SENSEX
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11,575.95
-18.50-0.16%
23 April 2019, Tuesday  |  
 
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Market Commentary - End-Session  
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Indices settle near flat line
(16:54, 07 Feb 2019)

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled a tad lower while the Nifty 50 index registered minor gains. The Sensex ended a tad below 37,000 mark after opening above that level. Profit booking emerged after gains in the past five consecutive sessions. Intraday volatility zoomed after the central bank cut key interest rates and shifted its policy stance to neutral from calibrated tightening. Auto stocks rose after the Reserve Bank of India reduced the policy repo rate. Shares of Anil Dhirubhai Ambani group companies dropped.

The barometer index, the S&P BSE Sensex, fell 4.14 points or 0.01% to settle at 36,971.09. The index hit high of 37,172.18 and low of 36,898.80 in intraday trade.

The Nifty 50 index rose 6.95 points or 0.06% to settle at 11,069.40. The index hit high of 11,118.10 and low of 11,043.60 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.74%. The BSE Small-Cap index rose 0.81%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1406 shares rose and 1146 shares fell. A total of 168 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Telecom index (up 2.48%), the S&P BSE Healthcare index (up 1.47%), the S&P BSE Auto index (up 1.77%), outperformed the Sensex. The S&P BSE Energy index (down 0.77%), the S&P BSE Utilities index (down 0.88%), the S&P BSE Power index (down 0.46%) underperformed the Sensex.

Grasim Industries gained 2.9% after consolidated profit after tax surged 76% to Rs 958 crore on 22% rise in net revenue to Rs 18419 crore in Q3 December 2018 over Q3 December 2017. The result was announced during market hours today, 7 February 2019.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 11% to Rs 2958 crore in Q3 December 2018 over Q2 September 2018.

Grasim Industries said that the total capex plan of about Rs 7627 crore (at a standalone level) is under execution for raising capacities in both the VSF and chemical businesses. This capital expenditure will be incurred over FY19-FY21. It will be majorly funded by internal accruals.

Cipla rose 1.12%. Cipla before market hours today announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Tadalafil Tablets 20mg from the United States Food and Drug Administration (US FDA).

Cipla's Tadalafil Tablets 20mg is AB-rated generic therapeutic equivalent version of Eli Lilly & Co.'s Adcirca. It is a phosphodiesterase 5 (PDE5) inhibitor indicated for the treatment of pulmonary arterial hypertension (PAH) (WHO Group 1) to improve exercise ability. According to IQVIA (IMS Health), Adcirca and its generic equivalents had US sales of approximately $490M for the 12-month period ending November 2018. The product is available for shipping immediately.

Shares of interest rate sensitive automobile companies rose after the Reserve Bank of India reduced the policy repo rate by 25 basis points to 6.25%. Ashok Leyland (up 6.18%), Bajaj Auto (up 3.03%), Mahindra & Mahindra (M&M) (up 1.01%), Eicher Motors (up 3.35%), Hero MotoCorp (up 2.01%), TVS Motor Company (up 2.83%), Tata Motors (up 2.64%), Escorts (up 0.04%) and Maruti Suzuki India (up 1.3%) gained.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

GAIL (India) rose 0.1%. The company has offloaded the pipe laying contract from IL&FS due to poor project progress driven on account of acute financial crisis. The Bokaro -Durgapur section (124 kms) is now re-tendered and awarded to three different contractors to expedite construction efforts for hooking up supply network to the fertilizer, city gas distribution and other industrial consumers. The announcement was made after market hours yesterday, 6 February 2019.

Shares of Anil Dhirubhai Ambani group companies dropped. Reliance Infrastructure (down 28.05%), Reliance Power (down 21.96%), Reliance Capital (down 19.17%), Reliance Communications (down 5.29%), Reliance Naval and Engineering (down 5.35%) and Reliance Nippon Life Asset Management (down 1.89%) edged lower.

Vodafone Idea jumped 8.22%. On the consolidated basis, the company reported net loss of Rs 5004.60 crore in Q3 December 2018 as compared to net loss of Rs 1284.50 crore in Q3 December 2017. Total income rose 81.24% to Rs 12022.60 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 6 February 2019.

Shares of Chalet Hotels settled at Rs 290.40 on BSE, a premium of 3.71% over the initial public offer price of Rs 280. Th stock debuted at Rs 291 on BSE, a premium of 3.92% to the initial public offer (IPO) price of Rs 280. The stock hit a high of Rs 295.30 and low of Rs 250.15 during the day. On BSE, 9.45 lakh shares were traded on the counter.

The initial public offer (IPO) of Chalet Hotels received bids for 6.49 crore shares, as against 4.13 crore shares on offer, National Stock Exchange of India (NSE) website data showed. The issue was subscribed 1.57 times.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5% to 6.25% with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.5%.

The MPC also decided to change the monetary policy stance from calibrated tightening to neutral. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

On the economic front, the Union Cabinet chaired by the Prime Minister Narendra Modi has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through International Financial Services Centres Authority Bill, 2019. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat.

Overseas, most European stocks were trading lower Thursday, as market participants monitored the latest flurry of corporate results. Market focus is largely attuned to global trade developments, with officials from the world's two largest economies reportedly poised to meet for a fresh round of talks next week.

Stocks in Asia traded mixed on Thursday, while US-China trade hopes are up as negotiations are set to continue.

US stocks closed lower Wednesday, with the S&P 500 snapping a five-day winning streak, after President Donald Trump's State of the Union address offered few details on his economic agenda. The president, however, insisted China commit to real, structural economic reforms before a trade deal can be reached.

On the data front, US manufacturing productivity rose 1.3% in the fourth quarter, up from 1.1% growth in the third quarter, the Labor Department reported. The US trade deficit in November fell to $49.3 billion, below the October level of $55.5 billion in October.

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