Share Market Update: Benchmark indices Sensex and Nifty closed on the negative zone Friday on account of profit booking.
At 3:45 pm, Sensex fell 117 points to close at 39,714, with 18 components out of 30 trading on the red on the BSE. Similarly, at the closing bell, the broader index Nifty, with 29 stocks declining out of 50 ended at 11,922 level, down by 23 points on NSE.
The high volatility that jolted the overall market was led awaiting March quarter GDP data, scheduled for release later in the day. Additionally, President Donald Trump has announced that in March he would end India's access to the decades-old GSP trade programme.
Here's a look at live updates for the Indian share market today.
Adani Green subsidiaries to raise $500 million through Green bonds (US Dollars-denominated senior secured notes )
3: 40 pm
Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited and collectively with AGEUPL and PSEPL, being wholly owned subsidiaries of Adani Green Energy Limited, have approved the issuance of USD-denominated Rule senior secured green bonds aggregating to US $500,000,000.
As per the filing, all of the proceeds to repay their respective external commercial borrowing loans, and the balance of the net proceeds for capital expenditure, other project related liabilities or for on-lending to other subsidiaries of the company.
Lakshmi Vilas bank revises lending rates
3: 35 pm
The bank submitted to the bourses, information pertaining to the revision of Marginal Cost of Funds based lending Rate (MCLR) with effect from 01 st June, 2019.
Overnight MCLR--9.75% p.a.
One month MCLR--9.75% p.a.
Three month MCLR--9.80% p.a.
Six month MCLR --9.90% p.a.
One year MCLR--10.00% p.a.
3: 30 pm
European market declined and set for their worst May on record amid escalating U.S. trade tensions with China & Europe, slumped again following President Trump's move to impose tariffs on Mexican goods, threatening supply chains for the companies. FTSE, CAC and DAX declined over 1% each.
US Future declined 247 points or 1%
Brent Crude declined 2% at $65.6/bbl
USDINR declined 2 paisa at 69.84
10-Year G-Sec Yield slipped 8bps at 7.04%May 31, 2019
PC Jeweller share price falls
3: 20 pm
PC Jeweller share price fell in afternoon trade today after the firm reported a net loss of Rs 376.8 crore on a standalone basis during the fourth quarter of last fiscal on account of loss in export business. The stock has lost 54.13% during the last one year and fallen 11% since the beginning of this year.
Hinduja Global Solutions Q4 earnings
3: 10 pm
Hinduja Global Solutions' consolidated net profit has increased 6.2 per cent to Rs 54.55 crore for the March 2019 quarter from the year-ago period. The company registered a profit of Rs 51.36 crore in the January-March 2018 quarter. Revenue from operations grew 27.9 per cent to Rs 1,284.58 crore in the quarter under review as against Rs 1,003.88 crore in the fourth quarter of 2017-18. The results were announced late Thursday night.
"The fourth quarter is usually a strong quarter for us. Added to that, we have seen significant improvement in the performance of AxisPoint Health and a turnaround in our India domestic business.
PC Jeweller posts Q4 loss of Rs 376.8 cr
2: 45 pm
PC Jeweller has posted a net loss of Rs 376.8 crore on a standalone basis during the fourth quarter of last fiscal on account of loss in export business. The company had posted a net profit of Rs 118.28 crore in the year-ago period, it said in a regulatory filing Thursday.
Total income, however, rose to Rs 2,203.91 crore during January-March quarter of 2018-19 fiscal from Rs 2,114.64 crore in the corresponding period of the previous year.
"Net loss of Rs 376.8 crore in Q4 FY19 is due to loss in the export business on account of one-time discount against the outstanding export trade receivables aggregating to Rs 513 crore," the Delhi-based jeweller said in a presentation.
Prabhat Dairy posts Q4 earnings
2: 30 pm
Net Profit for the March quarter was at Rs 15.49 cr against Rs 17.60 cr recorded in the same quarter last year. Net Profit for the fiscal year ended March 31, 2019 booked at Rs 50.54 cr against Rs 47.27 cr recorded during the last fiscal year.
Expenses this year stood at Rs 236.11 cr against last year's Rs 26.30. Total income, on a consolidated basis, stood at Rs 238.72 cr this financial year ended against Rs 27.54 cr recorded last fiscal year. Total income has incresed in the quarterly basis as well to Rs 161.47 cr this quarter as ocmpared to the MAmrch quarter las year at Rs 5.56 cr.
The stock price of Prabhat Dairy opened at a loss of 2.95% and touched an intraday low of Rs 67.05, down by 3.66%. The stock is currently trading at Rs 67.10, down 2.50 points.
Berger Paints share price rises post Q4 earnings
2: 20 pm
Berger Paints share price rose in trade today after the firm reported a rise in Q4 net profit. Berger Paints share price rose 9.37% or 28 points to 328 level on BSE. Berger Paints share has been rising for the last two days and gained 8.41% during the period. The stock has gained 9.22% during the last one year but lost 1.65% since the beginning of this year.
Bharti Airtel's 3.2% stake acquired by Pastel Ltd
2: 05 pm
Pastel Ltd along with Viridian Ltd has acquired 3.32% stake worth 170,096,024 shares in Bharti Airtel through Rights issue on May 29, 2019.
Monsoon season rainfall : MET Dept
1: 45 pm
MET Dept: Monsoon season rainfall for country as a whole likely to be 96% of Long Period Average. Rains likely at 94% of LPA over North West India; 100% over Central India, 97% over South Peninsula & 91% over Northeast
Allocation of portfolios among the members of the Union Council of Ministers
1: 35 pm
Nirmala Sitharaman has been appointed as the new finance minister a day after the swearing-in ceremony of the new government. Amit Shah has been given the role of the Home Minister.
BJP MP from Patna Sahib in Bihar, Ravi Shankar Prasad, has been appointed as the Minister of Law and Justice, and Minister and Electronics and Information Technology. BJP ally in Punjab, Shiromani Akali Dal's Harsimrat Kaur Badal has been given the Ministry of Food Processing Industries.
US suspension of trade programme with India 'a done deal'
1: 15 pm
In another negative cue for the domestic market, the suspension of a U.S. trade preference programme with India is a "done deal," a senior State Department official said on Thursday as Prime Minister Narendra Modi began his second term.
President Donald Trump announced in March he would end India's access to the decades-old Generalized System of Preferences (GSP) trade programme over what the U.S. said was lack of access to India's market. The programme allows emerging countries to export goods to the United States without paying duties.
1: 00 pm
US Future declined 0.7% or 210 points concern of trade war between US and Mexico after President Donald Trump said the U.S. would impose tariffs on all Mexican goods.
Donald Trump announced new tariffs against all products imported from Mexico, saying that they would stay in effect until the illegal immigration problem was solved. This could derail the United States-Mexico-Canada Agreement, the successor to the North American Free Trade Agreement.
In a seperate developement, Chinese manufacturing PMI for the month of May has again gone into a contraction mode after two months of expansion with a reading of 49.4% against a reading of 50.1% for April. The expectations were for a reading of 49.9%.
GDP growth in Q4 seen at 6.5%
12: 50 pm
India's GDP likely grew 6.5 per cent in the fourth quarter ended March 2019, said an economic outlook survey of industry chamber FICCI. The Central Statistics Office (CSO) will release the official data today at 5:30 P.M. Bloomberg's Expectation on Quarterly GDP Data at 6.3% vs 6.6% last quarter.
India's lower GDP growth, which is likely to come in lower at 6.2% in the last quarter, will be seen in a better light against China.
12: 40 pm
After approaching their all time highs in early trade today, benchmark indices Sensex and Nifty pared gains and traded on the negative zone on account of profit booking.
Benchmark index Sensex crossed they key 40,000 level just after 5 trading sessions and Nifty reclaimed 12,000 level, less than 40 points away from record high. However, after the rally the benchmark indices fell sharply over 100 points to pare all gains and turned red by the afternoon session.
Sensex fell to 39,750, down by 80 points with 19 components trading on the red on the BSE. Similarly, the broader index Nifty, with 29 stocks declining out of 50 dropped to 11,928 level, down by 17 points on NSE.
Morning gains were led by advances in oil and gas and consumer durables stocks. On May 23, Sensex hit a new record high of 40,124, while Nifty crossed 12K level to hit 12,041 a fresh all time high after Lok Sabha election results indicated Narendra Modi government was coming to power with a thumping majority.
Adani Clarifies on News 'Adani Power bid for GMR Chattisgarh approved by lenders'
12: 15 pm
Company has notified that the project is under evaluation as a part of its growth strategy, but they have not recieved any communication on this regard. The firm added that fluctuation or increase in share price seems market driven.
Brent crude falls further
11: 50 am
Brent crude, the global benchmark, was trading at 66.03 per barrel lower by 1.26 per cent. NY Mex was down as well at 55.96, down by 1.11%.
Additionally, The United States will sanction any country which buys oil from Iran after the expiration of waivers on May 2, U.S. Special Representative for Iran Brian Hook said on Thursday. Sanctions would be imposed "even if a country had not met its previously-negotiated purchase caps," Hook said in a statement. "Our firm policy is to completely zero out purchases of Iranian oil. Period."
The Wall Street Journal reported earlier on Thursday that countries like China and India which were issued waivers in November to buy Iranian could continue the purchases after May 2 until they reached a negotiated cap.
11: 30 am
Narendra Modi was on Thursday sworn in as the Prime Minister for a second term helming a 58-member ministry. Besides 25 Cabinet ministers including Modi, Shah, Rajnath Singh, Nirmala Sitharaman, Nitin Gadkari, Smriti Irani, Piyush Goyal and Jaishankar, nine were sworn in as Minister of State with Independent charge and another 24 as Minister of State.
Today, Modi is expected to announce his ministers' departments. "This team is a blend of youthful energy and administrative experience," Modi said on Twitter. "It has people who have excelled as parliamentarians and those who have had distinguished professional careers. Together, we will work for India's progress."
11: 15 am
The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Forex dealers said, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day, they said.
11: 00 am
Oil marketing companies gain in trade today as crude oil prices fall overnight. Oil and gas and consumer durables stocks led the gains with BSE oil and gas index rising 190 points to 15,786 and consumer durables index gaining 174 points to 24,860.
10: 41 am
After hitting a high of 40,119.81, the 30-share index was trading 271.12 points, or 0.68 per cent, higher at 40,103.09. In similar movement, the broader NSE Nifty crossed the 12,000 level, and was trading 81.20 points, or 0.68 per cent, higher at 12,027.10.
BSE bankex too gained 267 points to hit all time high of 35,717 compared to the previous close of 35,450. BSE midcap index rose 100 points to 15,160, small cap index rose 20 points to 14,985. Bank Nifty hit all-time high of 31,783 level. The index gained 246 points from previuos close of 31,537. Market breadth was positive with 1,028 stocks trading higher compared to 995 losing ground on BSE.
The BSE Sensex figure for 31 May, 2019 11:33 AM is 40,074.90- Sensex India (@bse_sensex) May 31, 2019
FII and DII
On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 1,664.74 crore on Thursday , and domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,122.60 crore, provisional data available with BSE showed.
9: 45 am
"Indian markets seem to be defying gravity as they continue to rally. The positive sentiments are driven by investors conviction in current government's ability to drive strong growth," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
The Indian market has significantly outperformed its emerging market peers in anticipation of positive election outcome and strong foreign flows and further moves are likely to be determined by policy initiatives, budget and RBI monetary policy, he added.
Gainers and Losers
9: 35 am
Top index gainers this morning are Coal India, up at 2.09 %, IOC is up 2.35%, BPCL up by 2.18%, Asian Paints at 1.99% rise and Britannia at 1.63% hike. Top losers this mornign session are ONGC, down 0.74%, Grasim by 0.64%, NTPC by 0.67%, M&M by 0.26% and HUL by 0.05%.
9: 30 am
S&P Sensex started on a positive note Friday on account of expecting release of Union Cabinet portfolios soon, and opened at 39,979, by 147 points with 19 components trading on the green on the BSE. Similarly, at the opening bell, the broader index Nifty, with 31 stocks advancing out of 50 reached 11,990 level, up by 44 points on NSE.
9: 10 am
Rupee opened stronger today at 69.76 versus Thursday's close of 69.87.
9: 00 am
Asian markets like Nikkei, Hong Kong Index declined 0.5%. SGX Nifty traded up 7 points on Singapore Exchange. On the Wallstreet, US market managed to close positive note (up 0.2%). However, trade war tensions still continues.
News and Impact
8: 55 am
Markets are expected to be positive on account of strong domestic cues. Market participants await portfolio of ministers to be declared today, thus likely to await some stock specific action.
8: 50 am
Brent Crude nosedived 7% to 3-month low at $66/bbl on account of trade tension and on higher US inventory - Positive for OMCs like HPCL, BPCL and IOC. Brent crude futures, the global benchmark, were trading 1.04 per cent lower at 64.65 per barrel.
8: 45 am
In the previous session on Thursday, the 30-share gauge ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high, while the broader NSE Nifty settled at a new closing peak of 11,945.90, gaining 84.80 points or 0.71 per cent. The Nifty closed at an all-time high in closing terms Thursday as the May series expired at 11,945.