The benchmark BSE Sensex and NSE Nifty gained for the fourth consecutive day on Friday on account of good set of quarterly numbers. The sentiments were on firm note from early trade after global rating agency, Fitch Ratings in its latest ‘Global Economic outlook’ stated that it expects India’s real GDP growth to rise to 8 per cent by 2018-19, from 7.9 per cent in 2017-18 and 7.7 per cent in 2016-17, on broadening reform agendas and government resolve to implement them, as gradual implementation of structural reforms will contribute to higher growth.
Sensex closed 286.92 points up at 26,653, while Nifty index settled 87 points up at 8,156.
In the 50-share index, State Bank of India, BPCL and Sun Pharma surged 9.15 per cent, 8.53 per cent and 6.11 per cent to Rs 201, Rs 1005.85 and Rs 825, respectively. On the other hand, ONGC, Tata Power and Tech Mahindra plunged 1.60 per cent, 1.56 per cent and 1.44 per cent to Rs 212.60, Rs 72.50 and Rs 534.50, respectively.
Shares of BPCL and SBI jumped after their financial results for the quarter ended March 31, 2016. Country’s largest lender SBI posted 66 per cent slump in standalone profit to Rs 1,263.81 crore for the fourth quarter of last fiscal ended March 31 as it more than doubled the provisions for bad loans. State Bank of India had reported net profit of Rs 3,742.02 crore in the corresponding, January-March quarter of the previous fiscal 2014-15.
According to Angel Broking, SBI reported PAT of Rs 1263.4 cr which was more or less in line with expectations, however other income has been higher due to exchange gain on repatriation of funds from foreign office to India, in the absence of which the bottom-line could have disappointed.
On BPCL, Kotak Institutional Equities said, “BPCL’s net income and reported EBIDTA were both ahead of our estimates.”
Sectorwise, the BSE Oil & Gas index, BSE Healthcare and BSE Realty gained 2.66 per cent, 2.44 per cent and 2.42 per cent, respectively. However, the BSE Telecom index and BSE FMCG slid marginally 0.04 per cent and 0.01 per cent, respectively.
Asian equity markets ended mostly higher on Friday, even as oil prices dipped and data showed growth in profits at Chinese industrial firms slowed in April compared to the previous month.
Markets through the day
3.30 pm: Sensex closed 286.92 points up at 26,653, while Nifty index settled 87 points up at 8,156.
3.02 pm: Sensex was trading 282.00 points high at 26,648.68, while Nifty was trading 82.05 points high at 8,151.70.
2.27 pm: SJVN shares were trading nearly 3 per cent down after the company posted a fall of 20.32 per cent in its net profit at Rs 147.48 crore for the quarter ended March 31, 2016 as compared to Rs 185.08 crore for the same quarter in the previous year. The BSE Sensex was up 251 points at 26,618.20.
1.57 pm: HPCL shares surged over 7 per cent after the oil marketing company reported financial results for the quarter ended March 31, 2016.
1.23 pm: Meanwhile, State Bank of India (SBI) reported 66 per cent fall in net profit to Rs 1,264 crore for the quarter ended March 31, 2016 against Rs 3,742.02 crore in the corresponding quarter a year ago. The scrip was trading 1.28 per cent up at Rs 186.10. Sensex was up 236 points at 26602, while Nifty was up 75.20 points at 8,144.
Net profit of the company slid after the country’s largest lender reported 89.73 per cent jump in provisions to Rs 13,174.05 crore in the quarter under review as against Rs 6,943.31 crore in the corresponging quarter a year ago. Read more
12.51 pm: Lupin were trading up by over 2 per cent after it received Establishment Inspection Reports (EIR) for its Mandideep and Aurangabad facilities wherein the US FDA has concluded that the inspections stand closed. The US FDA had conducted audits at Lupin’s Mandideep facility from 8th to 19th February, 2016 and its Aurangabad facility from 11th to 15th January, 2016. Earlier, the Company had taken appropriate steps to address the observations it had received from these audits. Having received the EIRs from the US FDA about the closure of these inspections, all observations stand addressed, and both these facilities are cGMP compliant.
12.35 pm: All the Asian equity benchmarks were trading in green at this point of time after US data continued to put the economy in a positive light, while the dollar was on the defensive against major peers.
12.16 pm: The BSE Index was up 0.79 per cent at 11,554.64. Flagship Indian IT companies would have to pay at least an additional $4,000 for every H-1B visa application under the new regulations that came into effect last December, according to details published by a federal US agency. Sensex was up 180 points at 26,547.
11.26 am: Sensex was up 199.29 points at 26,565. Nifty was trading 64.30 points up at 8,133. Brokers said creation of fresh long positions in the F&O segment and sustained foreign fund inflows kept up tempo. Improving prospects of an economic recovery and forecast of a better-than-average monsoon just added it up. A mixed trend at other Asian markets and an appreciating rupee against the dollar triggered buying on domestic bourses too.
10.52 am: Jet Airways shares were trading 2 per cent up in morning trade after it reported a net profit of Rs 397.16 during the January-March quarter on the back of low fuel cost, almost flat aircraft rentals, substantial decrease in aircraft maintenance charges and higher passengers carried. The airline had reported a net loss of Rs 1,728.99 crore during the same period last year. Sensex was trading 210.66 points up at 26,577.34.
10.34 am: Stocks of state-owned Bharat Petroleum Corp Ltd (BPCL) were trading 9.66 per cent up at Rs 1015.90 after the company reported better than estimated fourth quarter results. Brokerage House Kotak Institutional Equities said BPCL’s net income and reported EBIDTA were both ahead of its estimates. The company reported a 10.6 per cent drop in its March quarter net profit on back of slump in oil prices. Sensex was trading 193.82 points up at 26,560.50, while NSE Nifty was trading 64.65 points up at 8,134.30.
10.02 am: State Bank of India shares were trading 1.88 per cent up at Rs 187.20 ahead of its financial results for the fourth quarter ended March 31, scheduled later in the day. According to market experts, State Bank of India (SBI) may report around 50 per cent year-on-year fall in net profit figures for the quarter ended March 2016. (Read more) Sensex was trading 161.84 points up at 26,528.52, while NSE Nifty was trading 56.70 points up at 8,126.35.
9.46 am: Indian rupee appreciated 13 paise to 67.04 against the dollar in early trade on increased selling of the US currency by exporters and banks amid higher foreign inflows. Sensex was trading 188.24 points up at 26,554.92, while NSE Nifty was trading 65.80 points up at 8,135.45.
9.31 am: Sun Pharmaceutical Industries on Thursday said the umbrella pact and transaction agreements signed with Daiichi Sankyo and its overseas subsidiaries have been terminated due to divestment of Ranbaxy by the Japanese firm. Shares of Sun Pharma were trading 4 per cent up at Rs 811.72 in the early trade (Read more). Sensex was up 152 points at 26,519. Nifty was trading 48.75 points higher at 8,118.40.
9.21 am: NSE Nifty reclaimed 8,100-mark and was trading 40.85 points up at 8,110.50. Sensex was up 102 points at 26,469.51.
9.16 am: Sensex was trading 108.35 points, or 0.41 per cent, up at 26,475.03. Nifty was trading 23.40 points up at 8,093. State Bank of India shares gained over 2 per cent ahead of Q4 results.
9.13 am: The BSE Sensex and NSE Nifty are likely to open in green on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.23 am (IST), SGX Nifty was trading 22 points, or 0.27 per cent, up at 8,103.
Asian stocks pulled ahead on Friday after patches of US data continued to paint the world’s largest economy in a positive light, while the dollar was on the defensive against its major peers.
The Dow inched down 0.1 per cent and the S&P 500 ended flat on Thursday after rising strongly for two days as advancing utilities offset declines in materials, banks and other cyclical industries. US data released on Thursday showed durable goods orders, pending home sales and initial jobless claims coming in strong.
Domestic benchmark BSE Sensex gained for the third straight session on Thursday as the index gained over 485 points to 26,367 — nearly a 7-month high — on rebound in crude oil prices and expectations of further economic reforms in the third year of the Modi government.
Shares of Jet Airways and State Bank of India (SBI) will remain in focus on Friday. Staying profitable for the fourth straight quarter, Jet Airways on Thursday posted a net profit of Rs 426 crore in the three months to March, primarily aided by lower fuel expenses and higher passenger numbers. The full-service carrier, which has also boosted higher traffic from code share with other airlines, had a net loss of Rs 1,803 crore in the year-ago period.
SBI will announce its financial results for the fourth quarter ended March 2016 on Friday.
(With agency inputs)