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Mid Session Commentary
Capital goods, realty stocks gain Back
(11:21, 24 May 2019)

Stocks once again regained strength in mid-morning trade after trimming gains in morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 197.81 points or 0.51% at 39,009.20. The Nifty 50 index was up 55.80 points or 0.48% at 11,712.85. The Sensex was currently trading a tad above the psychological 39,000 mark after moving above and below that level in intraday trade. Stocks from capital goods and realty sector gained.

Local stocks drifted higher in early trade on buying demand in index pivotals. A steep slide in crude oil prices also boosted investors sentiment in early trade. Key indices trimmed gains in morning trade.

The S&P BSE Mid-Cap index was up 0.85%. The S&P BSE Small-Cap index was up 0.95%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1269 shares rose and 730 shares fell. A total of 115 shares were unchanged.

Capital goods stocks edged higher. ABB India (up 2.14%), Bharat Heavy Electricals (Bhel) (up 2.41%), BEML (up 2%), Bharat Electronics (up 6.3%), L&T (up 3.47%), Siemens (up 2.58%) and Thermax (up 0.3%) rose.

Realty stocks gained. Indiabulls Real Estate (up 3.93%), DLF (up 3.05%), Housing Development and Infrastructure (up 1.36%), D B Realty (up 1.22%), Sobha (up 1.67%), Godrej Properties (up 1.45%), Prestige Estates Projects (up 0.81%) and Oberoi Realty (up 1.87%) edged higher.

Zuari Agro Chemicals fell 1.28% after the company announced that ICRA downgraded both short term and long term funds worth Rs 4215 crore to 'D'. Rating Agency said the downgrade is on account of the company's cash credit account remaining over utilised for more than 30 days owing to devolvement of a series of Letters of credit beginning April and continuing in May, and liquidity position of the company deteriorated materially due to significant cash losses and delay in subsidy receipts from government of India during April-May. The announcement was made after market hours yesterday, 23 May 2019.

The Indian electorate gave a decisive verdict in favour of the BJP and its allies yesterday, 23 May 2019. Latest trends showed that the Prime Minister Narendra Modi-led NDA is leading in 353 seats, while UPA is leading in 92 and others leading in 97 seats. 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.

In commodity markets, crude oil prices plunged on Thursday, as trade tensions dampened the demand outlook. Brent for July 2019 settlement tumbled $3.23 a barrel or 4.55% to settle at $67.76 a barrel. The slide in global crude oil prices will help India in containing inflation, current account and fiscal deficits. India imports about 80% of its crude oil requirement.

Overseas, Asian shares were mixed on Friday as investors remained worried over trade tensions between the United States and China.

US stocks finished lower Thursday as big losses for the technology and energy sectors dragged on the broader market amid signs that trade tensions between the U.S. and China are escalating.

In economic data, IHS Markit said its “flash” index of U.S. manufacturers fell to a 9 1/2-year low of 50.6 in May from 52.6 in April, while the firm's services index dropped to a 39-month low of 50.8 from 52.7.

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