Sensex ends above 231 points; Rupee closes below 0.11%; ICICI Bank gains 9%
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Indian markets may open between flat and positive amid weak global cues and ahead of Service & Composite data.
On Wednesday, Sensex closed at 29,894.80 down 27 points or 0.09%, while Nifty 50 ended at 9,311.95 below 2 points or 0.02%.
In the broader market, the BSE Midcap pared all gains to end 0.3% lower, while the BSE Smallcap ended little changed. The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,488 shares declined and 1,357 shares rose. A total of 161 shares were unchanged. NSE cash turnover was at Rs. 25, 221 cr.
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The Dalal Street ended on a higher note on Thursday with Sensex gaining over 230 points.
Sensex closed at 30,126.21 above 231 points or 0.77%, while Nifty 50 finished at 9,359.90 up 47 points or 0.51%.
On both Sensex and Nifty, ICICI Bank was the leader by surging over 9% at Rs 297.75 per piece. The bank also recorded a new high of Rs 299.75 per piece post Q4 result numbers.
Other gainers on BSE were State Bank of India at Rs 299.75 per piece (3.59%), Axis Bank at Rs 518.50 per piece (3.56%), Adani Ports at Rs 518.50 per piece (3.56%), Hindustan Unilever at Rs 953.65 per piece (2.09%) and Asian Paints at Rs 1,134 per piece (1.62%).
Losers involved Tata Motors at Rs 436.50 per piece down 2.27%, followed by ONGC at Rs 188.75 per piece (1.15%), Cipla at Rs 548 a piece (1.14%) and Mahindra and Mahindra at Rs 1335.25 per piece (0.89%).
Indian Rupee ended lower against US dollar. The rupee closed at 64.175 down 0.070 paisa or 0.11% against dollar.
Share price of Bank of Maharashtra tanked over 2% on BSE after when the bank's net loss widened for the fourth quarter ended March 31, 2017, result.
The bank reported net loss of Rs 455.45 crore, which widened from net loss of Rs 119.84 crore in Q4FY16 and Rs 182.51 crore in Q3FY17.
This Q4, provisions were at Rs 1,833.37, clocking rise of 169.80% year-on-year (YoY) and 213.17% quarter-on-quarter (QoQ).
Gross non-performing assets (GNPA) was at 16.93%, expanding by 759 basis points yoy and 185 basis points qoq.
Before the result announcement, Bank of Maharashtra touched 52-week high of Rs 40.70 per piece.
At 1459 hours, share price of bank was trading at Rs 37.60 per piece on BSE, up 0.66%.
Housing Development Finance Corp (HDFC) reported 22% decline in standalone net profit to Rs 2,044.20 crore for the fourth quarter ended March 31, 2017, compared to Rs 2,607.05 crore in the similar period of previous year.
Q4FY17 standalone net profit however grew by 20.16% from Rs 1,701.21 crore in the preceding quarter.
A Bloomberg poll estimated the company to record net profit of Rs 2,020 crore in Q4.
Share price of HDFC was trading at Rs 1568 per piece on BSE, down 0.19%.
Godrej Properties on Thursday reported consolidated net profit of Rs 62.58 crore for the fourth quarter ended March 31, 2017, result, compared to net loss of Rs 10.73 crore in the corresponding period of previous year.
However, net profit declined by 18.99% from Rs 77.25 crore in the preceding quarter.
Consolidated total income was at Rs 464.83 crore, which increased by 19.27% year-on-year (YoY) but decreased by 15.73% quarter-on-quarter (QoQ) basis.
On standalone-front, net loss widened to Rs 3.51 crore as against net loss of Rs 2.61 crore a year ago same period. The company reported standalone net profit of Rs 82.54 crore in Q3FY17.
Share price of Godrej Properties was trading at Rs 533.40 per piece on BSE, down Rs 11 or 1.98%.
Rise in provisioning setbacks ICICI Bank, slippages expected to rise in FY18.
Nifty expected to trade in between 9260 and 9370 for today's session.
Tata Power on Thursday announced the launch of Chatbot for enhancing customer service.
With this new launch, Tata Power is looking to reduce the response time to the customer queries to within few seconds by being available to the customer 24X7 in Mumbai.
Share price Tata Power was trading at Rs 82.50 per piece up 0.43%.
Interest rates let untouched by Fed, SGX Nifty flat with mixed signs from Asian market.
Brigade Enterprises to allocate 500 crore through Qualified Institutional Buyers (QIB).
At 1103 hours, Brigade Enterprise was trading at Rs 245.55 per piece on BSE, up 0.64%.
Banking stocks surged on both Nifty, Sensex after when Cabinet on Wednesday approved the amendments to the Banking Regulation Act to resolve the bad loans crisis.
At 1016 hours, Nifty Bank soared over 264 points or 1.19% trading at 22,572.15.
Among top gainers on the index, ICICI Bank was top gainer trading at Rs 294.45 up 7.96%, followed by Bank of Baroda at Rs 192.90 per piece (1.77%), State Bank of India at Rs 294.75 per piece (1.71%), Canara Bank at Rs 373.40 per piece (1.70%), IDFC Bank at Rs 66.15 per piece (1.53%).
Also shares of Punjab National Bank (Rs 176.20 per piece) and Axis Bank (Rs 504.45 per piece) surged by 0.74% and 0.72% respectively.
On the other hand losers involved Kotak Mahindra Bank (Rs 908.25 per piece), IndusInd Bank (Rs 1,426.30 per piece), HDFC Bank (Rs 1,532.10 per piece), Yes Bank (Rs 1.631.35 per piece) and Federal Bank (Rs 112 per piece) trading negative in the range of 0.4% - 1%.
The Executive Order on the NPA policy has been sent to the President and it is expected to get the nod from him tonight.
Apart from ICICI Bank other gainers were State Bank of India at Rs 295.90 per piece (2.26%), Adani Ports at Rs 334.75 at Rs 334.75 per piece (2.20%), Bharti Airtel at Rs 351.20 per piece (1.37%) and Larsen & Toubro at Rs 1736 per piece (0.90%).
While losers were HDFC Bank at Rs 1531.90 per piece (0.62%), followed by Reliance Industries (Rs 1361.70 per piece (0.62%), Cipla (Rs 551.30 per piece), Tata Motors (Rs 444.45 per piece), ONGC (Rs 190.45 per piece) and TCS (Rs 2332 per piece) trading negative in the range of 0.20% - 60%.
Share price of ICICI Bank was top gainer on BSE after it reported smaller-than-expected growth in fourth quarter net profit as bad loans rose.
At 9.25 am, ICICI Bank surged over Rs 16 or 6.21% trading at Rs 289.70 per piece.
Q4FY17 net profit nearly tripled to Rs 2,025 crore for the three months to March 31, from Rs 702 crore reported a year earlier.
Indian markets open in green with Sensex regaining its 30,000-mark.
At 9.18 am, Sensex was trading over 151 points or 0.51%, trading at 30,046.02, while Nifty 50 gained over 36 points or 0.39% trading at 9,348.70.
In pre-open market, Sensex regains 30,000-mark. At 9.03 am, the 31-stocks index was trading at 30,005.82 above 111.02 points, while the 51-stocks index stood at 9,311.95 down 2 points or 0.02%.
Asian markets were mostly trading lower as Hong Kong and China shares take most hit.
Hong Kong's Hang Seng was trading at Rs 24,543.82 lower by 153 points or 0.62%, while China's Shanghai SE Composite index tumbled over 15 points or 0.48% trading at 3,120.34.
Austrailia shares were also below 32 points or 0.53% at 5,888.50 and that Taiwan shares slightly down by 11 points or 0.10% at 9,945.11.
Only Japan's Nikkei 225 was trading positive at 19,445.70 above 135 points or 0.70%.
Analysts at HDFC Securities said," If Nifty sustains above 9300 level then traders could expect positive move in the Nifty towards 9340 followed by 9360 level. If Nifty sustains below 9320 level for first hour of trade then traders may see down move, which could take Nifty towards 9265 level followed by 9220 level."
Stocks in focus will be.
ICICI Bank: The bank reported a smaller-than-expected growth in fourth-quarter net profit as bad loans rose. Q4FY17 net profit nearly tripled to Rs 2,025 crore for the three months to March 31, from Rs 702 crore reported a year earlier, the Mumbai-based lender said on Wednesday.
HDFC: The Housing Development Finance Corp (HDFC) will be announcing its fourth quarter ended March 31, 2017 result on Thursday. Motilal expects HDFC's net profit to be at Rs 1,986.7 crore declining by 23.8% year-on-year (YoY) but up by 16.78% on quarter-on-quarter (QoQ) basis. While NII is seen at Rs 2,853.4 crore growing by 15.55% yoy and 10.79% qoq.
Bajaj Auto: The company on Wednesday reported flat sales for the month of April 2017. Bajaj Auto sold 3,29,800 units this month, a decline of 0.09% compared to 330,109 units in the similar month of the previous year.
Capital First: In its meeting held on Wednesday, the company has approved raising up to Rs 500 crore through non-convertible debentures with Rs 350 crore green shoe option.
Godrej Properties: The company announced that it has sold over 1,000 apart ments across three new project launches - Godrej Origins at The Trees in Mumbai, The Suites at Godrej Golf Links in Greater Noida, and Godrej 24 at Hinjawadi, Pune since March 2017.
Dalmia Cement: In a statement, the company said that it has emerged as the preferred bidder for Chhattisgarh limestone block. The Chhattisgarh government on Tuesday auctioned the Kesla II limestone block in Raipur District. With 215 million tonnes of reserves, the block has an estimated value of mineral resource of Rs10,367 crore.
V-Mart: In its Q4FY17, the company reported a standalone net profit of Rs 4.99 crore compared to net profit Rs 0.48 crore in the corresponding period of last fiscal.
Indian markets may open between flat and positive amid weak global cues and ahead of Service & Composite data.
On Wednesday, Sensex closed at 29,894.80 down 27 points or 0.09%, while Nifty 50 ended at 9,311.95 below 2 points or 0.02%.
In the broader market, the BSE Midcap pared all gains to end 0.3% lower, while the BSE Smallcap ended little changed. The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,488 shares declined and 1,357 shares rose. A total of 161 shares were unchanged. NSE cash turnover was at Rs. 25, 221 cr.
Among the global markets, European markets opened on a soft note as US Fed interest rate decision was held on Wednesday.
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