The market was hovering in a narrow range in afternoon trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 136.10 points or 0.40% at 34,451.73. The Nifty 50 index was up 36.40 points or 0.35% at 10,339.95. Sentiment was boosted by upbeat mood in global markets.
Domestic stocks trimmed gains after a firm start on steady buying demand in index pivotals. Volatility struck bourses in morning trade as the key benchmark indices once again regained strength soon after erasing almost entire gains posted in early trade. Stocks hovered in small range with positive bias in mid-morning trade. Benchmarks turned range bound in afternoon trade.
The S&P BSE Mid-Cap index was up 0.40%. The S&P BSE Small-Cap index was off 0.92%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 965 shares rose and 1410 shares fell. A total of 145 shares were unchanged.
ICICI Bank (up 3.24%), NTPC (up 3.21%), Bajaj Auto (up 2.16%), Vedanta (up 1.87%), Adani Ports & Special Economic Zone (up 1.81%) and Maruti Suzuki India (up 1.70%), were the major Sensex gainers.
IndusInd Bank (down 2.82%), Yes Bank (down 2.18%), ONGC (down 2.14%), Reliance Industries (down 1.65%), Tata Motors (down 1.32%) and Bharti Airtel (down 1.27%), were the major Sensex losers.
HDFC Bank rose 1.59% after net profit rose 20.59% to Rs 5005.73 crore on 21.2% rise in total income to Rs 28215.15 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 20 October 2018.
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The bank's gross non-performing assets (NPAs) stood at Rs 10097.73 crore as on 30 September 2018 as against Rs 9538.62 crore as on 30 June 2018 and Rs 7702.84 crore as on 30 September 2017. The ratio of gross NPAs to gross advances stood at 1.33% as on 30 September 2018 as against 1.33% as on 30 June 2018 and 1.26% as on 30 September 2017.
The ratio of net NPAs to net advances stood at 0.40% as on 30 September 2018 as against 0.41% as on 30 June 2018 and 0.43% as on 30 September 2017. The bank's provisions and contingencies rose 23.29% to Rs 1819.96 crore in Q2 September 2018 over Q2 September 2017. Provision coverage ratio of the bank was at 70% as on 30 September 2018.
Overseas, shares in Europe were trading higher on Monday as investors focus mostly on corporate earnings with several big firms announcing their latest results. However, investors will keep an eye on politics. Italy is reportedly expecting the European Commission to reject its draft budget on Tuesday and ask for a new plan, given the planned increase in public spending.
Most Asian stocks rose, led by Chinese stocks after Beijing's pledge to support the economy and tackle market volatility. Chinese stocks advanced after top officials continued to express support for the nation's struggling private sector.
Over the weekend, President Xi Jinping vowed unwavering support for non-state firms, while the country's stock exchanges committed to help manage share-pledge risks. China also released its widely-expected plan to cut personal income taxes after data showed the nation's economy grew at the slowest pace since 2009.
US stocks closed mostly lower on Friday, 19 October 2018 as weak housing data overshadowed solid corporate earnings. On the data front, existing-home sales fell 3.4% in August, according to the National Association of Realtors, the lowest level since November 2015.
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