We had mentioned in Monday’s closing report that Nifty, Sensex may go lower. The major indices opened low and closed flat. On the NSE, there were 860 advances, 871 declines and 351 unchanged. The trends of the Indian stock markets in the course of Tuesday’s trading are given in the table below:
Sensex and Nifty fell during the early trade on Tuesday as the streets continued to react negatively to the Budget proposal. The proposal to increase minimum public shareholding of listed companies to 35%, tax on buybacks, and especially the surcharge on foreign portfolio investors has not been received well by the investor community. The indices may remain under pressure depsite intraday rallies.
Bajaj Finance reported highest loan growth in the last 11 quarters. As per the provisional data, the non-banking finance company booked 7.3 million new loans during the quarter ended June 2019 against 5.6 million in same period last year.
Bajaj Finance further said its assets under management (AUM) stood at approximately Rs1.29 lakh crore as of June 2019, up 41.30% compared to Rs91,287 crore as of June 2018. The stock bouced back 5.52% after falling over 8% yesterday.
Shares of Tata Consultancy Services (TCS) declined 2% in Tuesday’s trade ahead of the IT major's June quarter results.
Shares of watch and jewellery maker Titan slipped 12% on Tuesday as rising gold prices hit quarterly sales during April-June quarter. In June, global gold prices rose 8% month-on-month which analysts believe hurt consumer demand for the precious metal.
Sale of housing units across seven major cities in the country declined by 13% quarter-on-quarter (QoQ) basis during the April-June quarter of 2019, an Anarock report said on Tuesday. Sales declined to 68,600 units from 78,520 units in the January-March quarter, the report said.
Among the cities, Hyderabad, Bengaluru and Pune witnessed the maximum drop in housing sales at 18%, 16% and 15% respectively, while in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) sales declined by 11% and 8% respectively. In Chennai and Kolkata, sales fell by 13 and 12% from the previous quarter.
The real estate consultancy firm in its report said that launches also declined by 2% across the seven cities during the period under review to 69,000 units as opposed to 70,480 units in the first quarter of 2019.Further, as sales remained tepid, unsold housing stock remained largely stagnant during Q2 2019 as against Q1 2019 at 6.65 lakh units, it added. Affordable housing saw a quarterly decline of total new supply by 20% from 32,060 units in Q1 2019 to 25,580 units in Q2 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: