Rs. 65K cr wiped out from Sensex firms in 1st week of May

The stock market barometer, BSE Sensex, declined 1.47% for the week ended May 6, 2016. It had risen 1.04% in April 2016. Currently, the total Mcap of Sensex heavyweights stands at Rs. 42,66,693.87 crore, which is 44.55% of total market cap of all BSE-listed firms (Rs. 95,75,595 crore).
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Amidst an apparently weakening post budget rally due to weak overseas cues and subdued corporate earnings for Q4 FY16, the Sensex firms have lost Rs. 65,448.20 crore to their market capitalization (Mcap) in the first week of May.
         The stock market barometer, BSE Sensex, declined 1.47% for the week ended May 6, 2016. It had risen 1.04% in April 2016. Currently, the total Mcap of Sensex heavyweights stands at Rs. 42,66,693.87 crore, which is 44.55% of total market cap of all BSE-listed firms (Rs. 95,75,595 crore).
       Firms like RIL, Infosys and TCS have seen their mcap eroding despite impressive Q4 numbers. Despite a record Q4 performance, the Mukesh Ambani-led Reliance Industries saw its Mcap plummeting by Rs. 6,953.91 crore in first trading week of the current month. With the total mcap standing at Rs. 3,11,429.15 crore, RIL is the second largest firm on BSE in terms of Mcap.

           In May so far, total 23 Sensex firms saw seen their mcap nosediving. Among the losers, ICICI Bank, APSEZ and ONGC have seen their Mcap eroding by Rs. 10,720.55 crore, Rs. 9,003.22 crore and Rs. 8,213.27 crore respectively.

        Despite dominated by increasing volatility in the wake of poor overseas cues, Indian equity markets witnessed renewed buying by the mutual funds. The MFs pumped in Rs. 240.90 crore in equities as of May 4, as per the Sebi data. However, they off-load to the tune of Rs. 791 crore in debt segment. However, the foreign institutional investors were found booking profits as their net outflows stood at Rs. 773.62 crore in the first week of May. 

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The market has opened lower on April Future & Options expiry day as global cues weigh on India. The Sensex is down 20.47 points at 26043.65 and the Nifty is down 11.45 points at 7968.45. About 292 shares have advanced, 163 shares declined, and 35 shares are unchanged.

Bharti Airtel, Cipla, ONGC, Sun Pharma and Coal India are top gainers in the Sensex while Maruti, Infosys, ITC, HDFC and Reliance are losers.

The Indian rupee has opened at 66.39 per dollar up 0.13.

The central bank maintained its negative 0.1 percent deposit rate and its 80 trillion yen base money target.
Federal Reserve kept its benchmark interest rate unchanged citing slower growth in the US economy even as the labor market strengthens. The Fed stuck to its stance that US monetary policy will tighten only gradually and gave no hint as to whether it could lift the short-term federal funds rate at its next meeting in June.

Intraday Stock Market Live News; Nifty fell 9.70 points to 7545.50

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Globally, gold climbed as much as 1.07 percent to USD 1,251.70 an ounce in Singapore today.
           Gold prices rose 0.53 percent to Rs 29,284 per 10 grams in futures trade today as speculators raised their bets, taking positive cues from global markets.Market analysts said rise in gold prices at futures trade was largely in step with a firm trend overseas as global economic-growth concerns boosted the metal's appeal as a haven asset.

                       Sun Pharmaceutical Industries shares gained 2 percent intraday on approval from the US health regulator for anti-inflammatory drug. One of wholly owned subsidiaries of the company, on April 9, received approval from US Food & Drug Administration (USFDA) for new drug application (NDA) related to BromSite (bromfenac ophthalmic solution) 0.075 percent. The drug is used for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery. BromSite, developed by InSite Vision, is the first non-steroidal anti-inflammatory drug (NSAID) approved by the USFDA to prevent pain and treat inflammation in the eye for patients undergoing cataract surgery.

             The soon-to-be launched snow park at Adlabs Imagica is a move towards achieving cash break-even for the company, says Kapil Bagla, CEO of Adlabs Entertainment . Bagla hopes the theme park to break even in FY17. Spread across an area of 30,000 sq ft, the expected footfalls for the snow park is around 3000-4000 per day, which will increase the annual capacity to 15 lakh. The theme park is located just off the Mumbai-Pune Expressway. Bagla expects revenue from the snow park to be around Rs 15-18 crore, and says it would contribute about 25 percent to the total Adlabs business.

 

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Today in intraday market JSW Steel has entered into a definitive agreement with Welspun Enterprise (WEL), to acquire the entire equity shares held by the latter in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1000 crore plus net current assets as of 31 August 2014. The move is aimed at achieving the strategic goal to enhance its steel production to 40 MTPA in the next decade. The agreement is subject to the relevant regulatory approvals and customary closing conditions.

HCL Technologies has reportedly bagged a deal worth about AUD 35 million (over Rs 198 crore) from Sydney Trains to support and maintain 107 of its business applications.Shares of Sesa Sterlite, the subsidiary of London-listed Vedanta Resources, gained more than 4 percent on Goa government's announcement of resuming operations in the mining industry by year-end.

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