Sensex corrects 232 pts, Nifty Midcap sheds 321 pts amid Q4 earnings

Benchmark indices ended lower for the fourth consecutive session, dragged by pharma, metals, auto stocks, HDFC twins and Reliance Industries.

The 30-share BSE Sensex was down 232.17 points at 34,616.13 and the 50-share NSE Nifty fell 79.70 points to 10,516.70.

Sun Pharma, Cipla, Dr Reddy's Labs, Tata Motors, Tata Steel, HUL and Titan Company declined up to 5 percent while SBI, ICICI Bank and TCS gained up to 2.5 percent.

Nifty Midcap was down more than 300 points. About four shares declined for every share rising on the NSE.

Jet Airways, BEML, REC, Adani Power, LIC Housing Finance, Glenmark Pharma, Ashok Leyland, Amara Raja Batteries, Kitex Garments and Strides Shasun fell up to 20 percent.

Canara Bank, Union Bank, IDBI Bank and Balrampur Chini gained up to 7 percent.

HEADLINES OF THE DAY

Shares of Petronet LNG lost a little over 7 percent as the net profit fell over a percent at Rs 522.7 crore.

Shares of DB Corp gained over 5 percent during the day as the firm will be considering a buyback issue on May 26.

Infibeam Incorporation acquires 100% stake in Dubai company.

CCL Products share price fell 2 percent despite decent earnings for the quarter ended March 2018.

Colgate Palmolive has reported a 32.4 percent increase year-on-year in March quarter profit at Rs 188.8 crore against profit  at Rs 142.6 crore.

Kitchen appliances maker TTK Prestige has reported a 32.4 percent decline year-on-year in profit at Rs 37.4 crore for the January-March quarter.

UPCOMING RESULTS: -   BOSCH, L&T TECHNOLOGIES, DR REDDYS LAB, SYMPHONY, BATA INDIA, BATA FORGE, CIPLA, DHANUKA AGRITEC, VIP INDUSTRIES, SONATA, HPCL, SBI, KOICL, IOC, ALL CARGO.

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