Business Standard Podcast

Benchmark indices ended Thursday's session in the red, led by losses in financials and metal stocks, after witnessing a sharp last hour sell-off on March series futures & options contracts while brent oil hit $75 per barrel for the first time in 2019. Brent oil rose above $75 per barrel as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. The BSE Sensex ended the day 324 points, or 0.83 per cent lower, with Tata Steel, Vedanta, Maruti Suzuki, State Bank of India and Coal India being the top losers. Nifty50, too, pared gains to finish at 11,642, down 84 points, or 0.72 per cent. The market breadth remained in favour of sellers with 963 stocks declining and 777 shares advancing on the NSE.    Among sectoral indices, only Nifty Realty index ended in the green, with Nifty Metal index ending 1.86 per cent lower. The Nifty PSU Bank index also declined 1.56 per cent. In broader market, the S&P BSE Midcap index fell 88 points, or 0.58 per cent, to 15,130, and the S&P BSE Smallcap index dropped 8 points, or 0.05 per cent, to 14,839. UltraTech Cement shares hit 52-week high of Rs 4,510, up 3 per cent, in early morning trade on Thursday, and have surged 7 per cent in the past two trading days on the BSE, after the company reported strong performance in the March quarter (Q4FY19). Six companies - Reliance Industries (RIL), HCL Technologies, Titan Company, Bajaj Finserv, UltraTech Cement, and UPL - from the Nifty50 index hit their respective fresh record highs on the National Stock Exchange (NSE) on Thursday.    Shares of sugar companies rallied up to 12 per cent on the BSE in early morning deal on the back of heavy volumes on hopes that sweetener output may fall in 2019-20 due to low rains.

China will hold its second Belt and Road Forum (BRF) from Thursday to showcase its trillion-dollar Belt and Road Initiative (BRI) without India's presence for the second consecutive time, while 37 heads of the state and government, including from Pakistan, would attend the three-day grand event. The BRI was launched by Chinese President Xi Jinping when he came to power in 2013. It aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes. The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of Xi's ambitious BRI. India has been boycotting the BRI to protest over the $60 billion China-Pakistan Economic Corridor (CPEC) being laid through the Pakistan-occupied Kashmir. For more, listen to this podcast...

China will hold its second Belt and Road Forum (BRF) from Thursday to showcase its trillion-dollar Belt and Road Initiative (BRI) without India's presence for the second consecutive time, while 37 heads of the state and government, including from Pakistan, would attend the three-day grand event. The BRI was launched by Chinese President Xi Jinping when he came to power in 2013. It aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes. The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of Xi's ambitious BRI. India has been boycotting the BRI to protest over the $60 billion China-Pakistan Economic Corridor (CPEC) being laid through the Pakistan-occupied Kashmir. For more, listen to this podcast...

March quarter earnings and Futures & Options (F&O) contract expiry will keep the domestic investors busy on Thursday coupled with Japan’s interest rate decision. About 22 companies are slated to announce their Q4 numbers during the day, including Axis Bank, Maruti Suzuki India, Biocon, Cochin Malabar Estate, Indiabulls Ventures, Nestle India, SBI Life Insurance and Tata Steel. Benchmark indices, BSE Sensex and NSE Nifty50, saw sudden recovery during the last trading hour on Wednesday to end 490 points and 150 points higher, respectively. In the forex market, the rupee on Wednesday declined by 24 paise to close at 69.86 against the US dollar. GLOBAL CUES Oil prices fell on Thursday as record US output and rising crude stockpiles dampened the impact of tighter US sanctions on Iran and producer club OPEC’s continued curbs on supply. Brent crude futures were at $74.35 per barrel, down 0.3 per cent, at 06:07 am from their last close. In the equity markets, Asian shares dipped in the early trade on Thursday after a surprise deterioration in German business morale triggered fears of slowing global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, while Japan’s Nikkei average edged up 0.3 per cent to 22,264.81 points. During the overnight trade, US indices shrugged off some earnings’ misses but ended lower at the end of the session.  While Dow Jones Industrial Average ended 59.3 points lower at 26,597.05, S&P500 slipped 6.43 points to close at 2,927.25. Nasdaq, too, lost 18.81 points to end at 8,102 levels.

March quarter earnings and Futures & Options (F&O) contract expiry will keep the domestic investors busy on Thursday coupled with Japan’s interest rate decision. About 22 companies are slated to announce their Q4 numbers during the day, including Axis Bank, Maruti Suzuki India, Biocon, Cochin Malabar Estate, Indiabulls Ventures, Nestle India, SBI Life Insurance and Tata Steel. Benchmark indices, BSE Sensex and NSE Nifty50, saw sudden recovery during the last trading hour on Wednesday to end 490 points and 150 points higher, respectively. In the forex market, the rupee on Wednesday declined by 24 paise to close at 69.86 against the US dollar. GLOBAL CUES Oil prices fell on Thursday as record US output and rising crude stockpiles dampened the impact of tighter US sanctions on Iran and producer club OPEC’s continued curbs on supply. Brent crude futures were at $74.35 per barrel, down 0.3 per cent, at 06:07 am from their last close. In the equity markets, Asian shares dipped in the early trade on Thursday after a surprise deterioration in German business morale triggered fears of slowing global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, while Japan’s Nikkei average edged up 0.3 per cent to 22,264.81 points. During the overnight trade, US indices shrugged off some earnings’ misses but ended lower at the end of the session.  While Dow Jones Industrial Average ended 59.3 points lower at 26,597.05, S&P500 slipped 6.43 points to close at 2,927.25. Nasdaq, too, lost 18.81 points to end at 8,102 levels.

A last hour surge led by gains in financials and IT stocks helped the benchmark indices snap their 3-day losing streak and close Wednesday's session at day's high. The BSE Sensex ended the day at 39,055, up 490 points, or 1.27 per cent, with the highest gains in HCL Tech, ONGC, IndusInd Bank, YES Bank and Bharti Airtel. Out of 30 components, 23 scrips ended in the green and rest seven in the red. Broader index Nifty50 surged 150 points to close at 11,726. About 1,232 shares advanced while 1,237 shares declined, and 157 shares remained unchanged.  Market breadth was in favour of advances with advance-decline ratio at 1:1 In the broader market, the S&P BSE Midcap index ended with a gain of 65 points, or 0.43 per cent, at 15,218 while the S&P BSE Smallcap index ended at 14,847, up 61 points or 0.42 per cent. Among sectoral indices, only the Nifty Auto index ended in red, with the Nifty PSU Bank index being the biggest gainer, up 1.5 per cent. ACC shares ended the day at Rs 1,600.70, a decline of 3.67 per cent on the National Stock Exchange (NSE) after the company reported a lower-than-expected operating performance in the quarter ended March, 2019 or Q1CY19.  Shares of Oil and Natural Gas Corporation (ONGC) hit a 6-month high of Rs 170, up 4 per cent, in intra-day trade on Wednesday, and ended the day at Rs 168.35, a gain of 2.81 per cent, on the expectations of strong earnings in the January-March quarter (Q4FY19).  Indiabulls Real Estate surged 10 per cent to close the day at Rs 115.70 on the NSE on the back of heavy volumes after the company said it has decided to divest Century, the parent company that houses Hanover Square property, London. The company has decided to focus only on Mumbai & National Capital Region (NCR) markets. 

A last hour surge led by gains in financials and IT stocks helped the benchmark indices snap their 3-day losing streak and close Wednesday's session at day's high. The BSE Sensex ended the day at 39,055, up 490 points, or 1.27 per cent, with the highest gains in HCL Tech, ONGC, IndusInd Bank, YES Bank and Bharti Airtel. Out of 30 components, 23 scrips ended in the green and rest seven in the red. Broader index Nifty50 surged 150 points to close at 11,726. About 1,232 shares advanced while 1,237 shares declined, and 157 shares remained unchanged.  Market breadth was in favour of advances with advance-decline ratio at 1:1 In the broader market, the S&P BSE Midcap index ended with a gain of 65 points, or 0.43 per cent, at 15,218 while the S&P BSE Smallcap index ended at 14,847, up 61 points or 0.42 per cent. Among sectoral indices, only the Nifty Auto index ended in red, with the Nifty PSU Bank index being the biggest gainer, up 1.5 per cent. ACC shares ended the day at Rs 1,600.70, a decline of 3.67 per cent on the National Stock Exchange (NSE) after the company reported a lower-than-expected operating performance in the quarter ended March, 2019 or Q1CY19.  Shares of Oil and Natural Gas Corporation (ONGC) hit a 6-month high of Rs 170, up 4 per cent, in intra-day trade on Wednesday, and ended the day at Rs 168.35, a gain of 2.81 per cent, on the expectations of strong earnings in the January-March quarter (Q4FY19).  Indiabulls Real Estate surged 10 per cent to close the day at Rs 115.70 on the NSE on the back of heavy volumes after the company said it has decided to divest Century, the parent company that houses Hanover Square property, London. The company has decided to focus only on Mumbai & National Capital Region (NCR) markets. 

Tata Consultancy Services (TCS), Infosys and Wipro together did a net addition of 64,805 (after taking into account the attrition) in the financial year ended March 31, 2019, when compared to an addition of 9,864 in FY18 and 48,350 in FY17.  Aggressive hiring is expected to continue in this financial year because these players are trying to cash in on the emerging demand in the market. This is expected to lift the employee hiring numbers, especially the fresher intake, by the top three players. For more, listen to this podcast.

Tata Consultancy Services (TCS), Infosys and Wipro together did a net addition of 64,805 (after taking into account the attrition) in the financial year ended March 31, 2019, when compared to an addition of 9,864 in FY18 and 48,350 in FY17.  Aggressive hiring is expected to continue in this financial year because these players are trying to cash in on the emerging demand in the market. This is expected to lift the employee hiring numbers, especially the fresher intake, by the top three players. For more, listen to this podcast.

Investors are likely to take cues from crude oil prices, March quarter earnings and movement of rupee against the US dollar on Wednesday. Moreover, trading is expected to remain volatile ahead of the expiry of Futures and Options (F&O) contracts of April series. Q4 numbers will be announced by 15 companies including Hexaware Technologies, Indiabulls Housing Finance, ICICI Prudential Life Insurance Company, M&M Financial Services, Muthoot Capital Services, Shriram City Union Finance, and Ultratech Cement. In the primary market, the initial public offer (IPO) of specialty chemicals firm Neogen Chemicals opens today. Rupee, on Tuesday, closed at Rs 69.63 against a dollar, marginally higher than Monday’s close of Rs 69.67. The S&P BSE Sensex and Nifty traded flat for the most part of the day on Tuesday, seeing selling pressure only during the last trading hour. While the former closed 80 points lower at 38,565, the latter slipped 18 points to close at 11,576 level. India VIX, a gauge to measure the volatility in the Indian equity market touched an intra-day high of 3 per cent. GLOBAL CUES Oil prices inched lower on Wednesday after markets were assured of “adequate global supply” despite the US announcing no “reissue of waivers” against Iran sanctions. Brent crude futures were at $74.24 per barrel at 6:28 am, down 27 cents, or 0.4 per cent from their last close. Asian markets rallied after upbeat earnings helped the Nasdaq and S&P 500 indices record closing highs on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia. Japan is also due to release its Industry activity index today. In the US markets, Dow Jones Industrial Average rose 0.52 per cent to 26,647.97. S&P 500 and Nasdaq Composite added 0.91 per cent and 1.35 per cent each to close at 2,934.31 and 8,123.25, respectively

Investors are likely to take cues from crude oil prices, March quarter earnings and movement of rupee against the US dollar on Wednesday. Moreover, trading is expected to remain volatile ahead of the expiry of Futures and Options (F&O) contracts of April series. Q4 numbers will be announced by 15 companies including Hexaware Technologies, Indiabulls Housing Finance, ICICI Prudential Life Insurance Company, M&M Financial Services, Muthoot Capital Services, Shriram City Union Finance, and Ultratech Cement. In the primary market, the initial public offer (IPO) of specialty chemicals firm Neogen Chemicals opens today. Rupee, on Tuesday, closed at Rs 69.63 against a dollar, marginally higher than Monday’s close of Rs 69.67. The S&P BSE Sensex and Nifty traded flat for the most part of the day on Tuesday, seeing selling pressure only during the last trading hour. While the former closed 80 points lower at 38,565, the latter slipped 18 points to close at 11,576 level. India VIX, a gauge to measure the volatility in the Indian equity market touched an intra-day high of 3 per cent. GLOBAL CUES Oil prices inched lower on Wednesday after markets were assured of “adequate global supply” despite the US announcing no “reissue of waivers” against Iran sanctions. Brent crude futures were at $74.24 per barrel at 6:28 am, down 27 cents, or 0.4 per cent from their last close. Asian markets rallied after upbeat earnings helped the Nasdaq and S&P 500 indices record closing highs on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia. Japan is also due to release its Industry activity index today. In the US markets, Dow Jones Industrial Average rose 0.52 per cent to 26,647.97. S&P 500 and Nasdaq Composite added 0.91 per cent and 1.35 per cent each to close at 2,934.31 and 8,123.25, respectively

Investors this week will keep a tab on the Q4 earnings of major auto, financial, telecom and realty companies while F&O expiry and the third phase of the 2019 Lok Sabha elections will also be keenly watched. Companies including Indiabulls Housing Finance Ltd, Bharti Infratel Ltd, Axis Bank Ltd, Maruti Suzuki India Ltd, Hero Motocorp Ltd, Tata Steel Ltd, and Yes Bank Ltd, among others will announce their March quarter earnings this week.  On the political front, the third phase of the 2019 Lok Sabha elections will be conducted on April 23 where 116 constituencies spread across 13 states and Union Territories including Assam, Bihar, West Bengal, Jammu and Kashmir, Uttar Pradesh, Maharashtra, Kerala, and Goa will go to poll. Futures and Options contracts will expire on April 25 (Thursday) which is expected to keep traders busy with rolling over of contracts. On the global front, the week will see central budget announcement and Debt to GDP estimate by the European Union on April 23 (Tuesday), Industry activity index and Interest rate decision by Japan on April 24 (Wednesday) and April 25 (Thursday) respectively and growth rate for Q1CY19 and inflation expectation by the US on April 26 (Friday). Apart from this, investors will also keep an eye on oil prices, the level of rupee against the US dollar, and FII inflows. Last week, BSE Sensex and NSE Nifty50 closed at 39,140 and 11,753, respectively, after the Sensex touched an all-time high of 39,487.45 while the broader index Nifty scaled 11,856.15 during the week. Global cues Asian stocks were steady on Monday as investors awaited the return of major financial markets from the Good Friday holiday. Equities markets were subdued, with MSCI’s broadest index of Asia-Pacific shares outside Japan trading little changed. Stocks in focus Q4 results: Abirami Financial Services (India) Ltd, Ashika Credit Capital Ltd, AU Small Finance Bank Limited, Goa Carbon Limited, and others will announce their March earnings on Monday Reliance Industries announced its Q4 results on Thursday after market hours. Its net profit in January-March, at Rs 10,362 crore, or Rs 17.5 a share, was 9.8 per cent higher than Rs 9,438 crore, or 15.9 per share, in the same quarter a year earlier HDFC Bank also announced its March quarter earnings on Saturday and reported a rise in net profit by nearly 23 per cent QoQ. The gross NPA were 1.36 per cent of gross advances and net NPA were 0.4 per cent of net advances. Reliance Home Finance announced that CARE Ratings (CARE) has revised its rating to BBB+ (credit watch with developing implications) for the company's long-term debt programme, market-linked debentures, subordinated debt and non-convertible debentures (NCDs) public issue. Dr Reddy's Labs: The company's Srikakulam unit has been classified as 'Voluntary Action Indicated' (VAI) by the US FDA. Larsen & Toubro: The Competition Commission has given approval to Schneider's acquisition of Larsen & Toubro's electrical and automation business in a Rs 14,000-crore deal. Jet Airways management has asked the government to release Rs 175 crore to pay one-month of salary to its staff. Also, Etihad spokesperson has said Aviation Group sees significant value generation from the ownership and management of Jet Privilege Program.

US Attorney General William Barr said on Thursday the investigation by special counsel Robert Mueller "found no collusion" between the Donald Trump's campaign and Russia during the 2016 presidential election. Addressing a press conference before Mueller's report was made public, Barr said he gave Trump's lawyers advance access this week to the special counsel's report before it was to be sent to the Congress and that the President's lawyers did not ask for any redactions. But the report also provides fresh details of how the Republican president tried to force Mueller’s ouster, directed members of his administration to publicly vouch for his innocence and dangled a pardon to a former aide to try to prevent him from cooperating with the special counsel. To know more, listen to this podcast

Selling in banks, realty and metal counters dragged the domestic equity market lower on Thursday. The headline index, S&P BSE Sensex lost 135 points or 0.34 per cent to settle at 39,140, with YES Bank being the biggest loser and Reliance Industries (RIL) the top gainer. Out of 30 components, 22 scrips ended in the red and rest eight in the green. Market breadth remained in favour of declines as out of 2,727 securities traded on BSE, 1,671 declined and 888 advanced while 168 scrips remained unchanged.  The broader Nifty50 index of the National Stock Exchange (NSE) lost 34 points or 0.29 per cent to end at 11,753.  On a weekly basis, both the indices gained around 1 per cent.  In the broader market, the S&P BSE Midcap index slipped 138 points or nearly 1 0.89 per cent to close at 15,382.57 while the S&P BSE Smallcap index ended at 15,021, down around 150 points or 1 per cent.  All the sectoral indices ended in the negative territory with realty stocks taking the hardest knoock, followed by media and PSU banks.  Reliance Industries (RIL) ended nearly 3 per cent higher at Rs 1,383 apiece on the BSE ahead of its Q4FY19 results.  Jet Airways crashed 32 per cent to Rs 169 apiece on the BSE after it halted all operations.  Shares of Deepak Fertilisers & Petrochemicals Corporation rose by 4 per cent to Rs 162.95 in intra-day trade on the BSE on Thursday after the company announced the commercial production of nitric acid complex at Dahej, Gujarat. It closed at Rs 159, up over 1 per cent.  Market will remain closed tomorrow on account of Good Friday. 

After flying for 26 years, Jet Airways announced temporary grounding of operations after the lenders declined a Rs 400-crore lifeline, putting at stake 20,000 jobs and thousands of crores in passenger refunds, dues to vendors and over Rs 8,500 crore to banks. Founded by Naresh Goyal, who began as a general sales agent to a host of international airlines with travel agency Jetair, the full-service carrier served tens of millions of passengers for over two-and-half decades, before becoming the seventh domestic carrier to shutter operations in the past five years. For more, listen to this podcast