We had mentioned in Tuesday’s closing report that Nifty, Sensex were to move sideways. The major indices of the Indian stock markets were range-bound on Wednesday and closed with minor gains. On the NSE, there were 969 advances, 770 declines and 361 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
The market now awaits the results of the general elections to be declared tomorrow. If the poll results do not favour the Bhartiya Janata Party as much as the exit polls did, the market may give up a lot of gains. In any case, even if the BJP comes to power, the economy is not doing well at all. Meanwhile, the valuations of stocks are at a record high. It will take some very bold initiatives for Mr Narendra Modi to push the economy out of the current doldrums.
India VIX, or volatility index shot up to hit a 4-year high intraday and closed 7.38% higher.
The Adani Group is set to withdraw all defamation suits filed against news portal thewire.in and its editors in an Ahmedabad court for articles against its companies, highly placed sources said on Wednesday.
Prime Minister Narendra Modi held a meeting with top bureaucrats from key ministries, sources said. There was no official word about the agenda of the meeting, which comes ahead of the Lok Sabha election results on May 23. Sources said the Prime Minister is believed to have taken feedback on various issues, including about the state of the economy, from the bureaucrats. This is possibly the first time that PM Modi convened a meeting of top bureaucrats from key ministries after announcement of dates of general elections in March.
IndusInd Bank Wednesday reported a decline of over 62% in March quarter net profit at Rs360.10 crore. Net profit in the same quarter of 2017-18 financial year stood at Rs953.09 crore. The decline was due to provisions on its Rs3,004 crore exposure to IL&FS. Total income for the latest quarter rose to Rs7,550.43 crore as against Rs5,858.62 crore in the same period a year ago. The bank's board has recommended a dividend of Rs7.50 per equity share for 2018-19, it said. IndusInd Bank shares closed at Rs1,528.00, up 5.54% on the NSE.
Shares of Dewan Housing fell up 17% in intraday trading after the company announced that it has stopped accepting fresh public deposits and renewals of existing deposits with immediate effect.
Shares of Jet Airways was up 5% after media reports suggested that Etihad Airways, along with the Hindujas, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the airline. The shares of Jindal Steel and Power fell 7% after the company reported a net loss of Rs2,713.34 crore for the quarter ended March 2019. KEI Industries was up 6% after it reported a 21% jump in net profit in the quarter ended March 2019.
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: