Nifty, Sensex Await Poll Results - Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex were to move sideways. The major indices of the Indian stock markets were range-bound on Wednesday and closed with minor gains. On the NSE, there were 969 advances, 770 declines and 361 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
The market now awaits the results of the general elections to be declared tomorrow. If the poll results do not favour the Bhartiya Janata Party as much as the exit polls did, the market may give up  a lot of gains. In any case, even if the BJP comes to power, the economy is not doing well at all. Meanwhile, the valuations of stocks are at a record high. It will take some very bold initiatives for Mr Narendra Modi to push the economy out of the current doldrums.
 
India VIX, or volatility index shot up to hit a 4-year high intraday and closed 7.38% higher. 
 
The Adani Group is set to withdraw all defamation suits filed against news portal thewire.in and its editors in an Ahmedabad court for articles against its companies, highly placed sources said on Wednesday. 
 
Prime Minister Narendra Modi held a meeting with top bureaucrats from key ministries, sources said. There was no official word about the agenda of the meeting, which comes ahead of the Lok Sabha election results on May 23. Sources said the Prime Minister is believed to have taken feedback on various issues, including about the state of the economy, from the bureaucrats. This is possibly the first time that PM Modi convened a meeting of top bureaucrats from key ministries after announcement of dates of general elections in March. 
 
IndusInd Bank Wednesday reported a decline of over 62% in March quarter net profit at Rs360.10 crore. Net profit in the same quarter of 2017-18 financial year stood at Rs953.09 crore. The decline was due to provisions on its Rs3,004 crore exposure to IL&FS. Total income for the latest quarter rose to Rs7,550.43 crore as against Rs5,858.62 crore in the same period a year ago. The bank's board has recommended a dividend of Rs7.50 per equity share for 2018-19, it said. IndusInd Bank shares closed at Rs1,528.00, up 5.54% on the NSE.
 
Shares of Dewan Housing fell up 17% in intraday trading after the company announced that it has stopped accepting fresh public deposits and renewals of existing deposits with immediate effect.
 
Shares of Jet Airways was up 5% after media reports suggested that Etihad Airways, along with the Hindujas, has joined hands with AdiGro Aviation and Jet Airways founder Naresh Goyal to revive the airline. The shares of Jindal Steel and Power fell 7% after the company reported a net loss of Rs2,713.34 crore for the quarter ended March 2019. KEI Industries was up 6% after it reported a 21% jump in net profit in the quarter ended March 2019.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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Nifty, Sensex To Move Sideways - Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets suffered a correction on Tuesday. On the NSE, there were 609 advances, 1,145 declines and 343 unchanged. All sectoral indices, except consumer durables, which was up 0.7%, , ended in red with auto, banking and metal being the top losers. We expect the market to move in a narrow range until the elections results are declared on May 23rd. Since the market has already gone up on the hopes of a large majority of the BJP-led coalition, the market will have to find a fresh trigger to head higher.
 
The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Information technology company Tech Mahindra reported a dip in net profit for the quarter ended March 31, hurt by a decline in its margins. Its net profit fell 6% quarter on quarter to Rs1,132 crore. Revenues also declined quarter on quarter, falling to Rs8,892 crore as compared to Rs8,943 crore in the December quarter. For the fourth quarter, operating margin dipped to 15.4%, lower than 16.1% of the third quarter. It board recommended dividend of Rs14 per share. In US dollar terms, revenue rose 1.9% year on year to $1,267.5 million. Tech Mahindra shares closed at Rs770.35, down 1.15% on the NSE.
 
Tata Motors’ reported a a consolidated operating profit of Rs8017 crore (down 26% YoY). This belied our market estimates of 11% fall due to weakness across businesses. According to Edelwiess “demand pressure across key markets led to management extending free cash flow (FCF) generation target by a year to FY21.” The brokerage said that the “China demand recovery remains critical for margin and cash flow,” apart from the sharp dip in March quarter operating profit margin.
 
Tata Motors reported a 49% fall in consolidated profits. The stock was down by about 7%.
 
Jet Airways ended 14% higher on reports that Hinduja Group was finally set to bid for the grounded airline. 
 
 US stocks extended losses as the market was dragged down by a steep sell-off in tech-related shares. The Dow Jones Industrial Average on Monday dropped 84.10 points, or 0.33%, to 25,679.90. The S&P 500 dipped 19.30 points, or 0.67%, to 2,840.23, Xinhua news agency reported.  The Nasdaq Composite Index was down 113.91 points, or 1.46%, to 7,702.38. Chipmaker stocks fell broadly. Both Nvidia and Advanced Micro Devices closed about 3% lower. Qualcomm and Lam Research slid 5.99% and 5.4%, respectively.
 
Other US tech giant stocks or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, closed lower. Eight of the 11 primary S&P 500 slipped, with technology down 1.75%, leading the laggards. The US financial market has been pressured these days as investors grew concerned about global trade tensions. The Cboe Volatility index, widely considered the best fear gauge in the stock market, increased 2.19% to 16.31 on Monday.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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Nifty, Sensex to head higher – Monday closing report

We had mentioned in Friday’s closing report that Nifty, Sensex would be volatile next week. The major indices of the Indian stock markets rallied sharply on Monday and closed with massive gains after most exit polls showed a BJP-led NDA getting a comfortable majority in the now concluded general elections. On the NSE, there were 1,477 advances, 323 declines and 312 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

 

 
Orix Corporation of Japan, owner of 49% stake in the seven operating wind power plants (SPVs) of the IL&FS Group, has expressed its intent to buy out the remaining 51% stake held by IL&FS Wind Energy Ltd. In April, state-run GAIL (India) had offered to pay Rs4,800 crore (as enterprise valuation) for the wind power portfolio, subject to Orix agreeing to the sale. Orix, however, has now decided to buy out the remaining 51% stake by matching GAIL's offer. 
 
Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India (SBI) Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week's time. "Various options are being evaluated. Legal opinion is being taken. There are many investors who are showing interest. We have to see whether they have the money and the wherewithal. I think the clarity should emerge in a week's time," the SBI top boss told IANS on Saturday. Jet Airways India shares closed at Rs130.60, up 4.94% on the NSE.
 
State-run Indian Oil Corp reported a 16.88% rise in its standalone net profit for the fourth quarter ended March on the back of foreign exchange gains during the period. According to the company, its standalone net profit for the quarter in consideration rose to Rs6,099 crore, from Rs5,218 crore for the corresponding period of the previous financial year. The company's revenue from operations during the period under review grew to Rs144,472 crore from Rs136,716 crore reported for the corresponding quarter of 2017-18. Indian Oil Corporation shares closed at Rs157.55, up 5.31% on the NSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
 

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