Domestic shares snapped a five-session losing streak on bargain hunting. The barometer index, the S&P BSE Sensex, rose 35.11 points or 0.10% to 34,651.24, as per the provisional closing data. The Nifty 50 index rose 20 points or 0.19% to 10,536.70, as per the provisional closing data.
After opening lower, the market bounced and hit fresh intraday high in morning trade. Indices were unable to sustain at higher levels and re-entered negative terrain in mid-morning trade. Indices turned range bound near flat line in early afternoon trade. Indices firmed up in afternoon trade and managed to settle with small gains.
Among secondary barometers, the BSE Mid-Cap index and the BSE Small-Cap index rose by 0.65% each. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1444 shares rose and 1182 shares fell. A total of 143 shares were unchanged.
Dr Reddy's Laboratories rose 6.47%. The company's consolidated net profit fell 3% to Rs 302.20 crore on 1% fall in revenue to Rs 3534.90 crore in Q4 March 2018 over Q4 March 2017. The result was announced during trading hours today, 22 May 2018.
Dr Reddy's Laboratories CEO and Co-chairman GV Prasad said that the company concluded a challenging year with a relatively muted fourth quarter performance. This was mainly on account of continuing headwinds in the US market and a temporary drop in the sales in Russia, attributable to a shift in the channel purchasing pattern.
Looking ahead, the company will continue to work diligently on resolving pending regulatory issues and will also focus on accelerating new products to market and improving approval process, he said.
Dr Reddy's Laboratories said that the board of directors of the company has recommended a final dividend of Rs 20 per share for the financial year 2017-18.
Auto major Tata Motors rose 3.81%. China will reportedly cut the import duty on passenger cars to 15% in a move that gives a boost to makers of luxury autos. The State Council, China's cabinet, has decided to reduce the levy from the current 25% that has been in place for more than a decade.
State Bank of India (SBI) rose 4.28%. The abnk reported net loss of Rs 7718.17 crore in Q4 March 2018 compared with net profit of Rs 2814.82 crore in Q4 March 2017. Total income rose 18.57% to Rs 68436.06 crore in Q4 March 2018 over Q4 March 2017. The result was announced during trading hours today, 22 May 2018.
Coal India (up 3.04%), Bajaj Auto (up 3.75%) and Sun Pharmaceutical Industries (up 2.63%), were the major Sensex gainers.
ITC (down 1.31%), TCS (down 1.29%), Axis Bank (down 1.27%), Power Grid Corporation of India (down 0.92%) and Asian Paints (down 0.85%), were the major Sensex losers.
On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka on Wednesday, 23 May 2018 at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.
The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.
Overseas, shares in Europe and Asia were mixed. The US market jumped overnight as investors applauded easing trade animosities between the US and China.
US Treasury Secretary Steven Mnuchin reportedly said that bilateral trade talks with China had made very meaningful progress and that it was now up to both parties to implement what had been discussed. Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods and put the trade war on hold while working out details of a deal between the countries.
A focus for global markets this week is Wednesday's release of minutes from the Federal Reserve's latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.
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