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Last Updated : May 18, 2016 11:11 AM IST | Source: Moneycontrol.com

Sensex, Nifty under pressure; Maruti, Hero, Tata Motors down

Maruti Suzuki lost nearly 3 percent as Suzuki crashed 15 percent in Tokio market after the vehicle safety group Global NCAP's report on Tuesday said that as many as five popular passenger vehicle car models in India, including Maruti Celerio failed crash tests with 'zero star' rating.


Moneycontrol Bureau

10:59 am Market Update:
Benchmark indices were little changed over the last half an hour of trade. The BSE Sensex was at 25550, down 223 points or 0.9 percent over its previous close. The Nifty was down 65 points over its previous close.


Maruti Suzuki (-2 percent), Bosch (-2 percent), Hero Motocorp (-2 percent) and BHEL (-2 percent) were the big losers in the Nifty. Other laggards in the index were ITC (-1 percent), Axis Bank (-1 percent), Hindalco (-1 percent) and Asian Paints (-1 percent).


Key Asian markets were trading weak. China’s Shanghai was the biggest lower, down 52 points or 1.8 percent at 2791. Hong Kong’s Hang Seng was down 327 points or 1.6 percent at 19791, Korea’s KOSPI was down 13 points at 1954, Singapore’s Straits Times was down 8 points at 2772, and Japan’s Nikkei 225 was down 30 points at 16622. Taiwan was the only exception to the downtrend with the Taiwan Index up 7 points at 8148.

10:40 am Earnings estimates:
JSW Steel is expected to disappoint street with topline and bottomline numbers but margin is likely to be strong. According to average of estimates of analysts polled by CNBC-TV18, it is expected to post consolidated loss at Rs 56 crore for January-March quarter against net profit of Rs 62.4 crore in year-ago period.

Close

Revenue is seen falling 14 percent to Rs 10,870 crore during the quarter compared to same period last fiscal, impacted by weak realisations but volumes may support.


Domestic sales volume is likely to increase 6 percent to 3.25 million tonne on yearly basis after its capacity enhancement as blast-furnaces restarted.


Realisations may take a hit YoY but may see some marginal improvement on sequential basis.


10:20 am SEBI on L&T arm: Markets watchdog Sebi has sought clarification from the merchant banker of L&T Infotech, an arm of engineering giant Larsen and Toubro (L&T), regarding the company's proposed initial public offering.


Without disclosing the details of the clarifications sought, Sebi has said that it is awaiting response from lead manager for the proposed public offer.


Sebi further said it might issue observations on draft offer documents within 30 days after receiving satisfactory reply from the lead merchant banker regarding the clarification or additional information sought.

Also read - We don't know whether Rajan will be reappointed: JPMorgan

10:00 am Market Check


The market remained under pressure in morning trade with the Sensex falling more than 150 points, dragged by private banks, FMCG, auto and technology stocks. Most Asian markets were under pressure with the Hang Seng and Shanghai losing 1.7 percent each.


The 30-share BSE Sensex declined 179.63 points to 25593.98 and the 50-share NSE Nifty fell 53.15 points to 7837.60. The market breadth was also negative as aabout 959 shares declined against 711 advancing shares on Bombay Stock Exchange.


Maruti Suzuki lost nearly 3 percent as Suzuki crashed 15 percent in Tokio market after the vehicle safety group Global NCAP's report on Tuesday said that as many as five popular passenger vehicle car models in India, including Maruti Celerio failed crash tests with 'zero star' rating.


Reacting to the report, RC Bhargava, Chariman, Maruti Suzuki India said the GNCAP is a voluntary standard and no country requires you to pass its standards. So there is no fear of exports being hit, he added.


HDFC Bank, Infosys, ICICI Bank, ITC, Tata Motors, Asian Paints, M&M and Axis Bank were down around 1 percent while ONGC and SBI outperformed.



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First Published on May 18, 2016 10:00 am
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