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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Nifty, Sensex Will be Volatile Next Week – Weekly closing report
We had mentioned in last week’s closing report that Sensex, Nifty might try to rally if US market stabilises. The major indices of the Indian stock markets ended the week higher during the week. 
 
 
The major indices of the Indian stock markets suffered a correction on Monday and ended down for the 9th day in a row. On the NSE, there were 352 advances, 1,429 declines and 337 unchanged. India's crude import bill will grow fatter despite numerous measures by successive governments to reduce its dependence on crude. A Moody's report on Monday said that "India's oil and gas consumption will support its investments in refining capacity and upstream production, but crude imports will keep growing amid stagnant production". India imports nearly 80% of its oil requirement which makes is highly dependent on imported oil and hence susceptible to wild fluctuations in the international oil market. 
 
On Tuesday, Indian equity benchmarks halted their nine-day losing streak, led by the gains in Reliance Industries Ltd. and ITC Ltd. The S&P BSE Sensex closed 227 points or 0.6% higher at 37,318.53 and the NSE Nifty 50 ended at 11,222.05, up 0.66%. The 50-share index halted its longest losing streak in over eight years. The broader market index represented by the NSE Nifty 500 Index closed 0.57% higher.
 
About 897 stocks advanced and 875 shares declined on National Stock Exchange. Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 2.85% advance. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 1.2%.
 
India's annual rate of inflation based on wholesale prices eased to 3.07% in April from 3.18% in March, official data showed here on Tuesday.
 
Grounded Jet Airways continues to lose its senior executives dashing hopes of the airline's revival. The latest to quit the company is its Chief Financial Officer (CFO) and Deputy Chief Executive (CEO) Amit Agarwal. The exit comes days after the airline's top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors. In a regulatory filing, Jet Airways on Tuesday said that Amit Agarwal had resigned from the services of the company with effect from May 13, 2019 due to personal reasons. Run out of cash, Jet Airways suspended its operations on April 17. 
 
State-run United Bank of India (UBI) said it has posted a net profit of Rs95.18 crore in the fourth quarter of the financial year 2018-19 (FY19), after seven quarters of consecutive losses. The lender had reported a net loss of Rs260.62 crore in the March quarter of the fiscal year 2017-18 (FY18).
 
The major indices of the Indian stock markets suffered a correction on Wednesday. On the NSE, there were 659 advances, 1,084 declines and 359 unchanged. At close, the Sensex was down 203.65 points at 37,114.88, while Nifty was down 65 points at 11,157. Yes Bank, Tata Motors, Zee Entertainment, JSW Steel and Gail were the top losers on the Nifty, while gainers were Bajaj Finance, Eicher Motors, UPL, IOC (Indian Oil Corporation) and Indiabulls Housing. Among the sectors, metal index slipped 2% followed by auto, infra, pharma, FMCG (fast moving consumer goods) and bank. 
 
Welspun Enterprises reported Q4 results. Consolidated net profit was up 17.3% at Rs29.6 crore, revenue up 78.9% at Rs725.1 crore, year-on-year. 
 
Wonderla Holidays reported a net profit of Rs7 crore against Rs3.7 crore, revenue was up 10.4% at Rs60.6 crore versus Rs55 crore, year-on-year. 
 
Indian stock markets rallied on and closed with gains over Wednesday’s close. On the NSE, there were 841 advances, 898 declines and 357 unchanged. A last hour surge helped the benchmark indices to close near day's high level with Nifty finishing above 11,250 level. At close, the Sensex was 278.60 points up at 37,393.48, while Nifty was up 100.10 points at 11,257.10.
 
About 1,155 shares advanced, 1296 shares declined, and 149 shares were unchanged.  Zee Entertainment, BPCL, UltraTech Cement, IOC and Bajaj Finance were among major gainers on the Nifty, while losers were Yes Bank, Bharti Airtel, IndusInd Bank, Coal India and Cipla. Except pharma, all other sectoral indices ended higher led by IT, metal, energy, bank, auto, FMCG (fast moving consumer goods) and infra.
 
Consolidated net profit of JSW Energy was Rs3.9 crore versus loss of Rs483.1 crore, revenue up 8.4% at Rs1,924 crore versus Rs1,775 crore, year-on-year. 
 
Minda Industries Q4 results show net profit was down 45.8% at Rs73.5 crore, revenue up 8.4% at Rs1,486.5 crore, year-on-year. 
 
Hindalco reported a 17.9% year-on-year decline in net profit at Rs506 crore, against Rs616 crore in Q4FY18. The revenue of the Aditya Birla Group company is up 6.6% at Rs12,455 crore, compared to Rs11,687 crore in the year-ago period. The reported numbers include Q4 results of Utkal Alumina, a fully-owned subsidiary of Hindalco.
 
Massive buying and short covering ahead of exit polls for general elections pushed the key Indian equity indices higher during Friday's session. PSU Bank, IT (information technology), and pharma stocks witnessed selling pressure. Brent Crude traded above the $72 a barrel mark amid rising tension in the Middle East that could lead to supply disruptions. 
 
NSE will appeal against a Sebi order in the co-location issue in which it has been penalised up to Rs1,000 crore and barred from approaching market for the next six months at the Securities Appllelate Tribunal (SAT).
 
Bajaj Auto reported a growth in revenue of 9% for March 2019 quarter over March 2018 quarter. Its operating profit growth however declined by 13% for the relevant period. Its operating profit margin too declined from 19.60% in March 2018 quarter to 15.71% in March 2019 quarter. Its board of directors have recommended a dividend of Rs 60 (600%) per equity share of face value of Re 10 each. The stock rose 3.30% to close at Rs 3041.80 on the BSE.
 
Dr Reddy’s Laboratories has reported 44% jump in its Q4FY19 net profit at Rs434.4 crore against Rs302.2 crore in the same quarter last fiscal. Dr Reddy’s Laboratories shares closed at Rs2,724.75, down 2.72% on the NSE.
 
Spencer Retail approved a proposal for acquisition of entire 100% stake held by Godrej Industries in its wholly owned subsidiary Natures Basket, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above. Godrej Industries shares closed at Rs448.55, up 1.91% on the NSE.
 
 

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