IT stocks led upmove for key benchmark indices which extended intraday gains in afternoon trade. The market breadth indicating the overall health of the market was strong. The barometer index, the S&P BSE Sensex, was currently up 132.47 points or 0.48% at 27,591.70. Meanwhile, in the global commodities markets, Brent crude oil futures edged lower on persistent worries about a global supply glut. The decline in crude oil prices augurs well for India. In overseas stock markets, European stocks edged higher in early trade there.
Yes Bank edged higher after the bank reported strong Q1 numbers. FMCG stocks edged higher. Godrej Consumer Products (GCPL) surged after the company reported strong Q1 June 2015 earnings. Cement stocks edged higher.
Indian stocks may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire tomorrow, 30 July 2015.
Foreign portfolio investors sold shares worth a net Rs 1375.66 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 665.05 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged higher. Asian shares were mixed. US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies.
At 13:19 IST, the S&P BSE Sensex was up 132.47 points or 0.48% at 27,591.70. The index jumped 150.06 points at the day's high of 27,609.29 in afternoon trade. The index gained 10.86 points at the day's low of 27,470.09 in early trade.
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The CNX Nifty was up 39.70 points or 0.48% at 8,376.70. The index hit a high of 8,381.50 in intraday trade. The index hit a low of 8,338.45 in intraday trade.
The BSE Mid-Cap index was up 66.45 points or 0.61% at 11,040.45. The BSE Small-Cap index was up 96.47 points or 0.84% at 11,619.40. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 1,579 shares rose and 1,030 shares fell. A total of 101 shares were unchanged.
Yes Bank edged higher after the bank reported strong Q1 numbers. The stock was up 2.23% at Rs 812.40. The stock hit a high of Rs 814.25 and a low of Rs 796.50 so far during the day. Yes Bank's net profit rose 27.72% to Rs 551.20 crore on 22.75% growth in total income to Rs 3797.02 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 29 July 2015.
Yes Bank's net interest income (NII) rose 42.2% to Rs 1059.80 crore in Q1 June 2015 over Q1 June 2014. Non interest income rose 31.8% to Rs 545.20 crore in Q1 June 2015 over Q1 June 2014.
Yes Bank's net interest margin (NIM) improved to 3.3% in Q1 June 2015, from 3.2% in Q4 March 2015 and 3% in Q1 June 2014.
The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 0.46% as on 30 June 2015 as against 0.41% as on 31 March 2015 and 0.33% as on 30 June 2014. The ratio of net NPAs to net advances stood at 0.13% as on 30 June 2015 as against 0.12% as on 31 March 2015 and 0.07% as on 30 June 2014.
The bank's provision coverage ratio stood at 71% as on 30 June 2015 as against 72% as on 31 March 2015 and 78.4% as on 30 June 2014.
Yes Bank's current and savings account (CASA) ratio stood at 23.4% as on 30 June 2015, up from 22.3% as on 30 June 2014.
Commenting on the bank's Q1 performance, Mr. Rana Kapoor, Managing Director & CEO of Yes Bank said that the bank has begun its 12th year of operations and has posted another satisfactory quarter of consistent results, which is reflected in strong loan growth, NIM expansion and continued resilience in asset quality.
FMCG stocks edged higher. Marico (up 3.49%), Dabur India (up 1.65%), Procter & Gamble Hygiene and Health Care (up 1.61%), GlaxoSmithkline Consumer Healthcare (up 1.17%), Colgate-Palmolive (India) (up 1%), Nestle India (up 0.72%), Hindustan Unilever (up 0.46%), Tata Global Beverages (up 0.33%) and Bajaj Corp (up 0.21%) edged higher. Jyothy Laboratories (down 0.25%) and Britannia Industries (down 0.13%) edged lower.
Godrej Consumer Products (GCPL) surged after the company reported strong Q1 June 2015 earnings. The stock was up 3.57% at Rs 1,244. The stock hit a high of Rs 1,255 and a low of Rs 1,210 so far during the day. GCPL's consolidated net profit rose 38.88% to Rs 199.23 crore on 10.38% growth in total income to Rs 2114.46 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 29 July 2015.
GCPL said its board of directors approved acquiring the balance 40% stake in Cosmetica Nacional, a market leading Hair Colorant and Cosmetics company in Chile. Consequent to this, GCPL will have full control of the Chile business once the acquisition process is completed, the company said.
Cement stocks edged higher. Shree Cement (up 2.61%), Ambuja Cements (up 0.09%), UltraTech Cement (up 0.01%) and ACC (up 0.24%) edged higher.
Grasim Industries was off 0.13% at Rs 3,669.90. The stock hit a high of Rs 3,678.05 and a low of Rs 3,651.55 so far during the day. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower amid concerns over global oil supply glut. Brent for September settlement was currently off 43 cents at $52.87 a barrel. The contract had fallen 17 cents or 0.32% to settle at $53.30 a barrel during the previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon was vigorous over West Rajasthan and Gujarat state and was active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 28 July 2015. Region wise, the rainfall was 17% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 28 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas markets, European stocks edged higher today, 29 July 2015. Key indices in Germany, UK and France were up 0.57% to 0.82%.
Asian shares were mixed today, 29 July 2015. Key benchmark indices in China, Hong Kong, Singapore and Indonesia were up by 0.06% to 3.47%. Key benchmark indices in South Korea, Japan and Taiwan were down by 0.07% to 0.22%.
Japan's retail sales rose 0.9% year-on-year, far outpacing a 0.5% increase seen, and a third straight increase spurred by higher nominal wages and tourists flocking to the country on a weaker yen.
US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies. It was a reversal of five straight days of losses for US stock indexes.
Meanwhile, the latest data showed that US consumer confidence deteriorated this month. The Conference Board, a market research group, said its index of consumer confidence fell to 90.9 this month from a downwardly revised 99.8 in June. Meanwhile, the Case-Shiller home-price index for May showed that home prices rose 1.1% but after seasonal adjustments, the reading showed a decline of 0.2%.
A two-day policy meeting of the Federal Reserve Open Market Committee (FOMC) concludes today, 29 July 2015. The US central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come later this year. Investors are looking ahead to the latest Fed statement to see if policymakers would give any indication on the timing of an initial rate hike.
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