Stocks of public sector firms and index heavyweights HDFC, Reliance Industries, Infosys and ITC led the rally for key benchmark indices. At 12:20 IST, the barometer index, S&P BSE Sensex, was up 275.16 points or 1.12% at 24,744.73. The 50-unit Nifty 50 index was currently up 87.40 points or 1.18% at 7,512.05. The Sensex and the Nifty, both, hit two-week high, with gains in global stocks boosting sentiment on the domestic bourses.
The Sensex rose 277.50 points or 1.13% at the day's high of 24,747.07 in early afternoon trade, its highest level since 15 January 2016. The barometer index fell 129.51 points or 0.52% at the day's low of 24,340.06 at the onset of the trading session, its lowest level since 22 January 2016. The Nifty rose 95.20 points or 1.28% at the day's high of 7,519.85 in early afternoon trade, its highest level since 15 January 2016. The index shed 21.85 points or 0.29% at the day's low of 7,402.80 at the onset of the trading session, its lowest level since 22 January 2016.
The market breadth indicating the overall health of the market was strong. On BSE, 1,382 shares gained and 898 shares fell. A total of 154 shares were unchanged. The BSE Mid-Cap index was currently up 1.08%. The BSE Small-Cap index was currently up 0.6%. Both these indices underperformed the Sensex.
In overseas stock markets, Japanese and Chinese stocks led gains in Asian markets after the Bank of Japan (BOJ) surprised investors by introducing a negative interest-rate policy and China's central bank pumped an additional 100 billion yuan ($15.21 billion) into the financial system via an extra money-market operation. In mainland China, the Shanghai Composite index was currently up 3.3%. In Hong Kong, the Hang Seng index was currently up 2.09%.
In Japan, the Nikkei 225 Average ended 2.8% higher. The BOJ said after the conclusion of a two-day monetary policy review that it has cut the deposit rate it pays on cash parked at the BOJ by commercial banks in excess of legally required reserves, to minus 0.1% from the previous plus 0.1%. The goal is to push down borrowing costs across a broad time spectrum to stimulate inflation, the bank said.
Trading in US stock index futures indicated further gains for US stocks. Trading in US index futures indicated that the Dow Jones Industrial Average could gain 148 points at the opening bell today, 29 January 2016. US stocks finished higher yesterday, 28 January 2016, boosted by a jump in oil prices along with an earnings-driven surge in the shares of Facebook Inc. and Under Armour Inc.
Yes Bank rose 2.79% after strong Q3 results. Net profit rose 25.06% to Rs 675.74 crore on 17.49% rise in total income to Rs 4122.12 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 29 January 2016. Provisions and contingencies rose 111.77% to Rs 147.94 crore in Q3 December 2015 over Q3 December 2014. The provisioning coverage ratio as on 31 December 2015 stood at 66.5%.
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On absolute basis, Yes Bank's gross non-performing assets (NPAs) stood at Rs 558.57 crore as on 31 December 2015, compared with Rs 491.35 crore as on 30 September 2015 and Rs 278.66 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 0.66% as on 31 December 2015 as against 0.61% as on 30 September 2015 and 0.42% as on 31 December 2014. The ratio of net NPAs to net advances stood at 0.22% as on 31 December 2015 as against 0.2% as on 30 September 2015 and 0.1% as on 31 December 2014.
Shares of oil exploration and production stocks rose after a further recovery in crude oil prices. Reliance Industries (RIL) (up 1.76%), Oil India (up 0.5%) and ONGC (up 2.59%) edged higher. Higher crude oil prices would result in higher realization from crude sales for oil exploration firms.
Shares of Vedanta jumped and Cairn India fell on media reports that Vedanta's board of directors is likely to meet today, 29 January 2016, to discuss merger of Cairn India with the company with modified terms. Vedanta was up 7.36% at Rs 72.20. Cairn India was off 2.22%. Life Insurance Corporation of India (LIC) and other major shareholders are likely to give their approval to the modified merger scheme, according to reports. Vedanta in its Q3 results press release yesterday, 28 January 2016, said that it expects the merger of Cairn India with the company to be completed by Q1 June 2016.
Shares of public sector oil marketing companies (PSU OMCs) gained. BPCL (up 2.23%) and Indian Oil Corporation (IOCL) (up 1.51%) gained. HPCL fell 0.14%.
In the global commodities markets, Brent for March settlement was up 78 cents at $34.67 a barrel. The contract had risen 79 cents or 2.39% to settle at $33.89 a barrel during the previous trading session.
Realty stocks declined. Indiabulls Real Estate (down 1.29%), Unitech (down 0.53%), Oberoi Realty (down 0.02%), DLF (down 0.48%), and Phoenix Mills (down 0.84%) edged lower. Sobha rose 0.54%.
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