Share Market Update: Benchmark indices Sensex and Nifty closed at their day's high and ended the week with 1.61 per cent gains today.
At 3:45 pm, Sensex closed 623.33 points or 1.61 per cent up at 39,434.72 and Nifty was trading at 11,844, up by 187.50 points or 1.60 per cent at the closing bell. Among the 50 components in the Nifty index, 45 shares ended in the green, while on Sensex 29 components out of 30 closed in the green.
Strong domestic cues with the NDA winning the 17th Lok Sabha elections at two thirds majority has held the market on positive territory against weak global cues. All the sectors closed in the green today. PSU Bank closed at 5.6 per cent gain , followed by 4.4 per cent gain in Realty and 3 per cent gain on Infra and Auto stocks.
Current Sensex: 39,153.14- Sensex India (@bse_sensex) May 24, 2019
On Thursday, BJP led NDA won majority of seats for the Lok Sabha Elections, which gave a positive cue for the investor's sentiments. Benchmark indices, hit their highest ever levels Thursday after lok sabha results predicted early strong possibility of Modi coming back to power. Nifty hit 12,000 mark for first time while Sensex surged over 1,000 points to 40,124 at day's high.
Here's a look at live updates for the Indian share market today:
Sensex closed 623.33 points or 1.61 per cent up at 39,434.72 and Nifty was trading at 11,844, up by 187.50 points or 1.60 per cent at the closing bell. Among the 50 components in the Nifty index, 45 shares ended in the green, while on Sensex 29 components out of 30 closed in the green.
3: 25 pm
European stocks rose with U.S. equity futures at the end of a bruising week in which escalating trade tensions weighed on investors. U.K. Prime Minister Theresa May announced that she will step down on 7th June.
US Future gained 161 points or 0.7%
Brent Crude gained 1.5% at $68.7/bbl
USDINR declined 2bps at 7.21%
10-Year G-Sec Yield declined 2bps at 7.21%May 24, 2019
ONGC Videsh FY19 net profit
3: 00 pm
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production.
HeidelbergCement IndiaQ4 results out
ONGC Videsh FY19 net profit jumps 71% on spike in oil production https://t.co/eF6NXncMlM- Business Today (@BT_India) May 24, 2019
2: 55 pm
HeidelbergCement India Limited today announced its audited financial results for the quarter and financial year ended March 31, 2019.
Recommended final dividend of Rs. 3 (30%) per equity share of Rs 10 for the financial year ended 31st March 2019, which is subject to the declaration by the shareholders at the ensuing annual general meeting.
EDIBTA was up at 22.9% this fisacl against 19.5% of prvious fiscal, up by 338 bps Company's revenue 2109.4 cr as compared to Rs 1860.7 cr up by 13.4%.
Profit after tax, on year-on-year basis was up by 65.7% to Rs 220.7 cr from Rs 133.2 cr recorded last fiscal.
Heidelberg Cement Q4 net profit Rs609mn (up 16.8% YoY) - Bloomberg expectation Rs620mn, dividend Rs3 a share and sales Rs5.4bn (up 2.2% YoY) - expectation Rs5.58bn. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 24, 2019
Unichem Labroratories Q4 earnings out
2: 40 pm
On a consolidated basis, Unichem Labroratories posted a loss of Rs 23.80 cr aginst the profit earned in the last fiscal, of Rs 2544.91 cr.
Total income for the year enede March 31, was at Rs 1278.45 cr, down over 85 per cent from Rs 8758.60 cr.
Total Expenses were up by 33 per cent to Rs 1338.43 cr against Rs 1005.39 cr recorded last fiscal year.
The Board recommends a final dividend of Rs 4 per share (200 %) (face value of Rs 2/- per share) for the year ended 31st March, 2019. The final dividend declared in the previous year and paid during the current year was Rs 5 per share (250%).
Advanced Enzyme Technologies Q4 results out
2: 15 pm
Advanced Enzyme Technologies, a leading specialty biotech company, with global leadership in the manufacturing of enzymes, today announced their audited financial results for the quarter and year ended March 2019.
On a consolidated basis, company's net profit for th eyear ended March 31, 2019 was at Rs 115.90 cr, up by 23.89 % against Rs 93.55 cr in the last financial year.
Total income was at Rs 129.8 cr, up 27% against Rs 101.44 cr recoded in FY18, while total expenses stood at Rs 262.66 cr, up 1.75% against Rs 258.12 cr.Sales was up 6% y-o-y to Rs 419.5 cr from Rs 395.6 cr last fiscal.
Company's BoD has recommended a Dividend of Rs 0.60 per equity share on the face value of Rs. 2 each for the financial year ended March 31, 2019.
The company has also alloted 19,100 equity shares of face value of Rs. 2/- pursuant to exercise of options by the eligible employees (ESOP).
Rupee set for weekly gain
1: 50 pm
The rupee strengthened on Friday and is set for its first weekly gain after Prime Minister Narendra Modi's ruling coalition scored a massive election win and supported by a decline in the crude oil price.
The weaker oil prices helped currencies of major net importers of the commodity, such as India and Thailand, although moves in other parts of the region's emerging foreign exchange market were limited by concerns about the worsening Sino-U.S. trade war.
Oil declined about 5% as trade tensions dampened the demand outlook, putting the crude benchmarks near their biggest daily drop in six months and on course for their steepest weekly fall in 2019.
NDA :The first 100 days agenda
1: 45 pm
The new NDA government is expected to push ahead with an agenda to put Indian software products and product start-ups on the national map.
In its first 100 days, the new government is expected to press ahead on this - the idea is to increase India's share of the global software product market ten-fold by 2025.
Besides pushing ahead with this policy on software products, the new government is expected to work around a 'Stay-In-India' agenda. In other words, re-domicile Indian start-ups who move to foreign shores or prefer incorporation outside India simply because it is easier to do business that way.
Read full report here: First 100 days: Modi 2.0 to push ahead with policy on software products
1: 35 pm
Morgan Stanley analysts said foreign flows will likely accelerate after the electoral verdict.
"We expect the Reserve Bank of India to buy forex at every opportunity to recoup forex reserves with most balance of payments indicators slipping towards 2013 levels. High political stability also opens the scope for raising forex reserves via sovereign forex bonds," said Bank of America Merrill Lynch analysts in a note.
1: 25 pm
Nifty PSU bank, gaining at 4.81 per cent, has zero declines today, followed by Nifty Realty, climbing at 3.52 per cent rate, which has only one one stock, Pheonix Ltd.declining, out of 10 components.
Nifty Auto is gaining 2.48 per cent. Nifty Infra was up at 2.39 per cent, with 21 out of 15 compenents trading in the green, Nifty PSe was gaining at 1.01 per cent, with 15 out of 19 stocks advancing.
Nifty Bank, growing at 2.37 per cent rate has again one stock out of 12 namely RBL Bank declining in today's trade.
12: 40 pm
Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions.
According to Krishna Kumar Karwa, Managing Director-Emkay Global Financial Services, it was extremely crucial from the country's perspective, that there be a continuity of government, for the unfinished policy agenda of the NDA government to be taken to its logical conclusion.
"Global investors and even corporate India will be enthused with a stable and strong government at the centre and we should expect robust foreign portfolio investment and foreign direct investment in the coming months," he added.
Amid market euphoria, the rupee also appreciated 42 paise to day's high at 69.59 against the US dollar as the market moves higher.
Indian shares jumped on Friday, as the euphoria surrounding Prime Minister Narendra Modi's landslide victory in the general election drove the bull run, with financials leading gains https://t.co/ZNmZgk1o83 by @ArnabP07- Reuters India (@ReutersIndia) May 24, 2019
12: 25 pm
The Indian rupee gained 21 paise to 69.81 against the US dollar in opening deals on Friday as investors cheered the BJP's comprehensive victory in 2019 Lok Sabha elections. Adding to it, fresh fund inflows by foreign investors and positive trading across domestic equity markets also injected positivity in the market.
SBI Life Insurence posts Q4 earnings
Rupee surges 21 paise to 69.81against US dollar in early trade https://t.co/7pYQOwMoIr- Business Today (@BT_India) May 24, 2019
11: 45 am
SBI Life Insurence has submitted their quaterly resuts today. On year to year basis, the Profit after tax this fiscal has reduced 13% to Rs 1150 cr from Rs 133o cr recoeded in the last financial year.
While Total income has reduced by 23 % to Rs 34140 cr as compared to Rs 44570 cr last year, total expenses has reduced 23 % to Rs 32960 cr from Rs 43200 cr.
Reserves and Surplus is down by 16% at Rs 5370 cr from Rs 6460 cr recorded last year. Net Premium earned stands at Rs 25,160 cr compared to Rs 32,890 cr in the last fiscal. Return on Equity (RoE) is at 18.8% in FY 2019 as compared to 19.0% in FY 2018. Net Worth of the life insurance corporate has increased from Rs 6530 cr to Rs 7580 cr by 16%.
Company's board has declared an interim dividend of Rs 2.00 per equity share of face value of Rs 10 each for the year ended March 31, 2019.
Ashoka Buildcon posts Q4 results today
11: 00 am
Ashoka Buildcon has made a net loss this year as well, although it is down 66 per cent at Rs 40.2847 cr this year as compared to Rs 118.66 cr recorded last fiscal.
Total Income of the road and highway construction company has increased by 37.1 per cent to Rs 500.72 cr against Rs 365.45 cr in the last year's March quarter. Total expenses has increased to Rs 481.54 cr from Rs 374.87 cr.
Total Reserves on a consolidated basis has reduced 34 % from Rs 222.33 cr to 146.53 cr in the last financial year.Networth of the company as on March 31, 2019, has reduced 9.18 pe rcent to Rs 286.89 cr from the last fiscal's Rs 315.91 cr.
The group has proposed a bonus issue of equity shares, in the ratio of one equity share of Rs 5 each for every two equity shares held by the shareholders as on a record date, May 29, 2018
The group has issued 1,500 unsecured, redeemable, listed, rated, non-convertible, debentures (NCDs) of Rs.10 lakhs each, aggregating Rs.15,000 lakhs on December 27,2018.
Ashoka Buildcon share price currently stands at Rs 126.50, up by 4.55 points or 3.73%.
10: 35 am
Benchmark indices Sensex and Nifty are trading flat with positive bias. Sensex was up 81.66 points or mere 0.21 per cent up at 38,909.14 and Nifty was up 22 points or 0.21 per cent 11,680. Among the 50 components in the Nifty index, 29 shares were trading in the green, while on Sensex 19 components out of 30 were advancing.
On NSE, overall 1042 stocks are advancing against 457 declining and 95 unchanged stocks at an AD ratio of 2.25. On BSE, 1071 stocks are trading in the green compared to 567 declining and 71 unchanged stocks at an advance decline ratio of 1.89.
10: 15 am
About 172 companies will announce their March quarter earnings on Friday. Ashok Leyland, Bata India, Coffee Day Enterprises, Dish TV India, Fortis Healthcare, Grasim Industries, Excel Industries, IDFC Ltd, JSW Steel, Kaycee Industries, Indraprastha Gas Ltd, Meghmami Organics, Page Industries, Varroc Engineering, Whirlpool India, Nesco Ltd, Liberty Shoes, GIC Housing Finance are among the companies to post their quaterly earnings today.
9: 45 am
Oil marketing companies & banks were topping gainers list in the morning session. Top gainers in the morning session on BSE were Inox Leisure, Hindustan Petroleum, Indigo, Spicejet and Indiabulls Real Estate. Top gainers on NSE are BPCL, IOC, L&T, HDFC Bank and Reliance Industries.
9: 40 am
India Volatility was at 17.5325, down by 1.87 or 9.64%.
9: 35 am
On the sectoral front, expect Media, FMCG, IT and Metal, all th eother indices are trading on the green. Most gaining indices in the morning was PSU Bank at 1.55 per cent gain, followed by Realty sector, at a gain of 1.27 per cent and Nifty Bank, at 0.77 per cent hike.Opening Bell
9: 25 am
Benchmark indices Sensex and Nifty opened positive Friday on account of strong domestic cues, as the NDA has won the 17th Lok Sabha elections with a thumping two thirds majority. At 9: 25 am, Sensex climbed 273 points, or 0.71 per cent to 39,085.07, while Nifty was up at 11,743.15, up 86 points or 0.74 per cent.
Nifty Bank was trading up 0.95 per cent, while Nifty Midcap 100 was up 100 points or 0.59 per cent.
9: 20 am
Asian markets like Hong Kong and Taiwan Index bounced back into positive territory. Nikkei Index slipped 0.4%.
SGX Nifty was up 65 pts or 0.6% on the Singapore Exchange.
Trade war tension pulled down US and European markets by 1-2%. Britain's 10-year yield fell 6 bps to 0.953%. On the Wall-Street, US Futures traded up 0.3%. Global Bonds crashed as the yield on US 10-year Treasuries fell 7 bps to 2.31%.
9: 15 am
Brent Crude fell to $68/bbl on account of global economy slowdown - Positive cue for HPCL, BPCL and IOC.On Thurday, brent crude fell 1% at $70.41/bbl, extending oil price falls from the previous session amid surging U.S. crude inventories and weak demand from refineries eased gains in Oil and Gas stocks.
9: 10 am
Expect markets to open positive on account of strong domestic cues, as the NDA has won the 17th Lok Sabha elections with a thumping two thirds majority.
Expect the market to open on a positive note on account of strong domestic cues as the National Democratic Alliance (NDA) has won the 17th Lok Sabha elections with a thumping two-thirds majority. #MOMarketUpdates- Motilal Oswal Group (@MotilalOswalLtd) May 24, 2019
9: 05 am
Indian Rupee opens 25 paisa lower at 69.78 versus dollar. On Thursday, Rupee ended lower at 70.01 per dollar against previous close of 69.45 per dollar.
Volatility index on Thursday
9: 00 am
Expectations on intra-day volatility to continue on account of election related news and global market weakness.
Yesterday, volatility index closed at 19.4050, down by 8.23 points or 29.77% . Indian Vix is usually seen high over the years on election months. Volatility index made a new high at 30.1825 on May 22, from the earlier 52-week high recorded on May 16, at 28.
FII and DII
8: 55 am
Foreign institutional investors bought equity worth Rs 1,352.20 crore on Thursday, while domestic institutional investors sold shares to the tune of Rs 593.54 crore, provisional data available with stock exchanges showed.
8: 50 am
The 30-share Sensex tumbled 298.82 points, or 0.76 per cent, to close at 38,811.39. Similarly, the broader NSE Nifty settled 80.85 points, or 0.69 per cent, lower at 11,657.05.
At closing bell, market breadth was in favour of sellers, as 861 stocks declined on NSE against 761 advanced ones, with 110 unchanged stocks. Similarly, on BSE, 1306 stocks declined against 1163 advancing ones, with 170 unchanged stocks.