Firmness prevailed on the bourses in afternoon trade on sustained buying demand in index pivotals. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 248.82 points or 0.66% at 37,893.72. The Nifty 50 index was up 81.95 points or 0.72% at 11,437.70. Buying support emerged on bargain hunting after two sessions of losses.
Among secondary barometers, the BSE Mid-Cap index was up 0.41%. The BSE Small-Cap index was up 0.31%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1210 shares rose and 1295 shares fell. A total of 128 shares were unchanged.
Yes Bank (up 2.43%), Sun Pharmaceutical Industries (up 2.27%), Axis Bank (up 2.23%), Reliance Industries (up 2.02%) and Hindustan Unilever (up 1.41%) edged higher from the Sensex pack.
Adani Ports and Special Economic Zone (down 1.34%), Vedanta (down 1.13%), Hero MotoCorp (down 0.77%), NTPC (down 0.76%) and Bharti Airtel (down 0.6%) edged lower from the Sensex pack.
Tata Steel shed 0.18%. On a consolidated basis, Tata Steel reported 109.98% rise in profit after tax to Rs 1934 crore on 22.14% rise in turnover to Rs 37833 crore in Q1 June 2018 over Q1 June 2017. The Q1 June 2018 resul was announced after market hours yesterday, 13 August 2018.
Tata Steel India operations' EBITDA jumped by 75.2% to Rs 5118 crore in Q1 June 2018 over Q1 June 2017 on account of better realisations and improved operational efficiencies. EBITDA margin for the quarter was 31.2%.
Tata Steel European operations' EBITDA improved significantly by 42% QoQ to 183 million on account of higher selling price and better operational performance. Tata Steel South-East Asian operations' EBITDA increased by 15.3% QoQ to Rs 110 crore in Q1 June 2018 due to improved realisations and deliveries at NatSteel, partially offset by increase in input metallic cost.
T V Narendran, CEO & Managing Director said that Tata Steel delivered strong performance across all geographies on the back of strong steel demand and buoyant spreads. All verticals saw strong growth, with automotive and branded products segments now contributing to 19% and 33% of total volumes, respectively. Tata Steel Europe also saw stronger profitability with an improvement in spreads and operational performance.
On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 5.09% (provisional) for the month of July 2018 (over July 2017) as compared to 5.77% (provisional) for the previous month and 1.88% during the corresponding month of the previous year. The Ministry of Commerce & Industry unveiled the data during trading hours today, 14 August 2018.
The all-India general Consumer Price Index (CPI) inflation dipped to nine-month low of 4.17% in July 2018 (new base 2012=100), compared with 4.92% in June 2018. The CPI inflation figure for June 2018 is revised downwards to 4.9% from 5.0% reported earlier. The corresponding provisional inflation rate for rural area was 4.11% and urban area 4.32% in July 2018 as against 4.93% and 4.85% in June 2018. The data was announced after market hours yesterday, 13 August 2018.
Overseas, European stocks nudged higher on the strength of banking and basic resource sector stocks as investors appeared more sanguine over the nature of their exposure to the Turkish economy. A stronger-than-expected reading of 0.5% for second quarter GDP in Germany, the region's biggest economy, along with an upwardly revised reading of 0.4% for the first three months of the year from the Federal Statistics Office, added to the bullish sentiment.
Asian shares were mixed as tremors from the collapse of the Turkish lira ebbed a little. US stocks settled with small losses Monday, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors' appetite for riskier assets.
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