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Markets End Lower Dragged By Rising Crude Prices
It was another flat day for the Indian markets, as a surge in crude prices, left investors worried over inflation. Benchmark indices ended the day little lower, even as most global markets saw an uptick.
Shares in ONGC rallied the most on the back of an increase in crude prices. The stock ended almost 3 per cent higher.
The shares of Federal Bank nosedived by 12 per cent, and ended at Rs 88.90. The bank declared quarterly numbers that lagged estimates. The net profit slumped to Rs 145 crore and was down a whopping 44 per cent. The gross non performing assets at the bank was at 3.0 per cent, while the net NPA was at 1.69 per cent.
Security and Intelligent Services also saw its share price fall. The net profits at the company were down 36 per cent at Rs 36 crores. The shares ended the day at Rs 1267.
Oil marketing companies did see some recovery in their stock prices and ended the day flat, despite a sharp rally in crude prices.
Sintex Plastics was another stock that dropped on account of a poor set of numbers. The shares fell 5 per cent in trade and was last seen at Rs 51.20. The company saw its revenue falling 3 percent at Rs 1293 crore. Sintex Plastics also reported a net loss of Rs 12 crore for the quarter ended March 31, 2018, from net profit of Rs 52 crores.
Meanwhile, markets across Europe were seeing strong gains. The German DAX, French CAC and the Europe's FTSE were all trading higher. Most of Asia ended the day with gains, led by the Japanese Nikkei.
Markets in India are expected to be volatile ahead of the Karnataka state election results.
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