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Stocks reverse recent losing streak
14-May-19   15:37 Hrs IST

The domestic market ended higher, snapping a nine-day losing streak. The barometer index, the S&P BSE Sensex, rose 227.71 points or 0.61% to 37,318.53, as per the provisional closing data. The Nifty 50 index rose 73.85 points or 0.66% to 11,222.05, as per the provisional closing data.

The domestic indices opened lower and briefly bounced into positive terrain in early trade. Recovery was short lived as indices once again dipped into the red in morning trade. Indices turned range bound in mid-morning trade. Volatility was witnessed in early afternoon trade as indices trimmed losses after hitting fresh intraday low. Benchmarks bounced back into positive terrain in afternoon trade and hit fresh intraday high in mid-afternoon trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.62%. The BSE Small-Cap index rose 0.30%.

The market breadth, indicating the overall health of the market, was almost even. On BSE, 1228 shares rose and 1278 shares fell. A total of 135 shares were unchanged.

Telecom major Bharti Airtel surged 5.49%. Media reports suggested that Bharti Airtel has scrapped its low-valued postpaid plans of less than Rs 499 across circles and halved the total number of its offers for this higher-paying user segment to four, to boost its revenue per user, lower costs, and improve profitability. Airtel has reportedly discontinued its Rs 299 and Rs 399 postpaid plans along with higher value plans of Rs 649, Rs 1,199 and Rs 2,999. It now offers just four postpaid plans (Rs 499, Rs 749, Rs 999 and Rs 1,599) that came into effect from 1 May 2019.

Public sector banks advanced. IDBI Bank (up 6.38%), UCO Bank (up 5.57%), Union Bank of India (up 4.47%), Punjab National Bank (up 4.14%), Allahabad Bank (up 3.96%), Bank of Baroda (up 3.87%), Indian Bank (up 3.84%), Bank of India (up 3.35%), Canara Bank (up 2.96%), State Bank of India (up 2.93%), Andhra Bank (up 1.02%), Corporation Bank (up 0.39%), Central Bank of India (up 0.36%), Bank of Maharashtra (up 0.33%) and Syndicate Bank (up 0.29%), edged higher. Punjab & Sind Bank was down 0.37%.

United Bank of India was up 3.6%. The board of directors of United Bank of India considered and approved raising equity capital not exceeding Rs 1500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue, Rights Issue or such other capital issues(s). The announcement was made after market hours yesterday, 13 May 2019.

Private sector banks were mixed. IndusInd Bank (up 2.83%), Federal Bank (up 1.87%), ICICI Bank (up 1.33%), Yes Bank (up 1.10%) and HDFC Bank (up 0.21%), edged higher. Axis Bank (down 0.18%), Kotak Mahindra Bank (down 0.38%), City Union Bank (down 0.69%) and RBL Bank (down 1.19%), edged lower.

On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.07% (provisional) in April 2019 (over April 2018) as compared to 3.18% (provisional) in the previous month and 3.62% during the corresponding month of the previous year, the Ministry of Commerce & Industry said in a release during trading hours today, 14 May 2019.

The all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours yesterday, 13 May 2019.

Overseas, European stocks climbed on Tuesday after a downbeat session in Asia, as investors awaited a resolution to the US-China trade negotiations following the recent escalation in tensions. Asian shares declined Tuesday following a sharp fall in US stocks overnight as the trade war between China and the United States escalated.

China announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.

US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.

In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.

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