Nifty PSU Bank hits fresh 52-week low,Nifty down 2% each

The Indian equity market extended losing streak to fourth consecutive day amid uncertainty over Karnataka elections verdict. The political drama continues to unfold as the Supreme Court denied extension of time to BJP and announced Floor Test on Saturday May 19, 2018 scheduled at 4pm.

If all this was not enough, rising inflation and rising bond yields continue to haunt the sentiments. Spiking crude oil prices is the major concern at the current juncture, oil touched US80$ per barrel for the first time since November 2014, has the potential to topple India’s fiscal balance. 

In terms of result, Bajaj Finance, Tata Steel, Lupin, JK Tyre, and JSW Steel came out with better than expected results. While Punjab National Bank, Voltas, TVS Motor and Hindalco missed market estimates.

The Indian rupee has seen massive depreciation against the US dollar since February when a heavy sell-off was witnessed in the domestic equities following the global trend while the home currency has breached the peak levels of 66, 67 and 68 per US dollar in the last one-and-half-month only.

Shares of public sector undertaking (PSU) banks are trading lower for the fourth straight trading days with Nifty PSU Bank index hitting fresh 52-week low on the National Stock Exchange (NSE) on Friday.

Out of 21 PSU banks, 13 banks thus far announced their March quarter results (Q4FY18) has reported a combined standalone net loss of Rs 340 billion as compared to Rs 21 billion in the same quarter last year.

Meanwhile, retail inflation rose to 4.58% in April, up from March’s 4.28% due to a surge in petrol and diesel prices and other miscellaneous items. Wholesale inflation on the other hand in April hit a 4-month high at 3.18%. 

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