Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessMarkets

Nifty ends at 7706, Sensex slips 128 pts; HDFC twins, Infosys up

HDFC twins, NTPC, GAIL and Hero are top gainers while Adani Ports, Tata Motors, Hindalco, Tata Steel and BHEL are losers in the Sensex.

May 04, 2016 / 04:21 PM IST

Moneycontrol Bureau3:30 pm Market closing: The Sensex ended down 127.97 points or 0.5 percent at 25101.73, and the Nifty slipped 40.45 points or 0.5 percent at 7706.55. About 785 shares have advanced, 1777 shares declined, and 119 shares are unchanged.

HDFC twins, NTPC, Infosys and Sun Pharma were top gainers while Adani Ports, Tata Motors, Tata Steel, Hindalco and BHEL were losers in the Sensex.

2:50 pm Interview: Pressure on cement prices as well as rise in coal prices weighed on margins in Star Ferro and Cement fourth quarter, CEO Sanjay Gupta CEO says.

The company’s total income grew 11 percent to Rs 563 crore, but operating profit fell 18 percent to Rs 126.7 crore in the fourth quarter. Operating margin stood at 22.5 percent as against 30.5 percent in corresponding quarter a year-ago.

The Q4 volumes were 8.89 lakh units in comparison to 7.34 lakh units in corresponding quarter. The company worked at a 95 percent capacity in the quarter gone-by.

Fourth quarter saw pricing pressure on cement, which is expected to reduce in the first quarter of FY17, Gupta says. Cement prices in north east reduced by Rs 15 per bag in Q4.

2:30 pm Rates revised: Public sector Canara Bank today said it has revised the lending rates based on the marginal cost of funds (MCLR) for May to 8.80-9.35 per cent.

"All rupee loans sanctioned and credit limits renewed during the month of May, 2016 would be priced with reference to the tenor based MCLR", Canara Bank said in a regulatory filing.

Several banks including country's largest lender SBI have announced changes in their MCLR rates.

The MCLR regime came into play as per the Reserve Bank guidelines that came to effect from April 1.

Don't miss: Cash cow for long lerm? Analysts bullish on Parag Milk Foods IPO

The Sensex is down 87.99 points or 0.3 percent at 25141.71, and the Nifty down 27.55 points or 0.4 percent at 7719.45. About 813 shares have advanced, 1621 shares declined, and 119 shares are unchanged.

HDFC twins, NTPC, GAIL and Hero are top gainers while Adani Ports, Tata Motors, Hindalco, Tata Steel and BHEL are losers in the Sensex.

The outlook for major Asian currencies has stayed remarkably stable, according to a Reuters poll of strategists, despite the Japanese yen's explosive rally and with forecasts hinging on US central bank policy expectations.

China's yuan is forecast to weaken slightly against the dollar over the coming year, while the Indian rupee and South Korean won are expected to slip a bit as well, views that haven't changed much since the start of the year.

Pressure on the yuan has ebbed in the past few months on views the Fed may raise rates more gradually this year, which has held back the dollar, and as the People's Bank of China (PBoC) continues to clamp down on financial market speculation.

first published: May 4, 2016 02:00 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347