Nifty has to close above 7,795 for the bulls to end the current decline
We had mentioned in Monday’s closing report that Nifty, Sensex might put in a rally and that the bulls might be back, if the US and Asian markets stabilised. But the Asian markets were weak and US futures were sharply down. Hence, the major Indian indices opened higher and then gave up all the gains and closed with losses on Tuesday, in line with Asian markets. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Profit booking, along with caution over upcoming quarterly results and negative global cues, dragged the Indian equity markets lower on Tuesday. Initially, the key indices opened on Tuesday on a flat note, taking cues from their Asian peers which traded in the negative territory. Asian markets were subdued after the International Monetary Fund (IMF) warned about the possibility of a slowdown in China and Japan during 2016. However, the Indian equity markets soon rose on the back of short covering, expectations on bankruptcy code being passed through the parliament and a positive US market close. But negative Asian, European markets and caution ahead of Q4 (fourth quarter) results dampened sentiments and the major indices closed with losses over Monday’s close. The BSE market breadth was tilted in favour of the bears -- with 1,484 declines and 1,155 advances.
Two- and three-wheeler maker TVS Motor Company Ltd. on Tuesday said it closed the March quarter with a net profit of Rs117.76 crore compared to Rs90.52 crore. The company's total income went up to Rs2,839.60 crore from Rs2,453.42 crore. The company’s shares closed at Rs287.90, down 9.66% on the BSE.
The Future Group said Kishore Biyani has been appointed the managing director of Bharti Retail Limited (BRL) after the completion of acquisition of the Bharti Group's retail business. With the scheme of arrangement between Future Retail Limited (FRL) and BRL for acquisition taking shape, another Biyani, Rakesh Biyani, joined the board of BRL as joint managing director. Bharti Enterprises' vice chairman and managing director Rajan Mittal will continue to serve as a member of the board of directors of the company. Kishore Biyani stepped down as managing director of FRL. FRL shares closed at Rs146.95, down 1.74% on the BSE.
Housing Development Finance Corp (HDFC) reported a 30.76% rise in consolidated net profit at Rs3,460.46 crore for the fourth quarter ended March, as against Rs2,646.35 crore in the same quarter of 2014-15. In a stock exchange filing, the company said its net profit for the entire last fiscal, was up 16.29% at Rs10,190.26 crore as against Rs8,762.62 crore recorded last year. HDFC also recommended a final dividend of Rs14 per share, in addition to the interim dividend of Rs3. On standalone basis, the company reported a net profit of Rs2,607.05 crore for the fourth quarter, as compared to Rs1,862.43 crore in same period a year ago. For the full fiscal, standalone net profit was Rs7,093.1 crore, as against Rs5,990.14 crore. HDFC shares closed at Rs1,099.50, up 0.62% on the BSE.
Coal India Ltd, the world’s biggest miner, cut production and shipments of the fuel for the first time in more than a year as sluggish demand caused stockpiles to swell. Output in April dropped 3.4% from a year ago to 40.09 million metric tonnes, while dispatches during the month fell 2.5% to 42.45 million mt, Kolkata-based Coal India said in a stock exchange filing. Output and shipments were the lowest since September. Coal stockpiles at the company’s mines had risen to almost 58 million tonnes as of 1 April because of lower off take by power utilities. The company’s shares closed at Rs279.85, down 3.07% on the BSE.
Aurobindo Pharma announced that it has received US Food & Drug Administration (USFDA) approval for its epilepsy prevention drug Lacosamide. The approved product has an estimated market size of $782 million for the twelve months ending February 2016. In a BSE filing, Aurobindo Pharma said that the approved ANDA is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Vimpat Tablets, 50 mg, 100 mg, 150 mg and 200 mg of UCB, Inc. Its shares closed at Rs801.95, up 4.19% on the BSE.
Marico, the maker of Parachute hair oil and Saffola edible oil, has been outperforming its FMCG peers since last three months. The company’s consolidated total income from operations have come in at Rs1,307.03 crore in this quarter as against Rs1,556.42 crore in Q3FY16, a decrease of 16%. The company’s EBITDA has come in at Rs216.6 crore as against Rs293.84 crore, a decrease of 26.3%. The company has witnessed a drop in inventories and cost of raw materials. However, depreciation and purchase cost of traded goods has increased. The company’s net profit stands at Rs138.44 crore in Q4FY16 as compared to Rs197.81 crore in the last quarter i.e. a decrease of 30%. Consolidated EPS has come in at 1.07 as against 1.53 in the last quarter. Marico’s shares closed at Rs256.50, down 3.97%.
The US dollar declined against other major peers on Monday as economic data from the country came out weaker than expected. In late New York trading, the euro rose to $1.1523 from $1.1448 in the previous session, while the dollar bought 106.47 Japanese yen, lower than 106.69 yen of the previous session.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: