We had mentioned in last week’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets suffered a sharp correction during the week and closed on Friday with significant weekly losses over last Friday’s close. The trends of the major indices in the course of the week’s trading are given in the table below:
The major indices of the Indian stock markets were range-bound on Monday and ended flat over Friday’s close. On the NSE, there were 490 advances, 1,252 declines and 313 unchanged.
Higher inflation data and caution ahead of Karnataka election results kept the key Indian equity markets subdued on Monday. India's wholesale inflation rate rose to 3.18% in April from 2.47% in the previous month, official data showed here on Monday. According to market observers, selling was witnessed in consumer durables, auto and capital goods stocks.
The CBI (Central Bureau of Investigation) on Monday filed a chargesheet against some former and current bank officials and several others in the over Rs13,000 crore Punjab National Bank (PNB) fraud case allegedly perpetrated by diamantaire Nirav Modi and his uncle Mehul Choksi.
The major indices of the Indian stock markets were volatile on Tuesday ended flat over Monday’s close. On the NSE, there were 580 advances, 1,117 declines and 349 unchanged.
The key Indian equity indices erased all their early gains and were trading in the red zone on Tuesday afternoon. But, by the close of trading, the major indices recovered to end flat. Expectations of a BJP victory in the Karnataka assembly election had lifted the key Indian equity indices on Tuesday morning. But when Congress and Jana Dal (Secular) got together to form a coalition and stake claim to form the government, stocks fell.
The major indices of the Indian stock markets suffered a correction on Wednesday and closed with losses over Tuesday’s close. On the NSE, there were 632 advances, 1,078 declines and 339 unchanged.
Uncertainty over government-formation in Karnataka, along with weak global cues, suppressed the key Indian equity indices on Wednesday. No party achieved a clear majority in the election results announced on Tuesday, leading to uncertainty over the formation of the next government. According to market analysts, selling pressure was witnessed in oil and gas and banking stocks.
The CBI on Wednesday filed a second chargesheet in the Punjab National Bank (PNB) fraud case against diamond merchant Mehul Choksi and his Gitanjali Group's companies. The chargesheet was filed in a special CBI court in Mumbai, an official said. So far, 15 people have been arrested while Modi and Choksi are on the run.
Tata Consultancy Services (TCS) said it has added more than 200 new employees in the US state of Arkansas, as part of its deal with insurer Transamerica.
Britannia Industries Ltd., India's leading food company, reported a 25% increase in its consolidated net profit to Rs263.16 crore in the quarter ended March 31, 2018 as compared to Rs210.91 crore in the year-ago period. On a comparable basis, its revenue from sale of goods in the quarter under review, stood at Rs2,510 crore, up by 13% from Rs2,230 crore in the corresponding period the previous year. The biscuit maker reported a 14% rise in its net profit for 2017-18 to Rs1,004 crore. While the growth in the dairy business has been subdued due to its focus on driving value-added products and reducing its play in the less profitable commoditised products, profitability has improved considerably.
The major indices of the Indian stock markets closed with losses on Thursday over Wednesday’s close. On the NSE, there were 906 advances, 809 declines and 330 unchanged.
Aditya Birla Group company Hindalco Industries reported a 25% fall in its standalone net profit for the quarter ended in March. In a regulatory filing to the BSE, the company said its standalone net profit declined to Rs376.97 crore during the fourth quarter of 2017-18, against Rs502.52 crore reported in the corresponding period of 2016-17. The total standalone income of the company for the quarter under review stood at Rs11,886.02 crore, down 0.7% lower than Rs11,969.66 crore earned in the same quarter of financial year 2017. For the financial year 2018, the company reported a fall of 7.73% in its standalone net profit at Rs1,436.49 crore. The board of directors have recommended dividend of 120% or Rs1.20 per equity share of face value of Re1 each for the financial year ended on March 31, the company said.
The major indices of the Indian stock markets suffered a correction on Friday and closed with losses over Thursday’s close. On the NSE, there were 478 advances, 1,243 declines and 326 unchanged.
The key Indian equity indices traded in the red on Friday due to weak global cues including persistent rise in crude oil prices along with selling in capital goods, banking and auto stocks. Sensex and Nifty 50 declined for a fourth straight session on Friday, following mixed sentiment in global stock markets, pointed out market analysts.
Air conditioners maker Voltas Ltd reported a 3% fall in its consolidated net profit to Rs194.19 crore in the quarter ended March 31, 2018 as compared to Rs200.47 crore in the corresponding period last year. Total income for the quarter was at Rs2,092 crore as against to Rs2,098 crore in the corresponding period last year. The company said its consolidated total income for the year ended March 31, 2018 was higher by 5%, at Rs6,602 crore as compared to Rs6,307 crore last year, owing to improved efficiencies across businesses. The firm reported its net profit was also higher by 11%, at Rs578 crore as compared to Rs520 crore last year. The board of directors of the company has recommended dividend of Rs4 per share. The company’s shares closed at Rs552.75, down 5.22% on the NSE, on Friday.