 "Markets remain strong; Nifty reclaims 7,500")
Markets continue to trade higher mirroring strength in the Asian equities after Bank of Japan introduced negative interest rate regime at its policy meet in order to revive the ailing economy. Strong buying interest is seen across the metal space and oil and gas sector on the back of rebound in oil and commodity prices.
However, banks continue to disappoint the street after private bank major ICICI Bank posted dismal quarter earnings on asset quality concerns. Among the banking majors, ICICI Bank, SBI and Axis Bank are down between 0.2%-3%.
At 1:10 pm, the the S&P BSE Sensex surged 270 points at 24,739 and the Nifty50 soared 91 points at 7,515.
Some of the notable gainers include Coal India, HDFC, Sun Pharma, Hero Motocorp and ONGC up between 2%-5%.
Coal India emerged as the top gainer up 6% after media reports suggested that the coal ministry is devising a plan to clear off the stock, which may include reduction of prices as well.
Meanwhile, oil exploration majors are trading firm after oil prices bounced back. RIL, ONGC and GAIL jumped between 2%-2.5%.
Among other shares, PC Jeweller gained nearly 2% at Rs 423 after the company said that the Reserve Bank of India has approved increase in investment limit by foreign institutional investors/foreign portfolio investors.
Sterlite Technologies surged over 3% after the company reported 82% net profit growth at Rs 42 crore for the quarter ended December 31, 2015 compared to Rs 23 crore in the same quarter last year.
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(updated at 11:45 am)
Markets continue to trade higher mirroring strength in the Asian equities after Bank of Japan introduced negative interest rate regime at its policy meet in order to revive the ailing economy. Strong buying interest is seen across the metal space and oil and gas sector on the back of rebound in oil and commodity prices.
However, banks continue to disappoint the street after private bank major ICICI Bank posted dismal quarter earnings on asset quality concerns.
At 11:45 am, the the S&P BSE Sensex surged 214 points at 24,684 and the Nifty50 soared 77 points at 7,501.
In the broader market, the BSE Midcap and Smallcap indices are up between 0.5%-0.9%. Market breadth remains firm with1,292 gainers and 995 losers on the BSE.
RESULT REACTION
Bharti Airtel fell 2.5% after posting 22% decline in its net income at Rs 1,117 crore in the third quarter on the back of higher interest and spectrum costs. It registered a net income of Rs 1,436 crore in the same period last year.
Car maker, Maruti Suzuki shed 2% as the profits missed street expectations. It clocked a 27% y-o-y surge in net profit in Q3 FY16. Profit for the quarter stood at Rs 1,019 crore against Rs 802 crore in the same quarter last year. Also, the margins contracted on account of higher spend in advertisement.
ICICI Bank slumped 5% after it reported a net profit of mere 4% in the third quarter at Rs 3,018 crore on account of higher provisioning. RBI has articulated the objective of early recognition of NPA resulting pressure on asset quality.
Syndicate Bank cracked 4% after it posted a loss of Rs 139 crore for the third quarter ended December 2015 on a sharp rise in provisioning for bad loans. It had posted a net profit of Rs 305 crore in October-December 2014.
Yes Bank is up 4% after the results beat the street expectations with recording profit growth of 25% year-on-year at Rs 676 crore on strong net interest income growth.
Muthoot Finance jumped 3% after it reported 21% rise in net profit for the quarter ended December, aided by its Sri Lankan subsidiary Asia Asset Finance.
Vedanta soared 7% on reports stating that the board is likely to discuss the merger of Cairn India with Vedanta. Vedanta reported a steep 98.9% fall in its consolidated net profit at Rs 17.91 crore for the third quarter ended December, weighed down by challenging market conditions.
Titan surged 4% after it posted 18% growth in profits to quote Rs 225 crore and increase in revenues by 17 percent to Rs 3426 crore as it pushed discounts to prop up sales in December.
Shares of Just Dial continue to reel under pressure falling 13% to Rs 626, its lowest level since August 2013 on the BSE, after the company reported 16% year on year (YoY) drop in its net profit at Rs 26.99 crore for the third quarter ended December 31, 2015 (Q3FY16).
State Bank of Bikaner and Jaipur climbed 4% after it reported 26.2% rise in its net profit at Rs.206.13 crore for the December quarter on higher income from retail operations and fall in bad loans.
