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Business News/ Markets / Live Blog/  Sensex edges higher, a day ahead of counting of votes
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Sensex edges higher, a day ahead of counting of votes

Financials, led by ICICI Bank and HDFC, pulled the markets higher
  • IT and FMCG stocks came under some selling pressure
  • The Sensex closed 140 points higher 39,110Premium
    The Sensex closed 140 points higher 39,110

    Indian markets edged higher today, a day ahead of counting of votes in the general election, in which Prime Minister Narendra Modi is expected to retain power. Exit polls that came out on Sunday after the seven-phase Lok Sabha elections ended showed Modi is set for a clear win. Markets have been on a bull run with both the NSE Nifty and the BSE Sensex gaining 6% in three sessions to Monday.


    The Sensex closed 140 points higher 39,110 while Nifty settled at 11,737, up 0.25%. Financials led the markets higher, with ICICI Bank, IndusInd Bank and HDFC among top gainers.


    IndusInd Bank shares surged 5% even though the lender reported a dip in net profit due to higher provisions.


    Tech Mahindra shares fell 3% after March-quarter profit dropped 7.4% and missed estimates. Shares of DHFL, one of India's biggest home loan lenders, fell 9%, after it stopped taking new deposits and blocked premature withdrawals following a credit rating downgrade.


    However, analysts predict that the markets will quickly discount the election results. "Going forward in the medium term...we expect the markets to consolidate post the election outcome as focus would shift back to fundamentals and global cues which have been volatile due to re-escalation of US-China trade tensions," said Jayant Manglik, president - retail distribution at Religare Broking.


    Technically, the underlying trend remains up, says Sahaj Agrawal, head of research for derivatives at Kotak Securities. "We remain structurally positive on the markets and expect the markets to trade with a positive bias post elections. We expect Nifty to test 12200-12500 on the higher side while meaningful support is seen at 11,400 levels," Agrawal said.


    Tech Mahindra Ltd fell as much as 3.7% after March-quarter profit dropped 7.4% and missed estimates.

    22 May 2019, 01:49:59 PM IST

    IndusInd Bank shares recover

    Private sector lender IndusInd Bank today reported a fall in net profit in the fourth quarter, hurt by higher provisions for bad loans. Net profit fell to ₹360 crore for the quarter ended March 31, 2019, as compared to ₹953 crore in the year earlier period. Provisions for bad loans increased to ₹1,560 crore in the March quarter, as against ₹606 crore in December quarter and ₹335 crore in the March quarter of the previous year. Shares fell 2% after the results were announced but subsequently recovered.

    22 May 2019, 12:08:30 PM IST

    Results impact: JSPL shares slump 10%

    Shares of JSPL fell 10% in noon trade after the company on Tuesday reported a consolidated net loss of ₹2,713 crore during the quarter ended March 31, 2019.

    The company had posted a ₹426.35-crore net loss in the year-ago-quarter, JSPL said in a BSE filing. Total income during the said quarter was higher at ₹10,158.95 crore as against ₹8,599.28 crore in the same period a year ago. Total expenses of the company stood at ₹11,850.61 crore in March 2019 quarter as compared to ₹8,493.57 crore in the corresponding period of the preceding fiscal. (PTI)

    22 May 2019, 10:53:57 AM IST

    IDFC First Bank shares fall after Icra downgrades the bank's bond programme

    Domestic rating agency Icra on Tuesday said it has downgraded long term rating of IDFC First Bank's bond programme due to weak earnings and on higher provisions due to stressed exposures. The rating agency downgraded ₹38,670 crore of non convertible debentures (NCDs) to AA from AA+ with a stable outlook. Shares of IDFC First Bank were down 2.5% at ₹42.25.

    22 May 2019, 09:28:42 AM IST

    DHFL puts fresh deposits on hold, halts pre-mature withdrawals; shares crack

    Dewan Housing Finance Ltd (DHFL), one of India’s largest housing finance companies, announced that it has stopped accepting fresh public deposits and renewals of existing deposits with immediate effect. This, in view of the recent revision of the credit rating of its fixed deposit programme. It also halted pre-mature withdrawals of existing deposits to "help reorganise its liability management".

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