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Sensex closes 329 points up, Nifty at 11,946, NTPC, Bharti Airtel, TCS major performers

Share Market Updates: Suzlon, Justdial, Infibeam, DCM Shriram and Adani Power were the top gainers on BSE, while on NSE, YES Bank, Bharti Airtel, NTPC, TCS and Bajaj Finance were the top gaining stocks.

twitter-logo BusinessToday.In        Last Updated: May 30, 2019  | 16:36 IST
Sensex closes 329 points up, Nifty at 11,946, NTPC, Bharti Airtel, TCS major performers
Share Market Updates: Sensex ended 329 points up and Nifty closed 84 points up.

Share Market Updates : Benchmark indices Sensex and Nifty ended on a positive note on Thursday amid weak Asian markets hit by US-China trade tension, ahead of May F&O expiry. Another major domestic cue for the day was PM Narendra Modi taking oath along with a new council of ministers for a second term at 7pm.

S&P Sensex traded positively to close at 39,831, by 329 points with 19 components trading on the green on the BSE. Similarly, at the closing bell, the broader index Nifty, with 31 stocks advancing out of 50 reached 11,945 level, up by 84 points on NSE.

Suzlon, Justdial, Infibeam, DCM Shriram and Adani Power were the top gainers on BSE, while on NSE, YES Bank, Bharti Airtel, NTPC, TCS and Bajaj Finance were the top gaining stocks.

Most of the indices were advancing in today's trade. Infra was the top gaining sector at the closing hour, with 1.20% gain, followed by Energy gaining at 1.19%, Financial Service, up at 1.16% and Service sector at a gain of 1.04%.

Auto(0.68%), Metal(0.33%), Realty(0.18%) and Pharma(0.09%) were the only indices that were declining in today's trade.

According to Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for new government to form and is more likely waiting for policy guidance and follow up announcements on same.

Here's a look at live updates for the Indian share market today.

Closing Bell

3: 45 pm

S&P Sensex traded positively to close at 39,831, by 329 points with 19 components trading on the green on the BSE. Similarly, at the closing bell, the broader index Nifty, with 31 stocks advancing out of 50 reached 11,945 level, up by 84 points on NSE.

Apollo Hospital posts good qaurterly figures

3: 25 pm

On consolidated basis, Total expenses incurred during the financial year was Rs 9,276.33 cr against Rs 8,104.39 cr during previous year, up 14%. Total income generated from operations grew by 16.5% to Rs 9,648.88 from Rs 8,275.62 cr. On the segment ground, highest revenue as well as capital employed was in Healthcare services, followed by Pharmacy.

Net profit for the year ended 31, March, 2019, stood at Rs 171.05, up by almost 70% against last year's Rs 42.36 cr. Profit Before Tax incurred from segments this fiscal year stood at Rs 372.56 cr against Rs 171.23 cr generated last year, where clinics' segment generated losses in both the year compared.

Reserves of the hospital has increased to Rs 3,256.11 cr this fiscal year from Rs 3,174.18 cr during last year. Borrowing has increased to Rs 2,952.13 cr against Rs 2,923.80 cr during the previous fiscal.

In standalone figures, Debt equity ratio has increased to 0.88 this financial year ended March 31, from 0.84 recorded in the previous year.

Airtel rights issue gets oversubscribed with bids

3: 15 pm

Bharti Airtel Wednesday said its rights issue of over 113.3 crore shares has been oversubscribed, with bids for over 119.6 crore stocks.

"The total number of applications received were 27,335 for 1,196,630,354 equity shares which is 105.561 per cent of the issue size in terms of equity shares applied for," Bharti Airtel said in a print advertisement.

Airtel rights issue gets oversubscribed with bids for over 119.6 crore stocks

NATCO settles generic Carfilzomib Injection Patent Litigation in the US market

3:00 pm

NATCO Pharma Limited is pleased to announce that it has reached a Settlement Agreement with Onyx Therapeutics, Inc. on patent litigation related to generic versions of 10mg, 30mg and 60mg of Kyprolis. NATCO has partnered with Breckenridge Pharmaceutical, Inc., who will market the product in the United States.

The parties have reached a Settlement Agreement and the District Court case has been dismissed. By virtue of the settlement, NATCO and Breckenridge have been granted a license permitting the launch of their generic carfilzomib product on a date that is held as confidential in 2027 or sooner depending on certain occurrences.

NATCO believes that its 10mg ANDA is sole first to file and could be eligible for 180-days marketing exclusivity for the 10mg strength under certain circumstances.

Vaibhav Global board approves buyback of equity shares through open market purchase

2: 30 pm

The company board has approved a proposal to buyback its own fully paid-up equity shares of face value of Rs 10 from the equity shareholders of the company for a price not exceeding Rs 1,000 per equity share, aggregating upto Rs 72 crore, by way of open market purchases through the Stock Exchanges,in accordance with the provisions of the SEBI. Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 7,20,000 Equity Shares.

Bharti Airtel and Tikona Amalgation complete

2: 15 pm

Bharti Airtel informed the bourses that the amalgamation of Bharti Digital Networks Private Limited (formerly known as Tikona Digital Networks Private Limited) with Bharti Airtel Limited has been completed upon the filing of certified true copy of the order of the NCLT, New Delhi with the Registrar of Companies (RoC).

Rupee Bond falls to 2017 low, following global route

2: 00 pm

As per Currency Daily' by Dilip Parmar, HDFC Securities, "India's sovereign bonds gained for a sixth day, with yield on the benchmark 10-year bond dropping to its lowest since 2017, amid a global bond rally and fall in bond yield. Yield on benchmark notes due Jan. 2029 falls 2bps to close at 7.13%, yield has declined 10bps in three trading sessions."

Global funds bought 5.72b rupees of govt. bonds and sold 3.16b rupees of corporate debt. Global funds sold 3b rupees of stocks on Wednesday.

Creditors of Reliance Communications to meet today

1: 45 pm

The committee of creditors of debt-ridden telecom firm Reliance Communications is scheduled to meet on Thursday, the company said in a regulatory note.

The company is estimated to have a total debt of over Rs 45,000 crore, which includes exposure of public sector banks also.

RCom creditors to meet today

West Coast Paper acquires majority stake in International Paper APPM

1: 30 pm

West Coast Paper shares rose in trade today after the firm said it would buy 51 to 60% stake in International Paper APPM. West Coast Paper share price rose 11.66% to 297 today compared to the previous close of 262.35 on BSE.

West Coast Paper inked an agreement with the existing promoters of the International Paper - namely International Paper Investments (Luxembourg) SARL Luxembourg and IP International Holdings Inc USA, to acquire 51-60 percent stake in International Paper APPM, which makes and sells pulp, paper and paper boards. The transaction is expected to be completed by the end of the year.

West Coast Paper share price rises on acquiring majority stake in International Paper APPM

BNP Paribas retains Sensex target at 42,000 for 2019

1: 25 pm

French brokerage BNP Paribas has raised its overweight stance on India and maintained Sensex target at 42,000 for 2019.

On Wednesday, the brokerage said it was retaining its year-end targets for the benchmarks. Possibility of a stable government coming to power was already factored in into the 42,000 points target for the Sensex, while historically, the post-results euphoria has not sustained, it said.

BNP Paribas retains Sensex target at 42,000 for 2019, raises overweight stance on India

China says provoking trade disputes is 'naked economic terrorism'

1: 10 pm

Provoking trade disputes is "naked economic terrorism", a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the United States amid a bitter trade war that is showing no signs of ending soon.

"We oppose a trade war but are not afraid of a trade war. This kind of deliberately provoking trade disputes is naked economic terrorism, economic chauvinism, economic bullying," Chinese Vice Foreign Minister Zhang Hanhui said, when asked about the trade war with the United States.

"This trade clash will have a serious negative effect on global economic development and recovery," Zhang added.

Khaitan India Ltd posts loss for the Q4 at Rs 1.45 cr

12: 55 pm

Expenses this fiscal year end stood at Rs 100 cr compared to Rs 81.24 cr, up 23% since FY18. Income from operations over the fiscal year stood at Rs 100.68 cr against Rs 82.9 cr recorded last year, up at a hike of 21.2%.

Profit incurred for the year ended March 31, 2019 has decreased to Rs 0.59 cr against last year's Rs 1.65 cr, by almost 64% decline.

This quarter, the company has generated loss amounting to Rs 1.45 cr, a decline of over as compared to Rs 0.52 cr recorded in the same quarter in a year ago period.

Pharma majors extend losses

12: 40 pm

Pharma sectors is down in today's trade at 0.02% decline, owing to fall in stock prices of major pharmacuetical companies like Cipla, down by 1.2%, Sun Pharma by 1.78% and Cadila Healthcare by 2.33%.

DHFL Postpones Results submission

12: 35 pm

The company has informed the respective bourses that it is to submit the Standalone and Consolidated Audited Financial Statements for the financial year ended on 31st March, 2019 on or before 30th June, 2019. The DHFL stocks is at a decline of 1.81% at Rs 113.75.

Oil prices rise on fall in U.S. crude stocks

12: 25 pm

Oil prices rose on Thursday after a bigger-than-expected decline in U.S. crude inventories, although concerns that the U.S.-China trade war will trigger an economic downturn kept a lid on gains.

Brent crude futures, the international benchmark for oil prices, were at $69.71 per barrel at 0502 GMT, up 26 cents, or 0.4% from their last close. Brent fell nearly 1% in the previous session.

Sectors

12: 05 pm

Most of the indices are advancing today. Infra is the top gaining sector, with 0.90% gain, followed by Energy gaining at 0.65% and IT at a gain of 0.61%. Auto(0.50%), Metal(0.35%), Media(0.26%) and Pharma(0.09%) are the only indices that are declining in todays trade.

Gainers and Losers

12: 00 pm

Suzlon, Justdial, SJVN, Max India and Adani Power were the top gainers on BSE, while on NSE, YES Bank, Bharti Airtel, NTPC, Asian Paints and IndiaBulls Housing Finance were the top gaining stocks.

On the contrary, the top losers on NSE were Eicher Motors, M&M, Sun Pharma, Adani Ports and ONGC. Similarly, top losers on BSE were Manpasand Beverages, NB Adventures, PC Jewellers, GNFC and Prestige.

China set to control rare earth supply

11: 55 am

In an escalation of the trade conflict between the two countries, state media on Wednesday implied China could restrict rare earth sales to the United States, stoking fears about Beijing's role as a supplier.

Although, according to U.S. Geological Survey data, China contains only a third of the world's rare earth reserves, it accounts for 80% of U.S. imports of the group of 17 minerals used in military equipment and high-tech consumer electronics.

Max Financial Services submits Investors's Presentation

11: 40 am

Company's profit before tax has increased by 1% from Rs 623 cr against Rs 615 cr incurred last year. Net worth , at the end of this fiscal year stood at Rs 2,761 cr as against Rs 2,699 cr, up by 2%.

Company has recorded Gross written premium income at Rs 12,501 cr as compared to Rs 14,575 cr, at a hike of 17%. Policies Sold this year were 645,000 against 561,000 during the last year.

As per the investor's presentation, Max Life has delivered strong performance on both new business and renewal business. The company has maintained 4th rank in the private industry.

As per the realease, Group's Revenue stood at Rs 17,538 cr, at a hike of 17%. Group PBT was at Rs 391 cr, down 30%, due to one off expenses related to 1 acquisition, reversible expense on Axis Bank Put Option, expense for distribution expansion & change in product mix.

Tata Power to develop 100 MW Solar Project in Gujarat

11: 15 am

Tata Power, India's largest integrated power company, announced that Tata Power Renewable Energy Limited (TPREL), the company's wholly owned subsidiary, has received a Letter of Award (LOA) from Gujarat Urja Vikas Nigam Limited (GUVNL) on 28th May 2019 to develop a 100 MW solar project in Raghanesda Solar Park of Gujarat.

Manpasand Beverages clarifies to Exchanges on falling stock prices

11: 05 am

On a clarfication query on price movement, Beverages company Manpasand has informed the bourses that, "as per the compnay's understanding, due to GST department search and detained of key managerial personnel of the Company, there is a movement in price of the Company. The Company has already informed the same to the stock exchange on 25th May, 2019."

Brent Crude

10: 55 am

Brent crude, the global benchmark, was trading at 69.62 per barrel higher by 0.24 per cent.

PM Modi Oath Ceremony

10: 35 am

Prime Minister Narendra Modi will take oath along with a new council of ministers on Thursday for a second term, as suspense mounted on who will get the Big Four berths--Home, Finance, Defence and External Affairs.

Narendra Modi swearing-in Live Updates: PM visits Rajghat; 8,000 guests to attend the mega event

GMR Infrastructure consolidated results

10: 25 am

The group, on a consolidated basis recorded revenue from operations earned at Rs 7,102.03 cr, down by 13% against Rs 8,225.19 cr in the previous year. Total inocme was reduced to Rs 8,284.72 cr compared to previous year's Rs 9,274.25 cr.

Total expenses was down by 3% to Rs 9,538.36 cr against Rs 9,880.05 cr. Total loss was increased to Rs 3,466.41 cr from Rs 1,082.65 cr recorded last year. Borrowings this year has increased to Rs 21,663.81 cr from Rs 20,552.95 cr in the last ended fiscal.

Company has generated highest income throgh Airport segment of operations. Profit wise, except roads and airports segment, other segments like EPC, Power and others have generated losses.

GMR Infrastructure suffers loss of Rs 2,341 crore in March quarter

Market Quote

10: 00 am

According to Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for new government to form and is more likely waiting for policy guidance and follow up announcements on same.

Glenmark Pharmaceuticals Q4 earnings

9: 50 am

Drug firm Glenmark Pharmaceuticals reported a 6.62 per cent rise in its consolidated net profit to Rs 161.66 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 151.62 crore for the corresponding period previous fiscal, Glenmark Pharmaceuticals said. Consolidated revenue of the company stood at Rs 2,563.47 crore for the quarter under consideration. It was Rs 2,279.81 crore during the same period a year ago.

Market update

9: 45 am

Market breadth was negative with 699 stocks trading higher compared to 815 falling on the BSE. IT stocks led the gains with the BSE index rising 122 points to 15,574. Auto and capital goods stocks led the losses on BSE with their indices falling 97 and 89 points, respectively.

Wednesday 's Close

9: 40 am

On Wednesday, the 30-share index ended 247.68 points, or 0.62 per cent, lower at 39,502.05, and Nifty  shed 67.65 points, or 0.57 per cent, to finish at 11,861.10. Meanwhile, mid cap and small cap indices were trading 2.12 points and 19.77 points higher in early trade.

Sensex drops 248 points; banking stocks drag

Gainers and Losers

9: 35 am

NTPC (1.91%), Bharti Airtel (1.79%) and TCS (1.39%) were the top Sensex gainers. Top Sensex losers were M&M (1.32%), Maruti (0.87%) and ONGC (0.73%).

Global Update

9: 30 am

Asian shares were mostly lower Thursday after another round of selling on Wall Street and investor worries about a trade war.

Japan's benchmark Nikkei 225 dropped nearly 0.9% in morning trading to 20,824.91. Australia's S&P/ASX 200 slipped 0.7% to 6,393.70. South Korea's Kospi edged up 0.3% to 2,028.63. Hong Kong's Hang Seng was down 0.6% at 27,074.62, while the Shanghai Composite lost 0.8% to 2,890.88.

The latest market slide comes as investors worry that the trade war between the US and China will derail global economic and corporate profit growth as it drags on with no sign of a resolution.

FII and DII

9: 25 am

On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 304 crore on Wednesday , and domestic institutional investors (DIIs) were net sellers to the tune of Rs 189.58 crore, provisional data available with BSE showed.

Opening Bell

9:15 am

Sensex Nifty open higher. While Sensex rallied 77 points to 39,579 in early trade, Nifty climbed 15 points to 11,876.

Indian Rupee

9: 10 am

The rupee opened strong at 69.76 at the interbank forex market then gained further ground to touch 69.71 per dollar amid positive opening in domestic equities, displaying gains of 12 paise against the greenback.

On Wednesday, the rupee had settled at 69.83 against the US dollar.

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