Sensex gains 50 points while Nifty turns red as Yes Bank dives over 9%; ICICI Bank slips 3% ahead of Q2 results

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Updated: October 27, 2017 9:52:58 AM

The benchmark Sensex shuttled between 33,270.62-33,169.48 points in the early morning trade whereas Nifty fell into negative territory led by a slump in shares of Yes Bank, Bharti Infratel, ICICI Bank, and Bharti Airtel.

The benchmark Sensex shuttled between 33,270.62-33,169.48 points in the early morning trade. (Image: Wikimedia Commons)

Indian stock markets opened marginally higher after a round of mixed corporate earnings reported yesterday. BSE Sensex gained 81.19 points to open at 33,228.32 points while NSE Nifty added 18.5 points to start at 10362.3 points. Shares of ICICI Bank cracked about 3.5% ahead of its second-quarter results. The stock of Yes Bank was the biggest loser on Nifty, dived 9.85% to hit the day’s low of Rs 298.55 after the fifth-largest private sector lender posted a 25 per cent rise in the net profit to Rs 1,002 crore, but reported a massive increase in bad loans with the Reserve Bank of India finding it to have under-reported NPAs in the last fiscal by Rs 6,355 crore.

The benchmark Sensex shuttled between 33,270.62-33,169.48 points in the early morning trade whereas Nifty fell into negative territory led by a slump in shares of Yes Bank, Bharti Infratel, ICICI Bank, and Bharti Airtel. The stocks of heavyweight companies such as Kotak Mahindra Bank, ITC, HDFC, Reliance Industries, Maruti Suzuki, L&T, and Infosys contributed the most to the Sensex gains. Collectively these seven stocks alone added about 114 points to the index while ICICI Bank, State Bank of India, Bharti Airtel and HUL shaved off about 92 points.

Yes Bank’s non-performing assets (NPA) ratio more than doubled to 1.82 per cent of total loans, and the bank under-reported Rs 6,355 crore of assets which should have been classified as NPA. Bluechip shares such as Indian Oil Corporation, ITC, Maruti Suzuki India will be in close watch ahead of their Q2 results today. Other major companies which are also lined up with their second-quarter earnings are Aditya Birla Fashion And Retail, AU Small Finance Bank, Canara Bank, Heidelbergcement India, J&K Bank, Jubilant Industries, Kaveri Seed Company, Linde India, Munjal Showa, Navin Fluorine International, PVR, Sun Pharma Advanced Research Company, Srikalahasthi Pipes, Sundaram FinanceTata Metalik.

US markets ended slightly higher on Thursday with the Dow Jones Industrial Average and S&P 500 rising on the back of positive corporate earnings announcements, while the Nasdaq Composite lost ground following a drop in the healthcare sector. The Dow Jones Industrial Average rose 71.61 points or 0.31% to 23,401.07, the S&P 500 gained 3.26 points or 0.13% to 2,560.41 and the Nasdaq Composite dropped 7.12 points or 0.11% to 6,556.77.

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