1. Sensex, Nifty slip after a flat opening; Infy, ICICI, HDFC in play, fund inflows, macro data raise hopes

Sensex, Nifty slip after a flat opening; Infy, ICICI, HDFC in play, fund inflows, macro data raise hopes

Markets started off last day of the week on a flat note with a positive bias as investors awaited more corporate earnings after digesting good monsoon forecast.

By: | Updated: May 12, 2017 10:44 AM
BSE Sensex opened marginally higher today but slipped soon and at 9:47 am was down 0.25% at 30,175.35 points.

Markets started off last day of the week on a flat note with a positive bias as investors awaited more corporate earnings after digesting good monsoon forecast. BSE Sensex opened marginally higher today but slipped soon and at 9:47 am was down 0.25% at 30,175.35 points. In the previous four days, the index had gained 392.18 points and touched an all-time intra-day high of 30,366.43 points in yesterday’s trade. The broader CNX Nifty50 too opened slightly higher before slipping 0.32%  to trade at 9,392.70 points at the same time. The gauge in yesterday’s trade soared to hit a fresh life-time (intra-day) high of 9,450.65 points on the forecast of a normal monsoon this year.

Besides, optimistic buying by investors ahead of macroeconomic data — industrial production numbers for March and inflation data for April based on consumer price index (CPI) — to be announced later in the day, too buoyed sentiments, brokers said.

Three Stocks dragging the Sensex down:

Asian Paints

The shares of Asian Paints were down 3.22% at Rs 1,130.25 on the BSE. Yesterday, the company posted a 10 percent rise in Q4 net profit at Rs 479.6 crore against Rs 435.5 crore during the corresponding quarter last year while revenue rose 8.9 percent to Rs 4,416.2 crore against Rs 4,054 crore year on year. The paints maker recommended a final dividend of Rs 5.65 per equity share of face value of Re 1 each. Meanwhile, it also recommended a one-time special dividend of Rs 2 per equity share of face value of Re 1 each for celebrating 75 years of excellence at Asian Paints.

ICICI Bank

The shares of ICICI Bank were down 1.38% at Rs 296.20 on the BSE. The stock had gained 9.46% after the bank released its results for the fourth quarter of FY2016-17 where the standalone profit had jumped 188.4 percent (nearly 3-fold) to Rs 2,024.6 crore but bad loans had increased sharply due to one account in the cement sector. Net interest income had 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.

HDFC

The shares of Housing Development Finance Corporation Ltd were down 0.43% at Rs 1,555.00 on the BSE. The stock was under pressure in yesterday’s trading session too after declining 3.77% during that time period. 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.

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Three Stocks supporting the Sensex:

Infosys

The shares of Infosys were up 1.57% at Rs 958.65 on the BSE. Last week, the IT company reportedly started mediation with its founders who had alleged corporate misgovernance involving high compensation packages to top executives including the CEO, Vishal Sikka.

SBI

The shares of SBI were up 0.39% at Rs 299.15 on the BSE. SBI Life Insurance Co Ltd, the life insurance arm of India’s top lender State Bank of India, is set to come out with its IPO offering shares worth up to $1 billion.

Tata Motors

The shares of Tata Motors were up 0.39% at Rs 299.15 on the BSE. The stock has been under pressure in the current month and has eroded 5.5% in May 2017.

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