The Sensex and the Nifty ended with tiny losses after a volatile trading session. The barometer index, the S&P BSE Sensex, fell 35.78 points or 0.09% to 39,031.55, as per the provisional closing data. The Nifty 50 index fell 6.50 points or 0.06% to 11,748.15, as per the provisional closing data. The Sensex closed above 39,000 mark and the Nifty closed above 11,700 mark after falling steeply below these levels in morning trade.
Key indices opened lower and extended losses as the session progressed. After hitting an intraday low in morning trade, key indices pared losses in mid-morning trade. The market traded in a narrow band in mid-afternoon trade. Indices sharply cut losses in late trade.
The undertone of the market was fragile amid negative global cues. Investors were also cautious ahead of the US Federal Reserve meeting this week. US Fed officials will meet on 30 April and 1 May 2019. Fed board chairman Jerome Powell will hold a press conference on 1 May 2019.
Domestic financial market will remain closed on Wednesday, 1 May 2019, on account of Maharashtra Day.
Broader market tumbled. Among secondary barometers, the BSE Mid-Cap index fell 1.16%. The BSE Small-Cap index fell 1.27%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 730 shares rose and 1788 shares fell. A total of 168 shares were unchanged.
IndusInd Bank (down 4.84%), Maruti Suzuki India (down 2.51%), Power Grid Corpoation of India (down 2.25%), Mahindra & Mahindra (down 1.92%) and Bajaj Auto (down 1.87%), were the major Sensex losers.
HCL Technologies (up 4.24%), Tata Steel (up 2.25%), Infosys (up 1.97%), HDFC Bank (up 1.71%), Coal India (up 1.06%) and Axis Bank (up 0.99%), were the major Sensex gainers.
Yes Bank slumped 28.66% to Rs 169.35 after the bank reported net loss of Rs 1506.64 crore in Q4 March 2019 as compared with net profit of Rs 1179.44 crore in Q4 March 2018. The result was announced after market hours on Friday, 26 April 2019. Domestic stock markets were closed on Monday, 29 April 2019, on account of General Elections (Lok Sabha).
Yes Bank's total income rose 17.09% to Rs 8388.23 crore in Q4 March 2019 over Q4 March 2018. Net Provisions jumped 816.2% to Rs 3662 crore in Q4 March 2019 over Q4 March 2018.
Ravneet Gill, managing director and CEO of YES Bank said the bank's robust Transaction Banking, Retail and Digital platforms will allow it to accelerate granularity of businesses.
Hero MotoCorp lost 3.59% to Rs 2,510.60 after net profit fell 24.51% to Rs 730.32 crore on 7.8% fall in total income to Rs 8049.18 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 26 April 2019. Domestic stock markets were closed on Monday, 29 April 2019, on account of General Elections (Lok Sabha).
Hero MotoCorp's earnings before interest, tax, depreciation, & amortization (EBIDTA) stood at Rs 1069 crore reflecting 13.6% EBIDTA margin in Q4 March 2019. The Q4 March 2019 was a difficult period that saw the two-wheeler industry contract significantly in the face of external factors.
Dr. Pawan Munjal, Chairman, Hero MotoCorp, said, the company forayed into two new product segments the premium motorcycle space with Xtreme 200R and the 125cc scooter category with Destini 125. The company is aiming for aggressive market share gains in these categories.
Overseas, European shares fell on Tuesday weighed by a decline by banks and weak China factory data. Most Asian shares ended lower as China's manufacturing sector grew slower than expected in April, according to data released on Tuesday. Meanwhile, trade negotiations between the US and China are set to resume in Beijing later in the day.
The Caixin/Markit factory Purchasing Managers' Index for April was 50.2. The reading for March was 50.8. The private PMI survey came after China's National Bureau of Statistics released official manufacturing PMI for April, which came in at 50.1. PMI readings above 50 indicate expansion, while those below that signal contraction.
In US, all three major stock indices ended higher on Monday as the latest data showed softer core inflation in March while consumer spending jumped.
US consumer spending rose 0.9% in March from the prior month after a 0.1% February increase, according to a Commerce Department report Monday. The closely followed core PCE inflation was flat in March, knocking the yearly rate down to 1.6% from 1.7%. Personal incomes, meanwhile, increased 0.1% in March.
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