Key benchmark indices continued to trade near the flat line in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex fell 1.51 points to 34,298.96. The Nifty 50 index gained 5.70 points or 0.05% at 10,545.45.
Indices opened higher on firm Asian stocks. The market soon pared gains and swung between the gains and losses near the flat line in morning trade. Indices traded with small gains in mid-morning trade but soon trimmed gains and hovered near the flat line so far.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.76%. The S&P BSE Small-Cap index gained 0.81%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,531 shares rose and 1,060 shares dropped. A total of 119 shares were unchanged.
IT stocks advanced. Tech Mahindra was up 2.44%, HCL Technologies 1.12%, Infosys 0.67%, and Wipro gained 2.12%. However, TCS fell 0.43%.
Shares of most power generation and power distribution companies edged lower. GVK Power & Infrastructure was down 3.88%, NHPC 2.2%, NTPC 1.12%, Adani Power 1.03%, Power Grid Corporation of India 1.19%, Reliance Infrastructure 0.67% and Reliance Power declined 2.96%. However, Torrent Power rose 1.46%.
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Tata Power Company declined 0.35% ahead of its Q3 results today, 14 February 2018.
Shared of psu coal mining major Coal India gained 1.83%.
Punjab National Bank slumped 7.15% after the bank said it has detected a $1771.69 million fraud at a single branch in Mumbai. The announcement was made before trading hours today, 14 February 2018.
The bank announced that it has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions, other banks appear to have advanced money to these customers abroad.
In the bank these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions. The quantum of such transactions is $1771.69 million (approximately). The matter is already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank said it is committed to clean and transparent banking.
Bank of India lost 6.28% after the bank reported net loss of Rs 2341.20 crore in Q3 December 2017, as compared with net profit of Rs 101.72 crore in Q3 December 2016. The results were announced after market hours on Monday, 12 February 2018.
Bank of India's total income fell 10.51% to Rs 10376.03 crore in Q3 December 2017 over Q3 December 2016. The bank's gross non-performing assets (NPAs) stood at Rs 64248.58 crore as on 31 December 2017 as against Rs 49306.90 crore as on 30 September 2017 and Rs 51781.06 crore as on 31 December 2016.
The ratio of gross NPAs to gross advances stood at 16.93% as on 31 December 2017 as against 12.62% as on 30 September 2017 and 13.38% as on 31 December 2016. The ratio of net NPAs to net advances stood at 10.29% as on 31 December 2017 as against 6.47% as on 30 September 2017 and 7.09% as on 31 December 2016.
On the macro front back home, industrial production continued to record strong growth for second straight month at 7.1% in December 2017 over December 2016, while the growth figure for November 2017 has revised upwards to 8.8% from 8.4% reported earlier. The manufacturing sector's production surged 8.4% in December 2017, supporting overall growth in industrial production. The mining output growth also improved 1.2% in December 2017, while the electricity generation moved up 4.4% in December 2017, contributing to the improvement in overall industrial production growth in December 2017.
The all-India general inflation based on consumer price index (CPI) eased to 5.07% in January 2018 compared with 5.21% in December 2017. The corresponding provisional inflation rate for rural area was 5.21% and urban area 4.93% in January 2018 as against 5.27% and 5.09% in December 2017. The core CPI inflation was flat at 5% in January 2018 compared with 4.98% in December 2017. The cumulative CPI inflation was lower at 3.43% in April-January FY2018 compared with 4.68% in April-January FY2017. Inflation and IIP data were announced after market hours on Monday, 12 February 2018.
Overseas, most Asian stocks gained after slightly firmer lead from Wall Street, which recorded a third consecutive day of gains in the last session. Meanwhile, fourth-quarter Japan gross domestic product data released showed the economy grew at an annualized 0.5%, below a median forecast.
It will be a shortened week for greater China markets, with mainland China markets closing from 15 to 21 February 2018 and Hong Kong markets shut from 16 to 19 February 2018 for the Lunar New Year. Other regional markets, including South Korea, Taiwan and Singapore, will also finish the week early due to the holiday.
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