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  • End-Session - Detailed News
Sensex slides over 300 pts; Nifty closes below 11350
22-Jul-19   16:57 Hrs IST

The domestic equity market extended its decline to the third consecutive session, led by weakness in financial stocks. Continuous FPI outflow and weak cues from other Asian indices spoiled investors sentiment. Firmness in crude oil prices for second consecutive session also raised concerns of higher inflation and fiscal slippage.

The Sensex fell 305.88 points or 0.80% to settle at 38,031.13. The index fell 3.49 points, or 0.01% at the day's high of 38,333.52. The index fell 446.69 points, or 1.17% at the day's low of 37,890.32.

The Nifty 50 index fell 82.10 points or 0.72% to settle at 11,337.15. The index fell 21.10 points, or 0.18% at the day's high of 11,398.15. The index fell 118 points, or 1.03% at the day's low of 11,301.25.

The Nifty has fallen 3% in three sessions from its recent closing high of 11,687.50 on 17 July 2019.

The Nifty is trading way below its 100-day simple moving average (DMA) placed at 11,572.30. The other key level to watch for the Nifty is 11,127.19, which is 200-DMA.

The broader market tumbled. The S&P BSE Mid-Cap index fell 0.60%. The S&P BSE Small-Cap index fell 1.15%.

The market breadth was tilted in favour of sellers. On the BSE, 818 shares rose and 1707 shares fell. A total of 155 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Energy index (up 1.92%), the S&P BSE Metal index (up 1.89%) and the S&P BSE Oil & Gas index (up 1.07%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Finance index (down 2.28%), the S&P BSE FMCG index (down 1.43%) and the S&P BSE Bankex (down 1.42%) underperformed the S&P BSE Sensex.

Among blue chip stocks, Bajaj Finserv (down 5.24%), HDFC (down 5.09%), Bajaj Finance (down 2.21%) and ITC (down 1.49%) declined.

Metal shares advanced. Vedanta (up 3.85%), Steel Authority of India (up 3.7%), Jindal Steel & Power (up 3.21%), Hindalco Industries (up 3.19%), Hindustan Zinc (up 2.32%), JSW Steel (up 2.03%), Tata Steel (up 1.56%) and National Aluminium Company (up 0.11%) edged higher. NMDC (down 1.78%) and Hindustan Copper (down 2.08%) edged lower.

Index heavyweight Reliance Industries rose 2.52% to Rs 1280.50 after the company's consolidated net profit rose 6.8% to Rs 10,104 crore on a 21.9% surge in net sales to Rs 1,56,976 crore in Q1 July 2019 over Q1 July 2018. The announcement was made after market hours on Friday, 19 July 2019.

The company's telecom arm Reliance Jio reported profit for the seventh quarter in a row. For the June quarter, the firm reported a profit of Rs 891 crore, up 45.6% from year ago. There was strong momentum continuing in the subscriber additions with gross additions of 33.8 million and net addition of 24.5 million. Jio had 331.3 million subscribers as of Jun 2019.

The company entered into an agreement with Brookfield Infrastructure Partners L.P. and its affiliates for an investment of Rs 25,215 crore into Tower InvIT. Proceeds from the investment by Brookfield and long-term loans will be used to repay existing financial liabilities of Reliance Jio lnfratel Private Limited (RJIPL), including loans extended by Reliance.

Most private bank shares fell. Federal Bank (down 3.24%), City Union Bank (down 1.57%), IndusInd Bank (down 0.3%) and Axis Bank (down 0.27%), edged lower. ICICI Bank rose 0.39%.

HDFC Bank lost 3.32%. The bank reported 21.01% rise in net profit to Rs 5568.16 crore on 22.74% rise in total income to Rs 32361.84 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 20 July 2019.

The bank's provisions and contingencies jumped 60.41% to Rs 2,613.66 crore in Q1 June 2019 over Q1 June 2018. Gross non-performing assets (NPAs) stood at Rs 11,768.95 crore as on 30 June 2019 as against Rs 11,224.16 crore as on 31 March 2019 and Rs 9,538.62 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 1.40% as on 30 June 2019 as against 1.36% as on 31 March 2019 and 1.33% as on 30 June 2018. The ratio of net NPAs to net advances stood at 0.43% as on 30 June 2019 as against 0.39% as on 31 March 2019 and 0.41% as on 30 June 2018.

Net interest income (interest earned less interest expended) for the quarter ended 30 June 2019 grew by 22.9% to 13,294.3 crore from Rs 10,813.6 crore for the quarter ended 30 June 2018, driven by asset growth and a core net interest margin for the quarter of 4.3%.

HDFC Bank said that in commemoration of 25 years of the bank's operations, the board of directors of the bank has declared a special interim dividend of Rs 5 per share for the financial year 2019-2020. The announcement was made after market hours on Friday, 19 July 2019.

Kotak Mahindra Bank fell 3.08% ahead of its Q1 result today, 22 July 2019.

Yes Bank spurted 9.49% to Rs 91.15 on bargain hunting after a recent slide. Shares of Yes Bank plunged 19.87% in the past three trading sessions to settle at Rs 83.25 yesterday, 19 July 2019, from its close of Rs 103.90 on 16 July 2019. Recent slump was triggered by weak Q1 outcome.

RBL Bank shed 4.46%, extending Friday's 13.71% slump. The bank during market hours on Friday announced that its net profit increased 40.5% to Rs 267.05 crore on a 48.1% rise in total income to Rs 2,503.88 crore in Q1 June 2019 over Q1 June 2018. Gross NPA has increased from Rs 595.94 crore in Q1 June 2018 to Rs 789.21 crore in Q1 June 2019. Provision coverage ratio increased from 60.41% in Q1 June 2018 to 69.13% in Q1 June 2019.

Commenting on the performance Vishwavir Ahuja, MD & CEO, RBL Bank said The bank has had a good quarter of strong performance and has continued to maintain its growth momentum and improvement in operating metrics. However, given the difficult environment we do expect to face some challenges on some of our exposures in the near term. At the same time, given the strong momentum in our businesses, we do expect to maintain a healthy profitable growth over the coming quarters.

Axis Bank fell 0.27%. The bank announced on Saturday, 20 July 2019, that the board of the bank has approved raising of funds aggregating upto Rs 18,000 crore, through issue of equity shares/ depository receipts and/or any other instruments or securities representing either equity shares and/or convertible securities linked to equity shares including through qualified institutions placement (QIP)/ american depository receipts (ADRs)/ global depository receipts (GDRs) program, preferential allotment or such other permissible mode or combinations as may be considered appropriate, subject to shareholders' approval through postal ballot process, in relation to the above fund raising proposal.

Most public sector banks fell. Central Bank of India (down 2.63%), IDBI Bank (down 2.06%), Bank of Maharashtra (down 2.01%), Andhra Bank (down 1.8%), Indian Bank (down 1.76%), Syndicate Bank (down 1.73%), State Bank of India (down 1.46%), United Bank of India (down 0.71%), Punjab National Bank (down 0.55%), Canara Bank (down 0.45%), UCO Bank (down 0.28%) and Allahabad Bank (down 0.12%), edged lower. Bank of Baroda (up 0.25%), Bank of India (up 0.62%), Corporation Bank (up 0.99%) and Union Bank of India (up 1.22%), edged higher.

The Reserve Bank of India (RBI) governor held a meeting with the CEOs of the public sector banks and the chief executive of Indian Banks Association (IBA). The Governor acknowledged discernible improvements in the banking sector while underscoring that several challenges still remain to be addressed, particularly with regard to the stressed asset resolution and credit flows to needy sectors.

The Governor also pointed out that the level of transmission of monetary policy rates was less than desired. The chiefs of state-owned banks and the Governor also discussed ways to improve recovery efforts. Improving fraud risk management and deepening digital payments were some of the other key issues discussed.

The governor gave impetus to resolution of stressed assets facilitated by revised framework for resolution announced by the RBI on 7 June 2019. The governor discussed credit and deposit growth on the back of a slowing economy; flow of credit to needy sectors while following prudent lending, robust risk assessment and monitoring standards. The governor also discussed recent initiatives to address issues relating to NBFCs and the role banks can play in mitigating lingering concerns.

Glaxosmithkline Pharmaceuticals rose 0.78%. The company announced its Q1 June 2019 result during market hours today. On a consolidated basis, Glaxosmithkline Pharmaceuticals' net profit rose 35.03% to Rs 113.54 crore on a 8.64% rise in the total income to Rs 818.78 crore in Q4 March 2019 over Q4 March 2018.

L&T Technology Services fell 7.81%. The company during market hours today, 22 July 2019, announced that it has been selected as a strategic partner by United Technologies Corporation (UTC) for Collins Aerospace, a subsidiary of UTC.

Meanwhile, L&T Technology Services announced its Q1 June 2019 results after market hours on Friday, 19 July 2019. On a consolidated basis, L&T Technology Services' net profit rose 6.48% to Rs 203.9 crore on a 0.33% rise in the net sales to Rs 1347.5 crore in Q1 June 2019 over Q4 March 2019.

L&T Finance Holdings shed 2.17% after the company announced its Q1 June 2019 results after market hours on Friday, 19 July 2019. On a consolidated basis, L&T Finance Holdings' net profit rose 1.9% to Rs 548.79 crore on a 16.4% rise in the total income to Rs 3689.50 crore in Q1 June 2019 over Q1 June 2018.

ICICI Lombard General Insurance lost 3.01% after the company announced its Q1 June 2019 results after market hours on Friday, 19 July 2019. ICICI Lombard General Insurance's net profit rose 7.1% to Rs 309.81 crore on a 21.7% rise in the net sales to Rs 2244.89 crore in Q1 June 2019 over Q1 June 2018.

Mahindra CIE Automotive fell 5.42% after the company announced its Q1 June 2019 results after market hours on Friday, 19 July 2019. On a consolidated basis, Mahindra CIE Automotive's net profit fell 9.1% to Rs 126.22 crore on a 3% rise in the net sales to Rs 2141.99 crore in Q1 June 2019 over Q1 June 2018.

Hindustan Media Ventures rose 10.42% after the company announced Q1 June 2019 result during market hours today, 22 July 2019. Hindustan Media Ventures' net profit rose 200.53% to Rs 39.67 crore on a 2.14% rise in the total income to Rs 239.67 crore in Q1 June 2019 over Q1 June 2018. The company's other income jumped 168.60% to Rs 21.73 crore in Q1 June 2019 over Q1 June 2018.

Meanwhile, the southwest monsoon has further advanced into remaining parts of West Rajasthan and thus has covered the entire country on 19 July 2019, noted the IMD in a latest update. The monsoon trough at mean sea level passes through Ganganagar, Hissar, Agra, Banda, Sidhi, Daltonganj, Bhubaneshwar, then southeastwards towards Northwest Bay of Bengal. However, the IMD also noted that cumulative rainfall deficit compared to long period average rains stands at 16% for 1 June to 17 July period.

Total area covered under kharif sowing stands at 609 lakh hectares, down 7% compared to same period last year as on 19 July 2019, according to latest sowing data. Acreage under Rice has hit hard with the area tumbling 9.44% to 139.61 lh. Pulses acreage also crashed 16% to 62.19 lh. Acreage under coarse cereals is down 7.40% to 101.85 lh while oilseeds area is also down 7% to 110.54 lh. Sugarcane acreage is down 3.90% to 50.01 lh. Cotton is the only major crop showing a positive trend with the acreage up 3.94% to 96.35 lh.

In next 5 years, Rs 100 lakh crore will be invested towards development of infrastructure, stated Union Minister of Ministry of Information & Broadcasting Prakash Javadekar according to a latest update. He highlighted that the primary focus of the government has been towards farmers, soldiers, youth, labourers, businessmen, research, relation with neighboring countries, investment, infrastructure development, fight against corruption and social justice.

India's foreign exchange reserves declined by $1.11 billion to $428.80 billion in the week ended 12 July 2019. The foreign exchange reserves had stood at $429.91 a week ago. Within the foreign exchange reserves, the foreign currency assets eased to $399.70 billion in the week ended 12 July 2019 from $400.81 billion a week ago. The gold assets were flat at $24.30 billion from $24.30 billion a week ago. SDRs were flat at $1.45 billion in the week ended 12 July 2019. India's foreign exchange reserves increased by $15.93 billion over March 2019, while jumped $23.72 billion over a year ago level.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.98, compared with its close of 68.8025 during the previous trading session.

Oil prices advanced on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf. In the commodities market, Brent crude for September 2019 settlement rose $1.19 at $63.66 a barrel. The contract rose 54 cents or, 0.87% to settle at $62.47 a barrel in the previous trading session.

Overseas, European stocks were trading higher while Asian stocks ended lower on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve and heightened Middle East tensions. Iran said it seized a British-flagged oil tanker in the Strait of Hormuz last Friday, claiming that the vessel was violating international regulations.

Japanese Prime Minister Shinzo Abe's ruling coalition won a majority in the country's upper house of Parliament in elections on Sunday. That came as Japan remains embroiled in a trade dispute with South Korea.

US stocks closed lower Friday, 19 July 2019, following a report that said Federal Reserve officials would cut interest rates by a quarter percentage point at the end of the month.

Fed officials, based on recent public statements and interviews, signaled they were ready to cut rates by a quarter-percentage point at their July 30-31 meeting, but weren't prepared to make a half-point reduction. Expectations for a half-point lowering had been on the rise but fell back after the report.

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