Local stocks ended with modest losses led by slide index pivotals HDFC, Sun Pharmaceutical Industries and HDFC Bank. Intraday volatility was high. Shares of index heavyweight HDFC dropped. Global stocks were mixed.
The barometer index, the S&P BSE Sensex, fell 67.27 points or 0.19% to settle at 35,808.95. The index hit high of 36,022.57 and low of 35,510.97 in intraday trade.
The Nifty 50 index fell 21.65 points or 0.2% to settle at 10,724.40. The index hit high of 10,785.75 and low of 10,620.40 in intraday trade.
Domestic stocks edged lower in early trade on negative Asian stocks. Key indices extended fall in morning trade. Fresh selling in index pivotals dragged the key indices lower in mid-morning trade. Indices hit fresh intraday low in early afternoon trade. Key equity indices were trading near day's low in afternoon trade. Local stocks staged a strong recovery in mid-afternoon trade tracking positive opening in European stocks. Recovery continued in late trade.
The S&P BSE Mid-Cap index fell 1.18%. The S&P BSE Small-Cap index fell 0.83%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 922 shares rose and 1604 shares fell. A total of 135 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Metal index (down 2.32%), the S&P BSE Healthcare index (down 2.27%) and the S&P BSE Auto index (down 1.21%), underperformed the Sensex. The S&P BSE Power index (up 2.17%), the S&P BSE Oil & Gas index (up 1.44%) and the S&P BSE Telecom index (up 1.06%), outperformed the Sensex.
Sun Pharmaceutical Industries (down 3.94%), Tata Steel (down 3.12%), Vedanta (down 2.87%), Hero MotoCorp (down 2.75%) and Bajaj Finance (down 1.9%) edged lower from the Sensex pack.
NTPC (up 4.13%), Power Grid Corporation of India (up 3.12%), Reliance Industries (up 1.47%), L&T (up 1.31%) and Bharti Airtel (up 1.05%) edged higher from the Sensex pack.
Shares of index heavyweight HDFC dropped 1.36% to Rs 1,875.25
ONGC gained 2.27% to Rs 135.10. The company's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit. ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.
Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.
HCL Technologies (HCL) fell 0.33%. HCL announced a collaboration with IBM designed to help advance the hybrid cloud journeys of organizations worldwide. HCL announced new re-platforming and refactoring services to enable enterprises to build and migrate applications to IBM Cloud Private from within the company's HCL Cloud Native Labs. The services will be orchestrated and available from HCL's Cloud Native Labs in London, New York, and Noida, later this year. The announcement was made after market hours yesterday, 14 February 2018.
Siemens fell 2.64%. Siemens said it will transfer its leasehold interest in the property located at Halol, Gujarat to LM Wind Power Blades (India) for Rs 193.50 crore. The proposal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the company and the proposed assignee in this regard. The announcement was made after market hours yesterday, 14 February 2019.
Nestle India lost 0.28%. The company's net profit rose 9.6% to Rs 341.76 crore on 11.2% increase in net sales to Rs 2,878.83 crore in Q4 December 2018 over Q4 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Total sales increased by 11.2% while domestic sales grew 12% in the December quarter supported by volumes and was broad based, it said. Export sales remained flat due to lower exports to Bangladesh & United Arab Emirates.
Commenting on the results, Suresh Narayanan, chairman and managing director, Nestle India said that the firm has, once again, delivered volume led profitable growth. There was double digit growth in almost all the categories, supported by a step up in demand generating activities including on new products. Brands like Maggi, Nescafe, Kitkat, Munch and Everyday continued to deliver strong performances, he added.
Glenmark Pharmaceuticals fell 6.12% after consolidated net profit rose 11.08% to Rs 116.34 crore on 15.58% increase in net sales to Rs 2,509.78 crore in Q3 December 2018 over Q3 December 2017. Consolidated EBITDA was at Rs 434.68 crore in Q3 December 2018 as against Rs 322.69 crore in Q3 December 2017, an increase of 34.70%. The result was announced after market hours yesterday, 14 February 2019.
Meanwhile, Glenmark Pharmaceuticals announced that its board of directors has given an in-principle approval to spin off the innovation business into a new company in the US. Setting up of the new company will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialization.
Jet Airways (India) gained 2.99%. Jet Airways (India) reported net loss of Rs 587.77 crore in Q3 December 2018 compared with net profit of Rs 165.25 crore in Q3 December 2017. Net sales rose 1% to Rs 6,147.98 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Meanwhile, Jet Airways' board approved a Bank led Provisional Resolution Plan (BLPRP), proposing restructuring under the provisions of the RBI Circular in order to meet a funding gap of nearly Rs 8500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things.
The BLPRP will be presented for consideration of each of the consortium of lenders, the overseeing committee of the Indian bankers' association, the board of directors of Etihad Airways, and the promoter.
Overseas, European stocks were trading higher while Asian stocks edged lower on Friday as traders awaited the conclusion of U.S.-China talks in Beijing.
Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.
U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row. U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.
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