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Budget News

  • Market rises for 3rd consecutive session
  • October 15,2019  15:41
  • Key benchmark indices ended with strong gains on Tuesday, tracking positive global sentiments triggered by China confirming phase-one trade deal with the US. Geng Shuang, spokesman of China's Foreign Ministry, reportedly said US statement on partial trade deal is accurate and there is no difference with the US on the trade agreement.

    Key barometers were upbeat throughout the day with metal, auto and banking stocks in demand.

    The barometer index, the BSE Sensex, rose 291.62 points or 0.76% to 38,506.09, as per the provisional closing data. The Nifty 50 index rose 87.15 points or 0.77% to 11,428.30, as per the provisional closing data.

    The market breadth favored the sellers. On the BSE, 1113 shares rose and 1354 shares fell. A total of 190 shares remain unchanged. In Nifty 50 index, the market breadth was strong with 41 stocks advancing and 9 stocks declining.

    The broader market was mixed. The S&P BSE Mid-Cap index was up 0.72%, but the S&P BSE Smallcap index was down 0.11%.

    The Nifty 50 index opened higher and crossed the 11,400 mark in mid-morning trade. The index touched the day's high of 11,460 in mid-afternoon trade. The Nifty trimmed gains in the last half hour of trade, but it still managed to close above its 100 day simple moving average placed at 11,408.22.

    The Nifty Metal index was up 1.55% to Rs 2396.75, rising for third straight trading session.

    Among metal stocks, Hindustan Copper (up 5.10%), Vedanta (up 3.79%), Jindal Steel & Power (up 3.47%), NMDC (up 3.21%), National Aluminium Company (up 2.60%), Steel Authority of India (up 2.60%), Tata Metaliks (up 2.53%), Hindalco Industries (up 1.91%), Tata Steel (up 1.49%) and Hindustan Zinc (up 0.29%) edged higher.

    The Nifty Auto index rose 2.18%, rising for third straight trading session. Among auto stocks. Eicher Motors (up 4.73%), TVS Motor Company (up 3.05%), Escorts (up 2.87%), Hero MotoCorp (up 2.62%), Mahindra & Mahindra (up 2.48%), Maruti Suzuki India (up 2.35%), Ashok Leyland (up 1.92%) and Bajaj Auto (up 1.75%) advanced.

    FMCG major Hindustan Unilever (HUL) gained 2.5%. On a consolidated basis reported 22.73% rise in net profit to Rs 1814 crore on a 5.2% increase in total income to Rs 10229 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 14 October 2019.

    Shares of IRCTC were down 2.46% at Rs 710.65 amid profit booking after a stellar debut yesterday, 14 October 2019. The stock was listed at Rs 644 on BSE, a premium of 101.25% to the IPO price of Rs 320. It closed at Rs 728.60 on BSE, a premium of 127.69% over the IPO price.

    Indiabulls Housing Finance lost 4.5%. The company announced after market hours yesterday, 14 October 2019, that it will consult Sebi about its eligibility to buyback shares given the regulations on the ideal capital structure.

    Adani Transmission surged 6.49%. The company has signed share purchase agreement with REC Transmission Projects Company on 14 October 2019 for acquisition of its entire stake in WRSS XXI (A) Transco (WRSSTL). WRSSTL Project consists of approximately 272 ckt kms of 765kV line and 3000 MVA transformation capacity. The announcement was made after market hours yesterday, 14 October 2019.

    GTPL Hathway fell 9.52% to Rs 77.5 after the company announced its result for Q2 September 2019 after trading hours yesterday, 14 October 2019. On a consolidated basis, the broadband service provider's net profit rose 97.2% to Rs 28.87 crore on a 94.9% increase in net sales to Rs 608.99 crore in Q2 September 2019 over Q2 September 2018.

    Delta Corp was down 0.44% to Rs 170 after the company reported weak Q2 earnings. On standalone basis, the company's net profit dropped 29.3% to Rs 44.92 crore in Q2 September 2019 as compared to Q2 September 2018. Net sales dropped 0.8% in Q2 September 2019 over Q2 September 2018.

    TV18 Broadcast was trading 0.46% lower after the company announced its Q2 September 2019 results during market hours today, 15 October 2019. On a consolidated basis, TV18 Broadcast's net profit rose 41.4% to Rs 23.60 crore on a 5.94% decline in revenue from operations to Rs 1127.13 crore in Q2 September 2019 over Q2 September 2018.

    Shares of Coal India were trading 0.5% higher at Rs 191.05. Government of lndia through Ministry of Coal has sold 1.28 crore shares of Coal India. The Government owned 69.26% in Coal india before the disposal. Post sale, the Government now owns 69.05% stake in Coal India.

    On the domestic front, the general consumer price index (CPI) inflation rose to 3.99% in September 2019, compared with 3.28% in August 2019. The corresponding provisional inflation rate for rural area was 3.24% and urban area 4.78% in September 2019 as against 2.25% and 4.49% in August 2019. The core CPI inflation eased to 3.99% in September 2019 compared with 4.20% in August 2019. The cumulative CPI inflation has declined to 3.27% in April-September FY2020 compared with 4.32% in April-September FY2019.

    The Reserve Bank of India (RBI) aims to achieve the medium-term target for CPI inflation of 4% within a band of +/-2%, while supporting growth. RBI on 4 October reduced repo rate by 25 basis points (bps) to 5.15%. It was the fifth straight rate cut from the RBI, resulting in an overall decline of 135 bps or 1.35 percentage point in the key lending rate. The next meeting of the MPC is scheduled during 3-5 December 2019.

    The Wholesale Price Index (WPI)-based inflation, base year 2011-12, dipped further down to 39-months low of 0.3% in September 2019 from 1.1% in August 2019. The WPI based inflation has been moderating consistently for last five straight months from 3.2% in April 2019. The data was unveiled during trading hours on Monday, 14 October 2019

    Overseas, European shares advanced. European Union negotiator Michel Barnier reportedly said a Brexit deal between the bloc and the U.K. is still possible this week.

    Asian markets ended mixed on Tuesday, following the previous day's rally, as new doubts emerged overnight about the US-China partial trade deal. China wants another round of talks before signing what U.S. President Donald Trump last week called a very substantial phase one deal between the two countries.

    As part of the phase one deal on Friday, the U.S. postponed a planned tariff increase on $250 billion in Chinese imports from 25% to 30%, originally set to take effect Tuesday, in exchange for Chinese promises to buy $40 to $50 billion in American agricultural products annually though that would be double the $24 billion China bought in 2017.

    U.S. Treasury Secretary Steven Mnuchin reportedly expects the mid-December round of tariffs to take effect if no deal is reached between the countries.

    US stocks edged lower on Monday as investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.

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