Sensex, Nifty end lower after Cabinet ministers portfolio announcement

Closing bell

The shares gave up early gains to end slightly lower, after Prime Minister Narendra Modi surprised the markets by naming Nirmala Sitharaman as the next finance minister . Amit Shah, the new Home Minister, had been tipped as a possible candidate for the finance ministry in recent days.

Sitharaman will take over the finance ministry when there is pressure from industry for the government to provide some stimulus to halt a worrying slowdown in India's $2.7-trillion economy.

The broader NSE index closed 0.19 per cent lower at 11,922.80, while the benchmark BSE index was down 0.3 per cent at 39,714.20. The NSE index has gained 1.5 per cent in May, while the BSE index added 1.8% during the month. Both the indexes closed the week 0.7 per cent higher.

The top gainers in the Sensex pack were Asian Paints, TCS, HCL Technologies, ONGC and IndusIn Bank while the laggards were Yes Bank, ITC, Mahindra & Mahindra, Vedanta and NTPC.

In the 50-share NSE index Nifty, the stocks of Tech Mahindra, TCS, Asian Paints, Britannia and IOC were trading in the positive zone while the scrips rallying in red were Yes Bank, Grasim, Vedanta, ITC and Tata Motors

Yes Bank Ltd, the top loser by percentage, shed 4.7 per cent. - Reuters

Jet Airways stocks slump

The stocks of Jet Airways dropped 3.18 per cent to Rs 146.05 after the airlines, on Thursday, said it is not in a position to consider audited financial results for 2018-19. Once a storied full service carrier, Jet Airways temporarily suspended operations in April after running out of cash. The airline cited the ongoing bidding process undertaken by the domestic lenders for change in management and the resignation by members of the board, its key managerial personnel and other employees, as reasons for not considering the results. Read:Jet says it can’t declare FY19 results

European stocks

The European auto index slipped 2.2 per cent to hit a five-month low. File Photo

European shares sank to a more than three-month low on Friday, with carmakers taking the hardest hit after President Donald Trump opened a new front in global trade tensions by threatening tariffs on Mexican imports. In Europe, the continent-wide STOXX 600 fell 0.9 per cent, with Germany's DAX, which is traditionally vulnerable to trade risks, down 1.4 per cent to its lowest in two months. More on the European stock markets , read here

OMCs rejoice plunging oil prices

Indian oil marketing companies rose between 2.8 per cent and 3.8 per cent after oil prices declined overnight. The oil prices were on track for their biggest monthly fall since November after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Click here to read more on the stock activity of oil companies

Broker's call

Centrum Broking

Oil India (Buy)

CMP: ₹179.3

Target: ₹245

Oil India (OIL) reported a loss of ₹210 crore for the quarter, mainly driven by i) exceptional item of ₹1,030 crore relating to provision made for pension; ii) higher operating expenses; and iii) lower production volumes. Production during the quarter was impacted due to shutdown of 3-4 installations in Assam due to political disturbances. In FY19, O+G production at 6.2 mmtoe (-1.6 per cent y-o-y). Read our Broker's call on Oil India here

Kellton Tech posts 8% dip in Q4 revenue

Kellton Tech Solutions, a digital transformation solutions provider, has registered a Total revenue of ₹191 crore during the quarter ended March 31, as against ₹207.8 crore in the corresponding quarter last year, showing a decrease of 8 per cent.

The stock of Kellton Tech was trading lower by 0.86 per cent at Rs 34.65

Rupee sees high volatility

The rupee witnessed high volatility in the forex market on Friday following the allocation of key portfolios in the newly elected government. Following the portfolio announcement, the rupee pared its initial gains and slipped to 69.88 against dollar. More on the local currency report , read here

Sensex, Nifty in red

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks.

Market turned volatile as the government announced the portfolios for new cabinet ministers, traders said. Amit Shah has been named the new Home minister, Rajnath Singh the new Defence minister and Nirmala Sitharaman the new Finance minister. Here's the list of union ministers and their portfolios

The 30-share index was trading 189.97 points, or 0.48 per cent, lower at 39,642. In similar movement, the broader NSE Nifty was down 44.60 points, or 0.37 per cent, at 11,901.30.

Top losers in the Sensex pack include, Vedanta, Yes Bank, Tata Motors, ITC, M&M, NTPC, Kotak Bank, Tata Steel, Hero MotoCorp and SBI, falling up to 3 per cent. While, Asian Paints, TCS, Coal India, HCL Tech, IndusInd Bank and Infosys rose up to 2 per cent.

Former foreign secretary S Jaishankar has got the external affairs ministry while Smriti Irani will be the new women and child development minister along with retaining the textile ministry, according to a communique issued by the Rashtrapati Bhavan.

Prime Minister Narendra Modi will retain Department of Personnel and Training, Atomic Energy as well as all important policy issues and portfolios not allocated.

Modi was sworn in on Thursday as prime minister for a second term, helming a 58-member team of ministers, including him and BJP president Amit Shah who makes his debut in the Central government.

Besides volatility on account of allocation of portfolios, investors are also cautious ahead of March quarter GDP data, scheduled for release later in the day, traders said. On the currency front, the rupee appreciated marginally to 69.85 against the US dollar. - PTI

Jain Irrigation Systems slumps

Shares of irrigation equipment maker Jain Irrigation Systems Ltd fell as much as 11 per cent to ₹48.4; their biggest intraday loss in nearly 4 months. Its march-quarter consolidated profit fell 39 per cent, revenue fell to ₹2,583 crore ($370.30 mln) from ₹2,748 crore, the company reported on Thursday.

Nifty Call

The NSE co-location scam is all about market manipulation at the exchange

The market breadth of the Nifty index is currently biased towards declines. The India VIX has jumped 4.8 per cent to 16.35 levels. Witnessing selling pressure, the Nifty small cap index has slumped 1.3 per cent. The Nifty June month contract began the session with a gap-up open at 12,001. Click here to read our Nifty Call for June futures

Nirmala Sitharaman is now Finance Minister

Nirmala Sitharaman

Narendra Modi's new cabinet will have Nirmala Sitharaman as the Finance Minister. She will also be the Minister for Corporate Affairs. Anurag Thakur is appointed as the Minister of State for Finance and Corporate Affairs. Here's the list of all the Union Cabinet ministers and their portfolios

Sensex slumps 247 points

The 30-share BSE index Sensex slumped 247.46 points or 0.62 per cent to 39,584.51. Major banking stocks and industry heavyweights were rallying in red.

The top gainers were Asian Paints, TCS, HCL Technologies, Maruti and Infosys while the laggards were Vedanta, Yes Bank, Tata Motors, ITC and NTPC.

The broader index Nifty trading lower by 61.55 points or 0.52 per cent at 11,884.25. The major losers were Grasim, Yes Bank, Vedanta, Zee Entertainment, and Kotak Mahindra Bank while the gainers were Asian Paints, Tech Mahindra, IOC, Britannia and BPCL.

Asian Paints hits over 3-week high

Shares of Asian Paints Ltd gained as much as 3.55 per cent to ₹1,423.45, highest since May 7. The stock of Asian Paints were trading higher by 2.25 per cent at Rs 1,404.25. Click here to read more on the stock activity of Asian Paints

Modi 2.0: Union cabinet and portfolios

Amit Shah will be Home Minister and Nirmala Sitharaman to hold Finance and Corporate Affairs. Here's the list of all the Union cabinet ministers and their portfolios of the new Modi government.

Sensex slips to red

The 30-share BSE index Sensex, after breaching the 40,000 mark in the early trade, slipped 107.74 points or 0.27 per cent to 39,724.23 dragged by banking stocks.

The major losers were Vedanta, YES Bank, NTPC, Kotak Mahindra Bank and Tata Motors while the stocks in the positive zone were Asian Paints, TCS, HCL Technologies, Coal India and IndusInd Bank.

Sectorally, the power and metal stock indices were trading lower by over 1 per cent.

The NSE index Nifty also fell 24.20 points or 0.20 per cent to 11,921.70. The top gainers were Asian Paints, Tech Mahindra, Indian Oil Corporation, Britannia and BPCL while the laggards were Grasim, Yes Bank, Vedanta, Zee Entertainment and Kotak Mahindra Bank

US stock markets

US stocks showed signs of stabilizing on Thursday. File Photo

US stocks showed signs of stabilising on Thursday, but gains were kept in check by conflicting comments on trade talks from President Donald Trump and Beijing that reinforced concerns about a potentially lengthy battle harming global growth. The lack of clarity around the trade battle has rattled investors of late, after the S&P 500 had risen more than 17 per cent through the first four months of the year on optimism a trade deal between the two countries could be reached. Read more on the US stock markets here

NSE index may test resistance

National Stock Exchange building in Mumbai.

NSE index gained as much as 0.73 per cent and broke above a resistance at 11,971.23. The resistance at 11,971.23 was identified as the 38.2 per cent Fibonacci projection level of the uptrend from May 14 low to May 23 high. More on the NSE index's Wave pattern, read here

Gold and precious metals

Spot gold has risen 0.6 per cent so far this month.

Gold prices rose, heading towards their first monthly gain since January on increased safe-haven demand, after US President Donald Trump vowed to levy tariffs on all Mexican imports, ratcheting up concerns of a global economic slowdown. Spot gold was up 0.2 per cent at $1,290.68 per ounce at 0322 GMT. Click here to know more on the gold and other precious metals price

Oil marketers lead gains

The shares rose boosted by optimism from a newly formed cabinet with investors awaiting portfolio distribution due later in the day, while weak oil prices pushed up oil marketing companies.

Prime Minister Narendra Modi took oath of office on Thursday for his second innings along with his ministers, with several media reports suggesting that his key aide Amit shah is set to be the new finance minister. Modi is expected to announce his ministers' departments on Friday. Investors are also awaiting key gross domestic product data due later in the day.

The broader NSE index was up 0.68 per cent or 81.05 points at 12,026.95, while the benchmark BSE index rose 0.53 per cent or 249.98 points to 40,090.76.

“Market movement is more sentiment driven today. The contemplation around Amit Shah getting finance ministry is boosting market sentiment,” said Siddharth Sedani, equity advisory head at brokerage Anand Rathi. However, market participants are more concerned towards the continuity of direction of the government and policy, he added.

Oil marketing companies were among the biggest gainers after crude came under pressure on renewed trade conflicts and as US crude output returned to record levels.

Oil prices were on track for their biggest monthly fall since November after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Crude prices have also been under pressure from a smaller-than expected decline in US stockpiles.

Hindustan Petroleum Corp shares hit their highest since April 2018, rising 4.5 per cent. Bharat Petroleum Corp rose as much 3.5 per cent, touching their highest level since June 2018.

Among the gainers, shares in state-run Coal India Ltd rose as much as 4 per cent to their highest since Nov 2018 after posted a more than four-fold jump in quarterly profit, handily beating market estimates. - Reuters

Trump's tariff threat on Mexican goods

US President Donald Trump.

President Donald Trump, incensed by a surge of illegal immigrants across the southern border, vowed on Thursday to impose a tariff on all goods coming from Mexico, starting at 5 per cent and ratcheting higher until the flow of people ceases. Higher tariffs will start at 5 per cent on June 10 and increase monthly until reaching 25 per cent on October 1, unless Mexico takes immediate action. Click here to read more on Donald Trump's tariff threat on Mexican goods

Commodities market

Oil prices dropped 1.5 per cent to their lowest in nearly three months after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Crude prices have also been under pressure from a smaller-than expected decline in US stockpiles. Read more on the commodities market report here

Sensex jumps; Asian Paints emerges top gainer

The 30-share BSE index Sensex was trading higher by 218.66 points or 0.55 per cent at 40,056.59. Industry heavyweights TCS and Infosys cushioned the index.

The top gainers in the Sensex pack were Asian Paints, Coal India, TCS, HCL Technologies, and Maruti while the laggards were Vedanta, Tata Motors, Tata Steel, Yes Bank and ONGC.

Among the sectoral indices, the stocks of oil & gas and information technology were leading the positive pack, while the metal index was in the negative.

The 50-share NSE index Nifty was trading higher by 66.45 points or 0.56 per cent at 12,012.35.

The scrips leading the positive zone were Asian Paints, BPCL, IOC, TCS, and NTPC while the stocks of Vedanta, Zee Entertainment, Sun Pharma, JSW Steel and Mahindra & Mahindra were trading in red.

Rupee market

The rupee opened strong at 69.78 at the interbank forex market. File Photo

The rupee appreciated by 15 paise to 69.72 against the US dollar in opening trade, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. However, the currency market is expected to witness high volatility ahead of the release of key economic data later in the day. Click here to read the local currency market report

IDBI Bank loss narrows

IDBI Bank

IDBI Bank reported its 10th consecutive quarterly loss in the March 2019 quarter, even as the top management said it would turn profitable in the third quarter on the back of huge recoveries and monetisation of non-core assets. Read more on IDBI Bank's Q4 results here

The stocks of IDBI Bank were trading lower by 0.92 per cent at Rs 37.60.

Forex market

U.S. one hundred dollar bills and Mexican peso notes are arranged for a photograph at a currency exchange in Mexico City, Mexico, on Friday, Oct. 10, 2014. Mexican bond returns have bolstered by the peso, whose 0.4 percent gain last week is the biggest since the period ended Sept. 19, data compiled by Bloomberg show. Photographer: Susana Gonzalez/Bloomberg

The Mexican peso sank to three-month lows against the dollar early on Friday after Washington unexpectedly said it will slap tariffs on all goods coming from its southern neighbour. The Mexican peso tumbled 1.85% to 19.4942 per dollar after US President Donald Trump said on Thursday the United States will impose a 5% tariff on all goods coming from Mexico starting on June 10. More on the forex market report , read here

Sensex crosses 40,000 mark

The 30-share BSE index Sensex crossed the 40,000 mark in the early trade. Trading higher by 237.01 points or 0.60 per cent, Sensex is rallying at 40,068.98 points led by led by gains in banking and IT stocks amid positive domestic cues and strong foreign fund inflow.

Top gainers in the Sensex pack include Asian Paints, Coal India, TCS, ONGC, HCL Tech, L&T, Axis Bank, SBI and IndusInd Bank, rising up to 3 per cent. On the other hand, Yes Bank, Tata Motors, NTPC, Vedanta, M&M and RIL were the top losers, shedding up to 0.32 per cent.

The broader index Nifty breached the 12,000 mark and is trading at 12,023.95, higher by 78.05 points or 0.65 per cent.

The major gainers were BPCL, Coal India, Bharti Airtel, NTPC and Yes Bank while the laggards were ONGC, Eicher Motors, Sun Pharma, Mahindra & Mahindra and Infratel.

In the previous session on Thursday, the 30-share gauge ended 329.92 points, or 0.84 per cent, higher at 39,831.97 -- its fresh-closing high, while the broader NSE Nifty settled at a new closing peak of 11,945.90, gaining 84.80 points or 0.71 per cent.

“Indian markets seem to be defying gravity as they continue to rally. The positive sentiments are driven by investors conviction in current government’s ability to drive strong growth,” said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. The Indian market has significantly outperformed its emerging market peers in anticipation of positive election outcome and strong foreign flows and further moves are likely to be determined by policy initiatives, budget and RBI monetary policy, he added.

Investors are also awaiting March quarter GDP data, scheduled for release later in the day, traders said.

Meanwhile, foreign institutional investors (FIIs) bought equities worth Rs 1,664.74 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 1,122.60 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in China, Japan and Korea were trading on a mixed note in their respective early sessions. Benchmarks on Wall Street too ended in the green on Thursday.

On the currency front, the rupee appreciated 14 paise to 69.73 against the US dollar. Brent crude futures, the global benchmark, were trading 1.04 per cent lower at 64.65 per barrel. - With inputs from PTI

Asian markets

Asian shares slid at first but soon drew month-end bargain hunting having suffered a torrid few weeks. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent, though it was still down 7.3 per cent for the month. China's blue chip index added 0.7 per cent, partly on talk Beijing would now have to ramp up its stimulus measures. Read the Asian markets report here

Stocks in focus

Websol Energy on Thursday said that it has received a large order of Polycrystalline Modules for ₹117.18 crore from ATHA group. The order has to be executed by August 31, 2019, the company said. The order is under the Make in India programme of the Government of India, the company further said. Shareholders will closely monitor the execution of the order. Websol Energy had reported a net profit of ₹2.63 crore for FY17-18 and revenues of ₹183.27 crore.

Shares of Natco Pharma may remain in focus, as it has reached a settlement with Onyx Therapeutics, Inc on patent litigation related to generic versions of 10-mg, 30-mg and 60-mg of Kyprolis. Natco Pharma has partnered with Breckenridge Pharmaceutical Inc to market the product in the United States. Kyprolis is used to treat adult patients with multiple myeloma (cancer of plasma cells) who have had at least one previous treatment for this disease.

Jet Airways  on Thursday said it is not in a position to consider audited financial results for 2018-19. Once a storied full service carrier, Jet Airways temporarily suspended operations in April after running out of cash. The airline cited the ongoing bidding process undertaken by the domestic lenders for change in management and the resignation by members of the board, its key managerial personnel and other employees, as reasons for not considering the results.

Opening bell

The 30-share BSE index Sensex opened 166.94 points higher at 39,998.91 against the previous close of 39,831.97. The 50-share NSE index Nifty opened 45.9 points higher at 11,991.80 against the previous close of 11,945.90

Day Trading Guide

Today's Pick

We recommend a buy in the stock of Suven Life Sciences at the current levels of Rs 277.6. On Thursday, the stock gained 3.6 per cent, breaching a key medium-term resistance at ₹272. This rally provides buying opportunity for the investors with a short-term perspective. Read our stock recommendation and stock activity of Suven Life Sciences here

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