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Bourses off day’s high
May-22-2019

Indian equity bourses were trading off day’s high in late afternoon session, despite firm cues from European markets. Losses led by FMCG, Consumer Durables and IT stocks, weighted on trading sentiments. Market participants got cautious ahead of final results of the 2019 Lok Sabha elections to be declared tomorrow, May 23, 2019. However, key indices managed to remain in green terrain, taking support from the Organisation for Economic Co-operation and Development’s (OECD) statement that the Indian economic growth will regain strength and approach 7.5% by 2020. The new income scheme for small farmers will support rural consumption.

On the global front, European markets were trading in green, as Eurozone consumer confidence rose more-than-expected in May to its highest level in seven months, after weakening in the previous month. The flash data from the European Commission showed that the flash consumer confidence index climbed to -6.5 from -7.3 in April, which was revised from -7.9. The latest reading was the highest since October, when the score was -5.9. Asian markets were also trading in green with easing of US-China trade tensions.

Back home, banks and NBFCs companies stocks were in focus, after the Reserve Bank of India’s (RBI) Central Board in its 576th meeting decided to create a specialised supervisory and regulatory cadre within the RBI, with a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs).

The BSE Sensex is currently trading at 39074.59, up by 104.79 points or 0.27% after trading in a range of 38903.87 and 39249.08. There were 22 stocks advancing against 9 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.38%, while Small cap index was up by 0.33%.

The top gaining sectoral indices on the BSE were PSU up by 0.80%, Bankex up by 0.79%, Oil & Gas up by 0.76%, Capital Goods up by 0.55% and Industrials up by 0.47%, while FMCG down by 1.09%, Consumer Durables down by 0.57%, IT down by 0.42%, TECK down by 0.40% and Metal down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 4.01%, Sun Pharma up by 2.34%, Tata Motors - DVR up by 2.29%, Bajaj Auto up by 1.97% and ONGC up by 1.64%. On the flip side, Yes Bank down by 2.45%, ITC down by 2.28%, Hindustan Unilever down by 1.32%, TCS down by 1.21% and Power Grid down by 0.90% were the top losers.

Meanwhile, with a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs), the Reserve Bank of India’s (RBI) Central Board in its 576th meeting has decided to create a specialised supervisory and regulatory cadre within the RBI.

The Board reviewed the current economic situation, global and domestic challenges and various areas of operations of the Reserve Bank. The Board also reviewed the present structure of supervision in RBI in the context of the growing diversity, complexities and interconnectedness within the Indian financial sector.

Apart from this, discussion was done on various matters including issues related to the Currency Management and Banker to Government functions of the RBI. Besides, the Board discussed the Medium Term Strategy document, covering, inter-alia, the Mission Statement and the Vision Statement.

The CNX Nifty is currently trading at 11722.85, up by 13.75 points or 0.12% after trading in a range of 11682.40 and 11784.80. There were 28 stocks advancing against 22 stocks declining on the index.

The top gainers on Nifty were Indusind Bank up by 4.04%, BPCL up by 3.08%, Sun Pharma up by 2.38%, Bajaj Auto up by 2.17% and ONGC up by 1.60%. On the flip side, Tech Mahindra down by 2.86%, ITC down by 2.37%, Yes Bank down by 2.23%, Indiabulls Housing Finance down by 2.17% and Zee Entertainment down by 1.90% were the top losers.

Asian markets were trading mostly in green; KOSPI gained 3.61 points or 0.18% to 2,064.86, Straits Times advanced 1.71 points or 0.05% to 3,184.97, Nikkei 225 surged 10.92 points or 0.05% to 21,283.37 and Hang Seng increased 42.38 points or 0.15% to 27,699.62. On the flip side, Taiwan Weighted dropped 7.28 points or 0.07% to 10,457.22, Jakarta Composite lost 12.87 points or 0.22% to 5,938.50 and Shanghai Composite was down by 18.67 points or 0.64% to 2,887.30.

European markets were trading mostly in green; Germany’s DAX added 7.71 points or 0.06% to 12,151.18 and UK’s FTSE 100 was up by 29.53 points or 0.40% to 7,358.45. On the flip side, France’s CAC was down by 9.93 points or 0.18% to 5,375.53.
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