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Sensex settles below 37,500
(10-May-2019  , 16:31 Hours IST)

Key equity benchmarks logged modest losses in highly volatile session of trade. The Sensex settled below 37,500 level. Domestic stocks registered losses for eight straight trading session.

Local stocks drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices extended gains soon after sinking in negative zone. Indices sharply pared gains in afternoon trade. Key indices hovered in positive zone in mid-afternoon trade amid volatility. Fresh selling pulled the market to day's low in negative zone.

The barometer index, the S&P BSE Sensex, fell 95.92 points or 0.26% at 37,462.99. The index hit high of 37,721.98 and low of 37,370.39 in intraday trade.

The Nifty 50 index fell 22.90 points or 0.2% at 11,278.90. The index hit high of 11,345.80 and low of 11,251.05 in intraday trade.

The S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index rose 0.21%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1212 shares rose and 1274 shares fell. A total of 166 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (down 1.54%), the S&P BSE IT index (down 1.13%) and the S&P BSE Oil & Gas index (down 0.98%), underperformed the Sensex. The S&P BSE Consumer Durables index (up 1.51%), the S&P BSE Telecom index (up 0.83%) and the S&P BSE Bankex (up 0.43%), outperformed the Sensex.

Tata Steel (down 6.1%), Yes Bank (down 3.7%), IndusInd Bank (down 2.44%), ONGC (down 1.74%) and Bajaj Finance (down 1.63%) edged lower from the Sensex pack.

Bharti Airtel (up 2.09%), ICICI Bank (up 0.88%), HDFC (up 0.81%), M&M (up 0.57%) and Axis Bank (up 0.25%) edged higher from the Sensex pack.

State Bank of India rose 2.94% after the bank reported net profit of Rs 838.40 crore in Q4 March 2019 compared with net loss of Rs 7718.17 crore in Q4 March 2018. Total income rose 10.57% to Rs 75670.50 crore in Q4 March 2019 over Q4 March 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 172750.36 crore as on 31 March 2019 as against Rs 187764.57 crore as on 31 December 2018 and Rs 223427.46 crore as on 31 March 2018. The ratio of gross NPAs to gross advances stood at 7.53% as on 31 March 2019 as against 8.71% as on 31 December 2018 and 10.91% as on 31 March 2018. The ratio of net NPAs to net advances stood at 3.01% as on 31 March 2019 as against 3.95% as on 31 December 2018 and 5.73% as on 31 March 2018.

The bank's provisions and contingencies fell 41.27% to Rs 16501.89 crore in Q4 March 2019 over Q4 March 2018. Of this, provisions for NPAs fell 28.01% to Rs 17335.84 crore in Q4 March 2019 over Q4 March 2018. Provision coverage ratio of the bank was at 78.73% as on 31 March 2019.

HCL Technologies fell 4.07% after consolidated net income fell 1.7% to Rs 2,568 crore on 1.9% increase in revenue to Rs 15,990 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours yesterday, 9 May 2019.

Consolidated EBITDA fell 1.4% to Rs 3,596 crore in Q4 March 2019 over Q3 December 2018. The company expects its 2019-20 revenues to grow between 14-16% in constant currency basis. Operating margin (EBIT) range is expected from 18.5% to 19.5%.

Larsen & Toubro shed 0.11% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.

Reliance Industries shed 0.37%. Reliance Industries said that its subsidiary, Reliance Brands (RBL), and C Banner International Holdings, a Hong Kong-listed company, signed a definitive agreement for Reliance Brands to acquire 100% shares of Hamleys Global Holdings, the owner of the Hamleys brand, from C Banner International, for a cash consideration of GBP 67.96 million. The announcement was made after market hours yesterday, 9 May 2019.

Founded in 1760, Hamleys has over 250 years of celebrated history of being the oldest and largest toy shop in the world. Globally, Hamleys has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys, and currently operates 88 stores across 29 cities. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry.

Tata Motors rose 0.11%. Jaguar Land Rover (UK), the company's wholly owned subsidiary reported retail sales of 39,185 vehicles in April 2019, down 13.3% compared to April 2018. The introduction of the all-electric Jaguar I-PACE and the sales ramp up of the new Range Rover Evoque continue to be encouraging, however, retail sales of other models were lower primarily reflecting the continuing weaker market conditions in China. The announcement was made during market hours today, 10 May 2019.

Mahanagar Gas dropped 5.2%. Mahanagar Gas' net profit rose 27.40% to Rs 133.46 crore on 23.09% increase in net sales to Rs 722.54 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 9 May 2019.

Voltas rose 1.13%. On a consolidated basis, Voltas' net profit fell 27.01% to Rs 141.74 crore on 1.50% increase in net sales to Rs 2,051.63 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 9 May 2019.

Welspun Corp rose 2.54% to Rs 143.55 after the company said its board will consider a share buyback proposal on 14 May 2019. The announcement was made after market hours yesterday, 9 May 2019.

In a separate announcement, Welspun Corp said that it has received additional pipe orders of 103 KMT, which will be serviced from India. Accordingly, the company's order book stands at 1,698 KMT valued at Rs 14900 crore after considering the above additions and the execution up to April 2019.

Overseas, Asian and European stocks drifted higher on Friday due to bargain hunting after recent steep fall. The US hiked duties on $200 billion of Chinese products Friday. Washington increased tariffs on Chinese goods from 10% to 25%. China immediately said it would retaliate, though did not specify how as yet.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing. Investors hope that the US administration could revoke the new tariff hike once a deal is reached.

In US economic data, the US trade deficit widened in March from February. In March, the trade deficit edged up 1.5% to $50 billion from a revised $49.3 billion in February, the government said Thursday.

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