Key equity barometers ended with marginal gains after a volatile session on Friday. The barometer index, the BSE Sensex, rose 37.67 points or 0.10% to 39,058.06, as per the provisional closing data. The Nifty 50 index rose 1.30 points or 0.01% to 11,583.90, as per the provisional closing data.
The Nifty opened higher but quickly pared gains in early trade. The index turned range bound and traded above 11,550 level in mid-morning session. Selling pressure intensified in afternoon trade as Nifty briefly slipped below 11,500. The 50-unit index regained momentum in mid-afternoon session and regained reclaimed 11,600. Fresh selling in last half hour dragged the index near the flat line.
The S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index fell 0.39%.
The market breadth was negative. On the BSE, 1084 shares rose and 1350 shares fell. A total of 159 shares were unchanged.
The BSE and National Stock Exchange (NSE) will remain open for a special one-hour trading session on Sunday, 27 October. This session is popularly known as Muhurat Trading and coincides with the beginning of the Hindu calendar year (Vikram Samvat 2076).
The pre-opening session will be held between 6 pm and 6:08 pm. The opening bell ceremony will be held at 6.15 pm and trading will continue for an hour up to 7.15 pm.
On the NSE, 33 securities hit 52-week high which included names like Abbott India (up 2.05%),Adani Enterprises (up 0.84%), Adani Green Energy (up 3.54%), GlaxoSmithKline Pharmaceuticals (up 2.33%), Granules India (down 0.72%),Hindustan Unilever (up 0.37%), ICICI Bank (up 3.17%), ICICI Lombard General Insurance Company (down 0.99%), Pfizer (up 3.21%), Procter & Gamble Hygiene and Health Care (%), Relaxo Footwears (down 1.68%), Reliance Industries (down 0.45%) and Titan Company (down 3.08%).
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State Bank of India jumped 7.25% to Rs 281.75 after the bank's net profit rose 218.75% to Rs 3011.73 crore on a 9.37 increase in total income to Rs 72,850.78 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 25 October 2019. Gross slippages fell by 17.91% YoY and 45.69% QoQ to Rs 8,805 crore in Q2 September 2019.
ITC fell 0.32% to Rs 248.15. The company reported 37.12% rise in consolidated net profit to Rs 4119.16 crore on 6.62% rise in total income to Rs 13497.27 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
Colgate-Palmolive (India) fell 3.27% to Rs 1513.65. The company reported 24.31% rise in net profit to Rs 244.11 crore on 4.57% rise in total income to Rs 1230.43 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
InterGlobe Aviation slumped 11.90% to Rs 1468.05. The company reported consolidated net loss of Rs 1061.99 crore in Q2 September 2019 as compared to net loss of Rs 651.54 crore in Q2 September 2018. Total income rose 31.1% to Rs 8539.78 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
PNB Housing Finance jumped 9.87% to Rs 490.80. The company reported 44.99% rise in consolidated net profit to Rs 366.81 crore on 23.34% rise in total income to Rs 2230.34 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
United Spirits rose 3.05% to Rs 627.75. The company reported 27.77% fall in consolidated net profit to Rs 163.10 crore on 3.09% rise in total income to Rs 2318.80 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
Raymond fell 2.16% to Rs 587.50. The company reported 33.5% rise in consolidated net profit to Rs 83.96 crore on 2.18% rise in total income to Rs 1916.59 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
Larsen & Toubro (L&T) slipped 0.42% to Rs 1425.95. L&T won an order from Chalet Hotels for construction of civil and steel structure works at proposed commercial building in Powai. The order is worth Rs 319.5 crore.
Piramal Enterprises tumbled 7.73% after the company said its board approved raising fresh capital of Rs 5,400 crore through a rights issue and preferential allotment of compulsory convertible debentures.
Bharti Airtel rose 1.41% to Rs 377.70. On the London Stock Exchange, the Bharti Airtel's African arm, Airtel Africa, announced its half yearly earnings, ended on 30 September 2019.
Airtel Africa's profit after tax in H1 FY20 was $ 228 Mn, an increase of 11.9% over in H1 FY19 driven by an increase in operating profit and lower finance costs partially offset by higher tax charges. Revenue increased by 8.4% to $ 1,640 Mn in H1 FY20 over in H1 FY19.
In a separate announcement, Bharti Airtel announced that it has entered into an agreement on 24 October 2019 for acquisition of 52.92% stake in Vahan Inc for cash consideration. Vahan Inc specializes in providing jobs to blue collar job seekers (like delivery boys) by using AI driven bot and a messaging platform. The acquisition is expected to be completed by 31 October 2019.
Sterlite Technologies slumped 14.04% to Rs 124.90. Consolidated net profit rose 21.6% to Rs 159.56 crore on a 25.4% increase in net sales to Rs 1359.69 crore in Q2 September 2019 over Q2 September 2018.
IDFC First Bank rose 4.89% to Rs 40.75. The bank reported a net loss of Rs 679.50 crore in Q2 September 2019 over a net loss of Rs 369.69 crore in Q2 September 2018. Total income jumped 78% to Rs 4367.12 crore in Q2 September 2019 over Q2 September 2018.
The bank's chairman, V. Vaidyanathan, was quoted by the media saying that the net interest margin was expanding by 15 bps every quarter.
Bandhan Bank rose 4.13% to Rs 594. The bank's board approved the proposal for increase in the shareholding limits for foreign portfolio investors (FPIs) and foreign institutional investors (FIls) from 24% to 49% of the paid-up share capital of the Bank under the overall permissible foreign limit in the Bank of 49% of its total paid-up share capital.
Further, the bank's board will seek approval from shareholders to reduce authorized share capital to Rs 3,200 crore from Rs 5,200 crore.
Tata Steel rose 0.68% to Rs 362.30. The steel maker offered clarification w.r.t. news article titled "Tata Steel subsidiary bags Misrilall Chrome mine in e-auction in Odisha" dated 23 October 2019. Tata Steel clarified that the company and its subsidiary had participated in the e-auction in response to the notice inviting tender (NIT) by Government of Odisha for the Misrilall Chrome Mine. The company and the subsidiary are awaiting the outcome of the e-auction in the form of a formal communication from the Government of Odisha.
Shriram Transport Finance Co. was up 3.60% to Rs 1108.20. Consolidated net profit rose 25.4% to Rs 768.29 crore on a 6.9% increase in total income to Rs 4219.82 crore in Q2 September 2019 over Q2 September 2018.
Westlife Development rose 4.15% to Rs 363.65 after consolidated net profit rose 15% to Rs 4.68 crore on a 14.2% rise in net sales to Rs 394.87 crore in Q2 September 2019 over Q2 September 2018. Consolidated EBITDA rose 30.9% to Rs 43.32 crore in Q2 September 2019 as against Rs 33.11 crore in Q2 September 2018. The company's adjusted restaurant operating margin also rose 32.8% to Rs 62.92 crore in Q2 2019 as compared to Rs 47.39 crore in Q2 2018.
Infosys gained 0.18% to Rs 636.55. The company informed that 2,298,020 stock incentives in the form of restricted stock units were granted to 6,949 mid-level eligible employees of the company /subsidiary companies under the 2015 stock incentive compensation plan. The date of grant for these stock incentives is 1 November 2019, in line with the company's compensation calendar timelines. The exercise price will be the par value of shares. These RSUs will generally vest in 4 equal installments.
Strides Pharma Sciences advanced 8.14% to Rs 372.50 after the company announced decent Q2 earnings during market hours today. The company reported a consolidated net profit of Rs 141.91 crore in Q2 September 2019 as against a net loss of Rs 8.70 crore in Q2 September 2018. The pharma company's total income rose 37.51% on YoY basis and 4.6% QoQ to Rs 728.08 crore in Q2 September 2019.
Atul fell 1.69% to Rs 4237.70 after the company reported Q2 2019 earnings during market hours today. On a consolidated basis, the company's net profit rose 70.05% to Rs 210.02 crore on a 0.97% increase in total income from operations to Rs 1,045.63 crore in Q2 September 2019 over Q2 September 2018.
Overseas, shares in Europe were trading lower after U.K. Prime Minister Boris Johnson announced plans to push for a fresh general election in December, while corporate earnings season remains in focus.
European Union member states are in the process of discussing the length of a proposed extension to the U.K.'s October 31 deadline for leaving the EU, with most states understood to favor a three-month delay with an option to leave earlier if Johnson's new Withdrawal Agreement Bill is ratified by British parliament.
The prime minister meanwhile has offered to give British lawmakers more time to debate his deal if they back a general election on December 12, with Members of Parliament set to vote Monday on a motion to send the U.K. to the polls again.
The European Central Bank (ECB) kept rates unchanged on Thursday. The central bank also kept its forward guidance unchanged, suggesting that its main interest rates will remain at their current or lower levels until there's strong evidence of a pick up in prices.
The Asian shares ended mixed on Friday as as investors searched for guidance regarding both Brexit and the U.S.-China trade war.
The US stock market finished session slight higher on Thursday, 24 October 2019, as better than expected quarterly results from technology companies offset weak results from 3M Co and Twitter Inc. Traders have braced for weaker results this earnings season amid concerns about the costly trade war between the U.S. and China, and increased signs of slowing economic growth worldwide.
In economic news, US durable goods orders tumbled by 1.1% in September after rising by a revised 0.3% in August, a report released by the Commerce Department on Thursday showed. US initial jobless claims dipped to 212,000 in the week ended October 19th, a decrease of 6,000 from the previous week's revised level of 218,000, the Labor Department reported on Thursday.
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