Nifty, Sensex May Move Within the Last Two Week’s Range – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex were continuing to head higher. The major indices of the Indian stock markets were range-bound during the week and closed on Friday with minor 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 suffered a correction on Monday. On the NSE, there were 445 advances, 1,335 declines and 330 unchanged. The benchmark Sensex opened nearly 250 points lower owing to a steep rise in the crude oil prices. The Brent crude rose above the $73 a barrel mark as US threatened to impose sanctions against any country importing oil from Iran. At close, the Sensex was down 495.10 points at 38,645.18, while Nifty was down 158.30 points at 11,594.50. About 747 shares have advanced, 1751 shares declined, and 166 shares are unchanged. Indiabulls Housing, Yes Bank, BPCL, IndusInd Bank and IOC were top losers on the Nifty, while gainers were Bharti Airtel, Wipro, TCS, Tech Mahindra and Infosys. Among the sectors except IT (information technology) all other indices ended in red led by energy, bank, auto, metal, pharma, infra and FMCG (fast moving consumer goods).
Gruh Finance is going to consider fund raising and recommendation of dividend on April 30 with audited financial results of the company for the quarter and year ended March 31, 2019. FIIs (foreign institutional investors) on Thursday bought stocks worth Rs1,038.46 crore while the DIIs (domestic institutional investors) off-loaded scrips worth Rs337.59 crore.
The RBI (Reserve Bank of India) could soon start discussions to break away from the convention of reducing key policy rate by 25 basis points or multiples thereof shortly with stakeholders like lenders, domain experts and within the Central Bank. "There is a need to consider interest rate adjustments, not necessarily in the conventional way of 25 bps or multiples thereof. This idea needs further debate and discussion", earlier this month RBI Governor Shaktikanta Das had told the Monetary Policy Panel.
The major indices of the Indian stock markets closed on Tuesday with losses. On the NSE, there were 744 advances, 998 declines and 355 unchanged. The key Indian equity indices opened on a positive note on Tuesday with the BSE Sensex trading 100 points higher than its previous close. Buying in consumer durables, metal, energy and banking stocks supported the gains. Sensex and Nifty erased gains in the afternoon trade on Tuesday, due to a sell-off in bluechip financial stocks. The Sensex closed 80 points lower at 38,564.88, while Nifty ended the session below the 11,600-mark.
The major indices of the Indian stock markets rallied on Wednesday. On the NSE, there were 947 advances, 783 declines and 367 unchanged. The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade. The last hour surge helped the benchmark indices to close the Wednesday session at day's high with Sensex finished above 39,000 level. The Sensex was up 489.80 points at 39,054.68, while Nifty was up 150.20 points at 11,726.20. About 1,232 shares have advanced, 1,237 shares declined, and 157 shares are unchanged. On the sectoral front, except auto, all other sectoral indices are ended in green led by IT (information technology), energy, bank, metal, pharma, infra and FMCG (fast moving consumer goods).
Despite muted trend in global markets, the key Indian equity market indices on Thursday opened higher ahead of F&O expiry. The indices saw major selling pressure in late trade and reversed more than half of previous day's gains. The BSE Sensex fell 323.82 points to 38,730.86 and the Nifty50 dropped 84.40 points to 11,641.80 amid rising crude oil prices. Banking & financials pulled the market lower. Bharti Infratel (down 10.22%), Tata Steel (2.76%), Vedanta (2.49%), Indiabulls Housing Finance (2.11%) and Hindalco (2.07%) were top losers. UltraTechCement and Grasim Industries rallied 5% each. BPCL, Dr Reddy's Labs and UPL were other gainers. On the NSE, there were 777 advances, 963 declines and 356 unchanged. As many as 21 stocks advanced in the Nifty 50 index while 29 stocks declined.
Country's largest passenger vehicle maker Maruti Suzuki India has reported a 5% year-on-year (YoY) decline in March quarter profit, dented by weak operating performance and muted sales volume. Net profit during the quarter declined to Rs1,795.6 crore, from Rs1,882.1 crore in same period last year. "This quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts," the company said. Standalone revenue from operations grew by 1% year-on-year to Rs21,459.4 crore in Q4 with sales volume degrowth of 0.7% YoY.
Steel giant Tata Steel reported a whopping 84% decline in its consolidated net profit, to Rs2,295 crore, during the fourth quarter of the financial year 2018-19 as compared to Rs14,688 crore in the corresponding period of the previous fiscal. Its consolidated revenue for the quarter under review was at Rs42,424 crore, up by 26% from Rs33,705 in the year-end ago period. During the quarter, its consolidated steel production and deliveries grew year-on-year by 27% and 29% respectively while India production and deliveries increased year-on year by 46% and 55% respectively. Tata Steel shares closed at Rs547.45, up 7.19% on the NSE.
Sensex opened over 100 points higher on Friday over strong inflow of foreign funds and slight ease in the international oil prices. The Brent, benchmark oil price, which crossed the $75 a barrel mark on Thursday for the first time in 2019 was trading at $74.14 a barrel. Except for the auto sector stocks, all other sectoral stocks on the NSE witnessed healthy buying. On Thursday, Foreign Institutional Investors (FIIs) bought stocks worth Rs3,785.73 crore while the Domestic Institutional Investors (DIIs) sold stocks worth Rs4,069.98 crore.
Late buying helped benchmark indices to close the first day of May series near day's high level with Nifty finished above 11,750 mark. At close, the Sensex was up 336.47 points at 39067.33, while Nifty was up 112.90 points at 11754.70. About 1,085 shares advanced, 1,410 shares declined, and 153 shares are unchanged. Tata Steel, BPCL, GAIL, ICICI Bank and JSW Steel were the top gainers on the Nifty, while losers include Tata Motors, Bajaj Auto, Grasim Industries, Dr Reddy’s Labs and Bharti Airtel. Among the sectors, except auto all other sectors ended in green led by metal, bank, energy, IT (information technology), pharma and FMCG (fast moving consumer goods).
Mahindra Lifespace JV is to invest Rs1,000 crore in Chennai project. Mahindra Industrial Park Chennai (MIPCL), an indirect subsidiary of the company and a joint venture between Mahindra World City Developers and Sumitomo Corporation of Japan, announced the inauguration of ORIGINS, Industrial Cluster on the NH16 corridor near Ponneri, Chennai. Mahindra & Mahindra shares closed at Rs658.40, down 1.01% on the NSE.
Atul’s Q4 results have been announced. Net profit was up 8.6% at Rs109 crore, revenue up 15.5% at Rs1,000.8 crore. EBITDA (Earnings before interest, tax, depreciation and amortisation) was up 32.6% at Rs192.8 crore and margin at 19.3%, YoY (year-on-year). Atul shares closed at Rs3,473.80, up 0.68% on the NSE.