Nifty, Sensex Under Pressure Again- Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might rally if today’s lows holds. 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 659 advances, 1,084 declines and 359 unchanged. The trends of the major indices of the Indian stock markets in Wednesday’s trading are given in the table below:
 
 
The Sensex on Wednesday opened on a positive note during the morning session of the trade. The benchmark indices ended lower in the volatile trading with Nifty closeing below 11,200 mark. At close, the Sensex was down 203.65 points at 37,114.88, while Nifty was down 65 points at 11,157. Yes Bank, Tata Motors, Zee Entertainment, JSW Steel and Gail were the top losers on the Nifty, while gainers were Bajaj Finance, Eicher Motors, UPL, IOC (Indian Oil Corporation) and Indiabulls Housing. Among the sectors, metal index slipped 2% followed by auto, infra, pharma, FMCG (fast moving consumer goods) and bank. 
 
Housing finance major HDFC Limited has partnered with the India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product. The partnership aims to make it possible for HDFC to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice, HDFC said. This product will help HDFC to offer more loan to a home loan customer on an enhanced eligibility as it also helps customers to avail loans beyond their retirement period. Mortgage guarantee or mortgage insurance, as it is known in some markets, is well established in the US, Australia and Canada with market penetration of 15% in the US and 22% in Canada. Likewise in India, mortgage guarantee is on the rise with market penetration between 5%-20% across lenders who are leveraging the product to grow their books. Housing Development Finance Corporation shares closed at Rs1,939.50, down 1.31% on the NSE.
 
Welspun Enterprises reported Q4 results. Consolidated net profit was up 17.3% at Rs29.6 crore, revenue up 78.9% at Rs725.1 crore, year-on-year. Welspun shares closed at Rs109.40, down 2.32% on the NSE.
Wonderla Holidays reported a net profit of Rs7 crore against Rs3.7 crore, revenue was up 10.4% at Rs60.6 crore versus Rs55 crore, year-on-year. Wonderla shares closed flat on the NSE.
 
Newgen Software reported consolidated net profit of Rs62.5 crore against Rs18 crore while revenue was up 27% at Rs204 crore versus Rs160.5 crore, quarter-on-quarter. Newgen Software Technologies shares closed at Rs325.00, down 3.42% on the NSE.
 
Jubilant Foodworks reported an 8.6% jump in its fourth quarter (Q4FY19) net profit at Rs73.9 crore. Revenue rose 11% at Rs865 crore against Rs780 crore. Jubilant shares closed at Rs1,245.00, up 3.58% on the NSE.
 
Newly-listed wires, cables and electrical goods maker Polycab India’s Q4 net profit was down 27.3%. The Directors have recommended a final dividend of Rs3 per equity share. Commodity prices and rupee movement versus the dollar impacted profitability. Revenue increased by 16% year-on-year in Q4 to Rs2,444.8 crore. Among the segments, wires and cables grew 13% at Rs2,121.6 crore and EPC (Engineering, procurement and construction) grew 141% at Rs218.3 crore. Polycab India shares closed at Rs618.00, down 2.49% on the NSE.
 
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:
 
 
 
 

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Nifty, Sensex may rally if today’s low holds – Tuesday closing report

We had mentioned in Monday’s closing report that global markets were continuing to pressure Nifty, Sensex. The major indices of the Indian stock markets rallied on Tuesday and closed with gains over Monday’s close. On the NSE, there were 897 advances, 875 declines and 329 unchanged. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

 
Indian equity benchmarks halted their nine-day losing streak, led by the gains in Reliance Industries Ltd. and ITC Ltd. The S&P BSE Sensex closed 227 points or 0.6% higher at 37,318.53 and the NSE Nifty 50 ended at 11,222.05, up 0.66%. The 50-share index halted its longest losing streak in over eight years. The broader market index represented by the NSE Nifty 500 Index closed 0.57% higher.
 
The market breadth was tilted in favour of buyers. About 897 stocks advanced and 875 shares declined on National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 2.85% advance. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 1.2%.
 
India's annual rate of inflation based on wholesale prices eased to 3.07% in April from 3.18% in March, official data showed here on Tuesday.
 
Grounded Jet Airways continues to lose its senior executives dashing hopes of the airline's revival. The latest to quit the company is its Chief Financial Officer (CFO) and Deputy Chief Executive (CEO) Amit Agarwal. The exit comes days after the airline's top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors. In a regulatory filing, Jet Airways on Tuesday said that Amit Agarwal had resigned from the services of the company with effect from May 13, 2019 due to personal reasons. Run out of cash, Jet Airways suspended its operations on April 17. Subsequent to this, hundreds of employees have left the carrier to join rival companies. Its aircraft are also being gradually de-registered. These events have added to the growing uncertainty about airline's revival. Lenders of Jet Airways led by SBI are currently in the process of selling the airline to recover their dues of over Rs8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids after they gave their EoIs. On May 10 -- the last date for submitting the binding bids -- only Etihad gave its offer and that too in the eleventh hour. The other two bids for the airline were unsolicited. Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers. Jet Airways India shares closed at Rs128.90, down 7.33% on the NSE.
 
Aurobindo Pharma on Tuesday informed stock exchanges that the company, as well as other firms in the US generic drug industry, are facing a second lawsuit for violation of antitrust laws. This lawsuit, filed on May 10, was the second after the one filed in December 2016. "US states filed a second lawsuit in Federal Court similarly alleging that Aurobindo and other companies in the US generic drug industry had violated antitrust laws by fixing prices and allocating customers (the 'Second State AG Action')," Aurobindo Pharma said in a regulatory filing. 
 
The company said the "Second State AG Action" includes additional parties and additional products which were not referenced in the "First State AG Action". In December 2016, the Attorney General (AG) of the State of Connecticut along with the Attorneys' General of various other US states filed a lawsuit in Federal Court alleging that Aurobindo and other companies in the US generic drug industry had violated antitrust laws by fixing prices and allocating customers - the "First State AG Action". "On 18 June 2018, an amended complaint was filed in the First State AG Action. Aurobindo has denied all the relevant accusations in the First State AG Action and is vigorously defending against the matter," the company said. 
 
The statement said the company is reviewing the "Second State AG Action and expect that we will be filing papers with the Federal Court in due course denying each of the relevant accusations." Aurobindo does not, at this juncture, anticipate that these matters will have a material impact on the operations or business results, it added. Aurobindo Pharma shares closed at Rs713.50, down 0.52% on the NSE.
 
State-run United Bank of India (UBI) said it has posted a net profit of Rs95.18 crore in the fourth quarter of the financial year 2018-19 (FY19), after seven quarters of consecutive losses. The lender had reported a net loss of Rs260.62 crore in the March quarter of the fiscal year 2017-18 (FY18). United Bank of India shares closed at Rs10.85, up 2.36% on the NSE.
 
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:
 
 

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Investors Lost in the Wonderland of Corporate Disclosures
Accounting disclosures help shape investment decisions. It is the duty of the regulator to ensure the best possible quality of financial disclosures. Merely increasing the thickness of the annual report does not serve the investor. Are the regulators and trade bodies. like Institute of Chartered Accountants of India (ICAI), working together to blind-side the investor?
 
The least...
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