Key indices ended with modest losses after a volatile session of trade. Selling in Reliance Industries, HDFC twins and L&T put pressure on bourses. Firmness in ITC, TCS and ICICI Bank supported bourses are lower levels.
The Sensex fell 64.20 points or 0.18% to settle at 35,592.50, its lowest closing level since 3 January 2019. The index rose 77.44 points, or 0.22% at the day's high of 35,734.14. The index fell 281.19 points, or 0.79% at the day's low of 35,375.51.
The Nifty 50 index fell 9.35 points or 0.09% to settle at 10,652.20, its lowest closing level since 11 December 2018. The index rose 28.80 points, or 0.27% at the day's high of 10,690.35. The index fell 77.90 points, or 0.73% at the day's low of 10,583.65.
Domestic stocks declined in early trade due to negative Asian stocks. A bout of volatility was seen in morning trade as fresh selling derailed a brief intraday recovery. Stocks hovered with small losses in mid-morning trade. Key indices continued to trade with weakness in early afternoon trade. Indices extended losses and hit fresh intraday low in afternoon trade. Weakness persisted on the bourses in mid-afternoon trade. Stocks erased intraday losses to regain positive zone in late trade.
The S&P BSE Mid-Cap index rose 0.39%. The S&P BSE Small-Cap index fell 0.10%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1133 shares rose and 1383 shares fell. A total of 144 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Capital Goods index (down 1.01%), the S&P BSE Oil & Gas index (down 0.92%) and the S&P BSE Realty index (down 0.62%), underperformed the Sensex. The S&P BSE Telecom index (up 0.98%), the S&P BSE Healthcare index (up 0.75%) and the S&P BSE IT index (up 0.65%), outperformed the Sensex.
Yes Bank (down 2.43%), Larsen & Toubro (down 1.73%), Reliance Industries (down 1.52%), HDFC Bank (down 1.22%) and Power Grid Corporation of India (down 0.96%), were the major Sensex losers.
Sun Pharmaceutical Industries (up 2.61%), TCS (up 1.6%), Asian Paints (up 1.51%), ITC (up 1.42%), IndusInd Bank (up 1.23%), Hero MotoCorp (up 1.16%), Bharti Airtel (up 1.02%) and ICICI Bank (up 1%), were the major Sensex gainers.
Axis Bank rose 0.74%. The bank's net profit rose 131.38% to Rs 1680.85 crore on 26.66% increase in total income to Rs 18130.42 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours today, 29 January 2019.
HCL Technologies gained 1.24%. On a consolidated basis, the company's net income rose 2.8% to Rs 2,611 crore on 5.6% increase in revenues to Rs 15,699 crore in Q3 December 2018 over Q2 September 2018. The result was announced after market hours today, 29 January 2019.
Bajaj Finance advanced 2.27% after consolidated net profit rose 54% to Rs 1060 crore on 48% increase in total income to Rs 4995 crore in Q3 December 2018 over Q3 December 2017. The result was announced during trading hours today, 29 January 2019.
On a consolidated basis, Net Interest Income (NII) rose 46% to Rs 3,209 crore in Q3 December 2018 over Q3 December 2017. New loans booked during Q3 December 2018 increased by 49% to 6.77 million from 4.54 million in Q3 December 2017. Customer franchise as of 31 December 2018 increased by 31% to 32.57 million from 24.81 million as of 31 December 2017. Assets under Management (AUM) as of 31 December 2018 grew by 41% to Rs 1,09,930 crore from Rs 78,033 crore as of 31 December 2017.
Gross Non-performing asset (NPA) and Net NPA, recognized as per extant RBI prudential norms and provisioned as per Expected Credit Loss (ECL) method prescribed in lnd AS, as of 31 December 2018 stood at 1.55% and 0.62% respectively. The provisioning coverage ratio stood at 60%. Standard assets provisioning was 88 bps as per ECL (stage 1 & 2) provisioning under lnd AS versus 40 bps as per RBI prudential norms.
HDFC fell 1.53%. HDFC after net profit fell 60.12% to Rs 2113.80 crore on 19.77% increase in total income to Rs 10569.12 crore in Q3 December 2018 over Q3 December 2017. The result was announced during trading hours today, 29 January 2019.
HDFC said that its board approved issuance of secured redeemable non-convertible debentures under a shelf disclosure document (Series - V), aggregating to Rs 45000 crore, in various tranches, on a private placement basis. Further, the board also approved appointment of Ireena Vittal as an independent director (additional director) on the Board of Directors of the Corporation for a period of 5 years with effect from 30 January 2019.
Mahindra & Mahindra (M&M) shed 0.45%. Mahindra's Truck and Bus Division (MTB), a part of the Mahindra Group, announced during trading hours today, 29 January 2019, the commercial launch of the FURIO, its brand-new range of Intermediate Commercial Vehicles (ICVs) with an unprecedented guarantee of More Profit or Truck Back. FURIO marks the company's entry into the ICV segment and is set to make Mahindra a full range commercial vehicle player. To be available across India from today, FURIO prices start at Rs 17.45 lakh for the FURIO12 19ft HSD variant and Rs 18.10 lakh for the FURIO14 19ft HSD variant (ex-showroom Pune).
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.1, compared with its close of 71.105 during the previous trading session.
In the global commodities markets, Brent for March 2019 settlement was up 53 cents at $60.46 a barrel. The contract fell $1.71 a barrel or 2.77% to settle at $59.93 a barrel during the previous trading session.
Overseas, European shares were trading higher on Tuesday, as investors flocked to stocks considered safe in times of economic uncertainty after a series of profit alerts from US companies and amid continued worries about trade frictions.
Most Asian shares ended lower on Tuesday as prospects for a long-awaited U.S-China trade deal was dealt another blow after the United States leveled sweeping criminal charges against China's telecom giant Huawei. The US Justice Department unsealed indictments against China's top telecom equipment maker, Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.
US stocks closed lower Monday in the wake of disappointing earnings and Nvidia Corp. Investors turned cautious at the start of a busy week packed with earnings, economic data, a Federal Reserve meeting and a new round of U.S-China trade talks.
On the data front, the Federal Reserve of Chicago's national activity index rose to 0.27 in December, up from 0.21 in November. Growth in Texas manufacturing activity accelerating in January, according to the Federal Reserve Bank of Dallas. It's monthly manufacturing index rose from 7.3 to 14.5.
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