BSE Sensex opened on a strong positive note today, on the back of a higher positive handover from Wall Street on Friday and reports that Emmanuel Macron is set to be elected as the new French President. Sensex opened up 0.25% at 29934.45 points. The broader CNX Nifty50 opened up 0.30% at 9,312.75 points.
Three stocks pulling the Sensex up:
The share price of ICICI Bank, India’s largest private lender, was up 1.51% at Rs 303.05. The stock has gained 9.46% in the last two trading sessions after ICICI bank released its results for the fourth quarter of FY2016-17. Earlier last week, 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 percent (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 Infosys was up 0.48% at Rs 936.00. The company on Thursday reportedly started mediation with its founders who had alleged corporate misgovernance involving high compensation packages to top executives including the CEO, Vishal Sikka.
The share price of ONGC, the state-run oil exploration company, was up 1.20% at Rs 185.60. The stock had been under pressure in the past four trading sessions and had declined 4.55%. Earlier last week, crude oil had closed at its lowest level this year erasing all the gains after OPEC and non-OPEC nations decided to cut output to support price.
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Three stocks dragging the Sensex down:
The share price of Housing Development Finance Corporation Ltd was down 0.61% at Rs 1,537.00. Earlier last week, HDFC had reported a 21.58 per cent year-on-year drop in standalone net profit at Rs 2,044.20 crore for March quarter. Standalone net profit for Q4FY17 rose 20.16% on-quarter from Rs 1,701.21 crore. Consolidated net profit for Q4 declined 11.01% on-year to Rs 3,079.33 crore.
The share price of Adani Ports was down 0.70% at Rs 342.50. The stock had gained 5.3% in the last two trading sessions and seems to be under pressure today due to profit-booking.
The share price of ITC was down 0.20% at Rs 276.50. The stock has been on a downward spiral since hitting a new 52 weeks high of Rs 292.85 on 26 April. It had declined 1.44% in the last trading session.