India's stock started on a positive note on Friday with Sensex and Nifty opening in green ahead of blue-chip third-quarter earnings with shares of Reliance Industries, ITC, Kotak Mahindra Bank, Yes Bank and Adani Ports rising up to 4%.
India’s stock started on a positive note on Friday with Sensex and Nifty opening in green ahead of the third quarter earnings of blue-chip companies such as HDFC Bank, Reliance Industries, ITC, Kotak Mahindra Bank, and Wipro. BSE Sensex rose 78.82 points or 0.22% to began the day at 35,339.11 whereas NSE Nifty added 12.2 points or 0.11% to open at 10,829.2. The domestic equities are likely to witness volatile trade in today’s session following the uncertainties over results. Other major companies which are also lined up with their Q3 results are CDSL, GNA Axles, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, IDFC Bank, Jubilant Foodworks, JP Associates, Kansai Nerolac Paints, Atul, NIIT Technologies, PC Jeweller and Tata Elxsi.
Shares of Yes Bank jumped 3.45% to the day’s high of Rs 352 after India’s fifth-largest private sector lender Yes Bank on Thursday reported a rise of 22% in the third-quarter net profit to Rs 1,076.9 crore on a yearly basis and a sequential rise of 7.4%. The stock of Yes Bank was the top gainer among 31 shares of Sensex. On the NPAs (non-performing assets) front, Yes Bank gross NPAs came down to 1.72% for the quarter ended 31 December 2017 from 1.82% of the total loans and advances as at the end of 30 September 2017.
Shares of Adani Ports zoomed 2.55% to the day’s high of Rs 424.95 after Adani group’s logistics arm posted a 19.51% jump in its consolidated profit to Rs 1,001 crore for the third quarter ended 31 December 2017. Shares of RIL, Kotak Mahindra Bank, ITC, Sun Pharma, HDFC, HUL were the other notable gainers among the Sensex stocks, rising up to 1.1%. On the other hand, shares of Infosys, ICICI Bank, Power Grid, Asian Paints, Coal India shed up to 1.1%.
Shares of HCL Technologies dropped 0.65% to Rs 948.65 after India’s fourth-largest IT company reported a marginal rise in quarterly profit on Friday, posting a net profit rose of Rs 2,075 crore for the quarter ended 31 December 2017 from Rs 2,062 crore in the same period a year earlier. Shares of India’s largest telecom company Bharti Airtel were trading little changed, down 0.3% at Rs 493 after telecom major reported a consolidated net profit fall of 39% at Rs 305 crore for the December quarter, in wake of domestic termination rate reduction and Africa and Bangladesh divested operating units. Bharti Airtel said in a regulatory filing.
The cut in mobile call connection charges from 14 paise to six paise during the quarter added to the financial woes of the telecom giant. “Regulatory fiat in the form of a cut in domestic IUC (Interconnection Usage Charges) rates have exacerbated the industry ARPU (Average Revenue Per User) decline in Q3’18,” Gopal Vittal, MD and CEO, India and South Asia, Bharti Airtel said in a statement. Still, Bharti Airtel’s India revenue, which accounts for over 75% of the total business, declined by 15% to Rs 15,294 crore in the period under review from Rs 18,012.6 crore.The average revenue per user (ARPU) of Bharti Airtel in India declined by 28.6% to Rs 123 in the quarter from Rs 172 in the year-ago period.
Earlier yesterday, Indian stock markets continued the record-breaking run with Sensex and Nifty settling at fresh closing highs on reports that government is considering raising FDI limit in banks. BSE Sensex ended at a record high of 35,260.29 rising by 178.47 points or 0.51% higher while NSE Nifty surged 28.45 points or 0.26% to finish at a fresh peak of 10,817. In the intraday trades, stock markets traded higher up until 2:00 pm, but soon in the afternoon session, select large-cap and most mid-cap stocks fell into negative territory limiting the rise in the headline indices. During the day, Sensex amassed as much as 425.54 points to hit a lifetime high of 35,507.36 while Nifty advanced as many as 98.95 points to hit a record high of 10,887.5.
Wall Street fell on Thursday as losses in industrials and interest-rate sensitive sectors offset marginal gains in tech stocks, Reuters said in a report. The Dow Jones Industrial Average fell 97.84 points or 0.37% to 26,017.81, the S&P 500 lost 4.53 points or 0.16% to 2,798.03 and the Nasdaq Composite dropped 2.23 points or 0.03% to 7,296.05.