Domestic stocks dropped sharply on first trading day of the week on negative stocks. Volatility was high with the Sensex maintaining the psychological 37,000 level after briefly falling below it in intraday trade. Domestic stocks registered losses for ninth straight trading session. Investors are concerned about global economic growth after trade negotiations between the US and China appeared at a deadlock.
The barometer index, the S&P BSE Sensex, lost 372.17 points or 0.99% to 37,090.82. The index hit high of 37,583.57 and low of 36,999.84 in intraday trade.
The Nifty 50 index fell 130.70 points or 1.16% to 11,148.20. The index hit high of 11,300.20 and low of 11,125.60 in intraday trade.
After opening lower, key benchmarks bounced back and hit fresh intraday high in morning trade. Indices came off day's high in mid-morning trade and swung between gains and losses in early afternoon trade. The Sensex was almost flat while the Nifty was trading with small losses in mid-afternoon trade. Indices witnessed steep selling pressure in late trade.
Broader market came under selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 1.84%. The BSE Small-Cap index fell 2.15%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 621 shares rose and 1840 shares fell. A total of 183 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 3.53%), the S&P BSE Capital Goods index (down 2.52%), the S&P BSE Industrials index (down 2.38%) underperformed the Sensex. The S&P BSE IT index (up 0.11%), the S&P BSE Teck index (down 0.17%), the S&P BSE Consumer Durables index (down 0.38%) outperformed the Sensex.
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Tata Motors lost 3.09% after global wholesales, including Jaguar Land Rover, dropped 22% to 79,923 units in April 2019 over April 2018. The announcement was made during market hours today, 13 May 2019.
The Tata Motors Group global wholesales in April 2019, including Jaguar Land Rover, were at 79,923 units, lower by 22%, over April 2018. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in April 2019 were at 31 ,726 units, lower by 20%, over April 2018. Global wholesales of all passenger vehicles in April 2019 were at 48197 units, lower by 23%, compared to April 2018.
Global wholesales for Jaguar Land Rover were 35,451 vehicles (JLR number for April 2019 includes CJLR volumes of 3,332 units). Jaguar wholesales for the month were 13,301 vehicles, while Land Rover wholesales for the month were 22,150 vehicles. CJLR is a JV between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR.
ITC lost 2.64%. The company's net profit rose 18.73% to Rs 3481.90 crore on 14.27% increase in total income to Rs 12946.21 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 13 May 2019.
HDFC gained 1.06% after net profit rose 26.8% to Rs 2861.58 crore on 24.28% rise in total income to Rs 11586.58 crore in Q4 March 2019 over Q4 March 2018. The result was announced during market hours today, 13 May 2019.
The board approved issuance of Redeemable Non-Convertible Debentures (secured or unsecured) and/or any other hybrid instruments (not in nature of equity shares) up to Rs 125000 crore on a private placement basis.
Larsen & Toubro (L&T) fell 2.81% after the company announced its Q4 result after market hours on Friday, 10 May 2019. It reported 7.92% rise in consolidated net profit to Rs 3,418.24 crore on 10.86% rise in total income to Rs 45,555.29 crore in Q4 March 2019 over Q4 March 2018.
The order intake for the quarter ended 31 March 2019 at Rs 56,538 crore grew by 14% y-o-y. International order inflow during the quarter at Rs 17,680 crore constituted 31% of the order inflow for the quarter. Consolidated order book of the group stood at Rs 293,427 crore as at 31 March 2019, with international order book constituting 22% of the total order book.
The company continues to focus on profitable execution of its robust order book, positioning well for emerging opportunities and is confident of pursuing its growth plans, with the aim of maximizing shareholder returns (RoE) on a sustainable basis. L&T said.
The board of directors has recommended for the approval of shareholders, a dividend of Rs 18 per equity share.
Hero MotoCorp rose 0.12%. In keeping with its aggressive growth strategy for the scooter segment, Hero MotoCorp today further strengthened its scooter portfolio with the launch of two powerful and stylish new scooters - Maestro Edge 125 and Pleasure+ 110 - for customers in India and across its global markets. The company will commence the retail sales of the scooters over the next few weeks. The announcement was made during market hours today, 13 May 2019.
Eicher Motors dropped 7.69%. The company's consolidated net profit rose 18.05% to Rs 544.84 crore on 0.33% rise in total income to Rs 2718.25 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 10 May 2019.
Avenue Supermarts shed 0.07%. The company's net profit rose 21.42% to Rs 202.89 crore on 31.98% rise in total income to Rs 5,048.03 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 10 May 2019.
Oberoi Realty gained 2.7%. The company's consolidated net profit rose 8.98% to Rs 155.76 crore on 69.17% rise in total income to Rs 598.70 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 10 May 2019.
Oberoi Realty's EBITDA was Rs 233.52 crore for Q4 March 2019 as against Rs 191.22 crore for Q4 March 2018. Total area booked for Q4 March 2019 was 1.45 lakh sq. ft. as against 1.31 lakh sq. ft. booked in Q4 March 2018 and the total value was Rs 319.14 crore for Q4 March 2019 as against Rs 263.32 crore for Q4 March 2018.
Commenting on the results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty said 2018 saw the formalization of the Indian economy and a complete transformation of the real estate sector. The residential projects continue to receive a promising response from home buyers and diversified verticals have also been performing well.
Among the economic data, India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months. The industrial production growth for February 2019 has been retained unchanged at 0.1% as reported provisionally. The data was announced after market hours on Friday, 10 May 2019.
Overseas, shares in Europe and Asia declined on Monday on growing uncertainty over whether the United States and China will be able to end their escalating trade war. Markets in Hong Kong are closed on Monday for a holiday.
Trading in US index futures indicated that the Dow Jones Industrial Average could fall 313 points at the opening bell today, 13 May 2019.
Trade talks between US and Chinese negotiators broke up on Friday without a trade agreement. The US hiked tariffs on $200 billion worth of Chinese goods. China has vowed to retaliate, without giving details.
In US, stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong. The president also noted that the trade talks with China were "candid and constructive." Trump said the new tariffs on $200 billion worth of Chinese goods "may or may not be removed" in the future.
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