Share Market Updates: Indian equity markets closed on a negative note on Wednesday, on account of US-China trade tensions and fears of an Italy-European Union confrontation growing again. Equity benchmark S&P Sensex, with 20 out of 30 stocks declining, closed in the red at 39,502, down 247 points today, while Nifty ended 67 points down at 11,861 level, with 35 out of 50 components in the red.
"Global markets were facing turbulence and domestic investors are shifting focus to these global cues and other macro factors impacting markets," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. "How trade talks pan out between the U.S. and China will be looked at, what sectors will be negatively impacted by the outcome will be of concern."
Except IT sector, all the other indices ended in the red in today's trade. Biggest fall in today's trade was seen in PSU Bank, which was down 2.8%, followed by Auto, Media, Infra, Energy and Metal, each declining over 1%.
Market Breadth, was overall in favour of sellers, as AD ratio of NSE was at 0.59 (advance decline ratio less than 1 implies more stocks had negative movement in the index) with 1036 stocks declining against 516 advancing and 76 unchanged stocks. Similarly, BSE AD ratio stood at 0.67, implying the fall in 1495 stocks against 1008 rising ones and 167 stocks that remained unchanged.
Here's a look at live updates for the Indian share market today.
3: 45 pm
Sensex, with 20 out of 30 stocks declining, closed in the red at 39,502, down 247 points today, while Nifty ended 67 points down at 11,861 level, with 35 out of 50 components in the red. Except IT sector, all the other indices ended in the red in today's trade.
Brent Crude update
3: 30 pm
Oil prices fell by around 1% on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Front-month Brent crude futures, the international benchmark for oil prices, were at $69.53 a barrel at 0641 GMT, down 58 cents, or 0.8%, from last session's close. U.S. West Texas Intermediate (WTI) crude futures were at $58.46 per barrel, down 70 cents, or 1.2%, from their last settlement.
3: 10 pm
With no sign Sino-U.S. trade tensions will let up and fears of an Italy-European Union confrontation growing again, the global bond rally accelerated on Wednesday, as investors dumped shares and scurried for the safety of German and U.S. government debt.
European shares fell in early trade, led lower by basic resources stocks after ArcelorMittal said it will cut its European production levels, sending its stock down as much as 7.3%. FTSE, CAC and DAX declined 1.5% each. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 29, 2019
TTk Prestige Q4 earnings out
3: 05 pm
Profit after tax for year ended March, 31, 2019 is Rs 188.39 cr as against Rs 274.62 cr of corresponding period of previous year at a decline of 31%. On quarterly basis, net profit was down 24% at Rs 43.32 cr against Rs 56.82 cr recorded last fiscal year.
The Revenue figures of Year ended 31st March 2019 stood at Rs 2132.15 cr versus Rs 1683.78 recorded in the last fiscal year, up by 26%. Total expense of the group stood at Rs 1845.85 cr against last year's Rs 1653.61 cr, up at 11%.
On consolidated basis, Reserves this year stood Rs 1152.58 cr versus Rs 1005.97 cr recorded last year. While Borrowings of the company has decreased to Rs 54.29 cr compared to Rs 92.29 cr recorded in the corresponding period of previous year. Employee benefit expense has increased over the fiscal year by 17% to Rs 185.98 cr against last year's Rs 158.64 cr
The Board of Directors have recommended a dividend of Rs.30/- per equity share including the Bonus shares allotted. Company has issued and allotted 2310233 Bonus shares in the ratio of 1 equity share for every 5 shares held.
Market slips in last hour of trade
2: 45 pm
Equity benchmark S&P Sensex is down by 235 points at 39,514 and Nifty is trading at 11,863, down by 61 points.
Except IT sector, up at 0.65% and Pharma, at 0.21% gain, all the other indices are trading in the red. Biggest fall in today's trade is seen in PSU Bank, which is down 2.8%, followed by Auto, Media, Infra, Energy and Metal, each declining over 1%.
Current 39510.43, Change -239.30 (-0.60%), High:39767.93, Low:39420.50 - As On May 29 2019 3:00PM IST- S&P BSE SENSEX (@SENSEX_BSE) May 29, 2019
Zydus Cadila's Q4 total income from operations up by 15%
2: 25 pm
Zydus Cadila informed that it has registered total income from operations of Rs. 3,733 crores, up by 15% from Rs. 3,238 crores registered in the corresponding period last year on a consolidated basis. The Net Profit for the same period stood at Rs. 460 crores.
For the year ended 31St March 2019, on a consolidated basis, the company registered a Net Profit of Rs. 1,849 crores and the total income from operations stood at Rs. 13,166 crores, up by 10%.
Company's Board has recommended a dividend of Rs 3.50 per equity share on 1,023,742,600 equity shares of Re 1 each for the financial year ended on March 31, 2019.
Mahindra & Mahindra Q4 results out
2: 10 pm
On consolidated basis, the group generated revenue of Rs 1,05,806 cr in FY19 against Rs 93,896 cr in FY18, up by 13%. Reserves has decreased to Rs 39,439.45 cr this year ended March 31, 2019 from Rs 36,232.06 cr recorded last fiscal. Overall borrowings have increased to Rs 43,528.17 cr from Rs 33,809.18 recorded last year.
Net profit atributalbe to the owners of the company this fiscal year is down 29% to Rs 5,315.46 cr from Rs 7,510.39 cr. In standalone basis, Net profit of the group this fiscal year stands at Rs 5,707.12 cr versus Rs 8,356.14 cr in the last fiscal year.
Total Expenses of the group has increased to Rs 98,526.29 from Rs 87,305.66 last year. The Board of Directors have recommended a final dividend of Rs 8 per share (Face value of Rs. 5 per share).
In Q4FY19, Total vehicles sold was up 5%, whereas tractors sold was down by 15%. Exports were up by 9% against the same quarter last fiscal. Revenue for the quarter was up 5%, and operating margin increased from 15.% last fiscal to 13.5% this financial year.
Future Consumer's acquisition of shares through Preferntial allotment
1: 35 pm
International Finance Corp has increased stake in Future Consumer through Preferential allotment, from 3.03% to 5.47% by acquiring 21,000 Compulsory Convertible Debentures (CCDs) worth voting share capital of 2.47%.
1: 20 pm
The rupee fell as much as 0.29% to 69.98 against the dollar to day's low, as oil prices slipped and broader Asian shares struggled to find ground over concerns that the ongoing U.S.-China trade tensions could result in a global economic downturn.
US Future declined 159 points or 0.6%
Brent Crude slips nearly $69/bbl
USDINR gained 22 paisa at 69.91May 29, 2019
ITI Ltd among top loser on BSE after poor Q4 earnings
12: 55 pm
On quarterly basis, total revenue of ITI is down by 23.59% from Rs 880 cr recorded last year on March quarter to Rs 646 cr March quarter ended this year. On the consolidated basis, company's revenue stood at Rs 2,004 cr, up by 10% from Rs 1,811 recorded last fiscal year.
Company's net profit has declined over 60% to Rs 92 cr against last year's Rs 230 cr. Company's net profit this quarter was down 36% to Rs 68 cr from Rs 107 cr recorded in the corresponding quarter last year. Expenses this year grew by 20% to Rs 1,912 cr against Rs 1,581 cr of last fiscal.
Reliance Capital sell over 8% of its shareholding in RNAM through OFS
12: 45 pm
Offer for Sale (OFS) announced by Reliance Capital to sell its shareholding in Reliance Nippon Life Asset Management Ltd (RNAM) in order to comply with the mandatory requirement of achieving Minimum Public Shareholding of 25%. The entire RNAM stake monetization proceeds of ~ Rs. 6,000 crore by reducing the promoter stake will be utilised to reduce Reliance Capital's outstanding debt.
12: 32 pm
Sensex is trading down by 104 points at 39,646 and Nifty is down at 11, 900, by 20 points.
Current 39673.21, Change -76.52 (-0.19%), High:39767.93, Low:39625.33 - As On May 29 2019 12:00PM IST- S&P BSE SENSEX (@SENSEX_BSE) May 29, 2019
Havells Q4 earnings out
12: 05 pm
Revenue from operations this year is up 21% at Rs 10057.62 cr against Rs 8260.27 cr last year. On quarterly basis, Total income were risen by 8.6% to Rs 2782.81 cr versus last year's Rs 2560.64 cr.
Profit for the fiscal year ended March 31, 2019 has increased by 11% to Rs 791.52 cr against last year's Rs 712.52 cr. Profit for the March quarter was down 8.3% this year to Rs 206.83 cr versus Rs 225.76 cr recorded in the corresponding quarter in the last financial year.
In a seperate development, BoD of the company has appointed Mr Siddhartha Pandit, Head-Legal, as an Additional Director. The board has appointed Mr Siddhartha Pandit as a Wholetime Director for a period of 3 years.
Havell's India Q4 net profit Rs2.07bn (down 11.5% YoY), EBITDA Rs3.23bn (down 9.7% YoY) - expectation Rs4.04bn, EBITDA margin 11.7% - expectation 13.7%, other income Rs309.5mn - expectation Rs437mn and sales Rs27.5bn (up 8.5% YoY) - expectation Rs19.9bn. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 29, 2019
PFC quarterly results out
11: 45 am
Revenue from operations this year was up 14% at Rs 54,433.70 cr against Rs 47,677.22 cr last year. On quarterly basis, Total revenue from operations were risen by 4.33% to Rs 7,701 cr versus last quarter's Rs 7,381 cr.
Profit for the fiscal year ended March 31, 2019 has increased by 43%was Rs 12,640 cr against last year's Rs 8797 cr. Profit for the quarter grew 1.58% to Rs 2,117 cr versus Rs 2,084 cr recorded in December quarter.
11: 20 am
Asian shares sank on Wednesday and bonds rallied as investor sentiment soured over growing worries about world growth with trade tensions between Washington and Beijing showing no signs of easing.
In Japan, worries the trade war between the United States and China could derail global growth have hurt stocks this month, with chip-related stocks battered by Washington's blacklisting of Huawei Technologies.
Even if a deal to end the trade war was reached next month, just how unscathed the U.S. economy emerges from the trade war remains a big risk for the global economy and the share market, analysts said.
U.S. rates futures are pricing in two cuts by the Federal Reserve by the middle of next year to help prop up the country's economy. Data this week showed a gauge of U.S. manufacturing activity unexpectedly fell in May from the previous month.
In currencies, activity was muted. The dollar index was flat at 97.937, well above a recent two-week trough of 97.547. The euro was also unchanged at $.1.1162 after two straight days of falls while the British pound held at $1.2656.
10 : 55 am
The rupee depreciated by 15 paise to 69.84 against the US dollar in early trade Wednesday on weak opening in domestic equities and foreign fund outflows.
The rupee opened weak at 69.77 at the interbank forex market and then fell further to 69.84, down 15 paise over its last close. The local currency however pared the initial loss and was trading at 69.77 at 0947 hrs. The rupee had settled at 69.69 against the US dollar Tuesday.
Besides, strength in dollar against some major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept pressure on the Indian rupee, dealers said. However, easing crude oil prices supported the rupee and restricted the downfall.
US removes India from its currency monitoring list
10 : 45 am
"India has been removed from the monitoring list in this report, having met only one out of three criteria - a significant bilateral surplus with the US - for two consecutive reports," the Treasury Department said in its latest semi-annual report on macro-economic and foreign exchange policies of major trading partners of the US sent to the Congress.
10 : 30 am
Brent crude futures, the global oil benchmark, fell 0.68 per cent to USD 69.63 per barrel.
10: 15 am
In oil companies, shares prices of IOC, BPCL & HPCL moved lower in the first hour of Wednesday's trade. Bank inidces were trading down as stocks like ICICI Bank, HDFC & SBI dragged market lower in the opening hour. On th eother hand, IT stocks like TCS, HCL Tech, Wipro and Tech Mahindra surged in trade.
Current 39692.93, Change -56.80 (-0.14%), High:39750.00, Low:39625.33 - As On May 29 2019 11:00AM IST- S&P BSE SENSEX (@SENSEX_BSE) May 29, 2019
10 : 00 am
On the sectoral front, all the major indices are trading in the red, except IT sector, gaining at 0.84% and FMCG, at 0.01% gain. Biggest selling interest is seen in PSU Bank, declining at 2%, followed by Media, down by 1%. Realty, Metal and Pharms are each declining over 0.65%.
9: 55 am
About 593 companies are to report their quaterly earnings today which include United Spirits, Power Grid, Cadila healthcare, Adani Enterprises, Adani Power, Havells India, Ipca Labs, GMR Infrastructure, Reliance Power, Bharat Electronics, Tata Teleservices, Glenmark Pharma, Centum Electronics, Bajaj Steel Industries, Hindustan Motors, IDFC Ltd, Lemon Tree Hotels, Mercury Labs, NBCC, Panchsheel Organics, Power Finance Corp, Rico Auto industries, Rail Vikas Nigam Ltd and SJVN ltd.
Gainers and Losers
9: 35 am
In the early trade, the top BSE index losers were Manpasand Beverages, 3M India, ITI Ltd, SpiceJet and Equitas Holdings, whereas Aegis Logistics, Merck, Phillips Carbon Black, Venkys and Chambal Fertilizers were major gainers of the falling market.
The top losers on NSE were Bharti Infratel, Bajaj- Auto, Hero MotoCorp, Grasim Industries and UltraTech Cements, while top gainers on the exchange were Zee Entertainment, YES Bank, Infosys, Coal India and Power Grid Corp.
9: 20 am
Equity benchmark S&P Sensex opened lower today, down by 98 points at 39,651.70, whereas broader index Nifty traded lower at 11909, by 19 points down. Nifty Bank was down 104 points at 31,493 and Nfty Midcap was trading at 17,981.70, down 12 points.
Current39695.07, Change -54.66 (-0.14%), High:39714.27, Low:39644.36 - As On May 29 2019 9:15AM IST- S&P BSE SENSEX (@SENSEX_BSE) May 29, 2019
9: 15 am
Sensex is trading down by 35 points above at 39,714 whereas Nifty is trading at 11,905 level, down by 22 points.
9: 10 am
Rupee opens stronger against Tuesday's close, at 69.75 against the dollar. On Tuesday, Indian Ruppe closed at 69.69 against the dollar.
FII and DDI Settlement Tuesday
9: 00 am
The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bearish with net selling Rs 501.11 crore from Indian equities while Domestic institutional investors (DIIs) bought Rs 269.22 crore Monday.
8: 55 am
Sensex ended 66 points above at 39,749.73, whereas Nifty closed at 11,928.75 level, up by 4 points. Nifty had 21 stocks advancing out of 50, whereas 13 out of 30 stocks ended in the green on Sensex.
Indian equity markets are expected to open on a soft note on account of global cues. Asian markets opened on a weak note. Japanese Index slipped over 1%, China and Hong Kong Index declined half a percent each. SGX Nifty declined 12 pts at the Singapore Exchange. In Wall-street, US Futures declined 60 pts. Trade war tension pulled US Dow Jones down by nearly 1%. US 10-Year Bond Yield fell 19-month low at 2.29%.
Traders are advised buy on dips and focus on mid-cap and small-cap stocks in sectors like Infra, Cement, PSU Banks and Engineering. Short covering may not be ruled out on penultimate day of May F&O expiry.