The BSE Sensex and NSE Nifty ended the choppy trade on a flat note on Friday with marginal losses on account of weak cues from global markets.
The BSE Sensex and NSE Nifty ended the choppy trade on a flat note on Friday with marginal losses on account of weak cues from global markets. Sensex closed 42.24 points down at 25,838.14, while Nifty settled 12.75 points down at 7,899.30.
In the 50-share index, State Bank of India (SBI), Maruti Suzuki, Bank of Baroda, NTPC and Axis Bank gained between 1.45 per cent and 3.05 per cent. On the other hand, HUL, Asian Paints, HDFC, Sun Pharma and Kotak Mahindra Bank slid between 1.20 per cent and 2.28 per cent.
Sectorwise, the BSE Auto index, BSE Bankex and BSE Oil & Gas index gained 0.87 per cent, 0.44 per cent and 0.36 per cent. The BSE FMCG index and BSE IT index slid 0.78 per cent and 0.57 per cent, respectively.
Traders failed to get any sense of relief with Niti Aayog Chief Executive Officer Amitabh Kant’s statement that India needs to grow at 10 per cent to become 10 trillion dollar economy and eliminate poverty by 2032. He also said a growth rate of ten percent would also help in creation of 175 million jobs by 2032.
Depreciation in Indian rupee too dampened sentiments. The rupee depreciated by 14 paise to trade at 66.53 against the US dollar at the time of equity markets closing due to fresh buying of the American currency by banks and importers. However, losses remained limited on hopes that the central bank would continue to cut interest rates in view of easing inflation and expectations of good monsoon rains. Some support also came with report that foreign investors bought a net $872.22 million worth of Indian shares so far this month, taking this year’s inflows to $1.41 billion.
Among day’s major market moving events, HDFC Bank reported a 20 per cent year-on-year rise in its net profits figures at Rs 3,374 crore for the quarte ended March 2016. Net Interest Income too increased by 24 per cent during the same time period. HDFC Bank shares closed 0.11 per cent up at Rs 1,092.30. IndusInd Bank too remained in action on Friday after the lender reported a 25.3 per cent hike in its Q4 profit although the higher provisions and NPAs were a matter of concern for the markets. Shares of Tata Steel rallied by almost 3 per cent intraday on the bourses after the market reports that UK government is ready to take as much as 25 per cent stake in Tata Steel’s UK business to support sale and offer hundreds of millions pounds in debt relief. Shares of NMDC corrected over 2 per cent on NSE following market reports that the government is looking to divest 10 per cent stake in the mining major through offer for sale (OFS) of shares.
Asian equity markets ended mostly lower on Friday after US shares halted a three-day winning streak overnight on the back of disappointing earnings updates from some US companies. However, a rebound in oil prices in Asian deals helped limit losses across the region. Chinese shares closed a tad higher as gains in consumer and tech stocks outweighed losses in the resource sector. Japanese shares rose for the fourth day as the yen hit a two-week low against the dollar after reports that the Bank of Japan may expand its negative interest rate policy beyond its current applications at its upcoming policy meeting next week.
Markets through the day
3.30 pm: Sensex closed 42.24 points down at 25,838.14, while Nifty settled 12.75 points down at 7,899.30.
2.57 pm: Dishman Pharma’s scrip rose by over 4 per cent intraday after the company fixed May 3 as record date for bonus shares. Nifty was trading 17.45 points down at 7,894.
2.45 pm: The BSE Sensex was trading 61.79 points down at 25,818.59. Reliance Industries (RIL) was trading 0.41 per cent down at Rs 1,036.65. The company will announce its results for the quarter ended March 2016 today later in the day.
2.01 pm: Meanwhile, China stocks edged up on Friday, as strength in consumer and tech shares offset a slump in resources plays, but major indexes posted their biggest weekly decline in three months. Sensex was trading 21 points down at 25,859. READ MORE: Reading the fine print: Why Microsoft, Alphabet & Starbucks reported disappointing results
1.31 pm: On the asset quality front, HDFC Bank’s gross non-performing assets (NPAs) were 0.94 per cent of gross advances as of March 31, 2016, a tad higher than 0.93 per cent in the same period a year ago.
1.26 pm: HDFC Bank announced a dividend of Rs 9.20 per equity share, or 475 per cent, on face value of Rs 2 for the financial year ended March 31, 2016.
1.21 pm: Meanwhile, HDFC Bank reported 20 per cent year-on-year rise in net profit figures at Rs 3,374.22 crore for the quarter ended March 2016. The bank had posted a net profit of Rs 2,806.91 crore in the same quarter a year ago. Shares of HDFC Bank was up 0.36 per cent at Rs 1,094.95.
1.12 pm: Sensex was trading 8.50 points down at 25,888.
12.38 pm: Shares of Cyient dipped as much as 6.46 per cent on Friday after the IT company reported a 24 per cent quarter-on-quarter (QoQ) drop in net profit for quarter ended March 2016.
11.43 am: Sensex was down 34 points at 25,846. Acrow India has informed that a meeting of the Board of Directors of the Company will be held on April 25, 2016, to consider, approve and take on record the Audited Financial Results of the Company for the quarter and the year ended March 31, 2016, to recommend the final dividend, if any, for the year ended March 31, 2016, to fix the date of Annual General Meeting of the Company, and to fix the date of Book Closure for the purpose of AGM and / or Final Dividend. The scrip was trading at Rs 148.55.
11.30 am: Tata Steel share price advanced as much as 2.57 per cent on Friday after the UK government on Thursday announced it is willing to acquire 25 per cent minority equity stake in Tata Steel’s UK operations as well as offer hundreds of millions of pounds in debt relief to rescue the troubled Indian steel giant by helping potential buyers.
10.53 am: Dewan Housing Finance shares were trading 1.17 per cent up at Rs 207.65. The company is in discussion to acquire Andromeda Sales and Distribution, one of the largest distributors of loans, mortgage, financing and financial instruments in India. Andromeda Group, acquired by the Malaysian venture capital fund Navis Capital in 2007 for Rs 180 crore, was sold to Casa Capital in 2012 after carving out the loan distribution business.
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10.36 am: Dhanlaxmi Bank stocks were trading 1.27 per cent up at Rs 20 after it informed BSE regarding “Implementation of Marginal Cost of Funds Based Lending Rates of the Bank”. Sensex was trading 34.89 points up at 25,915.27, while NSE Nifty was trading 5.40 points up at 7,917.45.
10.17 am: The Indian rupee depreciated by 15 paise to quote at 66.55 against the dollar at the Inter-bank Foreign Exchange (forex) market in early trade on increased demand for the American currency from importers and banks. Sensex was trading 17.87 points down at 25,862.51, while NSE Nifty was trading 7.05 points down at 7,905.
10.02 am: Hindustan Zinc stocks were trading 1.24 per cent down at Rs 171.80 (9.22 am) after it on Thursday reported a 7.59 per cent increase in net profit to Rs 2,149.13 crore for the March quarter. Sensex was trading 16.99 points down at 25,863.39, while NSE Nifty was trading 13 points down at 7,899.05.
9.20 am: The 30-share index was trading 100.92 points, or 0.39 per cent, down at 25,779.46. The UK government on Thursday announced it is willing to acquire 25 per cent stake in Tata Steel’s UK operations to help potential buyers eyeing ownership of the Indian steel giant’s loss-making plants. Shares of Tata Steel were trading 2.09 per cent up at Rs 361.80.
9.16 am: Sensex fell over 50 points to 25,815.87.
9.15 am: The BSE Sensex opened 12.11 points up at 25892.49, while NSE Nifty opened 20.25 points, or 0.26 per cent, down at 7,891.80.
8.46 am: The BSE Sensex and NSE Nifty are likely to open on a flat to cautious note on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.
Asian shares slid from a 5 1/2-month high on Friday as disappointing earnings from US blue chip companies looked set to pour cold water on the rally that took off in March.
On Thursday, Wall Street suffered its first loss in four sessions on a mixed bag of quarterly reports and a warning by Verizon Communications that a strike would likely impact its bottom line. The S&P 500, which came within a striking distance from its record closing peak of 2,134.28 touched last May, lost 0.52 per cent to 2,091.48. Google parent-company Alphabet, Microsoft, Visa and Starbucks all posted disappointing quarterly reports, sending their stocks down 4 per cent or more.
Alphabet, the world’s second-largest company by market capitalisation, fell more than 6 per cent, taking around $32 billion off its market value.
Back home, Sensex ended with a small gain on Thursday after giving up much of its 200-point early lead as advances in banking stocks offset losses in IT sector amid reports that Reserve Bank trimmed the list of companies required for bad loan provisioning.
Today, HDFC Bank and Reliance Industries will announce their results for the quarter ended March 2016.
(With agency inputs)