News End-Session

Broader market declines in volatile trade
02-May-18   16:44 Hrs IST

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled a tad higher while the Nifty 50 index logged small losses. The barometer index, the S&P BSE Sensex, rose 16.06 points or 0.05% at 35,176.42. The Nifty 50 index fell 21.30 points or 0.20% at 10,718.05. Intraday volatility was high as investors were cautious ahead of the US Federal Reserve policy announcement scheduled later in the day.

Overseas, European markets were trading higher as investors kept their focus on earnings. Most Asian stocks fell as investors await the Fed's view on interest rates, inflation, and the economy. The US Federal Reserve began a two-day meeting yesterday, 1 May 2018. The central bank is reportedly likely to hold interest rates steady but will likely further encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.

The Fed raised its benchmark overnight lending rate at its March 20-21 meeting by a quarter percentage point to a target range of between 1.50% and 1.75%. It currently forecasts another two rate rises this year, although an increasing number of policymakers see three as possible. The Fed's next policy meeting is scheduled for 12-13 June.

Meanwhile, US President Donald Trump late Monday gave top allies - the European Union, Canada and Mexico - an extension to the tariff exemption to allow more time negotiate a new pact to avoid the levies. The tariffs of 25% on steel and 10% aluminum- already in effect against China, Russia, Japan and others - were slated to come into effect on 1 May 2018, but have now been pushed back to 1 June 2018.

US stocks closed mostly higher yesterday, 1 May 2018 as a sharp rally in technology stocks helped the S&P 500 and the Nasdaq shake off an early decline. However, the Dow fell for a third straight session as caution remained high ahead of the conclusion of a Federal Reserve policy meeting and fresh developments in global trade.

Back home, the Sensex rose 16.06 points or 0.05% to settle at 35,176.42, its highest closing level since 1 February 2018. The index rose 196.79 points, or 0.56% at the day's high of 35,357.15. The index fell 87.94 points, or 0.25% at the day's low of 35,072.42.

The Nifty 50 index fell 21.30 points or 0.20% to settle at 10,718.05, its lowest closing level since 27 April 2018. The index rose 45.30 points, or 0.42% at the day's high of 10,784.65. The index fell 49.55 points, or 0.46% at the day's low of 10,689.80.

The S&P BSE Mid-Cap index fell 1.17%. The S&P BSE Small-Cap index fell 1.15%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,779 shares fell and 919 shares rose. A total of 121 shares were unchanged. Breadth was strong in early trade. It turned negative from positive in morning trade. It turned weak in mid-afternoon trade.

Among the sectoral indices on BSE, the S&P BSE Metal index (down 3.4%), the S&P BSE Basic Materials index (down 2.11%), the S&P BSE Realty index (down 1.75%), the S&P BSE Consumer Durables index (down 1.33%), the S&P BSE Utilities index (down 1.31%), the S&P BSE IT index (down 1.17%), the S&P BSE Auto index (down 1.09%), the S&P BSE Power index (down 1.09%), the S&P BSE Healthcare index (down 0.97%), the S&P BSE Teck index (down 0.94%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.84%), the S&P BSE Industrials index (down 0.74%), the S&P BSE Oil & Gas index (down 0.55%), the S&P BSE Telecom index (down 0.45%), the S&P BSE FMCG index (down 0.15%), the S&P BSE Capital Goods index (down 0.14%), the S&P BSE Bankex (down 0.13%) and the S&P BSE Finance index (up 0.01%), underperformed the Sensex. The S&P BSE Energy index was up 0.19%, outperforming the Sensex.

Hindustan Zinc dropped 5.79% after net profit declined 18.06% to Rs 2505 crore on 0.35% rise in net sales to Rs 6277 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours on Monday, 30 April 2018.

Net profit rose 11.54% to Rs 9276 crore on 27.85% rise in net sales to Rs 22084 crore in the year ended March 2018 over the year ended March 2017.

Mined metal production in the quarter was 18% lower to 255 kilotonnes year-on-year, hurt by a decline in overall ore grades due to transition from open cast to underground mining, the company said.

Private sector banks were mixed. Kotak Mahindra Bank (up 3.87%), HDFC Bank (up 1.32%), Axis Bank (up 1.04%) and Federal Bank (up 0.56%), edged higher. City Union Bank (down 0.43%), IndusInd Bank (down 1.7%), RBL Bank (down 1.75%), Yes Bank (down 2.15%) and ICICI Bank (down 2.58%), edged lower.

Public sector banks fell across the board. Indian Bank (down 4.45%), Andhra Bank (down 4.03%), Vijaya Bank (down 3.77%), Union Bank of India (down 3.66%), Canara Bank (down 3.46%), Bank of Baroda (down 3.09%), Punjab National Bank (down 2.52%), Bank of India (down 2.45%), Syndicate Bank (down 2.45%), Allahabad Bank (down 2.34%), State Bank of India (down 2.29%), UCO Bank (down 2.03%), IDBI Bank (down 1.97%), Dena Bank (down 1.54%), Bank of Maharashtra (down 1.43%), Corporation Bank (down 1.33%), United Bank of India (down 1.08%) and Central Bank of India (down 0.5%),

Auto stocks fell after declaring sales figures for April 2018. Two-wheeler major Hero MotoCorp lost 1.91%. The company's profit after tax rose 34.78% to Rs 967.40 crore on 23.7% rise in revenue from operations (net of excise duty) to Rs 8564.04 crore in Q4 March 2018 over Q4 March 2017. The Q4 March 2018 EBIDTA margin stood at 16%. The result was announced during market hours today, 2 May 2018.

Pawan Munjal, Chairman, Managing Director & Chief Executive Officer, Hero MotoCorp said Hero MotoCorp has made an investment of Rs 201 crore in Ather Energy to acquire about 30% equity. Ather will soon start retailing its smart electric scooter S340.

TVS Motor Company dropped 4.52%. The company registered a sales growth of 24% to 304,795 units in April 2018 over April 2017. The announcement was made on 1 May 2018.

Bajaj Auto rose 0.31% after the company said its total sales rose 26% to 4.15 lakh units in April 2018 over April 2017. The announcement was made before trading hours today, 2 May 2018.

Maruti Suzuki India shed 0.79%. The company reported a 14.4% increase in total sales at 1,72,986 units in April 2018 against 1,51,215 units in April 2017. The company's domestic sales stood at 1,64,978 units, up 14.2% from 1,44,492 units in April last year, the company said in a statement. The announcement was made on 1 May 2018.

Tata Motors fell 1.23%. The company registered a growth of 86% at 53,511 units in April 2018 as against 28,844 units in April 2017 due to the continued strong sales performance of its commercial and passenger vehicles business in the domestic market. The announcement was made on 1 May 2018.

Mahindra & Mahindra (M&M) declined 1.34%. The company reported a 22% growth in its auto sales at 48,097 vehicles in in April 2018 against 39,417 vehicles during April 2017. The announcement was made on 1 May 2018.

In a separate announcement on 1 May 2018, M&M said it will acquire up to 10% equity in Canada's Resson Aerospace Corp for about Rs 34.50 crore. The consideration would be paid in cash.

Eicher Motors dropped 2.36%. The company said its motorcycles sales jumped 27% at 76,187 units in April 2018 over April 2017. The announcement was made on 1 May 2018.

Tractor manufacturer Escorts fell 1.80%. The company's total sales rose 26.3% to 6,186 units in April 2018 over April 2017. The announcement was made on 1 May 2018.

Ashok Leyland fell 1.82%. The Chennai-based commercial vehicles maker reported 79% jump in total sales at 12,677 units in April 2018 over April 2017. Sales of medium and heavy commercial vehicles zoomed by 98% at 8,968 units in April 2018. Light commercial vehicles sales were at 3,709 units last month as against 2,558 units in April last year, a growth of 45%. The announcement was made during trading hours today, 2 May 2018.

On the macro front, factory growth in India accelerated in April on strong domestic demand and output, a business survey showed today, 2 May 2018 while price pressures were subdued in a comforting sign for the central bank as it seeks to temper inflation without hurting the economy. The Nikkei Manufacturing Purchasing Managers' Index (PMI) rose to 51.6 in April from 51 in March.

The production of eight core industries, comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP), increased 4.1% in March 2018 over March 2017. Its cumulative output improved 4.2% in April-March 2017-18. The data was released yesterday, 1 May 2018.

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