Market wrap: Tata Motors, TVS among top gainers; Jet Airways fell the most

Indian equity indices resumed their weekly gains after a blip amid the ongoing polls in the world’s largest democracy and a slowdown in global growth.

The S&P BSE Sensex gained 0.96 percent to end the week at 39,140.28 and the NSE Nifty 50 Index rose 0.94 percent to close at 11,752.80. The benchmarks also clocked fresh intra-day highs during the period.

The NSE Nifty 500 Index gained 0.66 percent during the week, led by gains in PC Jeweller Ltd. and Adani Green Energy Ltd.

On the institutional activity front, FIIs remained net buyers to the tune of Rs 2,789 crore while DIIs too were net buyers to the tune of Rs 281 crore.

On the currency front, the rupee largely remained range-bound between 69-69.6 during the week, to finally close with marginal gains.

As the deadline for Iran waivers is coming to end, the rupee is likely to come under pressure. A move past 69.6 should trigger the next leg of upward movement, said Ambareesh Baliga, independent market expert.

Nifty Auto was the outperforming sector for the week, up 2.2 percent while on the other hand Nifty PSU Bank was the top loser, down 2.7 percent.

From the BSE Auto space, Tata Motors was the top gainer which jumped 9.39 percent followed by TVS Motor Company, Motherson Sumi Systems, Hero MotoCorp, Ashok Leyland, Bajaj Auto and Maruti Suzuki.

From the banking space, Oriental Bank of Commerce ended 5.18 percent lower for the week. It was followed by J&K Bank, Bank of India, Allahabad Bank, Syndicate Bank, Punjab National Bank, Andhra Bank and Bank of Baroda.

Jet Airways was the top loser, down 37.78 percent for the week after the company decided to shut all operations temporarily. Reliance Capital ended the week, down 18 percent followed by Reliance Power, Avenue Supermarts, Indiabulls Ventures, PNB Housing Finance and Dewan Housing Finance.

Heavyweights Reliance IndustriesTata Consultancy Services and Infosys have declared their respective Q4 numbers.

Oil & gas major, RIL gained 4.06 percent for the week after it reported a 9.8 percent growth in the fourth quarter with a consolidated net profit of Rs 10,362 crore. This was driven by a 19.4 percent increase in quarterly revenue to Rs 1.54 lakh crore.

The company attributed the robust revenue performance to strong growth in its retail and digital services businesses which grew by 51.6 percent and 61.6 percent, respectively. Higher petrochemical volumes also contributed to growth in revenue, the company said.

IT major Tata Consultancy Services surged close to 5 percent for the week after it reported the strongest revenue growth in the last 15 quarters clocking a revenue growth of 2.4 percent QoQ.

Though the EBIT margin of the company was marginally down at 25.2 percent, against expectations of 25.7 percent. Global brokerage firms also reaffirmed their faith in India’s largest software services exporter by revenue as they upgraded the stock.

However, Infosys for the week shed 5.01 percent after the company was hit by a slew of downgrades, post-March quarter results.

The Bengaluru-based technology major reported 2.4 percent QoQ growth in revenue but margin at 21.4 percent was below expectations of 22.2 percent.

Also, the IT major lowered its revenue guidance to 7.5-9.5 percent in constant currency terms. The company had set the revenue guidance at 8.5-9 percent in FY19 as opposed to 6-8 percent in FY18.

The other losers for the week were Vedanta, YES Bank, Edelweiss Financial Services, Punjab National bank, Bharat Electronics, Indiabulls Housing Finnace, Bank of Baroda, Tata Chemicals and LIC Housing Finance which were down 2-5 percent.

Volatility will continue to remain on the higher side as knee-jerk reactions are expected due to the ongoing results. Investors must stay on the by-lanes and not rush in to ride the current rally till the uncertainty fades away, said Jimeet Modi, Founder & CEO at SAMCO Securities & StockNote.

Polycab India started off trade on April 16, 2019, on expected lines, at Rs 638 on the Bombay Stock Exchange, according to CNBC-TV18. The stock opened with an 18 percent premium over its issue price of Rs 538.

Another new name, Metropolis Healthcare shares maintained positive momentum throughout the trading session on April 15, the day one on exchanges.

The stock closed at Rs 959.85 on the National Stock Exchange, up Rs 79.85, or 9.07 percent over the issue price of Rs 880.

It touched an intraday high of Rs 982.70 and low of Rs 935. On the BSE, it gained 9.04 percent to end at Rs 959.55 after hitting a day’s high of Rs 981.30 and low of Rs 934.80.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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