Nifty settles at over one week low
A divergent trend among various index constituents resulted in small losses for key benchmark indices. The barometer index, the S&P BSE Sensex, lost 42.24 points or 0.16% to settle at 25,838.14. The Nifty 50 index lost 12.75 points or 0.16% to settle at 7,899.30. The small decline pushed the Nifty to its lowest closing level in more than a week.
Car maker Maruti Suzuki India rose as Japanese yen weakened against the dollar. Shares of public sector banks extended previous session's gains triggered by reports that provisioning for non-performing asset will be lower than anticipated in Q4 March 2016. HDFC Bank eked out small gains after reporting good Q4 results. Aurobindo Pharma gained after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Esomeprazole Magnesium Delayed-release Capsules USP, 20 mg and 40 mg.
The Sensex lost 42.24 points or 0.16% to settle at 25,838.14, its lowest closing level since 18 April 2016. The Sensex rose 41.64 points or 0.16% at the day's high of 25,922.02. The barometer index lost 108.50 points or 0.41% at the day's low of 25,771.88.
The Nifty lost 12.75 points or 0.16% to settle at 7,899.30, its lowest closing level since 13 April 2016. The Nifty rose 11.30 points or 0.14% at the day's high of 7,923.35. The index lost 38.70 points or 0.48% at the day's low of 7,873.35.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,312 shares declined and 1,251 shares gained. A total of 162 shares were unchanged. The BSE Mid-Cap index rose 0.08%. The BSE Small-Cap index rose 0.02%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2566 crore, lower than turnover of Rs 3238.40 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE FMCG index (down 0.78%), the BSE IT index (down 0.57%), the S&P BSE Teck index (down 0.47%), the BSE Consumer Durables index (down 0.46%) and the BSE Realty index (down 0.34%) underperformed the Sensex. The S&P BSE Auto index (up 0.87%), the BSE Bankex index (up 0.44%), the S&P BSE Utilities index (up 0.4%), and the BSE Oil & Gas index (up 0.36%) and the S&P BSE Consumer Discretionary Goods & Services index (up 035%) outperformed the Sensex.
Index heavyweight and housing finance major HDFC fell 1.71% to Rs 1,129.05. The stock hit high of Rs 1,152 and low of Rs 1,122 in intraday trade.
Index heavyweight and IT major Infosys declined 1.09% to Rs 1,213.05. The stock hit high of Rs 1,229 and low of Rs 1,210 in intraday trade. Infosys yesterday, 21 April 2016, announced it has been selected by Welsh Water to manage substantial elements of its IT estate in a transformative deal lasting up to 10 years, one of the largest IT deals in the UK water utility sector. The deal will see Infosys take responsibility for setup, migration and execution of data center facilities and services, managing critical network links and business applications, server and storage management, together with transforming and managing internal network communications and IP telephony services and infrastructure. Welsh Water is the sixth-largest of the 10 water and sewerage companies in England and Wales, serving 1.4 million homes and businesses, three million people and supplying 828 million litres of water every day.
Index heavyweight and cigarette major ITC lost 1.11% to Rs 325.95. The stock hit high of Rs 331 and low of Rs 324.50 in intraday trade.
Shares of public sector banks extended previous session's gains triggered by reports that provisioning for non-performing asset will be lower than anticipated in Q4 March 2016. Punjab National Bank (up 2.03%), Bank of Baroda (up 2.79%), State Bank of India (SBI) (up 2.99%), Union Bank of India (up 0.49%), Canara Bank (up 2.58%), and Bank of India (up 0.57%) edged higher.
As per recent media reports, the Reserve Bank of India (RBI) has pruned the list of companies whose loans need to be provided for against the risk of default. Lower than anticipated provisioning for non-performing asset could restrict the negative impact on banks' bottom line in Q4 March 2016. RBI has reportedly informed banks individually that they don't have to provide in the March quarter for outstanding loans to 20 firms out of the 150 it had listed in December. The decision was prompted partly by the steps taken by companies to cut debt, according to reports. Banks were forced to make substantial provisions in the December quarter following an asset quality review (AQR) ordered by the central bank. Due to this, a number of banks reported losses in Q3 December 2015.
Shares of private sector banks were mixed. ICICI Bank (down 0.36%), Yes Bank (down 0.75%) and Kotak Mahindra Bank (down 1.26%) declined. Axis Bank gained 1.37%.
HDFC Bank rose in volatile trade after reporting good Q4 results. The stock rose 0.18% to Rs 1,093. The stock hit high of Rs 1,100.90 and low of Rs 1,085.65 in intraday trade. The bank's net profit rose 20.21% to Rs 3374.22 crore on 21.14% rise in total income to Rs 18862.61 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 22 April 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 4392.83 crore as on 31 March 2016 as against Rs 4255.20 crore as on 31 December 2015 and Rs 3438.38 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 0.94% as on 31 March 2016 as against 0.97% as on 31 December 2015 and 0.93% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.28% as on 31 March 2016 as against 0.29% as on 31 December 2015 and 0.25% as on 31 March 2015. The bank's provisions and contingencies rose 14.88% to Rs 662.45 crore in Q4 March 2016 over Q4 March 2015.
IndusInd Bank rose 0.69% on strong Q4 March 2016 results. The bank's net interest margin rose 26 basis points on year-on-year basis to 3.94% in Q4 March 2016. The private sector bank said that growth in total deposits stood at industry beating 25% in Q4 March 2016. Growth in current and savings accounts (CASA) deposits stood at 29% in Q4 March 2016. The CASA ratio edged up to 35.2% as on 31 March 2016 from 35% as on 31 December 2015. The growth in the bank's loan book stood at industry beating 29% in Q4 March 2016. Shares of IndusInd Bank had lost 1.35% to settle at Rs 971.65 yesterday, 21 April 2016, as the fourth quarter results showed increase in the bank's sticky loans.
IndusInd Bank's net profit rose 25.25% to Rs 620.35 crore on 23.38% growth in total income to Rs 4044.49 crore in Q4 March 2016 over Q4 March 2015. The bank announced the results during trading hours yesterday, 21 April 2016.
Auto stocks gained on renewed buying. Tata Motors (up 1.13%), Mahindra & Mahindra (M&M) (up 1.21%), Bajaj Auto (up 1.36%), Hero MotoCorp (up 0.62%) and TVS Motor Company (up 2.23%) rose. Eicher Motors (down 0.92%) and Ashok Leyland (down 0.99%) fell.
Car maker Maruti Suzuki India rose 3.04% as Japanese yen weakened against the dollar. A weak yen is expected to boost operating margins for Maruti Suzuki India. Maruti is scheduled to announce its Q4 March 2016 results on 26 April 2016.
Aurobindo Pharma gained after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Esomeprazole Magnesium Delayed-release Capsules USP, 20 mg and 40 mg. The stock rose 1.39%. The launch of this product is based on the settlement terms/litigation outcome with AstraZeneca. The drug is used in the treatment of gastroesophageal reflux disease. It has an estimated market size of $4.2 billion in the US for the twelve months ended February 2016, according to IMS data.
Reliance Communications (RCom) rose 5.46% to Rs 56.95 after the company said that the Department of Telecommunications (DoT) has approved the proposed spectrum arrangements between the company and Reliance Jio Infocomm (RJIL). RJIL is the telecom subsidiary of Reliance Industries. RCom said that the DoT has taken on record 800-megahertz (MHz) spectrum sharing in 7 circles of RCom and 2 circles of Reliance Telecom (RTL), a wholly owned subsidiary of RCom with RJIL on 21 April 2016. The company and RTL are now able to share spectrum with RJIL in 9 circles viz. Mumbai, Uttar Pradesh (E), Madhya Pradesh, Bihar, Orrisa, Haryana, Himachal Pradesh, Assam and North East, RCom said in a statement.
Earlier in January this year, RCom announced entering into strategic partnership with RJIL covering 4G LTE services.
Index heavyweight Reliance Industries (RIL) was down marginally by 0.04% to Rs 1,040.45 ahead the announcement of its Q4 March 2016 earnings after trading hours. The stock hit a high of Rs 1,047.75 and low of Rs 1,030.50 in intraday trade.
Crompton Greaves lost 3.17% to Rs 57.95, with the stock sliding on profit booking after recent sharp gains. Shares of Crompton Greaves had rallied 18.04% in the preceding six trading sessions to settle at Rs 59.85 yesterday, 21 April 2016, from its close of Rs 50.70 on 8 April 2016.
Dishman Pharmaceuticals and Chemicals rose 2.49% after the company said that it has fixed 3 May 2016 as the record date for the purpose of 1:1 bonus issue of shares. The announcement was made after market hours yesterday, 21 April 2016.
Deep Industries surged 5.83% after the company said it has secured a contract worth about Rs 7.79 crore from ONGC. The announcement was made during market hours today, 22 April 2016. Deep Industries said it has received a notification of award for hiring of natural gas compression services at ONGC, GGS-IV Ankleshwar for a capacity of 80,000 SCMD for a period of three years.
In overseas stock markets, European stocks edged lower dragged down by fall in auto shares amid investor concerns that the emissions scandal could spread to more car makers. The European Central Bank (ECB) yesterday, 21 April 2016, left monetary policy unchanged as expected. ECB President Mario Draghi retained a hawkish stance when he said that he would use all the tools at his disposal for as long as needed.
Earlier during the global day, most Asian stocks edged lower following overnight losses for US stocks. US stocks closed lower yesterday, 21 April 2016, as big declines in defensive sectors such as consumer staples, telecom and utilities weighed on the main indexes.
Car maker Maruti Suzuki India rose as Japanese yen weakened against the dollar. Shares of public sector banks extended previous session's gains triggered by reports that provisioning for non-performing asset will be lower than anticipated in Q4 March 2016. HDFC Bank eked out small gains after reporting good Q4 results. Aurobindo Pharma gained after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Esomeprazole Magnesium Delayed-release Capsules USP, 20 mg and 40 mg.
The Sensex lost 42.24 points or 0.16% to settle at 25,838.14, its lowest closing level since 18 April 2016. The Sensex rose 41.64 points or 0.16% at the day's high of 25,922.02. The barometer index lost 108.50 points or 0.41% at the day's low of 25,771.88.
The Nifty lost 12.75 points or 0.16% to settle at 7,899.30, its lowest closing level since 13 April 2016. The Nifty rose 11.30 points or 0.14% at the day's high of 7,923.35. The index lost 38.70 points or 0.48% at the day's low of 7,873.35.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,312 shares declined and 1,251 shares gained. A total of 162 shares were unchanged. The BSE Mid-Cap index rose 0.08%. The BSE Small-Cap index rose 0.02%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2566 crore, lower than turnover of Rs 3238.40 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE FMCG index (down 0.78%), the BSE IT index (down 0.57%), the S&P BSE Teck index (down 0.47%), the BSE Consumer Durables index (down 0.46%) and the BSE Realty index (down 0.34%) underperformed the Sensex. The S&P BSE Auto index (up 0.87%), the BSE Bankex index (up 0.44%), the S&P BSE Utilities index (up 0.4%), and the BSE Oil & Gas index (up 0.36%) and the S&P BSE Consumer Discretionary Goods & Services index (up 035%) outperformed the Sensex.
Index heavyweight and housing finance major HDFC fell 1.71% to Rs 1,129.05. The stock hit high of Rs 1,152 and low of Rs 1,122 in intraday trade.
Index heavyweight and IT major Infosys declined 1.09% to Rs 1,213.05. The stock hit high of Rs 1,229 and low of Rs 1,210 in intraday trade. Infosys yesterday, 21 April 2016, announced it has been selected by Welsh Water to manage substantial elements of its IT estate in a transformative deal lasting up to 10 years, one of the largest IT deals in the UK water utility sector. The deal will see Infosys take responsibility for setup, migration and execution of data center facilities and services, managing critical network links and business applications, server and storage management, together with transforming and managing internal network communications and IP telephony services and infrastructure. Welsh Water is the sixth-largest of the 10 water and sewerage companies in England and Wales, serving 1.4 million homes and businesses, three million people and supplying 828 million litres of water every day.
Index heavyweight and cigarette major ITC lost 1.11% to Rs 325.95. The stock hit high of Rs 331 and low of Rs 324.50 in intraday trade.
Shares of public sector banks extended previous session's gains triggered by reports that provisioning for non-performing asset will be lower than anticipated in Q4 March 2016. Punjab National Bank (up 2.03%), Bank of Baroda (up 2.79%), State Bank of India (SBI) (up 2.99%), Union Bank of India (up 0.49%), Canara Bank (up 2.58%), and Bank of India (up 0.57%) edged higher.
As per recent media reports, the Reserve Bank of India (RBI) has pruned the list of companies whose loans need to be provided for against the risk of default. Lower than anticipated provisioning for non-performing asset could restrict the negative impact on banks' bottom line in Q4 March 2016. RBI has reportedly informed banks individually that they don't have to provide in the March quarter for outstanding loans to 20 firms out of the 150 it had listed in December. The decision was prompted partly by the steps taken by companies to cut debt, according to reports. Banks were forced to make substantial provisions in the December quarter following an asset quality review (AQR) ordered by the central bank. Due to this, a number of banks reported losses in Q3 December 2015.
Shares of private sector banks were mixed. ICICI Bank (down 0.36%), Yes Bank (down 0.75%) and Kotak Mahindra Bank (down 1.26%) declined. Axis Bank gained 1.37%.
HDFC Bank rose in volatile trade after reporting good Q4 results. The stock rose 0.18% to Rs 1,093. The stock hit high of Rs 1,100.90 and low of Rs 1,085.65 in intraday trade. The bank's net profit rose 20.21% to Rs 3374.22 crore on 21.14% rise in total income to Rs 18862.61 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 22 April 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 4392.83 crore as on 31 March 2016 as against Rs 4255.20 crore as on 31 December 2015 and Rs 3438.38 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 0.94% as on 31 March 2016 as against 0.97% as on 31 December 2015 and 0.93% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.28% as on 31 March 2016 as against 0.29% as on 31 December 2015 and 0.25% as on 31 March 2015. The bank's provisions and contingencies rose 14.88% to Rs 662.45 crore in Q4 March 2016 over Q4 March 2015.
IndusInd Bank rose 0.69% on strong Q4 March 2016 results. The bank's net interest margin rose 26 basis points on year-on-year basis to 3.94% in Q4 March 2016. The private sector bank said that growth in total deposits stood at industry beating 25% in Q4 March 2016. Growth in current and savings accounts (CASA) deposits stood at 29% in Q4 March 2016. The CASA ratio edged up to 35.2% as on 31 March 2016 from 35% as on 31 December 2015. The growth in the bank's loan book stood at industry beating 29% in Q4 March 2016. Shares of IndusInd Bank had lost 1.35% to settle at Rs 971.65 yesterday, 21 April 2016, as the fourth quarter results showed increase in the bank's sticky loans.
IndusInd Bank's net profit rose 25.25% to Rs 620.35 crore on 23.38% growth in total income to Rs 4044.49 crore in Q4 March 2016 over Q4 March 2015. The bank announced the results during trading hours yesterday, 21 April 2016.
Auto stocks gained on renewed buying. Tata Motors (up 1.13%), Mahindra & Mahindra (M&M) (up 1.21%), Bajaj Auto (up 1.36%), Hero MotoCorp (up 0.62%) and TVS Motor Company (up 2.23%) rose. Eicher Motors (down 0.92%) and Ashok Leyland (down 0.99%) fell.
Car maker Maruti Suzuki India rose 3.04% as Japanese yen weakened against the dollar. A weak yen is expected to boost operating margins for Maruti Suzuki India. Maruti is scheduled to announce its Q4 March 2016 results on 26 April 2016.
Aurobindo Pharma gained after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Esomeprazole Magnesium Delayed-release Capsules USP, 20 mg and 40 mg. The stock rose 1.39%. The launch of this product is based on the settlement terms/litigation outcome with AstraZeneca. The drug is used in the treatment of gastroesophageal reflux disease. It has an estimated market size of $4.2 billion in the US for the twelve months ended February 2016, according to IMS data.
Reliance Communications (RCom) rose 5.46% to Rs 56.95 after the company said that the Department of Telecommunications (DoT) has approved the proposed spectrum arrangements between the company and Reliance Jio Infocomm (RJIL). RJIL is the telecom subsidiary of Reliance Industries. RCom said that the DoT has taken on record 800-megahertz (MHz) spectrum sharing in 7 circles of RCom and 2 circles of Reliance Telecom (RTL), a wholly owned subsidiary of RCom with RJIL on 21 April 2016. The company and RTL are now able to share spectrum with RJIL in 9 circles viz. Mumbai, Uttar Pradesh (E), Madhya Pradesh, Bihar, Orrisa, Haryana, Himachal Pradesh, Assam and North East, RCom said in a statement.
Earlier in January this year, RCom announced entering into strategic partnership with RJIL covering 4G LTE services.
Index heavyweight Reliance Industries (RIL) was down marginally by 0.04% to Rs 1,040.45 ahead the announcement of its Q4 March 2016 earnings after trading hours. The stock hit a high of Rs 1,047.75 and low of Rs 1,030.50 in intraday trade.
Crompton Greaves lost 3.17% to Rs 57.95, with the stock sliding on profit booking after recent sharp gains. Shares of Crompton Greaves had rallied 18.04% in the preceding six trading sessions to settle at Rs 59.85 yesterday, 21 April 2016, from its close of Rs 50.70 on 8 April 2016.
Dishman Pharmaceuticals and Chemicals rose 2.49% after the company said that it has fixed 3 May 2016 as the record date for the purpose of 1:1 bonus issue of shares. The announcement was made after market hours yesterday, 21 April 2016.
Deep Industries surged 5.83% after the company said it has secured a contract worth about Rs 7.79 crore from ONGC. The announcement was made during market hours today, 22 April 2016. Deep Industries said it has received a notification of award for hiring of natural gas compression services at ONGC, GGS-IV Ankleshwar for a capacity of 80,000 SCMD for a period of three years.
In overseas stock markets, European stocks edged lower dragged down by fall in auto shares amid investor concerns that the emissions scandal could spread to more car makers. The European Central Bank (ECB) yesterday, 21 April 2016, left monetary policy unchanged as expected. ECB President Mario Draghi retained a hawkish stance when he said that he would use all the tools at his disposal for as long as needed.
Earlier during the global day, most Asian stocks edged lower following overnight losses for US stocks. US stocks closed lower yesterday, 21 April 2016, as big declines in defensive sectors such as consumer staples, telecom and utilities weighed on the main indexes.
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