Markets: Markets end marginally lower amid mixed global cues

Benchmarks settle lower

Equity benchmarks Sensex and Nifty ended on a negative note after a volatile session on Thursday as weakness in banking and auto stocks weighed on investor sentiment amid mixed global cues.

The BSE Sensex settled 50.12 points, or 0.13 per cent, lower at 38,981.43. During the day, the index swung over 300 points, hitting an intra-day low of 38,882.99 and a high of 39,189.95.

In similar movement, the broader NSE Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75. It also saw an intra-day movement of 89.75 points.

In the Sensex pack, Tata Motors was the biggest loser, shedding 3.29 per cent, followed by ICICI Bank, IndusInd Bank, Infosys, HCL Tech, Axis Bank, TCS, HUL, Asian Paints, Sun Pharma, SBI, Tata Steel and NTPC, which dropped up to 3.23 per cent.

On the other hand, YES Bank was the top gainer, rebounding 3.45 per cent. PowerGrid, HDFC twins, Hero MotoCorp, Bajaj Auto, Bharti Airtel, Bajaj Finance, Kotak Bank, RIL, L&T, Vedanta, ITC, ONGC and Maruti too ended in the green, rising up to 1.88 per cent.

According to traders, market sentiment was choppy as investors took weak cues from global equities after the US Federal Reserve Wednesday decided to keep its benchmark interest rate unchanged amid mixed signals about the direction of the American economy.

Meanwhile, India’s manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, a monthly survey showed Thursday.

The Nikkei India Manufacturing Purchasing Managers’ Index declined from 52.6 in March to 51.8 in April, reflecting weakest improvement in business conditions since August 2018.

Elsewhere in Asia, Kospi and Hang Seng ended in the green, while other major bourses in China and Japan were shut. European equities started off on a mixed note.

The rupee, meanwhile, appreciated 10 paise to 69.45 against the US dollar intra-day. Global benchmark Brent crude was trading 1.25 per cent lower at $71.28 per barrel. -- PTI

Oil prices weighed down by record US output, inventories

Oil prices fell on Thursday, pulled down by record US crude production that led to a surge in inventories.

Brent crude oil futures were at $71.57 per barrel at 0837 GMT, 61 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.

US West Texas Intermediate crude futures were down 60 cents at $63.00 per barrel. Click here to read in full the oil markets report .

Firm data pushes euro higher; dollar resumes fall

The dollar resumed its decline on Thursday, shrugging off Fed Chair Jerome Powell's relatively confident comments on the US economy as survey figures suggested fears of a broadening economic weakness in Europe could be exaggerated.

The single currency popped a fifth of a per cent higher after German retail sales contracted by less than expected while a swathe of PMI surveys from Germany to Spain was broadly within expectations. Click here to read in full the global forex markets report .

Asian shares flatline after Fed's neutral message

Asian markets marked time on Thursday with two major centres - Japan and China - shut for holidays, while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations.

Australian shares slipped 0.7 per cent while New Zealand was up 1.2 per cent and South Korea's KOSPI index added 0.4 per cent. Click here to read in full the Asian share markets report .

European shares dip on Fed, growth worries; banks, autos advance

European shares retreated from near six-month highs.

European shares fell on Thursday as investors digested the implications of the US central bank's neutral message and mixed sets of manufacturing data from the region, while a lift in auto and bank stocks help curtail further losses. Click here to read in full the European markets report .

Benchmark indices weakly positive to flat

The benchmark indices, the BSE Sensex and the NSE Nifty, were weakly positive to flat in the afternoon session on Thursday. The Sensex was trading at 39,069, keeping gains of 37 points or 0.10 per cent firmer, while the Nifty was at 11,746, down 1 point.

The top gainers on the Sensex were YES Bank, Kotak Bank, Power Grid, Hero MotoCorp and Bharti Airtel, while the laggards were ICICI Bank, Tata Motors, Infosys, HCL Tech and IndusInd Bank.

Among the BSE sectoral indices, telecom sector shares held firm, recording gains of 2 per cent, while the IT, technology and consumer durables shares were the major losers.

Bajaj Auto April sales up 2% at 4,23,315 units

Bajaj Auto on Thursday reported 1.96 per cent rise in total sales at 4,23,315 units in April.

The company had sold 4,15,168 units in the same month a year ago, Bajaj Auto said in a statement. Total motorcycle sales during the month were 4.76 per cent up to 3,66,268 units from 3,49,617 units in the same month last year. Click here to read in full the report on Bajaj Auto April sales .

Nifty call: Tread with caution as the contract is choppy

A security guard stands behind a glass facade displaying the CNX Nifty logo at the National Stock Exchange (NSE) in Mumbai, India, on Monday, May 19, 2014. Indian stock-index futures rose and rupee forwards strengthened as benchmark gauges advanced to record highs last week after the main opposition alliance's biggest election win in 30 years. Photographer: Dhiraj Singh/Bloomberg

Nifty 50 May futures (11,775)

The benchmark indices -- the Sensex and the Nifty -- began the session in negative territory, but soon entered positive territory in the early hours of trading. However, the indices failed to sustain in positive territory and slipped into the negative.  Click here to read more on the Nifty call .

TVS Motor sales up 5% in April at 3,18,937 units

TVS Motor Company on Thursday posted five per cent rise in total sales at 3,18,937 units in April.

The company sold 3,04,795 units in the same month last year, TVS Motor said in a regulatory filing. Total two-wheeler sales during the month increased 4 per cent to 3,05,883 units as against 2,93,418 units in April 2018. Click here to read in full the report on TVS Motor sales in April .

Fed's inflation worries will pull yields down, says Scott Minerd

The Federal Reserve's concern about the lack of inflationary pressures in the U.S. economy is stoking speculation that it will cut interest rates, which could send short-dated Treasury yields to the lowest levels of 2019, according to Guggenheim Partners LLCs Scott Minerd. Click here to read in full the report on Fed's inflation concerns and the prospects for yields .

Wedding season, fall in prices boost gold demand 5% in Q1

India’s gold demand rose 5 per cent to 159 tonne during January to March period this year, on fall in prices that boosted jewellery sales during wedding season, a World Gold Council (WGC) report says. Click here to read in full the report on domestic gold demand during Jan-March .

Manufacturing growth hits 8-month low in April amid election uncertainty

The country’s manufacturing sector performance eased to an eight-month low in April as new business growth moderated, curbed by the elections and a challenging economic environment, a monthly survey showed on Thursday. Click here to read in full the PMI survey report on manufacturing sector growth .

Liabilities biggest hurdle to Jet Airways sale, says SBI

The top lender of ailing Jet Airways India Ltd said the burden of reversing the grounded carriers negative net worth before it can fly again is the biggest challenge for any potential investor. Click here to read in full the report on SBI's views on Jet's liabilities .

South, N-E States top poverty-busters league

It is a pecking order with a difference which challenges conventional wisdom and perceptions about the development of States.

In what may come as a surprise to many, the north-eastern States of Mizoram, Tripura and Meghalaya, along with the southern States of Tamil Nadu, Andhra Pradesh and Kerala, and Uttarakhand, are among the front-runners in poverty eradication. Click here to read in full the report on States topping the poverty-busters league .

Benchmark indices trade in a range

The Sensex and Nifty were trading marginally firmer on their previous close at mid-session on Thursday.

The 30-share benchmark was trading at 39,087, up 55 points or 0.14 per cent higher, while the Nifty was flat at 11,752.

The top gainers on the Sensex were YES Bank, which was up over 4 per cent, along with Power Grid, Bharti Airtel, Larsen & Toubro and HDFC Bank. The laggards were ICICI Bank, which was down over 2 per cent, HCL Tech, Tata Motors, Infosys and TCS.

Among the BSE sectoral indices, the telecom sector shares held gains of over 2 per cent and capital goods shares gained over 1 per cent. The IT and technology sector shares weighed on the index, with losses of 1.33 per cent and 0.96 per cent respectively.

Escorts falls as April sales disappoint

Agriculture machinery maker Escorts Ltd's shares fell as much as 7.7 per cent to Rs 681.8 - the lowest in nearly two months.

More than 13 crore shares traded, about 3/4ths their 30-day average of 18 crore shares.

The company's agri machinery unit sold 5,264 tractors in April, down from 6,168 a year ago.

The company’s shares are up 4.7 per cent YTD as of last close. - Reuters

DCM Shriram at near 2-month high

Shares of DCM Shriram Ltd rose up as much as 11.5 per cent, their biggest daily per cent gain since March 5.

The company posted a nearly six-fold jump in the March-quarter consolidated profit on Wednesday.

Around 3,66,664 shares changed hands, compared with the 30-day average of about 1,34,600 shares. The stock has posted its highest since March 6.

Up to Tuesday's close, the stock had risen 28.53 per cent this year. _ Reuters

Kajaria Ceramics rises

Shares of ceramics manufacturing company Kajaria Ceramics Ltd rose as much as 3.6 per cent to Rs 616.45, in their biggest intra-day per cent gain since March 29.

Jefferies has initiated coverage with “buy” rating and TP of Rs 730.

Kajaria has bounced up from its September 18 lows, aided by improving profit, Jefferies said. Click here to read in full the share price movement report of Kajaria Ceramics .

63 Moons Technologies rises after apex court ruling

63 Moons Technologies Ltd's shares rose 10 per cent to a two-week high on Thursday.

The Supreme Court set aside the company's merger with National Spot Exchange Ltd on Tuesday.

“We find that no reasonable body of persons properly instructed in law could possibly arrive at the conclusion that the impugned order has been made in public interest,” the court said according to a statement.

The company's stand that a merger would serve no purpose to stakeholders has been vindicated, the MD said in the statement.

Shares, which were up for a fourth straight session, have risen 26.8 per cent YTD as of last close.

TVS Motor skids  on Q4 performance

TVS Motor reported a 24 per cent increase in its bike exports at 5.46 lakh units and a 67 per cent growth in scooter shipments at 59,749 units

Shares of TVS Motor Co fell as much as 8.2 per cent to Rs 452, their biggest per cent loss since September 28, 2018.

The company posted a 19.3 per cent fall in the March-quarter consolidated profit on Tuesday, missing estimates of Rs 153 crore. Click here to read in full the share price movement report of TVS Motor Company .

Jet Airways falls to 10-year low

Debt-laden Jet Airways Ltd fell as much 17.6 per cent to Rs 126.4, its lowest since March 2009.

Bidders for Jet have not shown interest in following up their offers for the debt-laden airline, with a few days left to submit their final bids, a report said.

Three of the four qualified bidders - Etihad Airways, TPG Capital and Indigo Partners - have not signed non-disclosure agreements, which is necessary for conducting due diligence, the report said.

The Jet management has also been trying to tap the big business houses for investment, the report said.

Jet Airways, Etihad Airways, TPG Capital did not immediately respond to Reuters' requests for comments, while Indigo Partners were not immediately reachable for comment.

Around 5.1 million shares changes hands in early trade, compared with the 30-day average of about 19.8 million shares.

Up to Tuesday's close, the stock had fallen 44.7 per cent this year.

Sensex, Nifty hold steady

The Sensex and Nifty held steady in mid-morning trade on Thursday. The Sensex was quoted at 39,152, up 120 points or 0.31 per cent higher, while the Nifty gained 25 points or 0.22 per cent to quote at 11,774.

The top gainers on the 50-share benchmark Nifty were YES Bank, Infratel, Bharti Airtel, Power Grid and HDFC Bank, while the losers were ICICI Bank, TCS, Infosys, HCL Tech and Tata Motors.

Among the BSE sectoral indices, the telecom sector shares gained more than 2 per cent, while energy, industrials and capital goods held gains of less than 1 per cent. On the other hand, the IT, healthcare, technology and consumer durables shares were trading lower.

Dollar underpinned in Asia as Fed clips doves' wings

The dollar took a breather in Asia on Thursday after recovering from a brief spill overnight when markets were whipsawed by mixed messages on policy from the Federal Reserve.

Liquidity was lacking with both Japan and China on holiday and little in the way of major economic data in the diary. The break was welcome after a volatile session overnight. Click here to read in full the global forex market report .

Oil prices dip on record US output, but global market tense

Oil prices fell on Thursday, pulled down by record US crude production that led to a surge in stockpiles. Outside the United States, however, oil markets remained tense as exemptions to US sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply. Click here to read in full the oil markets report .

Asian shares trade sideways as investors await fresh cues

Asian markets marked time on Thursday with two major centres - Japan and China - shut for holidays while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations. Click here to read in full the Asian share markets report .

Rupee rises 9 paise to 69.47 vs $ in early trade

The rupee appreciated by 9 paise to 69.47 against the US dollar in early trade on Thursday, driven by weakening of the greenback in overseas markets and sustained foreign fund inflows. Click here to read in full the rupee report .

NSE co-location case ruling: Future course of action after holistic legal advice, says Vikram Limaye

National Stock Exchange chief Vikram Limaye, on Wednesday, said there is “light at the end of the tunnel” after the SEBI’s orders in co-location case, and all legal options will be explored before deciding the future course of action. Click here to read in full the report on NSE co-location case ruling .

At ₹ 1.13 lakh-cr, April GST mop-up on a new high

The new financial year has started on a good note for the government with collection from the Goods and Services Tax (GST) crossing ₹1.13 lakh crore — an all-time high — in April. This is the fifth time that the ₹1-lakh-crore mark has been breached since the introduction of the new indirect tax regime. Click here to read in full the report on GST mop-up in April .

Sensex, Nifty spurt into the green

The benchmark indices, the BSE Sensex and the NSE Nifty, made a quick recovery into positive territory after opening lower on Thursday. The Sensex was  at 39,078, up 46 points or 0.12 per cent higher, while the Nifty was at 11,767, up 19 points or 0.16 per cent higher.

The top gainers on the Sensex were YES Bank, Bharti Airtel, Hero MotoCorp, M&M and Bajaj Finance, while the laggards were Tata Motors, Infosys, ICICI Bank, HCL Tech and NTPC.

According to reports, the Sensex started on a weak note, tracking negative cues from global equities after the US Federal Reserve kept its benchmark interest rate unchanged.

In the previous session on Tuesday, the BSE bourse closed with a 0.09 per cent or 35.78 points loss at 39,031.55, while the NSE Nifty ended 0.06 per cent or 6.50 points lower at 11,748.15.

According to the report, market sentiment was choppy as investors took weak cues from global equities after the US Federal Reserve kept its benchmark interest rate unchanged amid mixed signals about the direction of the US economy.

On Wall Street, the S&P 500 index and the Nasdaq ended in the red on Wednesday.

Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading on a mixed note in early trade.

Brent crude futures, the global oil benchmark, were trading 0.28 per cent lower at USD 71.98 per barrel.

On the currency front, the rupee was trading flat at 69.57 against the US dollar in early trade.

Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 114.59 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 730.02 crore, provisional data available with stock exchanges showed. (with inputs from PTI)

SAT sets aside NSE ban on trading by OPG Securities

The Securities Appellate Tribunal (SAT) has set aside an order by the National Stock Exchange (NSE) against OPG Securities. The NSE had banned the Delhi-based OPG Securities from trading on its platform in all segments for six months in September, 2017. OPG Securities had allegedly got unfair access to NSE trading systems. Click here to read in full the report on SAT sets aside NSE ban on trading by OPG Securities .

Netherlands got $12.8-b Indian FDI in 2017, 2nd biggest after Singapore

The Netherlands has emerged as the third largest foreign direct investor in India during 2017-18, with investments pegged at about $2.67 billion across sectors. Click here to read in full the report on the growing Indian FDI in the Netherlands .

Opening bell

The Sensex and Nifty were trading in negative territory early in the session on Thursday. The Sensex was quoted at 38,903, down 27 points, while the Nifty was at 11,707, down 40 points or 0.35 per cent lower.

The markets were shut for a public holiday on Wednesday. The Sensex closed at 39,031 on Tuesday, while the Nifty ended at 11,748.

Ruchi Soya: Patanjali gets time till May 7 for resolution plan

Patanjali Ayurved has sought more time from the National Company Law Tribunal to file a detailed resolution plan for edible oil firm Ruchi Soya, which it has agreed to take over for Rs 4,325 crore. Click here to read in full the report on Patanjali gets more time for Ruchi Soya resolution plan .

Today's Pick: JSW Steel (₹307.9): Buy

JSW_STEEL

Investors with a short-term view can buy the stock of JSW Steel at current levels. The stock gained 4.7 per cent accompanied by extraordinary volume on Tuesday, breaking above a key resistance at ₹298 which was limiting the upside for the past two months. Following a medium-term downtrend, the stock found support at ₹257 in February this year. It subsequently changed direction and started to trend upwards till the key resistance at ₹298 capped the rally in early March. Click here to read in full the Today's Pick on JSW Steel .

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