Moneycontrol
Last Updated : May 17, 2018 05:23 PM IST | Source: Moneycontrol.com

Podcast | Crude shock for the market as Brent surges to $80/bbl; Nifty below 10700

Farm equipment maker Escorts has reported stellar earnings growth for the March quarter as it has been firing on all cylinders. The stock witnessed profit booking in the final hour and ended around a percent lower.

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A surge in crude prices in the last hour of trade, with Brent crude hitting USD 80 per barrel, dragged equity benchmarks lower on Thursday. The Sensex fell over 300 points intraday before ending 230 points lower, while the Nifty managed to end the day below 10,700.

The Nifty midcap was the only index to hold on to minor gains among major indices. It ended over 0.30 percent lower.

FMCG, energy and metal indices managed to end the day in the red, while Nifty Pharma index ended flat.

Stocks in the news

Bajaj Finance and Bajaj Finserv were the top Nifty gainers after the former posted good Q4 results. Voltas ended 1 percent lower ahead of its Q4 earnings.

Shares of Granules India rose 7 percent as the company received an approval by USFDA approval for Methylergonovine tablets.

Tata Steel saw profit booking after opening higher as it reported a consolidated net profit of Rs 14,688 crore for the March quarter, as against a loss of Rs 1,168 crore in the same quarter last year. The stock ended 2 percent lower.

Manali Petrochemicals share price is locked at 20 percent upper circuit at Rs 41.55 after reporting healthy earnings growth for March quarter.

Reliance Communications shot up more than 60 percent after sources told CNBC-TV18 that the company and Ericsson informed National Company Law Tribunal that they are in settlement talks.

Other Anil Dhirubhai Ambani Group (ADAG) stocks rallied by up to 50 percent intraday on a report of settlement talks between Reliance Communications and Ericsson over an insolvency plea filled by the latter.

Farm equipment maker Escorts has reported stellar earnings growth for the March quarter as it has been firing on all cylinders. The stock witnessed profit booking in the final hour and ended around a percent lower.

 
First Published on May 17, 2018 04:15 pm
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