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Closing Bell: Sensex sheds 306 pts, Nifty ends below 10,500 on weaker rupee

Closing Bell: Sensex sheds 306 pts, Nifty ends below 10,500 on weaker rupee

PSU Bank is the biggest gainer among sectoral indices, rising 4 percent on the back of support from SBI, Andhra Bank, Bank of Baroda and IDBI Bank that gained 4-7 percent.

Benchmark indices after yesterday’s breather resumed selling pressure again, with the Sensex losing more than 300 points on weaker rupee and global weakness.

The 30-share BSE Sensex was down 306.33 points or 0.88 percent at 34,344.91 and the 50-share NSE Nifty fell 106.30 points or 1.01 percent to 10,430.40.
About three shares declined for every two shares rising on the BSE.
Nifty Midcap index fell over 100 points.
Ceat, PFC, MRPL, REC, Balrampur Chini Mills, SAIL, Motherson Sumi, JSPL, GMR Infrastructure and Union Bank declined up to 7 percent.

Finolex Industries has registered 2 percent fall in its fourth quarter (Jan-March) net profit at Rs 120.9 crore against Rs 123.4 crore in same period last year.
Revenue was down 8.8 percent at Rs 809.1 crore against Rs 887.6 crore.Operating profit or EBITDA was up 5.2 percent at Rs 187.9 crore and margin was up at 23.2 percent.

Kolte-Patil Developers gained 2.5 percent despite 6.2 percent fall in its Q4FY18 net profit at Rs 31.8 crore, while revenue was up 5 percent at Rs 222.5 crore.
Operating profit or EBITDA was down 17 percent at Rs 45.4 crore and margin was at 20.4 percent.
At 15:18 hrs Kolte-Patil Developers was quoting at Rs 307.25, up Rs 5.65, or 1.87 percent.

Shares of Dhanlaxmi Bank advanced 14 percent as company cut its losses in the quarter ended March 2018.
The company has reported net loss of Rs 17.16 crore in Q4FY18 against loss of Rs 21.74 crore in Q3FY18.
The bank had posted profit of Rs 8.81 crore in March 2017.
Net interest income, the difference between interest earned and interest expended, grew by 1.4 percent year-on-year to Rs 8,572 crore in January-March quarter.

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