Market snaps two-day losing streak
Key benchmark indices registered small to modest gains after seeing intraday volatility. The barometer index, the S&P BSE Sensex, rose 84.72 points or 0.31% to settle at 27,859.60. The gains for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty rose 16.85 points or 0.2% to settle at 8,592.15. Index heavyweights ITC, Reliance Industries and HDFC led the upmove for the two key benchmark indices. Key indices snapped two-day losing streak today, 11 August 2016.
The Sensex rose 84.72 points or 0.31% to settle at 27,859.60, its highest closing level since 9 August 2016. The index 127.51 points or 0.46% at the day's high of 27,902.39. The index lost 77.55 points or 0.28% at the day's low of 27,697.33, its lowest level since 4 August 2016.
The Nifty rose 16.85 points or 0.2% to settle at 8,592.15, its highest closing level since 9 August 2016. The index rose 25.85 points or 0.3% at the day's high of 8,601.15. The index fell 35.25 points or 0.41% at the day's low of 8,540.05, its lowest level since 4 August 2016.
In overseas stock markets, European stocks edged higher helped by some well-received corporate updates. Earlier during the global day, Asian stocks ended on a mixed note as crude oil prices fell. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,518 shares fell and 1,167 shares rose. A total of 158 shares were unchanged. The BSE Mid-Cap index rose 0.03%. The BSE Small-Cap index fell 0.02%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3221 crore, lower than turnover of Rs 3320.99 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Telecom index (down 0.24%), the S&P BSE Basic Materials index (down 0.26%), the S&P BSE Capital Goods index (down 0.22%), the S&P BSE Finance index (up 0.03%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.57%), the S&P BSE Auto index (down 0.45%), the S&P BSE Bankex (down 0.17%), the S&P BSE Utilities index (up 0.22%), the S&P BSE Realty index (down 0.9%), the S&P BSE Consumer Durables index (down 0.17%), the S&P BSE Metal index (down 0.68%), the S&P BSE Industrials (down 0.34%), the S&P BSE Teck index (down 0.28%), the S&P BSE IT index (up 0.14%) and the S&P BSE Healthcare index (up 0.22%) underperformed the Sensex.
The S&P BSE Oil & Gas index (up 0.74%), the S&P BSE Power index (up 0.38%), the S&P BSE Energy index (up 0.75%), and the S&P BSE FMCG index (up 1.44%) outperformed the Sensex.
Bharti Airtel rose 0.2%. The company said after market hours today, 11 August 2016 that the transaction to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum of Aircel has been successfully concluded for Orissa circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, the company has completed the transaction in 7 out of 8 circles namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East and Orissa. Bharti Airtel in April this year said it had acquired rights to use 4G spectrum of Aircel in eight telecom circles.
Index heavyweight Reliance Industries (RIL) advanced 1.12% to Rs 1,014. The stock hit high of Rs 1,022 and low of Rs 1,000.25 in intraday trade.
Index heavyweight and cigarette major ITC gained 1.93% to Rs 251.40. The stock hit a high of Rs 252 and low of Rs 246.65 in intraday trade.
Index heavyweight and housing finance major HDFC advanced 1.01% to Rs 1,351.
The stock hit high of Rs 1,352.70 and low of Rs 1,330 in intraday trade.
Lupin rose 2% after the company announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received final approval for its Potassium Chloride Extended-Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the United States Food and Drug Administration (USFDA). The drug is a generic equivalent of Upsher-Smith Labs' Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq. It is an electrolyte replenisher indicated for the therapeutic use of patients with hypokalemia, with or without metabolic alkalosis; in digitalis intoxication; and in patients with hypokalemic familial periodic paralysis. Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had annual US sales of $101.3 million as per IMS MAT June 2016 data. The announcement was made after market hours yesterday, 10 August 2016.
Shares of PSU banks declined. Allahabad Bank (down 2.98%), Corporation Bank (down 2.08%), Syndicate Bank (down 1.94%), State Bank of India (SBI) (down 1.97%), Punjab National Bank (down 2.92%), Canara Bank (down 1.28%), Bank of India (down 2.77%) and Union Bank of India (down 1.82%) dropped. IDBI Bank rose 2.4%.
Bank of Baroda (BoB) slumped on heavy volumes after the state-run bank reported weak Q1 June 2016 numbers. The stock lost 9.05%. Heavy volumes accompanied the decline in the stock. On BSE, 45.1 lakh shares were traded in the counter, compared with average daily volume of 11.52 lakh shares in the past one quarter. BoB's net profit fell 59.74% to Rs 423.62 crore on 2.99% decline in total income to Rs 11877.91 crore in Q1 June 2016 over Q1 June 2015. The result was announced before trading hours today, 11 August 2016. The bank's gross non-performing assets (NPAs) stood at Rs 42991.68 crore as on 30 June 2016 as against Rs 40521.04 crore as on 31 March 2016 and Rs 17273.95 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 11.15% as on 30 June 2016 as against 9.99% as on 31 March 2016 and 4.13% as on 30 June 2015. The ratio of net NPA to net advances stood at 5.73% as on 30 June 2016 as against 5.06% as on 31 March 2016 and 2.07% as on 30 June 2015.
The bank's provisions and contingencies (excluding tax provisions) surged 234.16% to Rs 2004.07 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank stood at 60.17% as on 30 June 2016.
Shares of most private banks rose. IndusInd Bank (up 0.53%), Kotak Mahindra Bank (up 0.44%), ICICI Bank (up 1.27%), and Axis Bank (up 0.19%) rose. HDFC Bank dropped 0.09%.
Yes Bank lost 0.96% to Rs 1,252.65 on reports the bank is contemplating to raise about $1 billion through issue of shares to qualified institutional buyers. The private sector bank said in a clarification to the stock exchanges that the shareholders at the AGM held on 7 June 2016 approved raising of equity capital aggregating upto $1 billion through the issue of new shares by way of qualified institutional placement (QIP) and or American depository receipts (ADR)/global depository receipts (GDR).
The rights issue was not contemplated at the AGM. The shareholders approval is valid till 2017. The bank added that the capital raising plan remains unchanged. However, no merchant bankers have been appointed by the bank so far for this future capital raising event.
Most auto stocks declined. Tata Motors (down 0.2%), Mahindra & Mahindra (M&M) (down 1.88%), Ashok Leyland (down 0.46%), Hero MotoCorp (down 0.5%), and Bajaj Auto (down 0.45%) declined. Maruti Suzuki India (up 0.34%), Eicher Motors (up 2.68%), and TVS Motor Company (up 0.37%) gained.
The BSE Auto index had outperformed the market over the past one month till 10 August 2016, rising 7.94% compared with 2.39% rise in the Sensex. The index had also outperformed the market in past one quarter, advancing 15.59% as against Sensex's 7.77% rise.
Grasim Industries lost 6.44% to Rs 4,538.95, with the stock sliding ahead of Q1 June 2016 results today, 11 August 2016. Shares of Grasim Industries had fallen 6.1% to settle at Rs 4,851.50 yesterday, 10 August 2016 in the wake of recent media reports that Aditya Birla Group is contemplating a merger of Grasim Industries and parts of Aditya Birla Nuvo (ABNL). The merger of Grasim Industries and parts of ABNL is likely to be followed by the hiving-off of the financial services business of ABNL viz. Aditya Birla Financial Services (ABFS) into a separate company, reports suggested. ABFS is currently a 100% subsidiary of ABNL.
However, in its clarification issued during market hours yesterday, 10 August 2016, Grasim Industries said that no such proposal has been considered or approved by its board of directors which would trigger disclosure requirement. The company futher added that shareholders are advised to exercise caution while trading based on speculative reports.
Shares of Dilip Buildcon settled at Rs 251.95 on BSE, a premium of 15.04% over the initial public offer price of Rs 219 on its debut on the stock exchanges today, 11 August 2016. The stock debuted at Rs 240, a premium of 9.58% over the initial public offer (IPO) price. The stock hit a high of Rs 255 and low of Rs 239.25 in intraday trade. On BSE, 70.58 lakh shares changed hands in the counter. DBL is one of the leading road-focused engineering, procurement and construction (EPC) contractors in India. From the proceeds of the fresh issue, DBL has earmarked Rs 430 crore towards repayment of term loans of around Rs 203.60 crore, Rs 200 crore for meeting working capital requirements and rest for general corporate purpose.
The Sensex and the Nifty snapped two-day losing streak today, 11 August 2016. The Sensex had fallen 407.69 points or 1.44% in two sessions, to settle at 27,774.88 on 10 August 2016, from its close of 28,182.57 on 8 August 2016. The Sensex has fallen 192.26 points or 0.68% in August 2016 so far (till 11 August 2016). The Sensex has risen 1,742.06 points or 6.67% in calendar year 2016 so far (till 11 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,364.99 points or 23.85%. The Sensex is off 430.36 points or 1.52% from a 52-week high of 28,289.96 hit on 9 August 2015. The Sensex is off 2,165.14 points or 7.21% from a record high of 30,024.74 hit on 4 March 2015.
The Sensex rose 84.72 points or 0.31% to settle at 27,859.60, its highest closing level since 9 August 2016. The index 127.51 points or 0.46% at the day's high of 27,902.39. The index lost 77.55 points or 0.28% at the day's low of 27,697.33, its lowest level since 4 August 2016.
The Nifty rose 16.85 points or 0.2% to settle at 8,592.15, its highest closing level since 9 August 2016. The index rose 25.85 points or 0.3% at the day's high of 8,601.15. The index fell 35.25 points or 0.41% at the day's low of 8,540.05, its lowest level since 4 August 2016.
In overseas stock markets, European stocks edged higher helped by some well-received corporate updates. Earlier during the global day, Asian stocks ended on a mixed note as crude oil prices fell. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,518 shares fell and 1,167 shares rose. A total of 158 shares were unchanged. The BSE Mid-Cap index rose 0.03%. The BSE Small-Cap index fell 0.02%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3221 crore, lower than turnover of Rs 3320.99 crore registered during the previous trading session.
Among sectoral indices on BSE, the S&P BSE Telecom index (down 0.24%), the S&P BSE Basic Materials index (down 0.26%), the S&P BSE Capital Goods index (down 0.22%), the S&P BSE Finance index (up 0.03%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.57%), the S&P BSE Auto index (down 0.45%), the S&P BSE Bankex (down 0.17%), the S&P BSE Utilities index (up 0.22%), the S&P BSE Realty index (down 0.9%), the S&P BSE Consumer Durables index (down 0.17%), the S&P BSE Metal index (down 0.68%), the S&P BSE Industrials (down 0.34%), the S&P BSE Teck index (down 0.28%), the S&P BSE IT index (up 0.14%) and the S&P BSE Healthcare index (up 0.22%) underperformed the Sensex.
The S&P BSE Oil & Gas index (up 0.74%), the S&P BSE Power index (up 0.38%), the S&P BSE Energy index (up 0.75%), and the S&P BSE FMCG index (up 1.44%) outperformed the Sensex.
Bharti Airtel rose 0.2%. The company said after market hours today, 11 August 2016 that the transaction to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum of Aircel has been successfully concluded for Orissa circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, the company has completed the transaction in 7 out of 8 circles namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East and Orissa. Bharti Airtel in April this year said it had acquired rights to use 4G spectrum of Aircel in eight telecom circles.
Index heavyweight Reliance Industries (RIL) advanced 1.12% to Rs 1,014. The stock hit high of Rs 1,022 and low of Rs 1,000.25 in intraday trade.
Index heavyweight and cigarette major ITC gained 1.93% to Rs 251.40. The stock hit a high of Rs 252 and low of Rs 246.65 in intraday trade.
Index heavyweight and housing finance major HDFC advanced 1.01% to Rs 1,351.
The stock hit high of Rs 1,352.70 and low of Rs 1,330 in intraday trade.
Lupin rose 2% after the company announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received final approval for its Potassium Chloride Extended-Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the United States Food and Drug Administration (USFDA). The drug is a generic equivalent of Upsher-Smith Labs' Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq. It is an electrolyte replenisher indicated for the therapeutic use of patients with hypokalemia, with or without metabolic alkalosis; in digitalis intoxication; and in patients with hypokalemic familial periodic paralysis. Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had annual US sales of $101.3 million as per IMS MAT June 2016 data. The announcement was made after market hours yesterday, 10 August 2016.
Shares of PSU banks declined. Allahabad Bank (down 2.98%), Corporation Bank (down 2.08%), Syndicate Bank (down 1.94%), State Bank of India (SBI) (down 1.97%), Punjab National Bank (down 2.92%), Canara Bank (down 1.28%), Bank of India (down 2.77%) and Union Bank of India (down 1.82%) dropped. IDBI Bank rose 2.4%.
Bank of Baroda (BoB) slumped on heavy volumes after the state-run bank reported weak Q1 June 2016 numbers. The stock lost 9.05%. Heavy volumes accompanied the decline in the stock. On BSE, 45.1 lakh shares were traded in the counter, compared with average daily volume of 11.52 lakh shares in the past one quarter. BoB's net profit fell 59.74% to Rs 423.62 crore on 2.99% decline in total income to Rs 11877.91 crore in Q1 June 2016 over Q1 June 2015. The result was announced before trading hours today, 11 August 2016. The bank's gross non-performing assets (NPAs) stood at Rs 42991.68 crore as on 30 June 2016 as against Rs 40521.04 crore as on 31 March 2016 and Rs 17273.95 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 11.15% as on 30 June 2016 as against 9.99% as on 31 March 2016 and 4.13% as on 30 June 2015. The ratio of net NPA to net advances stood at 5.73% as on 30 June 2016 as against 5.06% as on 31 March 2016 and 2.07% as on 30 June 2015.
The bank's provisions and contingencies (excluding tax provisions) surged 234.16% to Rs 2004.07 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank stood at 60.17% as on 30 June 2016.
Shares of most private banks rose. IndusInd Bank (up 0.53%), Kotak Mahindra Bank (up 0.44%), ICICI Bank (up 1.27%), and Axis Bank (up 0.19%) rose. HDFC Bank dropped 0.09%.
Yes Bank lost 0.96% to Rs 1,252.65 on reports the bank is contemplating to raise about $1 billion through issue of shares to qualified institutional buyers. The private sector bank said in a clarification to the stock exchanges that the shareholders at the AGM held on 7 June 2016 approved raising of equity capital aggregating upto $1 billion through the issue of new shares by way of qualified institutional placement (QIP) and or American depository receipts (ADR)/global depository receipts (GDR).
The rights issue was not contemplated at the AGM. The shareholders approval is valid till 2017. The bank added that the capital raising plan remains unchanged. However, no merchant bankers have been appointed by the bank so far for this future capital raising event.
Most auto stocks declined. Tata Motors (down 0.2%), Mahindra & Mahindra (M&M) (down 1.88%), Ashok Leyland (down 0.46%), Hero MotoCorp (down 0.5%), and Bajaj Auto (down 0.45%) declined. Maruti Suzuki India (up 0.34%), Eicher Motors (up 2.68%), and TVS Motor Company (up 0.37%) gained.
The BSE Auto index had outperformed the market over the past one month till 10 August 2016, rising 7.94% compared with 2.39% rise in the Sensex. The index had also outperformed the market in past one quarter, advancing 15.59% as against Sensex's 7.77% rise.
Grasim Industries lost 6.44% to Rs 4,538.95, with the stock sliding ahead of Q1 June 2016 results today, 11 August 2016. Shares of Grasim Industries had fallen 6.1% to settle at Rs 4,851.50 yesterday, 10 August 2016 in the wake of recent media reports that Aditya Birla Group is contemplating a merger of Grasim Industries and parts of Aditya Birla Nuvo (ABNL). The merger of Grasim Industries and parts of ABNL is likely to be followed by the hiving-off of the financial services business of ABNL viz. Aditya Birla Financial Services (ABFS) into a separate company, reports suggested. ABFS is currently a 100% subsidiary of ABNL.
However, in its clarification issued during market hours yesterday, 10 August 2016, Grasim Industries said that no such proposal has been considered or approved by its board of directors which would trigger disclosure requirement. The company futher added that shareholders are advised to exercise caution while trading based on speculative reports.
Shares of Dilip Buildcon settled at Rs 251.95 on BSE, a premium of 15.04% over the initial public offer price of Rs 219 on its debut on the stock exchanges today, 11 August 2016. The stock debuted at Rs 240, a premium of 9.58% over the initial public offer (IPO) price. The stock hit a high of Rs 255 and low of Rs 239.25 in intraday trade. On BSE, 70.58 lakh shares changed hands in the counter. DBL is one of the leading road-focused engineering, procurement and construction (EPC) contractors in India. From the proceeds of the fresh issue, DBL has earmarked Rs 430 crore towards repayment of term loans of around Rs 203.60 crore, Rs 200 crore for meeting working capital requirements and rest for general corporate purpose.
The Sensex and the Nifty snapped two-day losing streak today, 11 August 2016. The Sensex had fallen 407.69 points or 1.44% in two sessions, to settle at 27,774.88 on 10 August 2016, from its close of 28,182.57 on 8 August 2016. The Sensex has fallen 192.26 points or 0.68% in August 2016 so far (till 11 August 2016). The Sensex has risen 1,742.06 points or 6.67% in calendar year 2016 so far (till 11 August 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,364.99 points or 23.85%. The Sensex is off 430.36 points or 1.52% from a 52-week high of 28,289.96 hit on 9 August 2015. The Sensex is off 2,165.14 points or 7.21% from a record high of 30,024.74 hit on 4 March 2015.
No comments:
Post a Comment