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: