A range-bound movement was witnessed as key benchmark indices hovered in positive zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex was up 192.35 points or 0.69% at 28,176.72. The Nifty 50 index was currently up 53.90 points or 0.62% at 8,713. The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,535 shares rose and 790 shares declined. A total of 175 shares were unchanged. The BSE Mid-Cap index was currently up 0.42%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.7%, outperforming the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains yesterday, 19 October 2016, helped by better-than-expected earnings and rising oil prices. The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.
Bank stocks edged higher. Among public sector banks, Union Bank of India (up 2.91%), Indian Bank (up 2.13%), Canara Bank (up 1.91%), Punjab National Bank (up 1.74%), Bank of Baroda (up 1.35%), State Bank of India (up 1.28%), Bank of India (up 1.28%) and IDBI Bank (up 0.69%) gained.
Among private sector banks, ICICI Bank (up 4.11%), Kotak Mahindra Bank (up 0.51%), HDFC Bank (up 0.15%) and IndusInd Bank (up 0.04%) edged higher.
Axis Bank rose 1.33% after the bank said it proposes to raise funds by issuing senior unsecured redeemable non-convertible debentures of Rs 10 lakh each for cash at par aggregating to Rs 5000 crore. The board of directors of the bank will consider the proposal to issue and allot the securities through circular resolution. The announcement was made after market hours yesterday, 19 October 2016.
Yes Bank was up 0.94% ahead of Q2 September 2016 results today, 20 October 2016.
RBL Bank surged 5.71% after net profit rose 34.3% to Rs 89.89 crore on 37.91% rise in total income to Rs 1071.04 crore in Q2 September 2016 over Q2 September 2015. The bank's gross non-performing assets (NPAs) stood at Rs 274.65 crore as on 30 September 2016 as against Rs 252.61 crore as on 30 June 2016 and Rs 161.61 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 1.1% as on 30 September 2016 as against 1.13% as on 30 June 2016 and 0.93% as on 30 September 2015.
The ratio of net NPAs to net advances stood at 0.55% as on 30 September 2016 as against 0.65% as on 30 June 2016 and 0.48% as on 30 September 2015. The bank's provisions and contingencies (excluding tax provisions) rose 122.33% to Rs 49.58 crore in Q2 September 2016 over Q2 September 2015.
Net Interest Income (NII) rose 59.5% to Rs 302.94 crore in Q2 September 2016 over Q2 September 2015. Net interest margin (NIM) rose to 3.41% in Q2 September 2016, from 2.99% in Q2 September 2015. The result was announced after market hours yesterday, 19 October 2016.
Auto stocks edged higher. Bajaj Auto (up 1.2%), Hero MotoCorp (up 0.84%), Ashok Leyland (up 0.83%), TVS Motor Company (up 0.6%), Mahindra & Mahindra (up 0.49%) and Maruti Suzuki India (up 0.49%) rose. Tata Motors (down 0.17%) and Eicher Motors (down 0.08%) edged lower.
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