Published: Thu, May 17, 2018
Science | By Joan Schultz

Technocraft Industries (TIIL) Dipped -0.19% on May 17

Technocraft Industries (TIIL) Dipped -0.19% on May 17

The barometer Sensex of the BSE, which had opened at 35,452.35 points, closed (3.30 p.m.) at 35,387.88 points - lower by 156.06 points or 0.44 per cent - from the previous day's close at 35,543.94 points.

Meanwhile, the rupee recovered from the opening level of 68.14 and was trading at 67.86 against the United States dollar on a likely intervention from the RBI in early trade.

The BSE market breadth was, however, tilted towards the bulls with 1,203 advances and 1,168 declines.

Reliance Industries, ICICI Bank and HDFC Group stocks dragged while ITC and HUL provided support to the market.

The rupee was trading at 68.13 against the dollar at 10.55 am, a day after the currency crashed to a 16-month low of Rs 67.51.

On the other hand, the rupee closed at Rs. 67.87 against the U.S. dollar today. Weak Asian markets also contributed to negative sentiment.

BSE oil and gas index too slipped 132 points to 14,600 in early trade. "However, North geopolitical tensions have revived buying USA dollar, putting pressure on emerging market currencies including the Indian rupee", Anand James, Chief Market Strategist at Geojit Financial Services said.

The Punjab National Bank stock was trading 12.56% or 10 points lower at 75.20 on BSE a day after the public sector lender posted loss of Rs 13,416.91 crore for the January-March period, the biggest ever by any domestic lender, as bad loans surged.

PNB reported a record quarterly loss of 134.17 billion rupees ($1.98 billion) with analysts anxious about the bank's growth prospects, while Syndicate Bank posted a loss of 21.95 billion rupees compared with a profit of 1.04 billion rupees previous year. The stock now has a 52-week low of 462.6 and high of 1192.

Indiabulls Real Estate share price gained 12 percent as board will consider share buyback proposal on May 18.

Asian and European stocks were mixed amid rising bond yields and new geopolitical uncertainty related to North Korea and the US.

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