Key benchmark indices settled almost unchanged amid mixed trend on the bourses after a listless and rangebound session of trade. The barometer index, the S&P BSE Sensex closed with small gains while the Nifty settled with tiny losses. The Sensex rose 17.47 points or 0.06% to settle at 29,336.57. The Nifty 50 index declined 1.65 points or 0.02% to settle at 9,103.50. The Sensex snapped four-day losing streak today, 19 April 2017 while Nifty fell for the fifth straight day. Nifty hit lowest closing level in more than three weeks.
Realty and power stocks rose. Bank stocks declined. IndusInd Bank fell after Q4 results. TCS settled with tiny losses post Q4 results.
Indices alternately swung between gains and losses within a narrow range around the flat line throughout the session. Negative Asian cues kept sentiment sluggish during the initial part while positive European cues supported indices towards the closing part of the session.
The Sensex rose 17.47 points or 0.06% to settle at 29,336.57, its highest level since 17 April 2017. The index gained 69.15 points or 0.24% at the day's high of 29,388.25. The index fell 77.62 points or 0.26% at the day's low of 29,241.48, its lowest level since 27 March 2017.
The Nifty declined 1.65 points or 0.02% to settle at 9,103.50, its lowest closing level since 28 March 2017. The index gained 15.35 points or 0.17% at the day's high of 9,120.50. The index fell 30 points or 0.33% at the day's low of 9,075.15, its lowest closing level since 27 March 2017.
The BSE Mid-Cap index rose 0.66%. The BSE Small-Cap index gained 0.76%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,599 shares rose and 1,233 shares fell. A total of 175 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 0.21%), the S&P BSE Energy index (up 0.26%), the S&P BSE Capital Goods index (up 0.39%), the S&P BSE Industrials index (up 0.66%), the S&P BSE Realty index (up 1.48%), the S&P BSE Basic Materials index (up 0.67%), the S&P BSE Metal index (up 0.56%), the S&P BSE Telecom index (up 0.65%), the S&P BSE Auto index (up 0.14%), the S&P BSE Utilities index (up 2.06%), the S&P BSE Power index (up 2.04%) and the S&P BSE Consumer Discretionary Goods & Services index (up 0.47%), outperformed the Sensex.
The S&P BSE Consumer Durables index (up 0.01%), the S&P BSE Healthcare index (down 0.22%), the S&P BSE Teck index (down 0.12%), the S&P BSE Bankex (down 0.53%), and the S&P BSE Finance index (down 0.04%) underperformed the Sensex.
The total turnover on BSE amounted to Rs 3361.82 crore, lower than the turnover of Rs 4297.49 crore registered during the previous trading session.
Shares of state-run power transmission major Power Grid Corporation of India gained 4.35% to Rs 211.15.
NTPC gained 1.86%. The company said board of directors has accorded approval for updating and upsizing the $4 billion medium term notes (MTN) programme upto $6 billion for raising debt from international markets to part finance the capital expenditure on new/ongoing projects, coal mining projects, renovation and modernization of power stations and for other permissible end uses.
The board of directors has approved the proposal to issue Notes up to Rs 5000 crore (Rupee denominated bonds) and/or upto $750 million equivalent (foreign currency bonds other than Rupee denominated) in the international markets either under the MTN programme or on standalone basis, in one or more tranches on the terms and conditions as may be agreed with the prospective investor(s) to finance the capital expenditure of new/ongoing projects, coal mining projects, renovation and modernization of power stations and/or for such other purposes as permissible under the ECB guidelines of the RBI. The announcement was made after market hours today, 19 April 2017.
Bank stocks declined. Among public sector bank stocks, State Bank of India (SBI) (down 2.05%), Canara Bank (down 1.47%), Union Bank of India (down 1.93%), Bank of India (down 1.25%), Punjab National Bank (down 1.44%), Syndicate Bank (down 0.63%), Bank of Baroda (down 0.57%), Oriental Bank of Commerce (down 0.66%), Dena Bank (down 0.13%), and Indian Bank (down 1.59%) declined. Indian Overseas Bank (up 0.54%) and Andhra Bank (up 0.25%) gained.
Among private sector banks, ICICI Bank (down 0.72%) and Kotak Mahindra Bank (down 0.65%) declined. Axis Bank (up 0.25%) and HDFC Bank (up 0.09%) gained.
IndusInd Bank shed 0.63% after announcing Q4 results. The bank's net profit rose 21.16% to Rs 751.61 crore on 22.36% increase in total income to Rs 5041.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced during trading hours today, 19 April 2017.
IndusInd Bank's net profit rose 25.43% to Rs 2867.89 crore on 22.47% increase in total income to Rs 18577.16 crore in the year ended March 2017 over the year ended March 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 1054.87 crore as on 31 March 2017 as against Rs 971.62 crore as on 30 December 2016 and Rs 776.82 crore as on 31 March 2016. The ratio of gross NPAs to gross advances stood at 0.93% as on 31 March 2017 as against 0.94% as on 31 December 2016 and 0.87% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2017 as against 0.39% as on 31 December 2016 and 0.36% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 101.32% to Rs 430.13 crore in Q4 March 2017 over Q4 March 2016.
Yes Bank dropped 0.03%. The bank's net profit rose 30.2% to Rs 914.10 crore on 29.44% rise in total income to Rs 5606.38 crore in Q4 March 2017 over Q4 March 2016. The company announced Q4 results after market hours today, 19 April 2017.
The bank's gross non-performing assets (NPAs) rose to Rs 2018.56 crore as on 31 March 2017 as against Rs 1005.85 crore as on 30 December 2016 and Rs 748.98 crore as on 31 March 2016. The ratio of gross NPAs to gross advances rose to 1.52% as on 31 March 2017 as against 0.85% as on 31 December 2016 and 0.76% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.81% as on 31 March 2017 as against 0.29% as on 31 December 2016 and 0.29% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 66.11% to Rs 309.73 crore in Q4 March 2017 over Q4 March 2016.
The board of directors of the bank have recommended the payment of final dividend Rs 12 per share for the year ended 31 March 2017 (FY 2017).
The board has also approved raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, MTN (medium term notes), bonds upto Rs 20000 crore (in Rupee or foreign currency) by the bank to eligible investors on private placement.
Realty stocks rose on renewed buying. DLF (up 2.83%), Indiabulls Real Estate (up 1.85%), Housing Development and Infrastructure (up 2.51%), D B Realty (up 5.14%), Unitech (up 2.49%), Godrej Properties (up 2.34%), Oberoi Realty (up 2.22%) and Parsvnath Developers (up 1.32%) gained. Sobha (down 2.5%) and Prestige Estates Projects (down 0.2%) fell.
NBCC (India) rose 0.5% after the company said it has secured the total business of Rs 1877 crore in March 2017. The announcement was made after market hours yesterday, 18 April 2017.
In a separate announcement after market hours yesterday, 18 April 2017, the company announced that it signed memorandum of business exploration on 17 April 2017 with BOLIX SA, Poland for joint cooperation to promote external thermal insulation and composite system (ETICS) for construction of energy efficient and environment friendly green buildings.
TCS was down 0.3% after consolidated net profit fell 2.5% to Rs 6608 crore on 0.3% decline in revenue to Rs 29642 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 18 April 2017.
Commenting on the company's performance in FY 2017, Rajesh Gopinathan, CEO and MD, TCS, said, FY17 was a year of broad-based growth amidst economic and political turbulence in the company's key markets. The company has added $1.4 billion dollars in constant currency revenues during the year and increased its digital revenues sharply as it helped its customers leverage the digital economy, he said.
Gopinathan added that on the back of digital adoption, Agile, Automation and Cloud are the themes that the company is going to market to drive efficiencies and predictable outcomes across its clients infrastructure, applications and business operations.
V. Ramakrishnan, Chief Financial Officer, TCS, said, despite headwinds from currencies, the company has ended FY 2017 with an industry-leading financial performance while generating strong cash flows. It continues to invest to support organic growth of its digital business, build new market segments and drive profitability in its targeted range, he said.
TCS' consolidated net profit rose 8.6% to Rs 26289 crore on 8.6% growth in revenue to Rs 117966 crore in FY 2017 over FY 2016.
TCS' board approved final dividend of Rs 27.50 per share for the year ended 31 March 2017 (FY 2017).
The Sensex snapped four-day winning streak today, 19 April 2017. The Sensex had fallen 469.25 points or 1.57% in four trading sessions to settle at 29,319.10 yesterday, 18 April 2017, from its close of 29,788.35 on 31 March 2017. It has fallen 283.93 points or 0.95% in this month so far (till 19 April 2017). The barometer index has gained 2,710.11 points, or 10.17% in the calendar year 2017 (till 19 April 2017). From a 52-week low of 25,057.93 hit on 6 May 2016, the barometer index has risen 4,278.64 points or 17.07%. From a 52-week high of 30,007.48 hit on 5 April 2017, the barometer index is off 670.91 points or 2.23%. The Sensex is off 688.17 points or 2.29% from a record high of 30,024.74 hit on 4 March 2015.
Meanwhile, India is pegged to be the fastest growing economy in the world in 2017-18 and will be a key driver for global growth, according to the International Monetary Fund (IMF) said yesterday, 18 April 2017.
Retaining its growth forecast of 7.2% for India for the fiscal year 2018, the IMF, in its World Economic Outlook, also estimated that India would grow at 7.7% in 2018-19 and said that 8% growth in the medium-term is within reach. It pegged India's growth rate at 6.8% in FY 2017.
Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, yesterday, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of ± 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June 2017, as a part of the second stage long range forecast of monsoon rainfall.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, European shares were trading higher as a rebound in basic resources stocks and some positive first-quarter results outweighed weakness in oil and gas stocks. Asian stocks edged lower after British Prime Minister Theresa May's surprise decision to hold early elections.
May called for an early general election in June, reversing her earlier stance, in hopes of securing a stronger parliamentary mandate for Britain's formal exit from the European Union. Meanwhile, Theresa May will today, 19 April 2017 ask the House of Commons to support her call for a June general election.
US stocks declined yesterday, 18 April 2017, as investors unloaded stocks following disappointing financial reports from Johnson & Johnson and Goldman Sachs.
Meanwhile, US President Donald Trump signed an executive order yesterday, 18 April 2017 titled “Buy American, Hire American” while on a trip to Kenosha, Wisconsin, where he called on federal agencies to overhaul the H-1B visa program. The order addresses to take prompt action to crack down on fraud and abuse within the US immigration system in order to protect workers.
In US economic news, manufacturing output fell in March for the first time since last August, according to a batch of industrial-production data released yesterday, 18 April 2017. Also, a reading on housing starts, which measure the number of new-home construction projects that broke ground during a given month, was slightly weaker than expected in March.
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