We had mentioned in last week’s closing report that Nifty, Sensex were still on an uptrend. The major indices of the Indian stock markets were range-bound during the week and closed on Friday with gains 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 markets were closed on Monday on account of Maha Shivratri. On Tuesday, the key Indian equity indices opened on a negative note on Tuesday, with the Sensex trading marginally lower, in line the major Asian markets. But the indices rallied and closed with huge gains. On the NSE, there were 1,493 advances, 290 declines and 302 unchanged.
China on Tuesday lowered its economic growth target for this year to between 6% and 6.5%. Opening the annual session of China's legislature on Tuesday, Premier Li Keqiang laid out plans to fend off risks in the economy and keep the nation's jobless rate steady, reports Efe news. Chief among the remedies to prop up growth: increasing deficit spending, launching new tax cuts and other fee reductions for businesses - totalling 2 trillion yuan, or 2% of China's $13 trillion economy - and boosting bank lending to small and private companies by 30%.
State-owned Bank of Baroda (BoB) announced it has cut benchmark lending rate by 0.1% across all tenors up to one year, effective from 7 March 2019. The move would make home, auto and other loans cheaper for its borrowers.
The major indices of the Indian stock markets closed with gains over Tuesday’s close. On the NSE, there were 1,173 advances, 600 declines and 298 unchanged. On the BSE, 1636 shares advanced, 1025 shares declined, and 147 shares were unchanged.
BPCL, Bajaj Finance, ICICI Bank, Reliance Industries, Vedanta, Power Grid Corp and Bharti Infratel were among major gainers on the indices, while Tata Motors, Axis Bank, HUL, Hero Motocorp, HCL Tech, Zee Entertainment and Indiabulls Housing slid. Among the sectors, except auto all other indices ended in green led by energy, pharma, infra and metal.
A day after Jet Airways informed about grounding of two more aircraft, the scrip price fell over 4% during the intra-day trade, but recovered to end higher.
Investors were jittery over the financial health of the company following continuous grounding of aircraft, the latest of which came on Monday. The company in BSE filings had informed that its 19 aircraft were grounded in February over non-repayment of dues to lessors, while 6 aircraft were grounded this month, taking the total to 25. The Jet Airways Group operates a fleet of 123 aircraft. "Further to our letter dated 2 March, 2019, we now write to inform you that an additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the company said in a regulatory filing on late Monday. Lately, Jet Airways has been in a tight spot financially even as a rescue plan is being negotiated between the airline, its partner Etihad and a consortium of banks.
The major indices of the Indian stock markets closed on Thursday with gains over Wednesday’s close. On the NSE, there were 853 advances, 889 declines and 332 unchanged.
As many as 31 stocks declined in the Nifty 50 index while 17 stocks advanced and two remained unchanged. In BSE Sensex, 17 stocks including Tata Motors, ITC, TCS were trading in green while 13 stocks including Coal India, Tata Steel, Yes Bank were trading in red. On Thursday, Asian indices were showing mostly a negative trend.
Automobile major Maruti Suzuki India introduced the new WagonR S(Smart)-CNG with a starting price of Rs4.84 lakh (ex-showroom Delhi). "Maruti Suzuki WagonR S-CNG will be available in states with CNG infrastructure including Delhi-NCR, Gujarat, Mumbai, Pune, parts of Andhra Pradesh, Uttar Pradesh and Madhya Pradesh," the company said in a statement. "The factory-fitted WagonR S-CNG will be available at Rs4.84 lakh for Lxi and Rs4.89 Lakh for Lxi (O) variants respectively. Both prices are ex-showroom Delhi." According to the company, the WagonR S-CNG comes with factory fitted CNG, ensuring enhanced safety.
The key Indian equity indices opened on a negative note on Friday, tracking a similar trend in the Asian markets. Both Sensex and Nifty50 traded marginally lower from the closing levels on Thursday.
Amid weak global cues, the Indian equity indices ended with marginal losses on Friday after trading in a range for a major part of the session. Sensex and Nifty ended in the red after four consecutive sessions of gains following weakness in the global markets owing to the slashing of growth forecast by the European Central Bank (ECB) and weak export data from China.
Indian rupee strengthened supported by FIIs (financial institutional investors) liquidity and benign oil prices, portraying the positive undercurrent in the domestic market.
Wipro slumped over 4% on Friday after reports of a block deal emerged whereby Azim Premji Trust allegedly sold 0.44% or 2.67 crore shares in the company. The share price fell nearly 5% around 11.45 a.m. to touch an intra-day low of Rs255.60 per share. At 2.10 p.m, the stock price was Rs257.40, lower by Rs11.40 or 4.24% from its previous close of Rs268.80 per share.
Azim Premji Trust is a part of the promoter group that owns 74.3% stake in the software services provider. Wipro, however, has not put out the details of the deal so far and is yet to respond to a clarification sought by the BSE.
The stock price of Tata Motors fell over 3% on Friday after weak demand in China impacted the retail sales of Jaguar Land Rover (JLR), down 4.1% during February. Share price of Tata Motors fell up to 3.77% on the BSE during the afternoon session. At 1.28 p.m., it traded at Rs182.85 apiece, down Rs6.35 or 3.36%. JLR retail sales fell in February to 38,288 vehicles, down 4.1% compared to February last year. "Retail sales were up significantly in North America (25.4%), UK (11.3%) and modestly higher in Europe (1.1%) but weaker market conditions continued to weigh on sales in China (down 47.6%)," JLR said in a statement.