Key domestic indices ended sharply lower, tracking mixed global cues amid worries about US-China trade dispute. The Nifty ended a tad below 11,500 level.
The Sensex fell 323.71 points or 0.84% to settle at 38,276.63. The index rose 235.20 points, or 0.61% at the day's high of 38,835.54. The index fell 364.16 points, or 0.94% at the day's low of 38,236.18.
The Nifty 50 index fell 100.35 points or 0.87% to settle at 11,497.90. The index rose 58.80 points, or 0.51% at the day's high of 11,657.05. The index fell 113.80 points, or 0.98% at the day's low of 11,484.45.
Indices edged higher in early trade on buying demand in index pivotals. Indices trimmed gains in morning trade. Stocks hovered in positive zone in mid-morning trade. Indices sharply pared gains in afternoon trade. Key indices slipped in negative zone in mid-afternoon trade. A sell-off gripped bourses in late trade.
Broader market reversed early gains and ended with steep losses. The S&P BSE Mid-Cap index fell 0.98%. The S&P BSE Small-Cap index fell 0.85%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 851 shares rose and 1678 shares fell. A total of 140 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Telecom index (down 2.44%), the S&P BSE Oil & Gas index (down 1.36%) and the S&P BSE Realty index (down 1.32%), underperformed the Sensex. The S&P BSE Capital Goods index (up 0.19%), the S&P BSE IT index (up 0.19%) and the S&P BSE Consumer Durables index (up 0.04%), outperformed the Sensex.
Tata Motors (down 4.6%), Asian Paints (down 1.93%), ITC (down 1.51%), Sun Pharmaceutical Industries (down 1.41%) and Yes Bank (down 1.05%), were the major Sensex losers.
Hind. Unilever (up 1.37%), Larsen & Toubro (up 1.14%), Power Grid Corporation of India (up 0.84%), Infosys (up 0.79%) and ONGC (up 0.73%), were the major Sensex gainers.
Index heavyweight Reliance Industries dropped 2.91% to Rs 1,344.55.
HDFC Bank fell 0.04% to Rs 2,327.45. The bank said that its board will consider stock split on 22 May 2019. The board will mull a proposal to split one equity share of face value of Rs 2 each into two equity shares of face value of Re 1 each. The announcement was made after market hours yesterday, 6 May 2019.
ICICI Bank fell 3.77% to Rs 386.25. ICICI Bank's net profit fell 4.99% to Rs 969.06 crore on 4.87% increase in total income to Rs 20,913.82 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 46,291.63 crore as on 31 March 2019 as against Rs 51,591.47 crore as on 31 December 2018 and Rs 54,062.51 crore as on 31 March 2018. The bank's provisions and contingencies fell 17.72% to Rs 5,451.41 crore in Q4 March 2019 over Q4 March 2018.
The ratio of gross NPAs to gross advances stood at 6.70% as on 31 March 2019 as against 7.75% as on 31 December 2018 and 8.84% as on 31 March 2018. The ratio of net NPAs to net advances stood at 2.06% as on 31 March 2019 as against 2.58% as on 31 December 2018 and 4.77% as on 31 March 2018..
Bharti Airtel fell 3.10% to Rs 323.05. The company's consolidated net profit rose 29.31% to Rs 107.20 crore on 6.23% increase in net sales to Rs 20,602.20 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.
Bharti Airtel reported net exceptional gain of Rs 2022.10 crore in Q4 March 2019 that comprises of (i) charge of Rs 145.50 crore towards operating costs on network re-farming and up-gradation program and (ii) credit of Rs 2167.60 crore pertaining to re-assessment of levies, based on a recent pronouncement related to the manner of determination of such levies.
Bharti Airtel and Hughes Communications India (HCIL), a subsidiary of Hughes Network Systems, LLC (HUGHES), the global leader in broadband satellite networks and services, announced an agreement to combine their VSAT operations in India. The transaction is subject to approvals by relevant authorities. As per the agreement, Hughes will have majority ownership in the combined entity and Airtel will have a significant shareholding. The combined entity will benefit from enhanced scale, improved operational efficiencies and wider market reach. The combined entity will be well positioned to leverage the demand for secure connectivity in a rapidly growing digital economy. HCIL is the leading broadband satellite service operator in India. It provides a comprehensive range of broadband networking technologies, solutions, and services for businesses and governments. The combine identity will be able to introduce new VSAT and related technologies to deliver a wide range of quality products and service. The combined entity will continue to serve existing Hughes and Airtel customers.
Vedanta fell 2.07% to Rs 163.40. The company will declare January-March 2019 quarterly earnings today, 7 May 2019.
Marico spurted 5.59% to Rs 359 after consolidated net profit rose 121.31% to Rs 405 crore on 8.72% increase in net sales to Rs 1,609 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.
Astec Lifesciences tumbled 5.72% to Rs 496.10 after the company decided not to pursue merger with Godrej Agrovet. The announcement was made after market hours yesterday, 6 May 2019.
Shares of Godrej Agrovet rose 0.49% at Rs 518.10.
Astec Lifesciences said that its board reviewed the proposed amalgamation of the company with Godrej Agrovet and it has decided not to pursue the scheme of amalgamation further at this time, on the basis of its interaction with multiple stakeholders across the company and Godrej Agrovet.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.375, compared with its close of 69.40 during the previous trading session.
In the global commodities markets, Brent for July 2019 settlement was down 66 cents at $70.58 a barrel. The contract rose 39 cents, or 0.55% to settle at $71.24 a barrel during the previous trading session.
Overseas, European shares declined while Asian shares ended mixed Tuesday amid renewed tensions between the US and China after Washington said tariffs on Chinese goods will rise on Friday. Despite the threats and accusations, China said it was still sending its top trade negotiator to talks in Washington later this week. Sentiment remained fragile as traders waited for the next development in the trade negotiations.
On the data front, German industrial figures showed orders rose less than expected in March after two months of sharp decline, bringing little relief for Europe's largest economy.
US stocks finished lower Monday even in the wake of a dramatic comeback after President Donald Trump threatened over the weekend to increase tariffs on $200 billion of Chinese goods to 25% from 10%, raising fresh fears about a market-disruptive clash between the world's largest economies.
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