Shares end lower in volatile session

Key equity indices ended the volatile trading session lower amid lack of any fresh triggers to support buying. The barometer index, the S&P BSE Sensex, fell 50.12 points or 0.13% to 38,981.43, as per the provisional closing data. The Nifty 50 index fell 23.40 points or 0.20% to 11,724.75, as per the provisional closing data.

Indices opened lower, but bounced back in morning trade. After some range bound trading in mid-morning trade, the indices sharply pared gains in early afternoon trade. Benchmarks firmed up once again in mid-afternoon trade. Indices tumbled to day's low in late trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.61%. The BSE Small-Cap index fell 0.21%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1051 shares rose and 1448 shares fell. A total of 159 shares were unchanged.

Selling in IT shares put pressure on bourses. Infosys (down 2.56%), Oracle Financial Services Software (down 2.19%), Hexaware Technologies (down 1.98%), HCL Technologies (down 1.97%), TCS (down 1.78%), Wipro (down 1.54%), Persistent Systems (down 1.28%) and MindTree (down 0.08%), edged lower. Tech Mahindra (up 0.04%) and MphasiS (up 1.74%), edged higher.

Bajaj Auto rose 1.46%. The company reported 2% rise in total sales to 4.23 lakh units in April 2019 over April 2018. The announcement was made during trading hours today, 2 May 2019.

TVS Motor Company fell 2.41%. The company's net profit fell 19.19% to Rs 133.83 crore on 9.23% rise in total income to Rs 4387.60 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Tuesday, 30 April 2019.

Maruti Suzuki India rose 0.02%. Maruti Suzuki India said that its total sales fell 17.2% to 1.43 lakh units in April 2019 over April 2018. The announcement was made on 1 May 2019, when the stock markets remained closed for a local holiday.

Ambuja Cements fell 0.05% after consolidated net profit rose 27.08% to Rs 495.44 crore on 8.37% rise in total income to Rs 7097.82 crore in Q1 March 2019 over Q1 March 2018. The result was announced after market hours on Tuesday, 30 April 2019. Stock markets remained closed on 1 May 2019 for a local holiday.

Ambuja Cements' cement sales volumes increased to 13.87 million tonnes in Q1 March 2019 from 13.33 million tonnes in Q1 March 2018.

In its outlook, Ambuja Cements said that the government's thrust and higher outlays on infrastructure and affordable housing apart from reduction in rates for under-construction flats should further accelerate construction activity and spur cement demand.

Lupin rose 0.56%. Natco Pharma fell 1.74%. Lupin in alliance with Natco Pharma (Natco) announced that it has received approval for Bosentan Tablets, 62.5 mg and 125 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Actelion Pharmaceuticals Limited's Tracleer Tablets, 62.5 mg and 125 mg. The announcement was made after market hours on Tuesday, 30 April 2019. Stock markets remained closed on 1 May 2019 for a local holiday.

On the economic front, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) declined from 52.6 in March to 51.8 in April. A print above 50 means expansion while a score below indicates contraction.

The combined Index of Eight Core Industries stood at 145.0 in March 2019, which was 4.7% higher as compared to the index of March 2018 - recording its best performance in five months. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Meanwhile, the total gross GST revenue collected in the month of April 2019 is Rs 1,13,865 crore. The revenue in April 2018 was Rs 1,03,459 crore and the revenue during April 2019 is a growth of 10.05% over the revenue in the same month last year. The revenue in April 2019 is 16.05% higher than the monthly average of GST revenue in FY 2018-19 (Rs 98,114 crore). The total number of GSTR 3B Returns filed for the month of March up to 30th April 2019 is 72.13 lakh.

Overseas, most European stocks were trading lower as investors were disappointed by earnings and as mining shares fell on the stronger US dollar. Asian shares ended mixed on Thursday with two major centres - Japan and China - shut for holidays. Trading in Japan will resume next Tuesday while China will be back in action on Monday.

US stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell acknowledged a slowdown in business and household spending, but described low inflation as "transitory" and denied there was a "strong case" to expect an interest-rate cut in the near term.

The US Federal Reserve on Wednesday kept its benchmark interest rate in a range of 2.25% to 2.5%. Senior officials sounded more upbeat about the economy after a slow start in early 2019 and pointed to a recent decline in inflation as reasons to stand pat.

On the US-China trade front, a trade deal between the two economic powerhouses could reportedly be announced by next Friday.

Among the US economic data, payroll firm ADP released its estimate of private-sector job growth in April, showing the US economy added 275,000 new jobs. Markit's manufacturing purchasing managers index for April came in at 52.6, a slight uptick from the near two-year low seen last month. The more closely watched Institute for Supply Management manufacturing index came in at 52.8%, below the March reading of 55.3%. The Commerce Department said construction spending fell by 0.9% in March, compared with February.

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