Share Market Update: Indian Benchmark indices extended gains in the afternoon session to close on the positive side, backed up by gains in Bank, Realty, Auto and Financial Services. BSE Sensex ended up 140 points or 0.36% at 39,110.21, while NSE Nifty closed at 11,737, up 28 points or 0.25%. Overall, 33 out of 50 on Nifty and 26 out of 30 stocks on Sensex closed in the green.
In the meanwhile, India Vix index, that subjects volatility in the market, was up at 27, ahead of counting of Lok Sabha Election 2019 to be done on May 23.
Commenting on the volatility of the market, Mr. Vinod Nair, Head of Research at Geojit Financial Services Ltd said,"Volatility index shot to four year high just ahead the big event. Valuation is expensive depicting the risk of the market to handle such event risk, long-term investors can stay cautious. While actual outcome being in-line with the exit poll will be a relief to the market in the short-term. Formation of a government with strong mandate will support the undercurrent by foreign inflows."
According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday. Continued foreign fund inflow too buoyed market mood here, traders said. Also hope of cool down on US-China trade war helped investors sentiments.
Wall Street closed higher on Tuesday as Dow Jones gained more than 190 points & Nasdaq advanced 1% at the close.
Media news that the Chinese government likely to talk with US government of trade war related issue. Market hope of cool down US-China trade war. Shares of technology companies helped lift Wall Street on Tuesday after US temporarily eased curbs on China's Huawei Technologies Co Ltd, easing investor concerns about pressure on future corporate results in the sector.
Current Sensex Figure: 39,098.15- Sensex India (@bse_sensex) May 22, 2019
Here's a look at live updates for the Indian share market today:
3: 45 pm
BSE Sensex ended up 140 points or 0.36% at 39,110.21, while NSE Nifty closed at 11,737, up 28 points or 0.25%. Overall, 33 out of 50 on Nifty and 26 out of 30 stocks on Sensex closed in the green.
India Vix index, that subjects volatility in the market, was up at 27, ahead of counting of Lok Sabha Election 2019 to be done tomorrow.
On the sectoral front, there was buying interest as only 3 indices were trading in red out of 11 on Nifty. Major gains were seen in Nifty Bank, PSU Bank, PVT Bank, Auto and Fin Services. In the losing sectors, FMCG declined at 0.95%, followed by IT, down by 0.64% and Media, down by 0.52 per cent.
Cipla reports over 2-fold jump in Q4 net profit to Rs 357.68 cr
Drug major Cipla Wednesday reported over two-fold jump in consolidated net profit to Rs 357.68 crore for the fourth quarter ended March 31, mainly on account of robust sales across markets. The company has also decided to raise funds of up to Rs 6,000 crore.
It had posted a net profit of Rs 153.25 crore for the corresponding period previous fiscal, Cipla said in a BSE filing. Consolidated total revenue from operations stood at Rs 4,403.98 crore for the quarter under consideration. It was Rs 3,697.97 crore for the same period a year ago.
For the 2018-19 fiscal, the company's net profit was Rs 1,492.44 crore as against Rs 1,416.57 crore in 2017-18. Total revenue from operations for the last fiscal stood at Rs 16,362.41 crore. It was Rs 15,219.25 crore in the preceding financial year.
Tribunal stays NSE fine in unfair access case
Cipla reports over 2-fold jump in Q4 net profit to Rs 357.68 cr; to raise up to Rs 6,000 cr https://t.co/lrS95DLYQC- Business Today (@BT_India) May 22, 2019
2: 45 pm
India's National Stock Exchange (NSE) won a partial reprieve on a $90 million regulatory fine for allegedly giving unfair access to its network servers, as an appellate tribunal on Wednesday announced an interim hold on the penalty.
However, a two-judge panel of the Securities Appellate Tribunal asked the NSE to transfer the $90 million to an account managed by the Securities and Exchange Board of India (SEBI), where it will remain untouched until the outcome of the case.
Securities Appellate Tribunal stays NSE fine in unfair access case https://t.co/en3UCwK6jf- Business Today (@BT_India) May 22, 2019
Brent Crude Update
2: 35 pm
Crude oil futures fell 0.97 per cent to Rs 4,372 per barrel Wednesday after participants reduced positions amid a weak trend in global markets. On the Multi Commodity Exchange, crude oil for delivery in July contracts shed Rs 43, or 0.97 per cent, to Rs 4,372 per barrel with a business volume of 19,953 lots.
Marketmen said the fall in crude oil futures was mostly due to trimming of positions by traders in tandem with a weak trend overseas. Meanwhile, West Texas Intermediate crude oil was trading down 0.90 per cent to USD 62.56. Brent Crude, the international benchmark, fell 0.54 per cent to trade at USD 71.79 a barrel.
DLF shares surges nearly 6% on March quarter earnings
2: 25 pm
DLF share prices surged nearly 6 per cent in intra-day on Wednesday after the real estate firm reported a 79 per cent growth in its net profit at Rs 435 crore for the fourth quarter ended March 31, 2019, compared to Rs 247.73 crore in the year-ago period.
DLF has reported 79 per cent growth in its net profit at 435 crore for the fourth quarter ended March 31, 2019, compared to Rs 247.73 crore in the year-ago period. Company's total income jumped 44 per cent to Rs 2,661 crore during Q4FFY19 from Rs 1,845.92 crore in Q4FY18.
DLF shares surges nearly 6% on March quarter earnings https://t.co/GgrnXWyjXT- Business Today (@BT_India) May 22, 2019
IndusInd Result out
1: 45 pm
Company's net profit for the year ended March 31 2019, was down by 8.4% to Rs 3301 cr against Rs 3605 cr last year. Net profit, was down by 63% for the March quarter, at Rs 360 cr from Rs 985 cr in December quarter.
Company's total income was up 26%, which stood at Rs 27,907.87 cr against Rs 22030.85 cr year on year. Total income for the quarter was increased by 4.39% to Rs 7550.43 cr from Rs 7232.32 cr in quarter on quarter basis.
Total expenditure was increased by 29% to Rs 19819.65 this fiscal against Rs 15374.74 cr last year.It was up 7.18% at Rs 5482.74 from Rs 5115.36 cr in quarter-on-quarter basis.
Net NPA for the year stood at Rs 2248.22 cr this fiscal from Rs 745.67 cr in the year ended March 31,2018. It was also up compared to Net NPA in the December quarter which was Rs 1029.27 cr.
IndusInd Bank net profit plunges over 62% to Rs 360 crore in Q4 FY19 as asset quality worsens https://t.co/8qI3noe0ML- Business Today (@BT_India) May 22, 2019
RBI to create specialised supervisory cadre to strengthen regulation of banks, NBFCs
1: 15 pm
The Reserve Bank of India's central board Tuesday decided to create a specialised supervisory and regulatory cadre within the RBI to strengthen the supervision and regulation of commercial banks, urban cooperative banks and non-banking financial companies.
According to a RBI release, the Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank.
According to the release, the Board also discussed issues related to the currency management and banker to government functions of the RBI.
01: 00 pm
European markets are looking mixed, pressured by the ongoing trade war between the United States and China. Looking at futures, the European benchmark in London, the FTSE 100 are up about 15 points at 7,344. In France, the CAC 40 futures are down nearly three points at 5,382. In Germany, the DAX futurs are up two points to open at 12,146.
Markets in Asia were quiet today as traders remain cautious. In China, the benchmark indices were mostly flat. The indices in Japan, Australia, Hong Kong and South Korea were all up a fraction.
Nikkei, Hong Kong Index gained marginally while China Index slipped half percent. U.S. granted limited relief for consumers and carriers that do business with Huawei Technologies Company. US Future declined 0.1%. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 22, 2019
HDFC group over takes Tatas in M-cap
12: 30 pm
HDFC group on Tuesday overtook Tata Groupto become the most valuable by way of market capitalization, with the cumulative market valuation of its listed companies at Rs 11.53 lakh crore.
Five listed companies of HDFC group namely HDFC, HDFC Bank, HDFC Life, HDFC Asset Management and Gruh Finance have a combined market value of Rs 11.66 lakh crore whereas Tata group combining TCS, Tata Motors, Tata Steel, Titan and Tata Power stands at 11.64 crore, which is about Rs 2000 crore less than the former.
Vakrangee partners with ZEE5
12: 15 pm
Vakrangee Ltd., India's largest network of last-mile retail points of sale, today announced its partnership with ZEE Entertainment Enterprises Ltd., to make available distribution and subscription of the ZEE5 service for its customers in 3,504 Nextgen Vakrangee Kendras across the country. ZEE5 is one of the fastest growing OTT platforms in India.
These Nextgen Vakrangee Kendras exclusively offer a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and logistics. With 68% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee will offer ZEE5 services to the most remote and hitherto unserved/underserved parts of the country.
Vakrangee currently has 3,504 Nextgen Vakrangee Kendra's spread across 19 states, 366 districts and 2,186 postal codes. More than 68% outlets are from Tier 5 and tier 6 cities. Vakrangee's planned target is to reach at least 25,000 operational Nextgen Vakrangee Kendras by FY 2019-20 and further enhance it to reach 45,000 Nextgen outlets by FY 2020-21 and 75,000 by FY2021-22.
L&T surges to a 52-week high.
11: 55 am
Today the stock has risen 1.43% to touch a new high of Rs 1,468.50 from the previous close of Rs 1448.20. Nomura has maintained 'Buy call' on the stock with the target being raised to Rs 1,745 from Rs 1,675 per share.
Nifty, Sensex to climb a bit more if Modi wins decisively: Reuters poll
11: 20 am
Indian shares will reach a new record high by end-year, a Reuters poll of strategists showed, building on an election-driven rally in which investors have bet the ruling party will retain power and continue current economic policies.
Having gained 8% so far this year, the index is forecast to add another 2.6% by end-2019, touching an all time high of 40,000 from Tuesday's close of 38,969, the poll of nearly 50 strategists taken May 14-21 showed.
The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term.
Dewan Housing Finance sinks on reports of deposit curbs
11: 00 am
Shares of Dewan Housing Finance Corp Ltd (DHFL) fell as much as 18% to 106.85 rupees on Wednesday, on media reports that the home loan lender would halt early withdrawals from existing deposit schemes and stop taking new ones altogether.
DHFL has been under scrutiny since media outlet Cobrapost alleged in January that it diverted loans from Indian state-run lenders to shell companies, including those linked to its controlling shareholders. Its stock has lost a quarter of its value since then.
DHFL stock falls 18% after firm stops accepting fresh deposits https://t.co/pvzwQdCJes- Business Today (@BT_India) May 22, 2019
IndiaBulls Housing Finance raises $350 million through selling dollar bonds overseas
10: 40 am
The company informed the exchnages that" the bond issue committee of the board of directors of Indiabulls Housing Finance has approved the issue of USD 350 million 6.375 per cent payable semi annually (6.29% nominal monthly) Senior Secured Notes due May 2022 under the updated USD 1,500 million Secured Euro Medium Term Note Programme of the Company.
Indiabulls Housing Finance has raised $350 million by selling dollar bonds to overseas investors in Asia and Europe in its maiden issuance abroad with an aim to diversify its borrowing sources even as the domestic market liquidity remained tight. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 22, 2019
10: 30 am
Market Breadth was in favour of buyers, as Nifty's 25 components were trading on the green out of 50 stocks and 18 stocks were advancing out of 30 on Sensex.
With an advance decline ratio of 0.91, 669 stocks advanced on NSE against 737 declining stocks, while 75 remained unchanged. Similarly, 711 stocks were advancing on BSE against 794 declining stocks, while 76 remained unchanged, at an AD ratio of 0.90.
On the sectoral front, Nifty Bank, Fin Services, Pvt Bank and Realty were advancing out of 11 indices. Most declines were seen in FMCG down by 1%, followed by selling interest in Media, PSU Bank and IT.
SEBI plans to reduce time taken for rights issue process
10: 15 am
SEBI Tuesday proposed reducing the overall time taken for rights issue to around 31 days as well as make the application and allotment process more efficient.
Currently, the rights issue process takes 55-58 days from the time a company decides to launch the issue till the listing.
SEBI plans to reduce time taken for rights issue processhttps://t.co/IAO4ks9kiX- Business Today (@BT_India) May 21, 2019
NSE Co-location case
10: 00 am
The National Stock Exchange Tuesday moved the Securities Appellate Tribunal challenging Sebi's rulings against it in the co-location case, according to an official. On Friday, the NSE had said it would soon move the tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders.
Co-location case: NSE moves Securities Appellate Tribunal against Sebi rulingshttps://t.co/AWt1mNrC2u- Business Today (@BT_India) May 22, 2019
9: 55 am
SEBI allows mutual funds to invest in exchange-traded commodity derivatives - Mutual funds can now invest in exchange-traded commodity derivatives, except those on sensitive commodities, according to SEBI.
IDFC First Bank among the loser on BSE after ICRA downgrade
9: 35 am
Domestic rating agency ICRA Tuesday said it has downgraded long term rating of IDFC First Bank's bond programme due to weak earnings and on higher provisions due to stressed exposures.
The rating agency downgraded Rs 38,670 crore of non convertible debentures (NCDs) to AA from AA+ with a stable outlook, due to weak earnings & on higher provisions due to stressed exposures.
"The downgrade considers the bank's weak earnings profile, given the elevated cost-to-income ratio because of the ongoing branch expansion, which has been pressurising the operating profitability, and an increase in credit provisions on account of unanticipated fresh stressed exposures identified by it in Q4 FY19," the agency said in a note.
The share price of IDFC First Bank, following the news, opened at a loss of 2.65% and fell 4.27% to Rs 41.50, the day's low. Currently, the stock is trading down by 3.92% at Rs 41.65.
Icra downgrades rating of IDFC First Bank's bond programme due to weak earningsMay 22, 2019
Top Ganiers and Losers
9: 25 am
ITC, Tata Motors, HCL Tech, Titan and BPCL were the top gainers on NSE, while Just Dial, DLF, DCM Shriram, Solar Industries, Dilip Buildcon were the top gainers on BSE.
DHFL, VA Tech Wabag, Jindal Steel, IFCI and IDFC First Bank are the major losers in the morning trade on BSE, while Britannia, Tech Mahindra, Bharti Infratel, Grasim and ONGC are among the top losers on NSE.
9: 15 am
BSE Sensex is trading up by 55 at 39,024 and Nifty is trading 18 points or 0.16 per cent up at 11,727.95 today.
According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday. Continued foreign fund inflow too buoyed market mood here, traders said.
Pre opening Session
9: 10 am
Sensex is trading up by 116.41 or 0.30 per cent at 39,086, and Nifty is trading 18 points or 0.16 per cent up at 11,727.95 today.
SGX Nifty traded at levels around 11,735 Vs Nifty Tuesday's close of 11,715, indicating a mildly higher opening for the Indian market. Wall Street closed higher on Tuesday as Dow Jones gained more than 190 points & Nasdaq advanced 1% at the close.
9: 05 am
The rupee ticked higher by 5 paise to 69.67 against the US dollar Wednesday amid weakness in the greenback and easing crude oil prices. The rupee had appreciated 2 paise to 69.72 against the US dollar in the previous session.
A report by Goldman Sachs has suggested that the USD/INR would trade near the 69 level in the next three months if the official election outcome bear out the exit poll trends.
Rupee gains 5 paise to 69.67 against US dollar in early trade https://t.co/3vqBMahhRW- Business Today (@BT_India) May 22, 2019
FII and DII
9: 00 am
The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bullish with net buying Rs 1,185.44 crore from Indian equities while Domestic institutional investors (DIIs) have flushed out Rs -1,090.32 crore Tuesday.
FIIs were net buyers over Rs1k yesterday despite a sharp declined yesterday. Brent Crude slipped half percent to $72/bll. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 22, 2019
8: 55 am
BSE Sensex closed down by 382.87 points or 0.97 per cent at 38,969.80, while NSE Nifty ended at 11,709, down 119 points or 1.01 per cent today. Over 43 compenents of 50 on Nifty closed in the red and 27 out of 30 stocks were on a decline at the closing bell.
Share Market LIVE: Sensex, Nifty hit all-time high in opening trade; Adani Ports, GAIL top gainers https://t.co/YVMJ2bdAs3- Business Today (@BT_India) May 21, 2019
8: 45 am
Cipla, Bank Of Baroda, IndusInd Bank, Sintex Industries, Canara Bank, Central Bank Of India, ADF Foods, Allcargo Logistics, Ashoka Buildcon, Bajaj Electricals, Bajaj Hindusthan Sugar, Balaji Telefilms, Cummins India, GeeCee Ventures, GE T&D India, GSFC, Heritage Foods, ITD Cementation, Jindal Saw, JK Lakshmi Cement, MOIL, MRO-TEK Realty, Quess Corp, The Ramco Cements, Rane Brake Lining, Redington, Sicagen India, Skipper, Symphony, Thermax are among the companies that are to post their fourth quaterly earnings today.
Expect market to open on a positive note on account of global cues. Media news that the Chinese government likely to talk with US government of trade war related issue. Market hope of cool down US-China trade war.
Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.
U.S. President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker, a move that could weigh on their sales. Chipmakers, many of which sell to Huawei, bore the brunt of Monday's sell-off.
But late on Monday, the United States granted the Chinese telecoms equipment maker a license to buy U.S. goods until Aug. 19. The development offered a reprieve to shares of chipmakers, with the Philadelphia Semiconductor Index gaining 2.1% in a bid to end a three-day slump.
Asian market open on a Hong Kong, Nikkei, Taiwan Index are up 0.3% each. China Index is flat to negative. SGX Nifty is up 27 points. US Future declined marginally. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 22, 2019