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Nifty drops below 11,500 as pivotals slide
07-May-19   15:42 Hrs IST

Domestic stocks dropped sharply as index pivotals dropped. The barometer index, the S&P BSE Sensex, lost 323.71 points or 0.84% at 38,276.63. The Nifty 50 index lost 100.35 points or 0.87% at 11,497.90. The Nifty dropped below 11,500 level. Shares of index heavyweight Reliance Industries dropped.

Indices edged higher in early trade on buying demand in index pivotals. Indices trimmed gains in morning trade. Stocks hovered in positive zone in mid-morning trade. Indices sharply pared gains in afternoon trade. Key indices slipped in negative zone in mid-afternoon trade. A sell-off gripped bourses in late trade.

Broader market wiped off day's gains. The S&P BSE Mid-Cap index fell 0.98%. The S&P BSE Small-Cap index fell 0.85%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 854 shares rose and 1672 shares fell. A total of 143 shares were unchanged.

Index heavyweight Reliance Industries dropped 3.03% to Rs 1,342.95.

HDFC Bank shed 0.04%. The bank said that its board will consider stock split on 22 May 2019. The board will mull a proposal to split one equity share of face value of Rs 2 each into two equity shares of face value of Re 1 each. The announcement was made after market hours yesterday, 6 May 2019.

ICICI Bank dropped 3.74%. ICICI Bank's net profit fell 4.99% to Rs 969.06 crore on 4.87% increase in total income to Rs 20,913.82 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 46,291.63 crore as on 31 March 2019 as against Rs 51,591.47 crore as on 31 December 2018 and Rs 54,062.51 crore as on 31 March 2018. The bank's provisions and contingencies fell 17.72% to Rs 5,451.41 crore in Q4 March 2019 over Q4 March 2018.

The ratio of gross NPAs to gross advances stood at 6.70% as on 31 March 2019 as against 7.75% as on 31 December 2018 and 8.84% as on 31 March 2018. The ratio of net NPAs to net advances stood at 2.06% as on 31 March 2019 as against 2.58% as on 31 December 2018 and 4.77% as on 31 March 2018..

Bharti Airtel fell 3.1%. The company's consolidated net profit rose 29.31% to Rs 107.20 crore on 6.23% increase in net sales to Rs 20,602.20 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 6 May 2019.

Bharti Airtel reported net exceptional gain of Rs 2022.10 crore in Q4 March 2019 that comprises of (i) charge of Rs 145.50 crore towards operating costs on network re-farming and up-gradation program and (ii) credit of Rs 2167.60 crore pertaining to re-assessment of levies, based on a recent pronouncement related to the manner of determination of such levies.

Bharti Airtel and Hughes Communications India (HCIL), a subsidiary of Hughes Network Systems, LLC (HUGHES), the global leader in broadband satellite networks and services, announced an agreement to combine their VSAT operations in India. The transaction is subject to approvals by relevant authorities. As per the agreement, Hughes will have majority ownership in the combined entity and Airtel will have a significant shareholding. The combined entity will benefit from enhanced scale, improved operational efficiencies and wider market reach. The combined entity will be well positioned to leverage the demand for secure connectivity in a rapidly growing digital economy. HCIL is the leading broadband satellite service operator in India. It provides a comprehensive range of broadband networking technologies, solutions, and services for businesses and governments. The combine identity will be able to introduce new VSAT and related technologies to deliver a wide range of quality products and service. The combined entity will continue to serve existing Hughes and Airtel customers.

Vedanta lost 2.46%. The company will declare January-March 2019 quarterly earnings today, 7 May 2019.

Overseas, shares in Europe and Asia were mixed Tuesday amid renewed tensions between the US and China after Washington said tariffs on Chinese goods will rise on Friday. Sentiment remained fragile as traders waited for the next development in the trade negotiations. Talks with Chinese officials will reportedly take place Thursday and Friday.

US stocks finished lower Monday even in the wake of a dramatic comeback after President Donald Trump threatened over the weekend to increase tariffs on $200 billion of Chinese goods to 25% from 10%, raising fresh fears about a market-disruptive clash between the world's largest economies.

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