Key equity indices further extended losses and hit fresh intraday low in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 347.77 points or 0.89% at 38,792.51. The Nifty 50 index was down 124.05 points or 1.06% at 11,628.75. Rise in crude oil prices weighed on the sentiment.
Domestic stocks drifted lower in early trade as trading resumed after a long weekend. Stock markets were shut on Friday, 19 April 2019, on account of Good Friday. Key indices cut losses in morning trade after an initial slide triggered by rise in crude oil prices. Crude oil prices rose to the highest in almost six months as the US government reportedly said it won't renew waivers to allow buyers to buy Iranian crude. Stocks hovered in negative zone in mid-morning trade and further drifted lower in afternoon trade.
The S&P BSE Mid-Cap index was down 1.04%. The S&P BSE Small-Cap index was down 0.99%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 727 shares rose and 1581 shares fell. A total of 168 shares were unchanged.
Shares of three state-run oil marketing companies fell as Brent crude prices firmed up in international market. HPCL (down 6%), BPCL (down 5.3%) and Indian Oil Corporation (down 4.07%) edged lower.
Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent for June 2019 settlement was up by $2.15 at $74.12 a barrel. The contract rose 35 cents, or 0.49% to settle at $71.97 a barrel during the previous trading session.
Yes Bank (down 4.07%), IndusInd Bank (down 2.27%), Axis Bank (down 2.21%), ICICI Bank (down 1.74%), HDFC (down 1.71%) and ONGC (down 1.62%), were the major Sensex gainers.
TCS (up 1.21%), Infosys (up 0.69%), NTPC (up 0.30%), Tata Motors (up 0.30%), Hindustan Unilever (up 0.10%) and Larsen & Toubro (up 0.10%), were the major Sensex gainers.
Bharti Airtel was up 0.07%. Bharti Airtel announced on Friday, 19 April 2019, that its proposed rights issue is scheduled to open on 3 May 2019 and will close on 17 May 2019.
Reliance Industries was down 2.17% after consolidated net profit rose 9.79% to Rs 10362 crore on 18.60% rise in net sales to Rs 138659 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Thursday, 18 April 2019.
RIL's gross refining margin (GRM) came in at $8.2 per barrel in Q4 March 2019. The figure was $8.8 and $11 per barrel in Q3 December 2018 and Q4 March 2018, respectively.
Commenting on the results, Mukesh D. Ambani, chairman and managing director, Reliance Industries (RIL) said that during FY 2018-19, RIL achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and petrochemicals business delivered its highest ever earnings.
Meanwhile, RIL clarified on 20 April 2019, that press stories suggesting that Reliance is involved in an arrangement that leads to cash payment for oil supplies to PDVSA via third parties are false and reckless.
HDFC Bank was down 0.14% after net profit rose 22.63% to Rs 5,885.12 crore on 22.13% rise in total income to Rs 31,204.46 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 20 April 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 11,224.16 crore as on 31 March 2019 as against Rs 10,902.86 crore as on 31 December 2018 and Rs 8,606.97 crore as on 31 March 2018. The bank's provisions and contingencies rose 22.59% to Rs 1,889.22 crore in Q4 March 2019 over Q4 March 2018.
The ratio of gross NPAs to gross advances stood at 1.36% as on 31 March 2019 as against 1.38% as on 31 December 2018 and 1.30% as on 31 March 2018. The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2019 as against 0.42% as on 31 December 2018 and 0.40% as on 31 March 2018..
HDFC Bank said that its board of directors has approved the issue of perpetual debt instruments (part of Additional Tier I capital), Tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting of the bank and any other regulatory approvals as applicable.
Overseas, most Asian stocks were trading lower as crude oil pushed higher on a report over Iranian oil waivers while the Easter holiday weekend continued in many countries.
Major US exchanges were closed on Good Friday. The most-watched European markets were closed on Good Friday and will also remain closed on Easter Monday.
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