Nifty, Sensex Will be Volatile Next Week – Weekly closing report
We had mentioned in last week’s closing report that Sensex, Nifty might try to rally if US market stabilises. The major indices of the Indian stock markets ended the week higher during the week. 
 
 
The major indices of the Indian stock markets suffered a correction on Monday and ended down for the 9th day in a row. On the NSE, there were 352 advances, 1,429 declines and 337 unchanged. India's crude import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude. A Moody's report on Monday said that "India's oil and gas consumption will support its investments in refining capacity and upstream production, but crude imports will keep growing amid stagnant production". India imports nearly 80% of its oil requirement which makes is highly dependent on imported oil and hence susceptible to wild fluctuations in the international oil market. 
 
On Tuesday, 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.
 
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. 
 
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).
 
The major indices of the Indian stock markets suffered a correction on Wednesday. On the NSE, there were 659 advances, 1,084 declines and 359 unchanged. 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. 
 
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. 
 
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. 
 
Indian stock markets rallied on and closed with gains over Wednesday’s close. On the NSE, there were 841 advances, 898 declines and 357 unchanged. A last hour surge helped the benchmark indices to close near day's high level with Nifty finishing above 11,250 level. At close, the Sensex was 278.60 points up at 37,393.48, while Nifty was up 100.10 points at 11,257.10.
 
About 1,155 shares advanced, 1296 shares declined, and 149 shares were unchanged.  Zee Entertainment, BPCL, UltraTech Cement, IOC and Bajaj Finance were among major gainers on the Nifty, while losers were Yes Bank, Bharti Airtel, IndusInd Bank, Coal India and Cipla. Except pharma, all other sectoral indices ended higher led by IT, metal, energy, bank, auto, FMCG (fast moving consumer goods) and infra.
 
Consolidated net profit of JSW Energy was Rs3.9 crore versus loss of Rs483.1 crore, revenue up 8.4% at Rs1,924 crore versus Rs1,775 crore, year-on-year. 
 
Minda Industries Q4 results show net profit was down 45.8% at Rs73.5 crore, revenue up 8.4% at Rs1,486.5 crore, year-on-year. 
 
Hindalco reported a 17.9% year-on-year decline in net profit at Rs506 crore, against Rs616 crore in Q4FY18. The revenue of the Aditya Birla Group company is up 6.6% at Rs12,455 crore, compared to Rs11,687 crore in the year-ago period. The reported numbers include Q4 results of Utkal Alumina, a fully-owned subsidiary of Hindalco.
 
Massive buying and short covering ahead of exit polls for general elections pushed the key Indian equity indices higher during Friday's session. PSU Bank, IT (information technology), and pharma stocks witnessed selling pressure. Brent Crude traded above the $72 a barrel mark amid rising tension in the Middle East that could lead to supply disruptions. 
 
NSE will appeal against a Sebi order in the co-location issue in which it has been penalised up to Rs1,000 crore and barred from approaching market for the next six months at the Securities Appllelate Tribunal (SAT).
 
Bajaj Auto reported a growth in revenue of 9% for March 2019 quarter over March 2018 quarter. Its operating profit growth however declined by 13% for the relevant period. Its operating profit margin too declined from 19.60% in March 2018 quarter to 15.71% in March 2019 quarter. Its board of directors have recommended a dividend of Rs 60 (600%) per equity share of face value of Re 10 each. The stock rose 3.30% to close at Rs 3041.80 on the BSE.
 
Dr Reddy’s Laboratories has reported 44% jump in its Q4FY19 net profit at Rs434.4 crore against Rs302.2 crore in the same quarter last fiscal. Dr Reddy’s Laboratories shares closed at Rs2,724.75, down 2.72% on the NSE.
 
Spencer Retail approved a proposal for acquisition of entire 100% stake held by Godrej Industries in its wholly owned subsidiary Natures Basket, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above. Godrej Industries shares closed at Rs448.55, up 1.91% on the NSE.
 
 

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DHFL’s Imminent Default – II: How It Was All ‘Hidden in Plain Sight’
The questions to ask are: What went wrong with DHFL so dramatically? Are our regulators really up to the task of appreciating and managing the risks posed by players like DHFL and a few others? We will address the first question in this piece and the second question in the next article. 
 
To understand the issue at heart and why DHFL has landed where it has, let’s look at a very...
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Nifty, Sensex May Rally – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex were under pressure again. The major indices of the Indian stock markets rallied on Thursday and closed with gains over Wednesday’s close. On the NSE, there were 841 advances, 898 declines and 357 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
A last hour surge help the benchmark indices to close near day's high level with Nifty finishing above 11,250 level. At close, the Sensex was 278.60 points up at 37,393.48, while Nifty was up 100.10 points at 11,257.10.
 
About 1,155 shares advanced, 1296 shares declined, and 149 shares were unchanged.  Zee Entertainment, BPCL, UltraTech Cement, IOC and Bajaj Finance were among major gainers on the Nifty, while losers were Yes Bank, Bharti Airtel, IndusInd Bank, Coal India and Cipla. Except pharma, all other sectoral indices ended higher led by IT, metal, energy, bank, auto, FMCG (fast moving consumer goods) and infra.
 
The Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.57%. Hang Seng was up by 0.20%. South Korea's Kospi was also quoting in red, down by 0.62%. China's Shanghai Composite was trading in green, up by 0.24%. Overnight, Nasdaq closed in green, up by 1.13%, while FTSE was also up by 0.76% at the closing on Wednesday.
 
JSW Energy Q4 results have been reported. Consolidated net profit was at Rs3.9 crore versus loss of Rs483.1 crore, revenue up 8.4% at Rs1,924 crore versus Rs1,775 crore, year-on-year. JSW Energy shares closed at Rs67.55, up 0.97% on the BSE.
 
Minda Industries Q4 results show net profit was down 45.8% at Rs73.5 crore, revenue up 8.4% at Rs1,486.5 crore, year-on-year. Minda Industries shares closed at Rs312.05, down 7.03% on the BSE.
 
Shilpa Medicare received US Food and Drug Administration final approval for its ANDA, Zoledronic Acid Injection, 4 mg/5 mL on 15 May 2019. Shilpa Medicare shares closed at Rs373.20, down 0.49% on the BSE.
 
Ingersoll Rand’s net profit was down 36.4% at Rs16.8 crore against Rs26.5 crore, revenue up 40.4% at Rs191.3 crore from Rs136.3 crore, year-on-year. Ingersoll Rand India shares closed at Rs582.00, up 1.06% on the BSE.
 
Hindalco reported a 17.9% year-on-year decline in net profit at Rs506 crore, against Rs616 crore in Q4FY18. The revenue of the Aditya Birla Group company is up 6.6% at Rs12,455 crore, compared to Rs11,687 crore in the year-ago period. The reported numbers include Q4 results of Utkal Alumina, a fully-owned subsidiary of Hindalco. Hindalco Industries shares closed at Rs194.65, up 1.99% on the BSE.
 
The Indian rupee is trading at day's high at 70.03 per dollar on Thursday. It gained 31 paise versus previous close 70.34 per dollar.
 
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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