The barometer index, the S&P BSE Sensex extended intraday gains and hit fresh intraday high while the Nifty 50 index hovered in the positive terrain in afternoon trade. At 13:20 IST, the Sensex, was up 288.88 points or 1.04% at 28,148.48. The gains for the Nifty were lower than the Sensex's gains in percentage terms. The Nifty was currently up 75 points or 0.87% at 8,667.15. The Sensex was currently trading above the psychologically important 28,000 mark after surpassing that level in early trade. Positive cues from Asian markets aided the upmove on the domestic bourses.
The Sensex jumped 301.83 points or 1.08% at the day's high of 28,161.43 in afternoon trade, its highest level since 9 August 2016. The barometer index up 41.31 points or 0.15% at the day's low of 27,900.91 at onset of the trading session. The Nifty surged 83.05 points or 0.97% at the day's high of 8,675.20 in morning trade, its highest level since 10 August 2016. The index rose 12.30 points or 0.14% at the day's low of 8,604.45 at onset of the trading session.
The market sentiment was positive after data showing sustained buying of Indian stocks by foreign portfolio investors (FPIs). FPIs bought shares worth a net Rs 608.35 crore yesterday, 11 August 2016, as per provisional data released by the stock exchanges. As per final data from the depositories, FPIs were net buyers of Indian equities for 24th day in a row on 10 August 2016.
In overseas stock markets, European stocks edged lower in early trade. Main Asia markets rose after the three main indices in the US attained record closing high overnight. Chinese stocks rose after release of a slew of economic data. In mainland China, the Shanghai Composite index settled 1.6% higher. In Hong Kong, the Hang Seng index was currently up 0.78%. In Japan, the Nikkei 225 Average closes 1.1% higher. Industrial output in China rose 6% in July from a year earlier, slowing from 6.2% in June, data from the National Bureau of Statistics showed. Retail sales grew 10.2% in July from a year earlier, slowing from a 10.6% increase in June. Fixed asset investment from January to July increased by 8.1% from a year earlier, the slowest rate in more than 16 years.
US stocks edged higher yesterday, 11 August 2016, with the Dow Jones Industrial Average, the Nasdaq Composite index and the S&P 500 index closing at record highs, amid sharp gains in crude oil prices and strong quarterly results from retailers.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,321 shares rose and 1,114 shares fell. A total of 168 shares were unchanged. The BSE Mid-Cap index was currently up 0.88%. The BSE Small-Cap index was currently up 0.57%. Both these indices underperformed the Sensex.
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Shares of oil production and exploration firms rose as crude oil prices gained. Cairn India (up 2.48% to Rs 194.45), Oil India (up 1% to Rs 369), Reliance Industries (RIL) (up 2.48% to Rs 1,037.6) and ONGC (up 0.84% to Rs 233.05) gained. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms.
Shares state-run oil-marketing companies (PSU OMCs) fell as crude oil prices rose. Indian Oil Corporation (IOC) (down 1.42% to Rs 537.05), BPCL (down 1.72% to Rs 585.2) and HPCL (down 1.55% to Rs 1,194) declined. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent for October settlement was currently up 14 cents at $46.18 a barrel. The contract had gained $1.99 a barrel or 4.51% to settle at $ 46.04 a barrel during the previous trading session.
Hero MotoCorp (HMCL) was up 0.37% to Rs 3,316.10 after the company's promoter group entities have realigned their holding in the company via bulk deal mechanism on the NSE yesterday, 11 August 2016. Brij Mohan Lal Om Prakash sold 57.54 lakh shares of HMCL at an average price of Rs 3,319 per share in a bulk deal on the NSE yesterday, 11 August 2016. Two other promoter group entities were the buyers in the bulk deal. Bahadur Chand Investments bought 48.80 lakh shares at Rs 3,319 per share and Hero Investcorp bought 8.73 lakh shares at Rs 3,319 per share. The total holding of promoters in HMCL stood at 34.64% as on 30 June 2016.
Bank stocks also gained. Among public sector banks, UCO Bank (up 2.76% to Rs 40.95), Syndicate Bank (up 2.62% to Rs 72.55), Punjab National Bank (up 3.7% to Rs 120.55), Corporation Bank (up 0.63% to Rs 40.2), Allahabad Bank (up 1.91% to Rs 74.6), Bank of Baroda (up 2.98% to Rs 150.3), Union Bank of India (up 3.03% to Rs 127.55), Canara Bank (up 4.13% to Rs 257.2), Bank of India (up 2.66% to Rs 106.15) and United Bank of India (up 0.01% to Rs 21.6) edged higher.
State Bank of India (SBI) jumped 6.79% to Rs 242.35 after announcing Q1 results. The bank's net profit slumped 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 12 August 2016. The bank's gross non-performing assets (NPAs) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015. The ratio of gross NPAs to gross advances rose to 6.94% as on 30 June 2016 as against 6.5% as on 31 March 2016 and 4.29% as on 30 June 2015. The ratio of net NPAs to net advances stood at 4.05% as on 30 June 2016 as against 3.81% as on 31 March 2016 and 2.24% as on 30 June 2015.
Central Bank of India fell 0.51% to Rs 98.50 after the bank reported a net loss of Rs 599.81 crore in Q1 June 2016 compared with net profit of Rs 203.60 crore in Q1 June 2015. The result was announced during trading hours today, 12 August 2016. Central Bank of India's total income fell 6.15% to Rs 6662.68 crore in Q1 June 2016 over Q1 June 2015.
The bank's gross non-performing assets (NPAs) stood at Rs 25107.47 crore as on 30 June 2016 as against Rs 22720.88 crore as on 31 March 2016 and Rs 12931.31 crore as on 30 June 2015. The ratio of gross NPAs to gross advances stood at 13.52% as on 30 June 2016 as against 11.95% as on 31 March 2016 and 6.7% as on 30 June 2015. The ratio of net NPAs to net advances stood at 8.17% as on 30 June 2016 as against 7.36% as on 31 March 2016 and 4% as on 30 June 2015. The bank's provisions and contingencies (excluding tax provisions) surged 165.8% to Rs 1543.66 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank was at 52.14% as on 30 June 2016.
Among private sector banks, Axis Bank (up 2.72% to Rs 583.55), ICICI Bank (up 1.4% to Rs 245.75), Kotak Mahindra Bank (up 0.45% to Rs 767.5), and Federal Bank (up 1.83% to Rs 64.1) gained. HDFC Bank declined 0.35% to Rs 1,224.05.
Yes Bank rose 2.66% to Rs 1,286 after hitting record high of Rs 1,291.60 in intraday trade.
IndusInd Bank shed 0.02% to Rs 1,164.4. The bank said that it has opened a new branch in Moga district, Punjab. The announcement was made during market hours today, 12 August 2016.
ITI lost 3.44% to Rs 28.10 after net profit declined 72.4% to Rs 11.24 crore on 159.59% growth in total income from operations to Rs 325.90 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.
The India Meteorological Department (IMD) in its weekly monsoon update issued yesterday, 11 August 2016, said that for the country as a whole, cumulative rainfall during this year's monsoon season was 3% above the long period average (LPA) until 10 August.
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