Sensex down 301 pts, Nifty below 10,600; ICICI Bank, L&T, Tata Motors dip 3%

Benchmark indices ended sharply lower, continuing weakness for the fourth consecutive session amid uncertainty over government formation in Karnataka, likely fiscal imbalance due to higher crude oil prices and weaker rupee.

The 30-share BSE Sensex was down 300.82 points at 34,848.30 and the 50-share NSE Nifty fell 86.30 points to 10,596.40.

L&T, Maruti, ICICI Bank, Cipla and Grasim were losers while Bajaj Finance, Bajaj Finserv, HUL, ITC and Kotak Mahindra Bank were gainers.

Nifty Midcap index fell 250 points.

Amara Raja Batteries, SRF, Voltas, Avenue Supermarts, Nalco, Graphite India, HEG, Escorts, Jyothy Labs, Radico Khaitan, Wockhardt, Jet Airways, Venkys and Granules India fell up to 13 percent.

Strides Shasun down 23 percent.


HEADLINES OF THE DAY

USFDA Inspection: Alembic Pharma informed exchanges that the United States Food and Drug Administration (US FDA) has conducted an inspection at API Facility located at Karkhadi from May 14 to May 18.

Bhushan Steel share price rallied 5 percent after its board of directors approved allotment of 7.2 crore shares to lenders.

STFC inks pact with HPCL: Shriram Transport Finance Company (STFC), inked MOU with Hindustan Petroleum Corporation LTD (HPCL) to offer credit based fuel filling services to its customers on digital platform.

Himatsingka Seide announced that Himatsingka America Inc., the wholly owned step down subsidiary has acquired the home portfolio of Global Brands Group Holding Limited.

Biocon Ltd has sold close to 2 percent stake in its research arm Syngene International for an estimated Rs 230 crore.

Bajaj Auto share price gained more than a percent after reporting better-than-expected earnings for the March quarter.


UPCOMING RESULTS: - 
                                                   GULF OIL LUBRICANT, SOBHA, ATUL AUTO, IFGL, ITI, GUJ AMB EXPORTS, BALRAMPUR CHINI, COLGATE, BOMBAY BURMAH, MOTILAL OSWAL, MAHANAGAR GAS, JINDAL WORLDWIDE, JUST DIAL, PETRONET

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