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Nifty trades above 11,650-mark; Tata Motors, Axis Bank up

Nifty was trading 48 points higher at 11,689 levels, struggling to reclaim its key level of 11,700.
Equity benchmark indices were trading in the green on Friday with the Sensex gaining 164 points at 38,894 levels. The Nifty was trading 48 points higher at 11,689 levels, struggling to reclaim its key level of 11,700.

Axis Bank, Tata Steel, HCL Tech, Infosys, HDFC Bank, TCS, L&T, IOC were in the basket of the index contributors of S&P BSE SENSEX 50.

On the NSE, Tata Steel, Axis Bank, IOC, BPCL, and Zee Entertainment were the top gainers. Conversely, Maruti, Tata Motors, Kotak Bank, IndusInd Bank, and Hero MotorCorp lost the most.

Shares of Tata Steel gained 4% after the company reported Q4FY19 results better than expectations on EBITDA and PAT fronts. The revenue grew by 25.9% yoy and 9.2% qoq to Rs42,424cr against median consensus estimates of Rs43,970cr. EBITDA stood at Rs7,513cr, up 17.4% yoy and 11.9% qoq against median consensus estimate of Rs6,733cr. EBITDA margin contracted by 128bps yoy but expanded by 43bps qoq to 17.7%.

Axis Bank also climbed 2% after the bank’s numbers for Q4FY19 came in line with street expectations. The bank’s Q4FY19 NII was up by 20.6% yoy to Rs5,606cr against Rs4,730cr. Net profit for the quarter came at Rs1,505cr and against loss of Rs2,188.7cr yoy.

Further, all the sectoral indices were trading in the green on the NSE except the Nifty Auto index, which declined 0.7%.

Notably, the volatility measurement index, India VIX, declined 2.27% at 22.70.

Interestingly, market breadth was positive on the NSE with 904 shares advancing, 586 shares declining, and 571 shares remaining unchanged.

Meanwhile, investors are keeping a close watch on earnings results of Hero MotoCorp, Yes Bank, HDFC Asset Management Company, HDFC Life Insurance Company, and Carborundum Universal, to be released today. 

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* Investment & Trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.  

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