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Share Market Update: Sensex closes 382 points down, Nifty at 11,709; Tata Motors top loser

BusinessToday.In     May 21, 2019

Share Market Update: Indian Equity market earased all gains in the early trade to close almost 1 per cent below today. Sensex & Nifty failed to hold opening gains and slipped from record highs and traded in the red by the afternoon session, pressured by selling interest in Metal, Auto, IT and Realty stocks.

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.

Some of the experts opined that exit polls may infuse volatility in the market and investors should refrain from making aggressive investment and adopt a high degree of caution as market may swing in both directions.

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

Closing Bell

(3: 45 pm)

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.

Market Breadth was in favour of sellers, as 1134 stocks declined on NSE against 509 advancing stocks, while 75 remained unchanged. Similarly, 1608 stocks were declining on BS against 936 adavcing stocks, while 143 remained unchanged.

On the sectoral front, Nifty Auto declined 2.52 per cent, followed by selling interest in Media, down by 2.32 per cent. All indices closed in the red, with least declines in Pharma, FMCG and Realty stocks.

Jet Airways rises 17 %

(3: 30 pm)

Shares of Jet Airways gained 17 per cent in the falling equity market today amid reports that Indian conglomerate Hinduja Group is evaluating a possible bid for debt-laden airline. Etihad and Jet Airways' lenders approached the Group to invest in the debt-ridden airline. The Group has engaged investment bankers led by SBI Capital Markets for due diligence.

The stock opened with a gain of 2.74 per cent and rose as much as 17 per cent to its intraday high of Rs 153.85. It has been the top gainer on BSE in the afternoon trade.

Oil prices up on escalating U.S.-Iran tensions

(3: 15 pm)

Oil prices rose on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year, Reuters reported.

Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel, up 21 cents, or 0.3 percent, from their last close.

Global Update

(3: 10 pm)

Stocks markets gained on Tuesday, with chipmakers and stocks exposed to Asia among the best performers, after Washington temporarily eased trade restrictions imposed last week on China's Huawei.

In Europe, the broader Euro STOXX 600 edged up 0.3%, with Germany's DAX rising 0.6%, while France's CAC 40 climbed 0.2%.

At the close, China's Shanghai Composite index was up 1.23%, while the blue-chip CSI300 index ended 1.35% higher.

U.S. stocks slid on Monday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co Ltd weighed on the technology sector and raised concerns that the move would further inflame trade tensions between the United States and China.

Sobha Ltd posts Q4 results

(2: 45 pm)

Realty firm Sobha Ltd has posted 73 per cent growth in its consolidated net profit at Rs 113.3 crore for the quarter ended March on higher sales. Its net profit stood at Rs 65.4 crore in the year-ago period.

Total income rose to Rs 1,421.6 crore in the fourth quarter of 2018-19 fiscal from Rs 789.2 crore in the corresponding period of the previous year.

Torrent Pharma drops over 7 per cent

(2: 20 pm)

Shares of Torrent Pharmaceuticals Tuesday plunged over 7 per cent in morning trade a day after it reported a loss of Rs 152 crore for the quarter ended March 31, 2019.

The company posted a profit of Rs 228 crore in the same quarter of 2017-18 financial year, as per a BSE filing on Monday.

Market Update

(2:00 pm)

The benchamrk indices traded in the red in the afternoon session, earsing all gains from the morning trade, pressured by selling interest in Media, Auto, Metal and PSU Bank. Nifty is trading down by 75 points at 11,752.70, whereas Sensex is down 240 points at 39,112. In the sectoral front, out of 11 indices on Nifty, only two, FMCG and Pharma are advancing. Most decline is to be seen on Media, down by 2.38 per cent, followed by Auto, Metal and PSU bank, each declining over 1.85 per cent.

Bosch Ltd posts Q4 results

(1: 20 pm)

On a consolidated basis, company's net profit year on year stood at Rs 1,59,829 lakh against Rs 1,37,102 lakh in the same quarter last year.

Company's net profit was down at Rs 41,170 lakh against Rs 43,378 for the March quarter last year, in standalone basis. Company's total income was down at Rs 2,91,165 versus Rs 3,31,624 lakh in the same quarter a year ago.

Net income from operations for the recent quarter was at Rs  2,74,915 lkah against Rs 3,15,803 lakh in the Q4FY18.Company's board has recommended a dividend of Rs 105 per equity share for the face value of Rs 10 each.

Palred Technology Services Pvt Ltd signs an agreement with Amazon India to sell "Xmate" brand of Products

(12: 40 pm)

Palred Technologies Limited, that owns and sells two brands of mobile, electronics and computer accessories (PTron & Xmate) through its subsidiaries, has informed the exchanges today that the company has signed an agreement to sell the Xmate brand of products on Amazon India.

Amazon has approved 45 different products / stock keeping units (SKUs) under this agreement. It would be selling Xmate brand of products only on Amazon India.

Palred Electronics will continue to own and sell its brand of PTron products on various online channels in India -Amazon, Flipkart, Snapdeal, etc and offline general trade & modern trade outlets through the established network of distributors across the country.

HEG Ltd. posts Q4 results

(12: 15 pm)

The profit after tax in standalone figures in quaterly basis, stood at Rs 524.42 cr in the March against Rs 634,01 cr of the same quarter last year, whereas in consolidated figures, the profit after tax stands at Rs 3,026,16 cr against Rs  1,099,34 cr year on year. Reserves on the consolidated basis has also increased to Rs 3,755.09 cr versus last year's Rs 1,867.56 cr.

Company's income from operations on consolidated basis, stood at Rs 6,592,83 cr against Rs 2,758.40 cr year on year.

BHEL Commissions two more units of Kaleshwaram Lift Irrigation Scheme Package-6 (7x116 MW) in Telangana

(11: 45 am)

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned two more pumping units (Units 3&4) of 116 MW each, of the 7x116 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package-6 in Telangana. BHEL had earlier commissioned Units 1&2 of the same project in April, 2019. Significantly, the pump for each unit is designed to lift 89.16 cumecs (cubic metres per second) of water by 105.5 metres.

Global Update

(11: 15 am)

China's yuan firmed against the dollar on Tuesday, as sentiment improved slightly after Washington temporarily eased restrictions on Huawei, while a firmer-than-expected official midpoint discouraged bets against the renminbi.

The U.S. government on Monday allowed Huawei Technologies Co Ltd to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until Aug. 19.

Top gainers

(11: 10 am)

Top gainers on BSE are Just Dial, Jai Corp, Edelweiss Financial Services Ltd, Dilip Buildcon Ltd & Indiabulls Integrated Services. Dr Reddy, Bharti Infratel, Relaince Industries, Britannia and HDFC were the top gainers on NSE.

In the meanwhile, Sensex fell over 100 points, while Nifty fell below 11,800 level.

United Brewries Q4 Result

(10: 45 am)

Profit before tax for the year in a consolidated basis, stood at Rs 56,331 lakhs for the recent quarter against Rs 39,463 lakhs in the same quarter last year.

Total revenue stood at Rs 1,413,982 lakhs in the March quarter, against Rs 1,243,062 lakhs achieved in the same quarter last year. Board of the compay has also recommended payment of Dividend at 250 per cent i.e. Rs 2.50 per equity share of  face value Re.1 for the FY19.

After opening at a loss of 2 per cent against the previous close of Rs 1367.75, the stock quickly recovered from the losses and climed 4.9 per cent to Rs 1435.85. the stock currently trades at Rs 1425.70, up 57 points or 4.24 per cent.

Cox & Kings owned MEININGER Hotels signs contract for hotel in Marseille in France

(10: 35 am)

MEININGER Hotels is executing its expansion strategy and plans to grow further in France. The new hotel will be located in the middle of the "new Marseille", the totally renewed urban area around the Marseille harbour and will have 194 rooms, 574 beds as well as 22 parking spaces.

MEININGER's number of prospective beds in France grows to over 2600. The new hotel is expected to open in summer 2021.

MEININGER is a subsidiary of Holidaybreak Ltd. Holidaybreak Ltd is a subsidiary of Prometheon Holdings (UK) Ltd, which is a part of Cox & Kings Ltd.

Tata Motors share fall with outlook change

(10: 25 am)

Citi has maintained buy rating on Tata Motors and cut target to Rs 220 from Rs 230/share. Morgan Stanley has equal-weight rating on the stock with a target at Rs 184/share. CLSA has maintained sell call on the stock with a target at Rs 150/share.

The company, yesterday, has reported a profit of Rs 2,175 cr in a year ago period, whereas the revenue of the company declined to Rs 86,422 cr against Rs 89,928.97 cr.

SEBI proposes changes to regulations for municipal bonds issuance

(10: 15 am)

Sebi on Monday proposed changes to regulations for issuance of municipal bonds as part of efforts to enable fund raising by bodies similar to municipalities. Besides, the minimum subscription amount for municipal bonds on a private placement basis be reduced to Rs 10 lakh from the current Rs 25 lakh in a bid to align it with corporate bonds. Currently, minimum subscription for corporate bond on private placement is Rs 10 lakh.


(9: 45 am)

On the sectoral front, Pharma is leading by 2 per cent gain, followed FMCG, Media and Financial Services. However, all the other major indices are trading in the red, with biggest losses in Metal, Auto and Realty.

Market Update

(9: 35 am)

Sensex & Nifty slipped from record highs struggling to mainitain positve trend, pressured by selling interest in Metal, Auto, IT and Realty stocks. Sensex is trading up by 96 points at 39,448, while Nifty ended in negative territory after declining by 7.50 points at 11,820.

India Vix at 23.76 today

(9: 30 am)

India Vix, is currently trading at 23.7650, up 0.38 per cent versus yesterday's close of 23.6750. Whereas one week ago, the index was up at 27.3825 on 13 May, 2019 and at 52-week high of 29.3275    on 16 May, 2019.

This volatility index is based on the NIFTY Index Option prices and it indicates the expected market volatility over the next 30 calendar days.

Opening Bell

(9: 15 am)

Sensex opened at 201 points or 0.51 per cent up on Monday, while NSE Nifty opened at 11,877.30, up 49 points or 0.51 per cent. Both Sensex and Nifty have touched new all-time high today. Nifty Bank was trading at 30,912, up 152 points, whereas Nifty Midcap 100 was trading 56 points up at 17,618.

HDFC, Dr. Reddy Labs, Adani Ports, Indiabulls Housing Finance and Bajaj Finance were among the top gainers of the morning trade, whereas Tata Motors, BPCL, Grasim Industries, YES Bank and Tata Steel were the top morning losers.

Pre Open

(9: 10 am)

In the pre-opening session, BSE Sensex is trading up 96.78 points or 0.25 per cent at 39,449 and NSE Nifty is trading up 35 points or 0.30 per cent at 11,863.

Market close on Monday

(9: 00 am)

BSE Sensex closed at 39,352, up 1421.90 points or 3.75 per cent and NSE Nifty extended gains to close at 11,832.70, up 425.55 points or 3.73 per cent Monday.

Indian Rupee

(8: 55 am)

Indian Rupee opened at 69.74 against the dollar on Tuesday. Yesterday, USDINR fell to a 2-month low and FIIs turned into net buyers after a 12 trading sessions.

SEBI, exchanges hightens surveillance ahead of poll results

(8: 50 am)

Market regulator Securities and Exchange Board of India (SEBI) and stock exchanges have heightened their surveillance mechanism to keep an eye on any manipulative activities in the market this week ahead of Lok Sabha polls results.

SGX Nifty Index Futures

(8: 45 am)

Positive trends on SGX Nifty indicate a strong opening for the benchmark indices in India. The SGX Nifty Index was trading at  11,876.50, up 11.50 points or 0.10 per cent on the Singapore Exchange.

Corporate earnings

(8: 40 am)

About 96 companies are to report their earning today. DLF, Tech Mahindra, IFCI, JSPL, Bharat Financial Inclusion, Bodal Chemicals, Bosch, Cochin Shipyard, Crompton Greaves Consumer Electricals, Dhanuka Agritech, JBChemicals, KEI Industries, Mukta Arts, Prakash Industries, RSWM, Somany Ceramics, Spice Mobility, Sunflag Iron, Timken India, Triveni Engineering, VA Tech Wabag are among the list.


(8: 35 am)

The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bullish with net buying Rs 1,734.45 crore from Indian equities while Domestic institutional investors (DIIs) have flushed outof Rs 542.71 crore Monday.

Oil prices

(8: 30 am)

Oil prices edged up on Tuesday on escalating tensions between the United States and Iran and on signs that producer club OPEC will continue withholding supply this year. Brent Crude surged to $73/bbl.

Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up 6 cents, or 0.1 percent, from their last close.

Prices were driven up by rising tensions between the United States and Iran.

Global Market

(8: 25 am)

Asian shares wobbled near four-month lows on Tuesday on mounting worries the White House's black-listing of Chinese telecom giant Huawei Technologies could further inflame already tense relations between Washington and Beijing.

In New York, the S&P 500 lost 0.67% while the Nasdaq Composite dropped 1.46%. The Philadelphia Semiconductor Index fell 4.02% to two-month lows. Apple fell 3.1% to its lowest level since early March. US stocks fell 0.3% on account of trade tensions between US-China.

The U.S. government on Monday temporarily eased some trade restrictions imposed last week on China's Huawei, allowing the company to purchase American-made goods to maintain existing networks and provide software updates to existing Huawei handsets for 90 days.

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