Local stocks dropped sharply on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, dropped 323.82 points or 0.83% at 38,730.86. The Nifty 50 index lost 84.35 points or 0.72% at 11,641.80. The Sensex dropped below the psychological 39,000 level. Negative global stocks also impacted sentiment.
Trading was highly volatile as traders rolled over positions in the F&O segment from the near month April 2019 series to May 2019 series. The April 2019 F&O contracts expired today, 25 April 2019.
Key indices nudged higher in early trade on buying demand in index pivotals. Stocks hovered in positive zone after an initial upmove. The market extended gains in mid-morning trade. Indices pared gains in afternoon trade. A divergent trend was witnessed in mid-afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small losses while the Nifty 50 index was trading with small gains.
The S&P BSE Mid-Cap index fell 0.58%. The S&P BSE Small-Cap index fell 0.05%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1113 shares rose and 1388 shares fell. A total of 157 shares were unchanged.
Maruti Suzuki India fell 2.23% after net profit fell 4.6% to Rs 1795.60 crore on 0.7% increase in net sales to Rs 20737.50 crore in Q4 March 2019 over Q4 March 2018. This quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses partially offset by cost reduction efforts, the company said. The result was announced during trading hours today, 25 April 2019.
In a separate statement issued during trading hours today, 25 April 2019, Maruti Suzuki India announced that the ex-showroom price of Baleno RS Petrol variant and Diesel variants will be hiked with immediate effect.
Axis Bank fell 1.08% ahead of its January-March 2019 quarterly earnings today, 25 April 2019.
Tata Steel lost 2.89% ahead of its January-March 2019 quarterly earnings today, 25 April 2019.
State Bank of India (SBI) fell 1.37%. SBI announced that the executive committee of the central board in its meeting held on 24th April 2019 has approved long term fund raising in single/multiple tranches upto $2.5 billion, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2019-2020. The announcement was made after market hours yesterday, 24 April 2019.
Bharti Infratel lost 8.34%. The company's consolidated net profit rose 0.26% to Rs 607.60 crore on 0.18% increase in net sales to Rs 1,675.80 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 24 April 2019.
Consolidated EBITDA fell 4% to Rs 1,534 crore in Q4 March 2019 over Q4 March 2018. The company's tower base increased by 826 year-on-year but fell by 24 sequentially to 92,277 in Q4 March 2019.
Overseas, shares in Europe and Asia traded lower Thursday, after data showing a surprise deterioration in German business morale stoked fears of slowing global growth.
The Bank of Japan kept policy unchanged at a review on Thursday but pledged to keep interest rates very low at least until early 2020. The Bank of Japan also said it would explore lending exchange traded funds to the market. Japan's central bank also lowered growth and price projections for 2020.
US stocks closed lower Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies, including Dow components Boeing Co. and Caterpillar Inc., that offered a mixed picture of American corporations.
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