Local stocks ended with modest gains after a volatile session of trade led by Infosys, Reliance Industries and TCS. Key indices logged gains for third day in a row. The Sensex and the Nifty, both, settled at record high. The Nifty ended above 11,900 mark. IT shares advanced.
The barometer index, the S&P BSE Sensex, rose 66.44 points or 0.17% to settle at 39,749.73, a record closing high. The index hit high of 39,828.65 and low of 39,498.65 during the day.
The Nifty 50 index rose 4 points or 0.03% to settle at 11,928.75, a record closing high. The index hit high of 11,958.55 and low of 11,864.90 during the day.
Among secondary barometers, the BSE Mid-Cap index rose 0.09%. The BSE Small-Cap index rose 0.41%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1438 shares rose and 1169 shares fell. A total of 154 shares were unchanged.
Coal India (up 2.72%), Power Grid Corporation of India (up 1.9%), Vedanta (up 1.68%), Reliance Industries (up 1.16%) and Hindustan Unilever (up 0.87%) edged higher from the Sensex pack.
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Hero MotoCorp (down 2.55%), Bajaj Auto (down 2.35%), L&T (down 1.19%), Bajaj Finance (down 1.02%) and M&M (down 0.84%) edged lower from the Sensex pack.
IT shares advanced. Infosys (up 2.47%), Hexaware Technologies (up 2.07%), MphasiS (up 1.86%), Tech Mahindra (up 1.99%), Wipro (up 1.37%), TCS (up 1.03%), HCL Technologies (up 0.8%), Oracle Financial Services Software (up 0.49%) and MindTree (up 0.59%) edged higher.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7176, compared with its close of 69.51 during the previous trading session.
A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Yes Bank rose 4.06% at Rs 152.60. A media report suggest that Yes Bank is likely to exit the asset management business as it believes that scaling up operations amid intensifying competition could be difficult. The bank could either sell the business to another asset manager, or wind it up over a period of time, reports added.
In its clarification today, Yes Bank denied the contents of the media report and said it is factually incorrect. The bank's subsidiaries are core to extending the bank's product offerings and reach. Further, the bank requested not to entertain such speculations.
Bharti Airtel fell 1.43%. The company informed during trading hours today, 28 May 2019, that Airtel Africa, a subsidiary of the company, has announced its potential intention to undertake an initial public offering (IPO) for listing its equity shares on London Stock Exchange and the expected publication of a Registration Document that has been submitted for approval to the UK Financial Conduct Authority.
InterGlobe Aviation fell 0.23%. The company's net profit rose 401.18% to Rs 589.59 crore on 35.46% rise in total income to Rs 8259.81 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 27 May 2019.
InterGlobe Aviation's EBITDAR stood at Rs 2192.60 crore with EBITDAR margin of 27.8% for Q4 March 2019, compared to EBITDAR of Rs 1132.10 crore with EBITDAR margin of 19.5% for Q4 March 2018.
The company's CEO, Ronojoy Dutta said fiscal 2019 was a tough year for the airline industry in India because of high fuel prices, weak rupee and intense competitive environment.
Zee Entertainment Enterprises rose 5.8%. The company's consolidated net profit rose 26.27% to Rs 291.68 crore on 14.46% rise in total income to Rs 2076.31 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 27 May 2019.
Zee Entertainment Enterprises (ZEE) Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose 12.3% to Rs 568.30 crore. EBITDA margin was 28.1% in Q4 March 2019.
Subhash Chandra, Chairman, ZEE, said entertainment content is becoming increasingly personalized and that journey will continue with the new TRAI regulation and emergence of digital medium placing consumer at the centre.
Emami lost 3.92% after consolidated net profit fell 6.09% to Rs 56.09 crore on 6.1% rise in total income to Rs 656.90 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 27 May 2019.
Emami said that the domestic business was impacted in Q4 March 2019 due to a prolonged winter affecting the sales of summer products like cool oils, talcs and deodorants. Weak rural sentiment and adverse liquidity condition also impacted demand during the quarter.
Punjab National Bank fell 3.47%. The bank reported net loss of Rs 4749.64 crore in Q4 March 2019 compared with net loss of Rs 13416.91 crore in Q4 March 2018. Total income rose 13.75% to Rs 14725.13 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 28 May 2019.
Adani Ports & Special Economic Zone shed 0.01%. The company's consolidated net profit rose 38.69% to Rs 1285.38 crore on 0.16% rise in total income to Rs 3492.72 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 27 May 2019.
NHPC jumped 7.42% after net profit surged 146.39% to Rs 492.29 crore on 96.03% rise in total income to Rs 2756.30 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 27 May 2019.
Manpasand Beverages was locked in 20% lower circuit for second consecutive session at Rs 70.40. The Commissioner of Central GST and Customs carried out search and seizure proceedings at various premises of the company on 23 May 2019, and further inquiry was conducted on 24 May 2019 at GST Bhavan office of Vadodara.
Overseas, European stock markets reversed early gains on Tuesday, as investors continued to monitor political developments in the continent. Investors in Europe continued to digest results from the EU Parliament elections, which concluded Sunday. Results showed pro-EU parties still managed to hold onto a majority of seats, albeit with Euroskeptic and nationalist parties also gaining momentum.
Asian shares ended mixed Tuesday, with US President Donald Trump continuing his visit to Japan. US President Trump is currently in Japan as part of a four-day state visit, where he said during a Monday news conference with Japanese Prime Minister Shinzo Abe that he hoped to announce a trade deal with the country soon.
The US stock market was closed on Monday, 27 May 2019, in observance of Memorial Day.
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