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Market drops in volatile trade
10-May-19   15:41 Hrs IST

Key indices logged modest losses in highly volatile session of trade. The barometer index, the S&P BSE Sensex, fell 95.92 points or 0.26% at 37,462.99. The Nifty 50 index fell 22.90 points or 0.2% at 11,278.90.

Local stocks drifted higher in early trade on positive Asian stocks. Stocks trimmed gains in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices extended gains soon after sinking in negative zone. Indices sharply pared gains in afternoon trade. Key indices hovered in positive zone in mid-afternoon trade amid volatility. Fresh selling pulled the market to day's low in negative zone.

The S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index rose 0.21%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1197 shares rose and 1291 shares fell. A total of 164 shares were unchanged.

Tata Steel (down 6.1%), Yes Bank (down 3.7%), IndusInd Bank (down 2.96%), TCS (down 1.92%) and ONGC (down 1.74%) edged lower from the Sensex pack.

Bharti Airtel (up 2.09%), ICICI Bank (up 0.67%) and HDFC (up 0.54%), Axis Bank (up 0.25%) and Kotak Mahindra Bank (up 0.22%) edged higher from the Sensex pack.

Reliance Industries shed 0.37%. Reliance Industries said that its subsidiary, Reliance Brands (RBL), and C Banner International Holdings, a Hong Kong-listed company, signed a definitive agreement for Reliance Brands to acquire 100% shares of Hamleys Global Holdings, the owner of the Hamleys brand, from C Banner International, for a cash consideration of GBP 67.96 million. The announcement was made after market hours yesterday, 9 May 2019.

Founded in 1760, Hamleys has over 250 years of celebrated history of being the oldest and largest toy shop in the world. Globally, Hamleys has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys, and currently operates 88 stores across 29 cities. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry.

Tata Motors rose 0.11%. Jaguar Land Rover (UK), the company's wholly owned subsidiary reported retail sales of 39,185 vehicles in April 2019, down 13.3% compared to April 2018. The introduction of the all-electric Jaguar I-PACE and the sales ramp up of the new Range Rover Evoque continue to be encouraging, however, retail sales of other models were lower primarily reflecting the continuing weaker market conditions in China. The announcement was made during market hours today, 10 May 2019.

HCL Technologies fell 4.34% after consolidated net income fell 1.7% to Rs 2,568 crore on 1.9% increase in revenue to Rs 15,990 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours yesterday, 9 May 2019.

Consolidated EBITDA fell 1.4% to Rs 3,596 crore in Q4 March 2019 over Q3 December 2018. The company expects its 2019-20 revenues to grow between 14-16% in constant currency basis. Operating margin (EBIT) range is expected from 18.5% to 19.5%.

Larsen & Toubro shed 0.08% ahead of its January-March 2019 quarterly earnings today, 10 May 2019.

Overseas, Asian and European stocks drifted higher on Friday due to bargain hunting after recent steep fall. The US hiked duties on $200 billion of Chinese products Friday. Washington increased tariffs on Chinese goods from 10% to 25%. China immediately said it would retaliate, though did not specify how as yet.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing. Investors hope that the US administration could revoke the new tariff hike once a deal is reached.

In US economic data, the US trade deficit widened in March from February. In March, the trade deficit edged up 1.5% to $50 billion from a revised $49.3 billion in February, the government said Thursday.

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