Shares settled higher as renewed buying was witnessed on the bourses today, 30 October 2017. The barometer index, the S&P BSE Sensex, rose 108.94 points or 0.33% to 33,266.16, as per the provisional closing data. The Nifty 50 index rose 40.60 points or 0.39% to 10,363.65, as per the provisional closing data. State-run banks were in demand.
Market edged higher in early trade tracking record close in US stocks. After hovering in a narrow range for most part of the session, indices extended gains and hit fresh record high levels in mid-afternoon trade.
The Sensex rose 182.95 points, or 0.55% at the day's high of 33,340.17 in mid-afternoon trade, its record high level. The index rose 49.71 points, or 0.15% at the day's low of 33,206.93 at the onset of trading session. The Nifty rose 61.45 points, or 0.60% at the day's high of 10,384.50 in mid-afternoon trade, its record high level. The index rose 21.25 points, or 0.21% at the day's low of 10,344.30 at the onset of trading session.
Among secondary barometers, the BSE Mid-Cap index rose 1.13%. The BSE Small-Cap index rose 1.25%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,687 shares rose and 1,026 shares fell. A total of 175 shares were unchanged.
The total turnover on BSE amounted to Rs 4268.88 crore, lower than turnover of Rs 5595.40 crore registered during the previous trading session.
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Housing finance major HDFC rose 0.36% to Rs 1,704.10 after net profit grew by 15.03% to Rs 2101.12 crore on 8.11% growth in total income to Rs 8760.92 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 30 October 2017.
On a consolidated basis, HDFC's net profit rose 17.3% to Rs 2869.41 crore on 14.15% growth in total income to Rs 16583.10 crore in Q2 September 2017 over Q2 September 2016.
ICICI Bank fell 0.10% after the bank's net profit fell 33.65% to Rs 2058.19 crore on 17.55% decline in total income to Rs 18763.29 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 27 October 2017.
The bank's gross non-performing assets (NPAs) net of write-off stood at Rs 44488.54 crore as on 30 September 2017 as against Rs 43147.64 crore as on 30 June 2017 and Rs 32547.50 crore as on 30 September 2016.
The ratio of gross non-performing customer assets (net of write-off) to gross customer assets stood at 7.87% as on 30 September 2017 as against 7.99% as on 30 June 2017 and 6.12% as on 30 September 2016. The ratio of net non-performing customer assets to net customer assets stood at 4.43% as on 30 September 2017 as against 4.86% as on 30 June 2017 and 3.21% as on 30 September 2016. The bank's provisions and contingencies declined 36.42% to Rs 4502.93 crore in Q2 September 2017 over Q2 September 2016.
Canara Bank jumped 2.70% after the state-run bank reported a drop in the ratio of gross NPAs and net NPAs in Q2 September 2017 on sequential basis. Net profit fell 27.1% to Rs 260.18 crore on 1.57% decline in total income to Rs 11994.64 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 27 October 2017. The bank's gross non-performing assets (NPAs) stood at Rs 39164.08 crore as on 30 September 2017 as against Rs 37657.76 crore as on 30 June 2017 and Rs 33315.40 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 10.51% as on 30 September 2017 as against 10.56% as on 30 June 2017 and 9.81% as on 30 September 2016. The ratio of net NPAs to net advances stood at 7.02% as on 30 September 2017 as against 7.09% as on 30 June 2017 and 6.69% as on 30 September 2016. The bank's provisions and contingencies rose 36% to Rs 2156.64 crore in Q2 September 2017 over Q2 September 2016.
Lupin jumped 2.44% to Rs 1,025.30 after the company announced Q2 results today, 30 October 2017. The result was announced during market hours today, 30 October 2017.
Lupin's consolidated net profit fell 31.3% to Rs 455 crore on 8% decline in sales to Rs 3874.20 crore in Q2 September 2017 over Q2 September 2016.
Commenting on the results, Nilesh Gupta, Managing Director, Lupin said that in Q2, company has recorded strong growth in all the markets but for the US generic business where the company continues to see pricing pressure, as expected. The earnings before interest, tax, depreciation and amortization (EBITDA) growth was further fueled by optimization efforts around operations and R&D investment. The company is on track with complex generic pipeline and have made significant progress on the speciality front with the acquisition of Symbiomix in the US.
Cadila Healthcare was up 1.20% after the company announced that it has received the final approval from the US Food and Drug Administration (USFDA) to market Clobetasol Propionate Ointment USP, 0.05%. The drug is indicated to treat variety of skin conditions (e.g., eczema, dermatitis, allergies, rash). It will be manufactured at the group's Topical manufacturing facility at Ahmedabad. The group now has more than 165 approvals and has so far filed over 300 Abbreviated New Drug Applications (ANDAs) since the commencement of the filing process in FY 2003-2004. The announcement was made during trading hours today, 30 October 2017.
Overseas, most European stocks were trading higher as investors eye news about the next Federal Reserve Chair. The Bank of England's monetary policy committee meets later this week to discuss interest rates.
Asian stocks were trading on a mixed note as investors awaited an announcement on who will helm the US Federal Reserve. The announcement on the new Fed Chair is reportedly likely ahead of Trump's Asia tour, beginning with Japan, on 5 November 2017.
In the US, the S&P 500 and Nasdaq Composite closed at records on Friday, 27 October 2017, fueled by large gains in technology shares following better-than-expected quarterly results from heavyweights Amazon.com Inc., Microsoft Corp., Alphabet Inc. and Intel Corp.
Equities were also buoyed by data showing the US economy expanded at a solid 3% annual pace for a second straight quarter despite damages from two hurricanes, while the University of Michigan reported consumer sentiment in October was the strongest it has seen in 13 years. The S&P 500 gained 0.8%, the Dow Jones Industrial Average rose 0.1% and the Nasdaq Composite Index meanwhile, advanced 2.2%.
According to reports, US President Donald Trump will interview Janet Yellen Thursday, 2 November 2017, about potentially staying on as chair of the Federal Reserve after her first term ends in February. Yellen was appointed to the fed by former President Barack Obama in 2014. She is the first female head of the institution, which sets the country's monetary policy and regulates its major banks.
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