Sensex, Nifty attain highest closing level in almost a week
A recovery in global stocks from losses triggered by last week's unexpected outcome of the UK referendum for the country to leave the European Union (EU) aided gains on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 215.84 points or 0.81% to settle at 26,740.39. The gains for the Nifty 50 index were higher than those for the Sensex in percentage terms. The Nifty 50 index rose 76.15 points or 0.94% to settle at 8,204. With third straight day of gains, the Sensex and the Nifty, both, attained their highest closing level in almost a week. World stocks rose on speculation that central banks in the UK, Japan and the European Central Bank may boost monetary stimulus to counter a potential drag on the global economy from the UK's vote to leave the European Union known as Brexit. With the lone exception of the BSE FMCG index, all the other sectoral indices on BSE ended in positive zone.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,851 shares rose and 751 shares declined. A total of 186 shares were unchanged. A number of stocks forming part of the broad based BSE Small-Cap index registered gains exceeding 3% for the trading session. Almost 76% of the stocks forming part of the BSE Small-Cap index and nearly 77% of the stocks forming part of the BSE Mid-Cap index ended higher. The BSE Small-Cap index rose 1.31%. The BSE Mid-Cap index rose 0.98%. Both these indices outperformed the Sensex.
Realty and auto stocks edged higher on reports the Union Cabinet has approved 7th Pay Commission's proposal to raise salaries and pensions for central government employees. The DLF stock got additional boost from media reports that promoter KP Singh and his family has decided to wipe out the company's debt in a two-step transaction. Bosch surged after the company said that a meeting of its board of directors will be held on 1 July 2016 to consider a proposal for buyback of the company's equity shares.
Metal and mining stocks edged higher on reports that the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP) that would allow private companies to carry out standalone exploration for the first time. IT stocks recovered from recent losses triggered by concerns that losses for the British pound and euro in the wake of the UK's vote last week to leave the European Union (EU) will adversely impact Indian IT companies' revenue in dollar terms.
In overseas stock markets, European stocks extended gains registered during the previous trading session as worries over the impact of the Brexit vote receded. In the UK, the FTSE 100 index was currently up 2.33%. British citizens last week voted for Britain to leave EU in a historic referendum known as Brexit. European Parliament in a resolution after an extraordinary plenary debate yesterday, 28 June 2016, urged the UK government for UK's swift exit from the union by activating Article 50 of the Treaty on European Union so as to end the uncertainty. MEPs also stressed the urgent need for reforms to ensure that the EU lives up to its citizens' expectations.
Japanese stocks led gains in Asian markets following overnight rally on Wall Street as jitters eased after the UK's vote last week to leave the European Union (EU) spurred global sell-off. The Nikkei 225 Average ended 1.59% higher. Japanese Prime Minister Shinzo Abe today, 29 June 2016, told his finance minister and the central bank chief to undertake all necessary measures to support the economy and financial markets, signaling his vigilance over the yen's resurgence following the UK vote.
US stocks registered strong gains yesterday, 28 June 2016, as investors looked for bargains after the Brexit fueled sell-off. Federal Reserve governor Jerome Powell today, 29 June 2016, said that the UK vote to leave the EU has heightened risks to an already fragile global economy and prompted the Federal Reserve to adopt a more patient posture as it considers future interest-rate moves. His remarks suggested that Fed officials are in no hurry to raise US interest rates again.
The Sensex rose 215.84 points or 0.81% to settle at 26,740.39, its highest closing level since 23 June 2016. The index jumped 251.62 points or 0.94% at the day's high of 26,776.17. The barometer index rose 81.76 points or 0.3% at the day's low of 26,606.31.
The Nifty 50 index rose 76.15 points or 0.94% to settle at 8,204, its highest closing level since 23 June 2016. The index rose 84.55 points or 1.04% at the day's high of 8,212.40. The index rose 29.80 points or 0.36% at the day's low of 8,157.65.
The total turnover on BSE amounted to Rs 2687 crore, higher than turnover of Rs 2635.32 crore registered during the previous trading session.
With the lone exception of the BSE FMCG index, all the other sectoral indices on BSE ended in positive zone. The S&P BSE Realty index (up 3.15%), the S&P BSE Utilities index (up 1.86%), the S&P BSE Power index (up 1.66%), the S&P BSE Auto index (up 1.51%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.43%), the S&P BSE IT index (up 1.39%), the S&P BSE Basic Materials index (up 1.34%), the S&P BSE Teck index (up 1.33%), the S&P BSE Consumer Durables index (up 1.29%), the S&P BSE Industrials index (up 1.16%), the S&P BSE Oil & Gas index (up 0.97%), the S&P BSE Metal index (up 0.94%) and the S&P BSE Finance index (up 0.86%), outperformed the Sensex. The S&P BSE Capital Goods index (up 0.78%), the S&P BSE Energy index (up 0.78%), the S&P BSE Bankex (up 0.73%), the S&P BSE Telecom index (up 0.55%), the S&P BSE Healthcare index (up 0.51%) and the S&P BSE FMCG index (down 0.14%), underperformed the Sensex.
Metal and mining stocks edged higher on reports that the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP) that would allow private companies to carry out standalone exploration for the first time. Vedanta (up 3.29%), Hindustan Zinc (up 2.70%), Bhushan Steel (up 2.49%), Hindustan Copper (up 2.07%), National Aluminium Company (up 2.04%), NMDC (up 1.91%), Steel Authority of India (up 1.63%), Hindalco Industries (up 1.61%), JSW Steel (up 1.22%), Tata Steel (up 0.64%) and Jindal Steel & Power (up 0.53%), edged higher.
According to reports, NMEP will allow private companies to carry out stand-alone exploration for the first time and help auction prospective mineral blocks. The blocks that will go on sale are among 100 mineral zones identified by the state-run Geological Survey of India following an aero geophysical assessment, reports suggested.
Meanwhile, copper prices edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.11% at $2.173 per pound on the COMEX.
Auto stocks edged higher on reports the Union Cabinet has approved 7th Pay Commission's proposal to raise salaries and pensions for central government employees. Hero MotoCorp (up 3.95%), Tata Motors (up 1.53%), Maruti Suzuki (India) (up 1.36%), Escorts (up 0.96%), TVS Motor Company (up 0.88%), Bajaj Auto (up 0.71%) and Mahindra & Mahindra (up 0.62%), edged higher. Ashok Leyland (down 0.05%) and Eicher Motors (down 0.41%), edged lower. Investors are betting that increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations will boost consumer spending and lift demand for two-wheelers and passenger vehicles. Media reports suggest that the Cabinet has approved minimum pay hike of 20% and a maximum pay hike of 25% for central government employees. The changes will be implemented effective 1 January 2016 and the arrears' payment will be done in tranches, according to reports.
Realty shares surged on expectations that demand for new homes will rise as a result of the increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations. Unitech (up 7.85%), Parsvnath Developers (up 3.94%), Mahindra Lifespace Developers (up 3.87%), Sobha (up 3.17%), Housing Development and Infrastructure (HDIL) (up 3.01%), Peninsula Land (up 2.61%), D B Realty (up 2.10%), Anant Raj (up 1.88%), Omaxe (up 1.79%), Indiabulls Real Estate (up 1.48%), Godrej Properties (up 1.16%) and Oberoi Realty (up 1.03%), edged higher. Sunteck Realty (down 0.39%), Phoenix Mills (down 0.44%) and Prestige Estates Projects (down 1.43%), edged lower.
DLF surged 7.83% to Rs 143.95 on media reports that promoter KP Singh and his family have decided to wipe out the company's debt in a two-step transaction. According to reports, the promoters will pump Rs 10000 crore into the company by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company's rental unit. The Singh family plans to sell its 40% stake in DLF Cyber City Developers (DCCDL) for Rs 12000-13000 crore and will use the money to retire the parent company's debt, reports suggested. Separately, DLF will raise about Rs 3000 crore from institutional investors to ensure that the stake of the promoters doesn't breach the 75% threshold with the purchase of the preferential shares, as per reports.
Promoters currently hold 74.96% stake in DLF (as per the shareholding pattern as on 31 March 2016).
Bosch rose 5.26% at Rs 22,656.55 after the company said that a meeting of its board of directors will be held on 1 July 2016 to consider a proposal for buyback of the company's equity shares. The announcement was made after market hours yesterday, 28 June 2016.
Stocks of state-run firms edged higher on renewed buying. Rural Electrification Corporation (up 3.73%), Power Grid Corporation of India (up 2.60%), MMTC (up 2.37%), NTPC (up 2.36%), Bharat Heavy Electricals (up 2.31%), NMDC (up 1.91%), Power Finance Corporation (up 1.77%), Steel Authority of India (up 1.63%), Shipping Corporation of India (up 1.50%), MOIL (up 1.48%) and NHPC (up 0.40%) edged higher.
IT stocks recovered from recent losses triggered by concerns that losses for the British pound and euro in the wake of the UK's vote last week to leave the European Union (EU) will adversely impact Indian IT companies' revenue in dollar terms. Wipro (up 2.21%), HCL Technologies (up 1.77%), TCS (up 1.54%), MindTree (up 1.47%), MphasiS (up 1.11%), Tech Mahindra (up 0.67%) and Oracle Financial Services Software (up 0.65%), edged higher. Persistent Systems (down 0.64%) and Hexaware Technologies (down 1.69%), edged lower. Indian IT companies derive about 25% of their revenue from Europe.
Index heavyweight and software major Infosys rose 1.33% at Rs 1,176.55. The stock hit a high of Rs 1,179.35 and a low of Rs 1,161.25 in intraday trade.
Bank stocks edged higher on renewed buying. Among public sector banks, UCO Bank (up 2.70%), Dena Bank (up 1.79%), IDBI Bank (up 1.54%), Canara Bank (up 1.11%), Punjab & Sind Bank (up 0.63%), Union Bank of India (up 0.55%), Andhra Bank (up 0.45%), Bank of India (up 0.35%), Syndicate Bank (up 0.35%), Bank of Maharashtra (up 0.30%), Punjab National Bank (up 0.24%) and Allahabad Bank (up 0.22%), edged higher. Central Bank of India (down 0.09%), Indian Bank (down 0.25%), Bank of Baroda (down 0.29%), Corporation Bank (down 0.36%), Vijaya Bank (down 0.53%) and United Bank of India (down 1.11%), edged lower.
State Bank of India (SBI) rose 0.42% at Rs 217.20 after the bank said that the Executive Committee of the Central Board of the bank at its meeting held today, 29 June 2016, approved raising up to $1.5 billion in single/multiple tranches through a public offer or private placement of senior unsecured notes in US dollar or any other convertible currency during the current financial year (FY 2017). The announcement was made during market hours today, 29 June 2016.
Among private sector banks, IndusInd Bank (up 2.16%), ICICI Bank (up 1.46%), Kotak Mahindra Bank (up 1.02%), City Union Bank (up 1.01%), Federal Bank (up 0.54%), Axis Bank (up 0.50%) and Yes Bank (up 0.41%) edged higher.
The Reserve Bank of India has said in its biannual publication Financial Stability Report (FSR) June 2016 that its macro stress tests suggest that under the baseline scenario, the gross non-performing advances (GNPAs) ratio of scheduled commercial banks (SCBs) may rise to 8.5% by March 2017 from 7.6% in March 2016. Under the baseline scenario, the GNPA ratio of public sector banks (PSBs) may go up to 10.1% by March 2017 from 9.6% in March 2016. Under the baseline scenario, the GNPA ratio of private sector banks (PVBs) may increase to 3.1% by March 2017 from 2.7% in March 2016, which could further increase to 4.2% under a severe stress scenario i.e. when the macroeconomic scenario deteriorates. Under a severe stress scenario, the GNPA ratio of PSBs may increase to 11% by March 2017 from 9.6% in March 2016. Under such a severe stress scenario, the CRAR (capital to risk-weighted assets ratio) of SCBs may decline to 11.5% by March 2017 from 13.2% as of March 2016.
Index heavyweight HDFC Bank rose 0.1% at Rs 1,169.05. The stock turned ex-dividend today, 29 June 2016, for dividend of Rs 9.50 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.81% based on the closing price of Rs 1,167.85 on BSE yesterday, 28 June 2016.
Index heavyweight and housing finance major HDFC rose 1.48% at Rs 1,247.25. The stock hit a high of Rs 1,250.90 and a low of Rs 1,231.50 in intraday trade.
The Sensex and the Nifty edged higher for the third straight trading session. The Sensex has risen 342.68 points or 1.30% in three trading sessions from its close of 26,397.71 on 24 June 2016. The Sensex has fallen 72.43 points or 0.27% in this month so far (till 29 June 2016). The Sensex has risen 622.85 points or 2.38% in calendar year 2016 so far (till 29 June 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,245.78 points or 18.87%. The Sensex is off 1,837.94 points or 6.43% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,284.35 points or 10.94% from a record high of 30,024.74 hit on 4 March 2015.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,851 shares rose and 751 shares declined. A total of 186 shares were unchanged. A number of stocks forming part of the broad based BSE Small-Cap index registered gains exceeding 3% for the trading session. Almost 76% of the stocks forming part of the BSE Small-Cap index and nearly 77% of the stocks forming part of the BSE Mid-Cap index ended higher. The BSE Small-Cap index rose 1.31%. The BSE Mid-Cap index rose 0.98%. Both these indices outperformed the Sensex.
Realty and auto stocks edged higher on reports the Union Cabinet has approved 7th Pay Commission's proposal to raise salaries and pensions for central government employees. The DLF stock got additional boost from media reports that promoter KP Singh and his family has decided to wipe out the company's debt in a two-step transaction. Bosch surged after the company said that a meeting of its board of directors will be held on 1 July 2016 to consider a proposal for buyback of the company's equity shares.
Metal and mining stocks edged higher on reports that the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP) that would allow private companies to carry out standalone exploration for the first time. IT stocks recovered from recent losses triggered by concerns that losses for the British pound and euro in the wake of the UK's vote last week to leave the European Union (EU) will adversely impact Indian IT companies' revenue in dollar terms.
In overseas stock markets, European stocks extended gains registered during the previous trading session as worries over the impact of the Brexit vote receded. In the UK, the FTSE 100 index was currently up 2.33%. British citizens last week voted for Britain to leave EU in a historic referendum known as Brexit. European Parliament in a resolution after an extraordinary plenary debate yesterday, 28 June 2016, urged the UK government for UK's swift exit from the union by activating Article 50 of the Treaty on European Union so as to end the uncertainty. MEPs also stressed the urgent need for reforms to ensure that the EU lives up to its citizens' expectations.
Japanese stocks led gains in Asian markets following overnight rally on Wall Street as jitters eased after the UK's vote last week to leave the European Union (EU) spurred global sell-off. The Nikkei 225 Average ended 1.59% higher. Japanese Prime Minister Shinzo Abe today, 29 June 2016, told his finance minister and the central bank chief to undertake all necessary measures to support the economy and financial markets, signaling his vigilance over the yen's resurgence following the UK vote.
US stocks registered strong gains yesterday, 28 June 2016, as investors looked for bargains after the Brexit fueled sell-off. Federal Reserve governor Jerome Powell today, 29 June 2016, said that the UK vote to leave the EU has heightened risks to an already fragile global economy and prompted the Federal Reserve to adopt a more patient posture as it considers future interest-rate moves. His remarks suggested that Fed officials are in no hurry to raise US interest rates again.
The Sensex rose 215.84 points or 0.81% to settle at 26,740.39, its highest closing level since 23 June 2016. The index jumped 251.62 points or 0.94% at the day's high of 26,776.17. The barometer index rose 81.76 points or 0.3% at the day's low of 26,606.31.
The Nifty 50 index rose 76.15 points or 0.94% to settle at 8,204, its highest closing level since 23 June 2016. The index rose 84.55 points or 1.04% at the day's high of 8,212.40. The index rose 29.80 points or 0.36% at the day's low of 8,157.65.
The total turnover on BSE amounted to Rs 2687 crore, higher than turnover of Rs 2635.32 crore registered during the previous trading session.
With the lone exception of the BSE FMCG index, all the other sectoral indices on BSE ended in positive zone. The S&P BSE Realty index (up 3.15%), the S&P BSE Utilities index (up 1.86%), the S&P BSE Power index (up 1.66%), the S&P BSE Auto index (up 1.51%), the S&P BSE Consumer Discretionary Goods & Services index (up 1.43%), the S&P BSE IT index (up 1.39%), the S&P BSE Basic Materials index (up 1.34%), the S&P BSE Teck index (up 1.33%), the S&P BSE Consumer Durables index (up 1.29%), the S&P BSE Industrials index (up 1.16%), the S&P BSE Oil & Gas index (up 0.97%), the S&P BSE Metal index (up 0.94%) and the S&P BSE Finance index (up 0.86%), outperformed the Sensex. The S&P BSE Capital Goods index (up 0.78%), the S&P BSE Energy index (up 0.78%), the S&P BSE Bankex (up 0.73%), the S&P BSE Telecom index (up 0.55%), the S&P BSE Healthcare index (up 0.51%) and the S&P BSE FMCG index (down 0.14%), underperformed the Sensex.
Metal and mining stocks edged higher on reports that the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP) that would allow private companies to carry out standalone exploration for the first time. Vedanta (up 3.29%), Hindustan Zinc (up 2.70%), Bhushan Steel (up 2.49%), Hindustan Copper (up 2.07%), National Aluminium Company (up 2.04%), NMDC (up 1.91%), Steel Authority of India (up 1.63%), Hindalco Industries (up 1.61%), JSW Steel (up 1.22%), Tata Steel (up 0.64%) and Jindal Steel & Power (up 0.53%), edged higher.
According to reports, NMEP will allow private companies to carry out stand-alone exploration for the first time and help auction prospective mineral blocks. The blocks that will go on sale are among 100 mineral zones identified by the state-run Geological Survey of India following an aero geophysical assessment, reports suggested.
Meanwhile, copper prices edged lower in the global commodities markets. High Grade Copper for September 2016 delivery was currently down 0.11% at $2.173 per pound on the COMEX.
Auto stocks edged higher on reports the Union Cabinet has approved 7th Pay Commission's proposal to raise salaries and pensions for central government employees. Hero MotoCorp (up 3.95%), Tata Motors (up 1.53%), Maruti Suzuki (India) (up 1.36%), Escorts (up 0.96%), TVS Motor Company (up 0.88%), Bajaj Auto (up 0.71%) and Mahindra & Mahindra (up 0.62%), edged higher. Ashok Leyland (down 0.05%) and Eicher Motors (down 0.41%), edged lower. Investors are betting that increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations will boost consumer spending and lift demand for two-wheelers and passenger vehicles. Media reports suggest that the Cabinet has approved minimum pay hike of 20% and a maximum pay hike of 25% for central government employees. The changes will be implemented effective 1 January 2016 and the arrears' payment will be done in tranches, according to reports.
Realty shares surged on expectations that demand for new homes will rise as a result of the increase in salaries and payment of arrears to government employees due to the implementation of the 7th Pay Commission recommendations. Unitech (up 7.85%), Parsvnath Developers (up 3.94%), Mahindra Lifespace Developers (up 3.87%), Sobha (up 3.17%), Housing Development and Infrastructure (HDIL) (up 3.01%), Peninsula Land (up 2.61%), D B Realty (up 2.10%), Anant Raj (up 1.88%), Omaxe (up 1.79%), Indiabulls Real Estate (up 1.48%), Godrej Properties (up 1.16%) and Oberoi Realty (up 1.03%), edged higher. Sunteck Realty (down 0.39%), Phoenix Mills (down 0.44%) and Prestige Estates Projects (down 1.43%), edged lower.
DLF surged 7.83% to Rs 143.95 on media reports that promoter KP Singh and his family have decided to wipe out the company's debt in a two-step transaction. According to reports, the promoters will pump Rs 10000 crore into the company by purchasing shares in a preferential issue with funds raised from the sale of their stake in the company's rental unit. The Singh family plans to sell its 40% stake in DLF Cyber City Developers (DCCDL) for Rs 12000-13000 crore and will use the money to retire the parent company's debt, reports suggested. Separately, DLF will raise about Rs 3000 crore from institutional investors to ensure that the stake of the promoters doesn't breach the 75% threshold with the purchase of the preferential shares, as per reports.
Promoters currently hold 74.96% stake in DLF (as per the shareholding pattern as on 31 March 2016).
Bosch rose 5.26% at Rs 22,656.55 after the company said that a meeting of its board of directors will be held on 1 July 2016 to consider a proposal for buyback of the company's equity shares. The announcement was made after market hours yesterday, 28 June 2016.
Stocks of state-run firms edged higher on renewed buying. Rural Electrification Corporation (up 3.73%), Power Grid Corporation of India (up 2.60%), MMTC (up 2.37%), NTPC (up 2.36%), Bharat Heavy Electricals (up 2.31%), NMDC (up 1.91%), Power Finance Corporation (up 1.77%), Steel Authority of India (up 1.63%), Shipping Corporation of India (up 1.50%), MOIL (up 1.48%) and NHPC (up 0.40%) edged higher.
IT stocks recovered from recent losses triggered by concerns that losses for the British pound and euro in the wake of the UK's vote last week to leave the European Union (EU) will adversely impact Indian IT companies' revenue in dollar terms. Wipro (up 2.21%), HCL Technologies (up 1.77%), TCS (up 1.54%), MindTree (up 1.47%), MphasiS (up 1.11%), Tech Mahindra (up 0.67%) and Oracle Financial Services Software (up 0.65%), edged higher. Persistent Systems (down 0.64%) and Hexaware Technologies (down 1.69%), edged lower. Indian IT companies derive about 25% of their revenue from Europe.
Index heavyweight and software major Infosys rose 1.33% at Rs 1,176.55. The stock hit a high of Rs 1,179.35 and a low of Rs 1,161.25 in intraday trade.
Bank stocks edged higher on renewed buying. Among public sector banks, UCO Bank (up 2.70%), Dena Bank (up 1.79%), IDBI Bank (up 1.54%), Canara Bank (up 1.11%), Punjab & Sind Bank (up 0.63%), Union Bank of India (up 0.55%), Andhra Bank (up 0.45%), Bank of India (up 0.35%), Syndicate Bank (up 0.35%), Bank of Maharashtra (up 0.30%), Punjab National Bank (up 0.24%) and Allahabad Bank (up 0.22%), edged higher. Central Bank of India (down 0.09%), Indian Bank (down 0.25%), Bank of Baroda (down 0.29%), Corporation Bank (down 0.36%), Vijaya Bank (down 0.53%) and United Bank of India (down 1.11%), edged lower.
State Bank of India (SBI) rose 0.42% at Rs 217.20 after the bank said that the Executive Committee of the Central Board of the bank at its meeting held today, 29 June 2016, approved raising up to $1.5 billion in single/multiple tranches through a public offer or private placement of senior unsecured notes in US dollar or any other convertible currency during the current financial year (FY 2017). The announcement was made during market hours today, 29 June 2016.
Among private sector banks, IndusInd Bank (up 2.16%), ICICI Bank (up 1.46%), Kotak Mahindra Bank (up 1.02%), City Union Bank (up 1.01%), Federal Bank (up 0.54%), Axis Bank (up 0.50%) and Yes Bank (up 0.41%) edged higher.
The Reserve Bank of India has said in its biannual publication Financial Stability Report (FSR) June 2016 that its macro stress tests suggest that under the baseline scenario, the gross non-performing advances (GNPAs) ratio of scheduled commercial banks (SCBs) may rise to 8.5% by March 2017 from 7.6% in March 2016. Under the baseline scenario, the GNPA ratio of public sector banks (PSBs) may go up to 10.1% by March 2017 from 9.6% in March 2016. Under the baseline scenario, the GNPA ratio of private sector banks (PVBs) may increase to 3.1% by March 2017 from 2.7% in March 2016, which could further increase to 4.2% under a severe stress scenario i.e. when the macroeconomic scenario deteriorates. Under a severe stress scenario, the GNPA ratio of PSBs may increase to 11% by March 2017 from 9.6% in March 2016. Under such a severe stress scenario, the CRAR (capital to risk-weighted assets ratio) of SCBs may decline to 11.5% by March 2017 from 13.2% as of March 2016.
Index heavyweight HDFC Bank rose 0.1% at Rs 1,169.05. The stock turned ex-dividend today, 29 June 2016, for dividend of Rs 9.50 per share for the year ended 31 March 2016. Before turning ex-dividend, the stock offered a dividend yield of 0.81% based on the closing price of Rs 1,167.85 on BSE yesterday, 28 June 2016.
Index heavyweight and housing finance major HDFC rose 1.48% at Rs 1,247.25. The stock hit a high of Rs 1,250.90 and a low of Rs 1,231.50 in intraday trade.
The Sensex and the Nifty edged higher for the third straight trading session. The Sensex has risen 342.68 points or 1.30% in three trading sessions from its close of 26,397.71 on 24 June 2016. The Sensex has fallen 72.43 points or 0.27% in this month so far (till 29 June 2016). The Sensex has risen 622.85 points or 2.38% in calendar year 2016 so far (till 29 June 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 4,245.78 points or 18.87%. The Sensex is off 1,837.94 points or 6.43% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,284.35 points or 10.94% from a record high of 30,024.74 hit on 4 March 2015.
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