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Mid Session Commentary
Nifty trades above 11,800 level Back
(13:35, 23 May 2019)

Domestic shares held firmly higher in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 341.55 points or 0.87% at 39,451.76. The Nifty 50 index was up 109.60 points or 0.93% at 11,847.50. Investors cheered trends that pointed to a resounding victory for the Bhartiya Janta Party (BJP). However, weak global cues triggered profit booking at higher levels.

Trading for the day began on a strong note as election results showed the Narendra Modi-led NDA leading in early trends. Stocks extended gains in morning trade after election trends showed that Narendra Modi-led NDA is leading in over 300 seats. Key indices pared gains in volatile trade soon after scaling fresh record high in mid-morning trade. The Sensex scaled record high above the psychological 40,000 mark while the Nifty scaled fresh record high above the psychological 12,000 mark in mid-morning trade.

Counting of votes is underway today, 23 May 2019. The 2019 Lok Sabha polls for 542 seats were held from April 11 to May 19. A party or coalition needs 272 seats in parliament to form a government. Latest trends showed that NDA is leading in 345 seats, while UPA is leading in 80 and others leading in 98 seats.

Coming back to today's trade, the S&P BSE Mid-Cap index was up 0.85%. The S&P BSE Small-Cap index was up 0.50%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1267 shares rose and 1091 shares fell. A total of 152 shares were unchanged.

Banks shares were in demand. Among private sector banks, IndusInd Bank (up 5.10%), Yes Bank (up 4.72%), Federal Bank (up 3.10%), ICICI Bank (up 2.74%), RBL Bank (up 1.95%), Axis Bank (up 1.58%), Kotak Mahindra Bank (up 1.34%) and City Union Bank (up 0.84%), edged higher.

HDFC Bank reversed early gains and was down 1.15%. HDFC Bank said that its board pproved sub-division of one equity share of face value of Rs 2 each to two equity shares of face value of Re 1 each. The announcement was made after market hours yesterday, 22 May 2019.

Among public sector banks, Indian Bank (up 6.44%), Canara Bank (up 3.80%), Bank of India (up 3.57%), State Bank of India (up 3.26%), Corporation Bank (up 2.90%), Punjab National Bank (up 2.13%), Syndicate Bank (up 2.02%), UCO Bank (up 1.74%), Andhra Bank (up 1.42%), Union Bank of India (up 1.40%), IDBI Bank (up 1.23%), United Bank of India (up 0.65%) and Bank of Maharashtra (up 0.62%), edged higher. Allahabad Bank (down 0.42%), Punjab & Sind Bank (down 0.72%) and Central Bank of India (down 1.13%), edged lower.

Bank of Baroda jumped 6.77%. Bank of Baroda reported net loss of Rs 991.37 crore in Q4 March 2019 compared with net loss of Rs 3102.34 crore in Q4 March 2018. Total income rose 20.02% to Rs 15284.59 crore in Q4 March 2019 over in Q4 March 2018. The result was announced after market hours yesterday, 22 May 2019.

Overseas, European shares were trading lower amid ongoing US-China trade concerns and political uncertainty across the EU. Politics are a central focus as voting in the EU elections begins in the UK and the Netherlands. Brexit uncertainty also continues to weigh.

Asian stocks fell on Thursday as worries over US-China tensions grew. The US said it will impose trading restrictions on Chinese telecoms giant Huawei from August 19.

A private survey suggested that Japan's manufacturing contracted in May. The Markit/JMMA flash purchasing managers' index fell to 49.6 in May from 50.2 in the previous month.

US stocks finished lower Wednesday as lingering trade woes overshadowed the release of the minutes from the Federal Reserve's policy meeting that was largely interpreted as accommodative.

Minutes for the rate-setting Federal Open Market Committee's April 30-May 1 meeting indicated that the voting members agreed the current accommodative policy can remain for now and that they were comfortable with the wait-and-see approach. They were, however, split on whether higher rates were necessary if the economy continued to evolved along the predicted path while others argued that higher productivity could indicate more economic softness than the low unemployment rate suggests.

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