BSE Sensex opened on a strong positive note today, and at 9:21 am was up 0.52% at 30,049.47. The broader CNX Nifty50 too opened in green and was up 0.41% at 9,350.10.
Five stocks pulling the Sensex up:
The share price of ICICI Bank, India’s largest private lender, was up 5.00% at Rs 286.40. ICICI Bank’s fourth quarter standalone profit jumped 188.4 percent (nearly 3-fold) to Rs 2,024.6 crore but bad loans increased sharply due to one account in the cement sector. Net interest income beat analysts’ expectations, growing 10.3 per cent to Rs 5,962.2 crore year-on-year, with loan growth of 6.65 per cent at Rs 4.64 lakh crore year-on-year and net interest margin at 3.57 per cent (against 3.12 per cent quarter-on-quarter). ICICI Bank’s board has recommended a dividend of Rs 2.50 per share, and an issue of bonus shares in the ratio of one equity share for every 10 equity shares.
The share price of SBI, India’s largest bank, was up 1.76% at Rs 294.45. The stock rose on the back of government’s announcement of a new NPA policy, which is believed to help in providing a speedier resolution to the growing problem of NPAs.
The share price of Adani Ports was up 2.27% at Rs 335.00. The stock has gained in all but one trading sessions in last five days gaining 2.43% between 27 April and 2 May before shedding some of its gains on 3 May. In yesterday’s trading session the stock gained 1.07%.
Larsen & Toubro
The share price of Larsen & Toubro was up 0.58% at Rs 1,730.65. Last month, the company’s construction arm had bagged orders worth Rs 2,694 crores across various business segments.
The share price of Axis Bank was up 0.98% at Rs 505.60. The stock was under pressure since 28 April but had managed to recoup some of its losses in yesterday’s trade.
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Three stocks dragging the Sensex down:
The share price of HDFC Bank was down 0.67% at Rs 1,531.00. The stock has been under pressure since hitting a life-time high of Rs 1,572.30 on 27 April on the back of robust results of fiscal fourth quarter 2016-17.
The share price of Reliance Industries was down 0.53% at Rs 1,363.00. The stock price of India’s most profitable conglomerate have been under pressure since 25 April and have lost 4.11% since then, due to profit booking since the announcement of Q4FY17 results, where the company’s net profit rose 12.3% on-year to Rs 8,046 crore. In the fourth fiscal quarter of FY17, Reliance Industries’ turnover rose 45.2% on-year to Rs 92,889 crore. Yesterday, Reliance Corporate IT Park Limited (RCITPL) – a subsidiary of Reliance Industries Limited announced that it has signed a Memorandum of Understanding (MoU) with SAP SE to launch ‘SARAL GST’ solution for taxpayers in the GST regime
The share price of Tata Motors was down 0.27% at Rs 445.45. The stock has been under pressure in the last three trading sessions on the back of weak sales data. The stock has eroded 3.13% in May 2017.