The market reversed losses and ended higher for third straight session amid high volatility, boosted by gains in IT shares. The Nifty regained 11,900 mark after slipping below that level in intraday.
The barometer index, the S&P BSE Sensex, rose 66.44 points or 0.17% to 39,749.73, as per the provisional closing data. The Nifty 50 index rose 4 points or 0.03% to 11,928.75, as per the provisional closing data.
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, 1434 shares rose and 1171 shares fell. A total of 156 shares were unchanged.
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.
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IT shares advanced. Infosys (up 2.81%), Hexaware Technologies (up 1.99%), MphasiS (up 1.87%), Tech Mahindra (up 1.82%), Wipro (up 0.89%), TCS (up 0.80%), HCL Technologies (up 0.42%), Oracle Financial Services Software (up 0.36%) and MindTree (up 0.15%), edged higher. Persistent Systems was down 3.86%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.7225, 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.
Punjab National Bank fell 3.70%. 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.
Bharti Airtel fell 1.43%. The company inform 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 0.38%. 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.
Zee Entertainment Enterprises rose 5.80%. 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.
Adani Ports & Special Economic Zone was up 0.06%. 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.
Manpasand Beverages was locked in 20% lower circuit for second consecutive session to trade 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.
Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the company and Harshvardhan Singh are under judicial custody of Authority on 24 May 2019. The company is contesting these allegations in accordance with the due process of law. Considering the present status of the case estimated impact on the company and amount involved is not identifiable till the outcome in the matter, the company said on Saturday, 25 May 2019.
On the political front, Rahul Gandhi has reportedly called a meeting of senior Congress leaders at 4:30 pm today. Media reports suggest that Rahul Gandhi remains firm on quitting as Congress president after the party's national election rout but may agree to lead the party in the Lok Sabha.
The Congress won only 52 out of 542 parliamentary seats in the Lok Sabha polls. In comparision, Narendra Modi-led BJP bagged 303 seats.
Taking responsibility for the defeat, Rahul Gandhi on Saturday (25 May 2019) reportedly offered to resign as party president at a meeting of the Congress Working Committee (CWC), the highest decision-making body of the party, but it was "unanimously rejected".
Modi will be inaugurated for a second term as Prime Minister of India on Thursday, 30 May 2019.
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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