was off 1.28%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
SRF lost 8.81% after consolidated net profit fell 4.11% to Rs 123.91 crore on 21.74% increase in net sales to Rs 1589.98 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 17 May 2018.