Domestic stocks snapped two-day fall to register modest gains on last trading day of the week. The barometer index, the S&P BSE Sensex, rose 181.39 points or 0.51% to settle at 35,695.10. The Nifty 50 index rose 55.10 points or 0.52% to settle at 10,727.35. IT stocks declined.
Local stocks nudged higher in early trade as buying demand resumed in index pivotals after a two-day slide. Stocks reversed initial gains to sink in negative zone in morning trade. Volatility rose in mid-morning trade as the key benchmark indices once again regained positive zone. Key benchmark indices hovered in positive zone in early afternoon trade. Indices extended gains in afternoon trade. Market was trading with modest gains in mid-afternoon trade. Stocks extended gains in late trade.
The S&P BSE Mid-Cap index rose 0.48%. The S&P BSE Small-Cap index rose 0.14%.
The market breadth, indicating the overall health of the market, was positive. The breadth alternately swung between positive and negative zone during the day. On the BSE, 1,338 shares rose and 1,264 shares fell. A total of 163 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Telecom index (up 2.73%), the S&P BSE Metal index (up 1.44%) and the S&P BSE Utilities index (up 1.03%), outperformed the Sensex. The S&P BSE IT index (down 1.15%), the S&P BSE Consumer Durables index (down 0.19%) and the S&P BSE FMCG index (down 0.12%), underperformed the Sensex.
Yes Bank (up 3.05%), Bharti Airtel (up 3.02%), Tata Motors (up 2.74%), Vedanta (up 2.66%) and State Bank of India (up 2.22%) were the major Sensex gainers.
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IndusInd Bank (down 0.68%), Hero MotoCorp (down 0.65%) and Hindustan Unilever (down 0.4%) edged lower from the Sensex pack.
IT stocks declined. TCS (down 1.19%), Infosys (down 1.02%), Wipro (down 0.55%), HCL Technologies (down 1.55%), Oracle Financial Services Software (down 0.42%), Tech Mahindra (down 1.42%), MindTree (down 2.29%) and Mphasis (down 1.9%) declined. Hexaware Technologies (up 0.18%) rose.
Power Grid Corporation of India rose 1.24%. Power Grid Corporation of India said that its board approved implementation of 500MVAr Thyristor Controlled Reactor at Kurukshetra 400kV bus at an estimated cost of Rs 267.33 crore with commissioning schedule of 30 months from the date of investment approval. The board also approved Reliable Communication Scheme under Central Sector for Western Region at an estimated cost of Rs 112.12 crore with commissioning schedule of 36 months from the date of investment approval. The announcement was made after market hours yesterday, 3 January 2019.
HDFC rose 1.54%. HDFC announced that during the quarter ended 31 December 2018, it assigned loans amounting to Rs 6959 crore compared to nil in the corresponding quarter of the previous year. Individual loans sold in the preceding 12 months amounted to Rs 22732 crore compared to Rs 12078 crore in the corresponding period of the previous year.
Income from dividend for the quarter ended 31 December 2018 was Rs 2 crore compared to Rs 151 crore in the corresponding quarter of the previous year (which was inclusive of Rs 141 crore from HDFC Standard Life Insurance Company).
During the quarter ended 31 December 2018, there were no proceeds on account of sale of investments in subsidiary/associate companies. In the corresponding quarter of the previous year, HDFC earned a gross income of Rs 5257 crore from the stake sale in the initial public offer of HDFC Standard Life Insurance Company. The announcement was made after market hours yesterday, 3 January 2019.
Sun Pharmaceutical Industries (Sun Pharma) fell 0.59%. Sun Pharma said that its arm completed the acquisition of 100% stake in Japan-based Pola Pharma. The announcement was made after market hours yesterday, 3 January 2019.
On 26 November 2018, Sun Pharma announced that it entered into a definitive agreement to acquire Pola Pharma Inc., a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products. The announcement was made after market hours yesterday, 3 January 2019.
G M Breweries fell 11.74% after net profit declined 25.07% to Rs 16.71 crore on 5.64% rise in net sales to Rs 124.55 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 3 January 2019.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.8678, compared with its close of 70.2 during the previous trading session.
In the global commodities markets, Brent for March 2019 settlement was up 79 cents at $56.74 a barrel. The contract rose $1.04 a barrel or 1.89% to settle at $55.95 a barrel during the previous trading session.
On the macro front, India's service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains, data released today showed. The Nikkei/IHS Markit Services Purchasing Managers' Index declined to 53.2 in December from 53.7 in November.
Overseas, European shares were trading higher on Friday while most Asian stocks gained following news that the US and China will hold trade talks next week. Meanwhile, a survey released Friday reportedly showed that 57% of UK Prime Minister Theresa May's Conservative Party members would rather withdraw from the European Union without a deal than stick with the government's Brexit deal. The poll added to concerns that May will be unable to get her deal through parliament at a vote scheduled for the week beginning Jan. 14.
Investors are monitoring trade developments between Washington and Beijing for any clues as to how their trade dispute will reach a resolution. The two countries are trying to reach a breakthrough to resolve their differences over a 90-day tariffs truce. Last year was marred by an intense sparring of tariffs between the world's two largest economies.
US stocks declined yesterday, 3 January 2019 after a factory gauge dropped the most in a decade and Apple cut its sales outlook. Apple slashed its quarterly revenue forecast for the first time in more than 15 years Wednesday evening, in a move that the iPhone maker's chief executive, Tim Cook, said was prompted by signs of weakness in the world's second-largest economy China.
On the data front, the Institute for Supply Management's manufacturing index fell to 54.1% in December, down from 59.3% the month before.
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