Closing Bell: Market closes flat with positive bias, Nifty holds 10,500; IOC loses nearly 4% post Q4 results

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Market closes flat with a positive bias; snaps 5-day losing streak.

The market closed flat with a positive bias, backed by strong global cues, as the BSE Sensex closed at 34,651 points and the NSE Nifty at 10,536 points. The market closed mildly in the green, snapping it 5-day losing streak. SBI gained in trade post its Q4 results as its net interest income beat the Street's estimates, however, IOC lost in trade after Q4 results, by nearly 4%. Dr Reddy's Labs was the top gainer today and surged further after posting its Q4 results. Pharma stocks had gained in trade. 

SBI continues to gain in trade, gains nearly 5%.

Market continues to trade flat with a positive bias, Sensex at 34,659, Nifty at 10,540 points.

Pharma stocks are gaining in trade. 

The Indian Oil Company loses nearly a percent in trade post Q4 results.

The market continues to trade flat near to the close of the session. 

IOC posted its Q4 results. Check out the numbers.

SBI is gaining in trade, nearly 3% as of now, as their NII beat estimates.

SBI posts Q4 net loss at Rs 7,718 crore.##SBI posts Q4 net loss at Rs 7,718 crore.

 

SBI posted its Q4 net loss at Rs 7,718 crore, higher than the CNBC-TV18 poll of Rs 2,803.8 crore. The bank's net NPA stands at 5.73%, slightly higher than the 5.61% posted in the last quarter and the gross NPA stands at 10.91%, higher than Q3's 10.35%. India's largest public sector bank's tax credit stands at Rs 4,494 crore as against the expense of Rs 1,472 crore posted last year in the corresponding quarter.

In numbers, the net NPA stands at Rs 1.11 lakh crore higher than the Rs 1.02 lakh crore posted in Q3 and the gross NPA at Rs 2.2 lakh crore as against the Rs 1.99 lakh crore in Q3. The net interest income of the bank, however, stands at Rs 19,974 crore, higher than the poll of Rs 19,469.6 crore and the provisions stand at Rs 28,096 crore. The provisions posted in the last quarter were Rs 18,876 crore.

VIP industries posted its Q4 results. Check out the numbers.

The airline stocks are likely to fall in trade after the release of the Passenger Charter draft.

Flight delayed by over 4 hours? You might get full refund##Flight delayed by over 4 hours? You might get full refund.

Jayant Sinha, minister of state for civil aviation, on Tuesday released a draft- 'passenger charter' in public domain, which is aimed at ensuring safety of the passengers and bringing together passengers' rights in aviation sector.

According to the draft, passengers will be compensated if airlines are at fault for delay or cancellations of flights.

Read the full story here 

Check out Dr Reddy's Labs numbers.​

Dr Reddy's Labs is gaining in trade by 2.49% after posting Q4 results.

Dr Reddy's Q4 posts net profit at Rs 302 crore.##Dr Reddy's posts net profit at Rs 302 crore.

Dr Reddy's Q4 posts net profit at Rs 302 crore, lower than the CNBC-TV18 poll of Rs 323.7 crore. The revenue stands at Rs 3,535 crore. and the EBITDA at Rs 577 crore. 

Bosch's Q4 net profit misses estimates by nearly 8%. Check out the numbers.

China to cut import duty on cars to 15 percent from 25 percent.##China to cut import duty on cars to 15 percent from 25 percent.

China will cut the import duty on passenger cars to 15 percent from 25 percent currently, Bloomberg reported on Tuesday, citing unidentified sources.

The report said China's cabinet has decided to cut the levy without elaborating further. Bloomberg previously reported Beijing was considering cutting the tariff rate to as low as 10 percent.

(From Reuters)

Foreign media arrive in North Korea, suggesting nuclear shutdown on track.##Foreign media arrive in North Korea, suggesting nuclear shutdown on track.
 

About two dozen journalists from Western and Chinese news organisations arrived in North Korea on Tuesday to witness the closure of its nuclear test site, an indication that the shutdown will go ahead amid renewed diplomatic uncertainty.

North Korea invited a handful of media to witness the dismantling of the Punggye-ri site this week but not technical experts, even though the United States has called for "a permanent and irreversible closure that can be inspected and fully accounted for".

Isolated North Korea's offer to scrap the test site was seen as a key concession in months of easing tension between Pyongyang and its long-time bitter rivals, South Korea and the United States.

However, the improving diplomatic environment has hit a rocky patch, with North Korea threatening last week to pull out of a planned June 12 summit in Singapore between leader Kim Jong Un and US President Donald Trump.

(From Reuters)

State Bank of India is losing 0.30% ahead of declaring its quarterly results.

Here's what Bharat Forge is targeting for its future. 

Pulses import from Mozambique to hit farmers hard, despite record harvest.##Pulses import from Mozambique to hit farmers hard, despite record harvest.

In what could be a big setback for the interests of Indian farmers, the government has given green signal for the import of pulses, reported Business Standard.

As per the report, the 1.5 million quintals of tur will be imported under memorandum of understanding (MoU) between India and Mozambique at a time, when farmers have a four times the amount in their stocks.

According to the report, the entire problem originated in 2016-17, when pulse prices sky rocketed due to crop failure.

The market is trading slightly above the flatline.

Gaurav Bissa recommends: Buy Syndicate Bank and Idea; Sell Indraprastha Gas.

Bharat Forge earnings miss estimates. Check out the numbers. 

Market trades flat; Nifty holds 10,500.

The market is currently trading flat with the BSE Sensex trading at 34,614 points and the NSE Nifty trading at 10,519 points with SBI losing nearly a percent ahead of its quarterly earnings and telecom stocks gaining. The Bajaj group stocks have been gaining in trade for three consecutive sessions after posting their quarterly earnings. 

The State Bank of India is losing nearly a percent ahead of the earnings.

Telecos are gaining in trade with Idea gaining more than 5%, RCom and Airtel gaining 2%.

IRDA may remove order of preference in some segments. 

RCom flies appeal in NCLAT challenging NCLT order in Ericsson case.