The Sensex inched higher while the Nifty ended almost flat after a volatile session on Friday. The barometer index, the BSE Sensex, rose 37.67 points or 0.10% to 39,058.06. The Nifty 50 index rose 1.30 points or 0.01% to 11,583.90. Select banks shares supported the key benchmarks.
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 market breadth was negative. On the BSE, 1081 shares rose and 1355 shares fell. A total of 157 shares were unchanged.
The S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index fell 0.39%.
The BSE and 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.
Among the sectoral indices, the S&P BSE Bankex (up 1.07%), the S&P BSE IT index (up 0.99%) and the S&P BSE Realty index (up 0.43%) outperformed the Sensex.
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In the foreign exchange market, the Indian rupee edged higher against the dollar. In the spot currency market, the Indian unit was last seen trading at 70.93. The Indian rupee on Wednesday closed at 71.025 against the US dollar.
In the commodities market, Brent crude for December 2019 settlement was up 1 cent at $61.68 a barrel. The contract rose 50 cents or 0.82% to settle at $61.67 a barrel during the previous trading session.
On the political front, the BJP will make a comeback in Maharashtra with the help of its ally Shiv Sena. The BJP-Sena combine had won or was leading on 161 seats in the 288-member Maharashtra.
In Haryana, however, the BJP failed to cross the majority mark of 45 seats. The BJP won 40 seats while the Congress managed to bag 31. Meanwhile, Haryana Lokhit Party chief Gopal Kanda claimed that all the Independent candidates would extend their "unconditional support" to BJP.
Overseas, shares in Europe were trading lower after a substantial round corporate earnings, while traders also monitor Brexit developments and tense exchanges between the U.S. and China.
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.
On the equity front back home, State Bank of India jumped 7.19% 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.
The bank's gross non-performing assets (NPAs) stood at Rs 1,61,636.05 crore as on 30 September 2019 as against Rs 1,68,493.94 crore as on 30 June 2019 and Rs 2,05,864.12 crore as on 30 September 2018. The ratio of gross NPAs to gross advances stood at 7.19% as on 30 September 2019 as against 7.53% as on 30 June 2019 and 9.95% as on 30 September 2018.
ICICI Bank rose 3.18% to Rs 469.10. It hit a record high of Rs 470.70 in intraday today, 25 October 2019.
IDFC First Bank rose 4.76% after 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 decided to mark down deferred tax assets (DTA) as a result of reduction in corporate tax rates from 35% to 25%. The DTA markdown resulted in net loss (after tax) of Rs. 680 crore for the quarter, as a consequence of one-time tax impact of Rs 751 crore due to markdown of existing deferred tax assets.
Bandhan Bank rose 4.25%. 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.
Cigarette major ITC fell 0.44%. 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.
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.
Colgate-Palmolive (India) fell 2.88%. 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 11.91%. 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 9.89%. 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%. 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.
Larsen & Toubro (L&T) slipped 0.50%. 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.
Bharti Airtel rose 0.90%. 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%. 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.
Tata Steel rose 0.44%. 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.
Infosys gained 0.34%. 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.
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