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End Session Commentary
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Indices drop for third day in a row
(17-Apr-2017, 16:50 Hours IST)  

Key benchmark indices settled with small losses after a quiet session of trade amid lack of global cues as most world markets remained close for holiday. The barometer index, the S&P BSE Sensex, shed 47.79 points or 0.16% to settle at 29,413.66. The Nifty 50 index fell 11.50 points or 0.13% to settle at 9,139.30. The Sensex and the Nifty, both, hit their lowest closing levels in almost three-weeks. Key indices dropped for the third day in a row today, 17 April 2017 as sentiment was subdued on rising geopolitical concerns.

Realty stocks logged steep gains led by Indiabulls Real Estate. Bank and metal stocks dropped.

Local equities kick-started trading for the week with slim gains as trading resumed after a long weekend. Domestic bourses were shut on Friday, 14 April 2017, on account of public holiday. After slipping into the red in morning trade, indices staged a recovery in mid-morning trade. Indices once again slipped into the red and hovered within a small range in negative terrain later during the session.

The Sensex shed 47.79 points or 0.16% to settle at 29,413.66, its lowest closing level since 28 March 2017. The index gained 32.63 points or 0.11% at the day's high of 29,494.08. The index fell 98.17 points or 0.33% at the day's low of 29,363.28.

The Nifty fell 11.50 points or 0.13% to settle at 9,139.30, its lowest closing level since 28 March 2017. The index gained 9.20 points or 0.1% at the day's high of 9,160. The index fell 30.55 points or 0.33% at the day's low of 9120.25.

The BSE Mid-Cap index rose 0.25%. The BSE Small-Cap index gained 0.49%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,478 shares rose and 1,412 shares fell. A total of 199 shares were unchanged.

The total turnover on BSE amounted to Rs 3476.21 crore, higher than the turnover of Rs 3258.92 crore registered during the previous trading session on Thursday, 13 April 2017. Domestic bourses were shut on Friday, 14 April 2017, on account of public holiday.

Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 0.81%), the S&P BSE Energy index (up 0.69%), the S&P BSE Capital Goods index (up 0.09%), the S&P BSE Industrials index (down 0.09%), the S&P BSE Utilities index (up 0.22%), the S&P BSE Realty index (up 8.82%), the S&P BSE Basic Materials index (up 0.02%), the S&P BSE Bankex (down 0.09%), the S&P BSE Consumer Durables index (up 0.25%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.37%), and the S&P BSE Finance index (down 0.13%) outperformed the Sensex.

The S&P BSE Power index (down 0.61%), the S&P BSE Healthcare index (down 0.17%), the S&P BSE IT index (down 0.47%), the S&P BSE Metal index (down 1.09%), the S&P BSE Teck index (down 0.53%), the S&P BSE Telecom index (down 0.66%), the S&P BSE Auto index (down 0.28%), and the S&P BSE FMCG index (down 0.37%) underperformed the Sensex.

Metal and mining stocks fell after reports China, which produces half the world's steel, churned out a record quantity in March as mills benefited from healthy margins, setting the scene for a subsequent decline in prices. Vedanta (down 3.2%), Steel Authority of India (Sail) (down 0.89%), National Aluminium Company (down 0.28%), Hindustan Zinc (down 0.89%), Jindal Steel & Power (down 0.9%), Hindalco Industries (down 1.06%), Tata Steel (down 0.42%), NMDC (down 1.35%), Hindustan Copper (down 0.15%) edged lower. JSW Steel (up 1.73%) rose.

L&T rose 0.14% after the company said that its construction L&T Construction has won orders worth Rs 2694 crore across various business segments. The announcement was made during market hours today, 17 April 2017.

Dr Reddy's Laboratories gained 0.72% after the company announced that the audit of its API Srikakulam plant in Andhra Pradesh by the US Food and Drug Administration (USFDA) was completed on Friday, 14 April 2017, with no observations. The announcement was made on Friday, 14 April 2017.

Realty stocks logged steep gains led by Indiabulls Real Estate. Housing Development and Infrastructure (up 8.75%), D B Realty (up 13.62%), DLF (up 8.08%), Sobha (up 2.73%), Godrej Properties (up 6.56%), Oberoi Realty (up 0.81%), Parsvnath Developers (up 12.95%), Unitech (up 6.56%) and Prestige Estates Projects (up 1.8%) gained.

Indiabulls Real Estate jumped 39.96% to Rs 148.15 after the company said its board considered various proposals for restructuring the business. The announcement was made during market hours today, 17 April 2017.

Indiabulls Real Estates' board considered the possibility of streamlining its existing 'residential', 'commercial' and 'leasing' businesses by segregating 'commercial & leasing' business carried on by itself and/or through its special purpose vehicles (SPVs) and vesting the same into 'Indiabulls Commercial Assets (ICAL) and restructuring/reorganizing its businesses.

The restructuring could be done either (i) by restructuring by way of placing ICAL as a separate holding company under the company to hold its assets and investments relating to 'commercial & leasing' business segment and to undertake the business & operations of 'commercial & leasing' business segment and/or explore opportunities to bring in strategic investments; or (ii) by reorganizing its existing businesses by way of a demerger of the undertakings, business, activities & operations pertaining to its commercial & leasing business segments.

Bank stocks declined. Among public sector bank stocks, State Bank of India (SBI) (down 0.46%), Canara Bank (down 1.19%), Union Bank of India (down 0.87%), Bank of India (down 1.38%), Syndicate Bank (down 1.17%), Indian Overseas Bank (down 2.29%), Andhra Bank (down 0.75%), Oriental Bank of Commerce (down 0.2%), Dena Bank (down 1.15%), and Indian Bank (down 1.88%) declined. Punjab National Bank (up 1.92%) and Bank of Baroda (up 0.23%) gained.

Among private sector banks, Axis Bank (down 0.84%), ICICI Bank (down 0.05%), Yes Bank (down 0.36%), IndusInd Bank (down 0.42%), and HDFC Bank (down 0.23%) declined. Kotak Mahindra Bank rose 1.26%.

DCB Bank fell 3.56% after net profit declined 23.98% to Rs 52.86 crore on 20.2% increase in operating income to Rs 612.64 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Friday, 14 April 2017. The bank's gross non-performing assets (NPAs) stood at Rs 254.20 crore as on 31 March 2017 as against Rs 227.93 crore as on 30 December 2016 and Rs 197.38 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances stood at 1.59% as on 31 March 2017 as against 1.55% as on 31 December 2016 and 1.51% as on 31 March 2016.

The ratio of net NPAs to net advances stood at 0.79% as on 31 March 2017 as against 0.74% as on 31 December 2016 and 0.75% as on 31 March 2016.

The bank's provisions and contingencies (excluding tax provisions) rose 24.51% to Rs 33.93 crore in Q4 March 2017 over Q4 March 2016.

The market declined for the third straight day today, 17 April 2017. The Sensex has fallen 374.69 points or 1.25% in three trading sessions from its close of 29,788.35 on 31 March 2017. It has fallen 206.84 points or 0.69% in this month so far (till 17 April 2017). The barometer index has gained 2,787.20 points, or 10.46% in the calendar year 2017 (till 17 April 2017). From a 52-week low of 25,057.93 hit on 6 May 2016, the barometer index has risen 4,355.73 points or 17.38%. From a 52-week high of 30,007.48 hit on 5 April 2017, the barometer index is off 593.82 points or 1.97%. The Sensex is off 611.08 points or 2.03% from a record high of 30,024.74 hit on 4 March 2015.

On the macro front, the inflation based on wholesale price index (WPI) eased to 5.7% in March 2017, government data released during market hours today, 17 April 2017 showed. In February, prices rose a provisional 6.55%, while the January inflation rate was revised to 5.53% from 5.25% earlier.

Meanwhile, India's merchandise exports increased at 65-month high pace of 27.6% to US$ 29.23 billion in March 2017 over a year ago. Meanwhile, merchandise imports jumped 45.3% to US$ 39.67 billion. The trade deficit more than doubled to US$ 10.44 billion in March 2017 from US$ 4.40 billion in March 2016.

Overseas, European markets remained closed. Asian stocks dropped as the crisis in Russia and Syria and heightened tensions between the US and North Korea hurt investor sentiment. North Korea failed in its attempt to test another missile and the US said it is working with China and other allies to develop a range of options against the country's provocative and destabilizing behavior.

China reported growth of 6.9% in the first quarter, its fastest pace since the third quarter of 2015, fueled by credit and infrastructure spending as well as a stubbornly booming property market. The pace was a notch up from the 6.8% in the previous quarter and put China well ahead of its annual target of about 6.5% growth. Data released today, 17 April 2017 also showed that investment picked up, retail sales rebounded and factory output accelerated in March.

US equities declined on Thursday, 13 April 2017 weighed down by material and energy sectors. US markets are set to reopen today, 17 April 2017 after Friday's holiday, while markets in Australia, New Zealand and Hong Kong are closed and most European markets are also shut.

In the latest economic data, weekly first-time jobless claims fell slightly in the latest week, dropping to 234,000. Separately, the producer-price index fell 0.1% in March, though core PPI which excludes food, energy, and trade was up 0.1%. A preliminary reading of consumer sentiment from the University of Michigan also came in at a reading of 98 in April from 96.9 in March, highlighting a trend of upbeat so-called soft data.

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