We had mentioned in last week’s closing report that Nifty, Sensex are still under pressure. The markets ended on with losses on the first two days of the week, ended with gains on Wednesday and Thursday, and closed the week with losses on Friday. The trends of the major indices in the course of the week’s trading are given in the table below:
On Monday The BSE Sensex ended 47 points lower at 29,413.66 and the broader index Nifty closed below 9150 at 9139. Asian Paints, NTPC, Lupin and ONGC were down 1-3% whereas Reliance Industries was the leading contributor to Sensex' gains, up 2% followed by GAIL (up 3.6%).
The shares of Indiabulls Real EstateBSE rose about 49% to hit the highest level since November 2010 after the company said it would either consider placing Indiabulls Commercial Assets as a separate holding company for commercial and leasing business segment, or reorganise existing businesses via demerger. The stock eventually closed the day 40% higher at Rs148.
Government data on Monday showed wholesale prices rose a lower-than-expected 5.70% year-on-year in March, compared with a 0.45 fall a year ago, dragged down mainly by easing fuel prices. Meanwhile, India's merchandise exports increased at 65-month high pace of 27.6% to US$ 29.23 billion in March 2017 over a year ago. Merchandise imports jumped 45.3% to US$ 39.67 billion. The trade deficit more than doubled to US$ 10.44 billion in March 2017 from US$ 4.40 billion in March 2016.
On Tuesday, Indian Equity markets settled with modest losses in a volatile session of trade as a strong intraday rally was derailed by sell-off in late trade. Weakness in European stocks caused reversal in intraday gains. Sensex fell by 94.56 points or 0.32% to settle at 29,319.10. The Nifty 50 index dropped 34.15 points or 0.37% to settle at 9,105.15. Both the benchmarks hit the lowest closing level in three weeks.
Tata Steel lost 2.55% after the company said its board meeting will be held on 20 April 2017, to consider a proposal for fund raising. The announcement was made after market hours yesterday, 17 April 2017. Axis Bank lost 0.89%. The bank announced that it has retained the marginal cost of funds based lending rates (MCLR) at the same levels across tenors. The bank's MCLR for overnight loans will be 7.9%, for one month will be 7.9% and for three months will be 8.05%.The MCLR on 6-month loans will be 8.15% and for one-year loans the rate would be 8.25%, the bank said. MCLR for two-year loans would be at 8.3% and loans with three-year maturity would carry an MCLR of 8.35%, the bank said. The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 18 April 2017. The announcement was made after market hours on 17 April 2017.
Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, today, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of ± 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June, 2017, as a part of the second stage long range forecast of monsoon rainfall.
The key benchmark indices settled almost unchanged amid mixed trend on the bourses after a listless and rangebound session on Wednesday. The barometer index, the S&P BSE Sensex closed with small gains while the Nifty settled with tiny losses.
IndusInd Bank shed 0.63% after announcing Q4 results. The bank's net profit rose 21.16% to Rs 751.61 crore on 22.36% increase in total income to Rs 5041.31 crore in Q4 March 2017 over Q4 March 2016. The net profit rose 25.43% to Rs 2867.89 crore on 22.47% increase in total income to Rs 18577.16 crore in the year ended March 2017 over the year ended March 2016.
Technology stocks were under pressure after the US President Donald Trump signed an executive order for a review of the H-1B visa programme, saying they should never be used to replace American workers. Muted earnings by TCS also dented sentiment. TCS and Infosys declined over 0.3% each while Wipro gained 0.8%. Coal India gained more than a percent as Motilal Oswal has upgraded the stock to buy with increased target price at Rs 335 (implying 20% upside), citing strong earnings growth and attractive dividend yield.
TCS was down 0.3% after consolidated net profit fell 2.5% to Rs 6608 crore on 0.3% decline in revenue to Rs 29642 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 18 April 2017.
On Thursday equity markets settled with modest gains after gyrating in a small range in the positive terrain throughout the day as largely positive global cues supported gains. The S&P BSE Sensex, rose 85.82 points or 0.29% to settle at 29,422.39. The Nifty 50 index rose 32.90 points or 0.36% to settle at 9,136.40. The Sensex gained for the second day in a row while Nifty snapped a five-day losing streak today. The Sensex hit its highest closing level in one-week.
Realty, IT, bank, capital goods and FMCG stocks hogged limelight in today's trade. HDFC was the leading contributor to Sensex' gains, up nearly 2% followed by Infosys, TCS, Asian Paints, Maruti and Lupin. Adani Ports retained its uptrend, rising 1.8%.
Yes Bank dropped 3.76% as the bank's bad loans rose in Q4. Yes Bank's net profit rose 30.2% to Rs 914.10 crore on 29.44% rise in total income to Rs 5606.38 crore in Q4 March 2017 over Q4 March 2016. The bank announced Q4 results after market hours yesterday, 19 April 2017. The bank's gross non-performing assets (NPAs) rose to Rs 2018.56 crore as on 31 March 2017 as against Rs 1005.85 crore as on 30 December 2016 and Rs 748.98 crore as on 31 March 2016.
On Friday, the bourses made a positive start to the session on higher Asian stocks. After trading with small gains in early trade, key indices steadily added on to the gains and hit fresh high in early afternoon trade. Indices hovered within a narrow range in positive terrain later during the session amid firm European cues.
Trading for the week ended on a dull note on Friday as the key benchmark indices failed to hold onto intraday gains to settle with small declines. The barometer index, the S&P BSE Sensex, fell 57.09 points or 0.19% to settle at 29,365.30. The Nifty 50 index fell 17 points or 0.19% to settle at 9,119.40. Weakness in European stocks dampened sentiment.
Key benchmark indices opened higher on positive Asian stocks. After hovering in a narrow range in positive terrain till early afternoon trade, indices slipped into the red to hit intrday low in afternoon trade. After sliding to intraday low in afternoon trade, the key benchmark indices trimmed losses in mid-afternoon trade. Stocks traded in negative zone in late trade. The Sensex fell 57.09 points or 0.19% to settle at 29,365.30. The Sensex gained 161.95 points or 0.55% at the day's high of 29,584.34. The index fell 162.97 points or 0.55% at the day's low of 29,259.42.The Nifty 50 index fell 17 points or 0.19% to settle at 9,119.40. The Nifty gained 47.25 points or 0.51% at the day's high of 9,183.65. The index fell 47.65 points or 0.52% at the day's low of 9,088.75.
HDFC Bank advanced 2.05% after net profit rose 18.25% to Rs3990.09 crore on 14.3% growth in total income to Rs21560.66 crore in Q4 March 2017 over Q4 March 2016. The bank's gross non-performing assets (NPAs) rose to Rs5885.66 crore as on 31 March 2017 as against Rs5232.27 crore as on 31 December 2016 and Rs4392.83 crore as on 31 March 2016.
Tata Steel fell 0.67% after the company's board at a meeting held yesterday, 20 April 2017, reviewed the performance, capital structure and financing plan of the company. Based on the review and pursuant to the existing shareholders approval, the board approved issue of debt securities of up to Rs9000 crore in the form either of non-convertible debentures on private placement basis or foreign currency or rupee denominated bonds or a combination thereof in one or more tranches. The funds will primarily be deployed towards re-financing the existing debt, capex/working capital requirements and general corporate purposes. The board of directors also authorized the finance committee of the board to determine and approve the timing and terms of such issue of securities. The announcement was made after market hours yesterday, 20 April 2017.
The market ended on a marginally bearish note on Friday. On BSE, there were 1449 declines, 1426 advances and 139 unchanged. On NSE, there were 857 declines, 827 advances and 80 unchanged.