Key equity indices ended with modest losses on Friday as investors booked profits after the Narendra Modi government announced the allocation of the Cabinet portfolios. Sentiment was also impacted by negative global cues.
The barometer index, the S&P BSE Sensex, fell 117.77 points or 0.30% to 39,714.20, as per the provisional closing data. The Nifty 50 index fell 24.95 points or 0.21% to 11,920.95, as per the provisional closing data.
Indices opened higher and advanced further to hit fresh intraday high in morning trade. The Sensex crossed 40,000 and the Nifty breached 12,000. After hovering near day's high in mid-morning trade, benchmarks reversed trend in early afternoon trade. Indices hit fresh intraday low in afternoon trade. Barometers pared loses in late trade.
The BSE Mid-Cap index was rose 0.23%. The BSE Small-Cap index fell 0.65%.
The market breadth was weak. On BSE, 1024 shares rose and 1555 shares fell. A total of 158 shares were unchanged.
Yes Bank (down 4.4%), ITC (down 3.49%), Vedanta (down 2.26%), Mahindra & Mahindra (down 2.18%), Tata Motors (down 1.91%) and Hero MotoCorp (down 1.51%), were the major Sensex losers.
Asian Paints (up 2.47%), TCS (up 2.40%), HCL Technologies (up 1.56%), IndusInd Bank (up 1.16%), Bharti Airtel (up 0.56%) and Infosys (up 0.48%), were the major Sensex gainers.
Coal India was up 0.10%. The company's consolidated net profit jumped 362.47% to Rs 6024.23 crore on 6.32% rise in total income to Rs 30365.84 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.
ONGC rose 1.89%. The company's net profit dropped 31.62% to Rs 4044.60 crore on 4.71% rise in total income to Rs 29008.74 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 30 May 2019.
As per the allocation of portfolios of the Union Council of Ministers, Nirmala Sitharaman is appointed as the Minister of Finance; and Minister of Corporate Affairs. Raj Nath Singh becomes Minister of Defence. Amit Shah is appointed Minister of Home Affairs. Nitin Jairam Gadkari is Minister of Road Transport and Highways; and Minister of Micro, Small and Medium Enterprises. Ravi Shankar Prasad is named Minister of Law and Justice; Minister of Communications; and Minister of Electronics and Information Technology. Piyush Goyal is Minister of Railways; and Minister of Commerce and Industry. Smriti Zubin Irani is Minister of Women and Child Development; and Minister of Textiles.
The first meeting of the new Union Cabinet will reportedly take place later in the evening today. Prime Minister Narendra Modi along with his other Cabinet colleagues were sworn in by the President at a function yesterday at Rashtrapati Bhavan.
On the global front, trading in US index futures indicated that the Dow Jones Industrial Average could fall 293.50 points at the opening bell today, 31 May 2019. The move came after US President Donald Trump announced that fresh tariffs would be slapped on all Mexican goods starting from 10 June.
European stocks were trading lower as risk assets slipped after the Trump administration sparked new fears over global trade. Asian shares ended mixed Friday, as the ongoing trade fight between the US and China also continues to weigh on markets, following a recent escalation in rhetoric.
China's official manufacturing Purchasing Managers' Index (PMI) for May came in at 49.4. PMI readings above 50 indicate expansion, while those below that signal contraction.
US stocks ended higher on Thursday, but gains were capped as worries over the global economy and trade lingered. In economic news, the second read on first-quarter US GDP showed the economy expanded by 3.1% on an annualized basis.
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