IT stocks led gains for key benchmark indices. The market sentiment improved as crude oil prices extended recent losses. Brent crude oil futures edged lower on persistent worries about a global supply glut. The decline in crude oil prices augurs well for India. Key benchmark indices remained in positive zone throughout the trading session. The market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, garnered 104.20 points or 0.38% to settle at 27,563.43. In overseas stock markets, Chinese stocks ended higher with sharp gains in the last half-hour of trading.
Metal shares edged higher. Vedanta rose after announcing Q1 June 2015 results. Index heavyweight and cigarette maker ITC dropped. PSU bank stocks edged lower. Private sector banks edged higher. Yes Bank edged higher after the bank reported strong Q1 numbers. Cement stocks edged higher.
Key indices snapped a four-day losing streak today, 29 July 2015.
Indian stocks may remain volatile tomorrow, 30 July 2015, as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire tomorrow, 30 July 2015.
Foreign portfolio investors sold shares worth a net Rs 1345.95 crore into secondary equity market yesterday, 28 July 2015, as per data from Central Depository Services (India). Domestic institutional investors (DIIs) bought shares worth a net Rs 665.05 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges.
In overseas markets, European stocks edged higher, with investors assessing a fresh crop of earnings reports. Asian stocks ended on a mixed note. US stocks edged higher yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies.
The S&P BSE Sensex rose 104.20 points or 0.38% to settle at 27,563.43, its highest closing level since 24 July 2015. The index jumped 150.06 points at the day's high of 27,609.29 in afternoon trade. The index gained 10.86 points at the day's low of 27,470.09 in early trade.
The CNX Nifty rose 38.05 points or 0.46% to settle at 8,375.05, its highest closing level since 24 July 2015. The index hit a high of 8,381.50 in intraday trade. The index hit a low of 8,338.45 in intraday trade.
The BSE Mid-Cap index rose 97.42 points or 0.89% to settle at 11,071.42. The BSE Small-Cap index rose 96.09 points or 0.83% to settle at 11,619.02. Both these indices outperformed the Sensex.
The market breadth indicating the overall health of the market was positive. On BSE, 1,665 shares rose and 1,170 shares fell. A total of 113 shares were unchanged.
The total turnover on BSE amounted to Rs 3317.70 crore, lower than turnover of Rs 3323 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.51%), BSE IT index (up 1.48%), BSE Auto index (up 1.39%), BSE Capital Goods index (up 1.89%), BSE Realty index (up 1.22%) and BSE Teck index (up 1.34%) outperformed the Sensex. The S&P BSE FMCG index (down 0.82%), BSE Bankex index (up 0.22%), BSE Consumer Durables index (down 1.92%), BSE Metal index (up 0.36%), BSE Oil & Gas index (down 0.18%) and BSE Power index (up 0.22%) underperformed the Sensex.
Index heavyweight and cigarette maker ITC dropped 2.35% at Rs 303.95. The stock hit a high of Rs 312.20 and a low of Rs 300.70 in intraday trade.
Metal shares edged higher. Hindustan Zinc (up 1.31%), Hindalco Industries (up 0.95%), National Aluminium Company (up 0.84%), Steel Authority of India (up 0.69%), Tata Steel (up 0.52%), Jindal Steel & Power (up 0.27%) and NMDC (up 0.05%) edged higher.
Vedanta rose 1.67% at Rs 130.60. The company's consolidated profit after tax (PAT) before exceptional items fell 35% to Rs 866 crore on 1% decline in net sales/income from operations to Rs 16952 crore in Q1 June 2015 over Q1 June 2014. The result was announced at the fag end of the trading session today, 29 July 2015.
There was an exceptional expense of Rs 2128 crore in Q1 June 2014 on account of change in method of depreciation on some of oil and gas assets of Cairn India, a subsidiary of Vedanta.
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 29% to Rs 4039 crore in Q1 June 2015 over Q1 June 2014 due to a steep fall in crude oil prices and aluminium premia. EBITDA was also impacted by one-time expense related to Renewable Purchase Obligations (RPO) provision of Rs 414 crore for the previous years (FY 2013 to FY 2015) for the Aluminium, Zinc India and Copper - India businesses, Vedanta said in a statement. Vedanta further said that there will be recurring cost of approximately Rs 36 crore per quarter across the company's Aluminium, Zinc India and Copper - India businesses due to RPO.
Renewable Purchase Obligation was introduced in 2010 by the various State Electricity Regulation Commissions, making it mandatory for distribution companies, open access consumers and captive power producers to meet at least 5% of their total annual consumption of energy through renewable energy sources.
During the quarter, the company's board approved merger of its subsidiary Cairn India with Vedanta. The transaction is expected to be completed by Q4 March 2016, Vedanta said.
JSW Steel rose 0.17% at Rs 812.50. The stock hit a high of Rs 817.90 and a low of Rs 802 in intraday trade. JSW Steel reported a consolidated net loss of Rs 106.81 crore in Q1 June 2015 compared with net profit of Rs 656.49 crore in Q1 June 2014. Total income declined 12.81% to Rs 11601.99 crore in Q1 June 2015 over Q1 June 2014. The result was announced at the fag end of trading session today, 29 July 2015.
PSU bank stocks edged lower. UCO Bank (down 3.75%), Bank of India (down 2.72%), Andhra Bank (down 2.61%), Oriental Bank of Commerce (down 2.6%), Union Bank of India (down 2.48%), State Bank of India (down 2.18%), Corporation Bank (down 2%), IDBI Bank (down 1.42%) and Bank of Baroda (down 0.58%) edged lower. United Bank of India (up 0.66%), Vijaya Bank (up 0.64%), Indian Overseas Bank (up 0.56%), Bank of Maharashtra (up 0.4%) and Allahabada Bank (up 4.68%) edged higher.
Punjab National Bank (PNB) dropped 3.13% at Rs 137.55 . The stock had jumped 4.95% yesterday, 28 July 2015, shrugging off weak Q1 June 2015 results. The bank's net profit fell 48.7% to Rs 720.71 crore on 4.73% rise in total income to Rs 13432.05 crore in Q1 June 2015 over Q1 June 2014. The result was announced during trading hours yesterday, 28 July 2015.
Private sector banks edged higher. ICICI Bank (up 1.46%), Axis Bank (up 1.11%) and HDFC Bank (up 0.05%) edged higher. IndusInd Bank (down 0.15%) edged lower.
Shares of Kotak Mahindra Bank (KMBL) were down 0.69% at Rs 724.15. The stock hit a high of Rs 737 and a low of Rs 722 in intraday trade. The finance ministry after market hours today, 29 July 2015, announced that the government has approved the proposal from KMBL for increasing the ceiling on foreign investment in the bank to 55% pursuant to merger of ING Vysya Bank with KMBL.
Yes Bank edged higher after the bank reported strong Q1 numbers. The stock rose 2.65% at Rs 815.70. The stock hit a high of Rs 820 and a low of Rs 796.50 in intraday trade. Yes Bank's net profit rose 27.72% to Rs 551.20 crore on 22.75% growth in total income to Rs 3797.02 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 29 July 2015.
Yes Bank's net interest income (NII) rose 42.2% to Rs 1059.80 crore in Q1 June 2015 over Q1 June 2014. Non interest income rose 31.8% to Rs 545.20 crore in Q1 June 2015 over Q1 June 2014.
Yes Bank's net interest margin (NIM) improved to 3.3% in Q1 June 2015, from 3.2% in Q4 March 2015 and 3% in Q1 June 2014.
The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 0.46% as on 30 June 2015 as against 0.41% as on 31 March 2015 and 0.33% as on 30 June 2014. The ratio of net NPAs to net advances stood at 0.13% as on 30 June 2015 as against 0.12% as on 31 March 2015 and 0.07% as on 30 June 2014.
The bank's provision coverage ratio stood at 71% as on 30 June 2015 as against 72% as on 31 March 2015 and 78.4% as on 30 June 2014.
Yes Bank's current and savings account (CASA) ratio stood at 23.4% as on 30 June 2015, up from 22.3% as on 30 June 2014.
Godrej Consumer Products (GCPL) surged after the company reported strong Q1 June 2015 earnings. The stock rose 4.11% at Rs 1,250.50. The stock hit a high of Rs 1,276 and a low of Rs 1,210 in intraday trade. GCPL's consolidated net profit rose 38.88% to Rs 199.23 crore on 10.38% growth in total income to Rs 2114.46 crore in Q1 June 2015 over Q1 June 2014. The result was announced during market hours today, 29 July 2015.
GCPL said its board of directors approved acquiring the balance 40% stake in Cosmetica Nacional, a market leading Hair Colorant and Cosmetics company in Chile. Consequent to this, GCPL will have full control of the Chile business once the acquisition process is completed, the company said.
Cement stocks edged higher. Shree Cement (up 2.44%), Ambuja Cements (up 1.37%), ACC (up 0.78%) and UltraTech Cement (up 0.28%) edged higher.
Grasim Industries fell 0.8% at Rs 3,645. The stock hit a high of Rs 3,678.05 and a low of Rs 3,642.60 in intraday trade. Grasim has exposure to cement sector through its holding in UltraTech Cement.
IT stocks were in demand. HCL Technologies (up 2.84%), Infosys (up 2.04%), MindTree (up 1.93%), Oracle Financial Services Software (up 0.91%), Tech Mahindra (up 0.48%), TCS (up 0.26%) and CMC (up 0.2%) edged higher.
Wipro rose 1.38% at Rs 564.35. The stock hit a high of Rs 567.50 and a low of Rs 557.65 in intraday trade. The company announced before trading hours today, 29 July 2015, that it has been selected by DSM, a global, science based company active in health, nutrition and materials, as its strategic IT partner to provide Workplace Services. Wipro will bring next generation workplace technology features such as predictive analytics, automation, self-help, self-heal, multi-channel support and user experience management to DSM through this multi-year strategic partnership. This technology deployment will help DSM optimize costs, while providing users (i.e. DSM's employees) with an Internet-centric and sustainable workplace, with smart systems which will enable a seamless user experience.
Key indices today, 29 July 2015, snapped their four-day losing streak. The Sensex had lost 1,045.70 points or 3.66% in the preceding four trading sessions to settle at 27,459.23 yesterday, 28 July 2015, from a recent high of 28,504.93 on 22 July 2015. The Sensex has fallen 217.40 points or 0.78% in this month so far (till 29 July 2015). The Sensex has risen 64.01 points or 0.23% in this calendar year so far (till 29 July 2015). From a 52-week low of 25,232.82 on 8 August 2014, the Sensex has risen 2,330.61 points or 9.23%. The Sensex is off 2,461.31 points or 8.19% from a record high of 30,024.74 hit on 4 March 2015.
Meanwhile, the finance ministry after market hours today, 29 July 2015, announced that the government has approved 7 proposals of foreign direct investment (FDI) amounting to about Rs 981.15 crore.
Meanwhile, in the global commodities markets, Brent crude oil futures edged lower amid concerns over global oil supply glut. Brent for September settlement was currently off 26 cents at $53.04 a barrel. The contract had fallen 17 cents or 0.32% to settle at $53.30 a barrel during the previous trading session.
India imports about 80% of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 28 July 2015, that the Southwest Monsoon was vigorous over West Rajasthan and Gujarat state and was active over Gangetic West Bengal, Odisha, Jharkhand, East Rajasthan and West Madhya Pradesh during past 24 hours until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 3% below the Long Period Average (LPA) until 28 July 2015. Region wise, the rainfall was 17% below the LPA in South Peninsula, 8% below the LPA in East & Northeast India, 2% below the LPA in Central India and 12% above the LPA in Northwest India until 28 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key; July accounts for about 33% of precipitation during the June-September monsoon season and is critical for crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas markets, European stocks edged higher today, 29 July 2015, with investors assessing a fresh crop of earnings reports. Key indices in UK and France were up 0.16% to 0.61%. In Germany, the DAX was down 0.03%.
Asian shares depicted a mixed trend today, 29 July 2015. Key benchmark indices in South Korea, Japan and Taiwan were off 0.07% to 0.22%. Key benchmark indices in Singapore and Indonesia were up 0.11% to 0.14%.
Japan's retail sales rose 0.9% year-on-year, far outpacing a 0.5% increase seen, and a third straight increase spurred by higher nominal wages and tourists flocking to the country on a weaker yen.
Chinese stocks edged higher with sharp gains in the last half-hour of trading. In mainland China, the Shanghai Composite jumped 3.47%. In Hong Kong, the Hang Seng index rose 0.47%. China's securities watchdog has decided to investigate whether a coordinated dumping of shares sparked the selloff in Chinese stocks on Monday, 27 July 2015. The Shanghai Composite Index had plunged 8.5% on Monday, 27 July 2015, marking its biggest one day drop in more than eight years.
US stocks advanced yesterday, 28 July 2015, as investors were encouraged by strong results from UPS, Ford and other big companies. It was a reversal of five straight days of losses for US stock indexes.
Meanwhile, the latest data showed that US consumer confidence deteriorated this month. The Conference Board, a market research group, said its index of consumer confidence fell to 90.9 this month from a downwardly revised 99.8 in June. Meanwhile, the Case-Shiller home-price index for May showed that home prices rose 1.1% but after seasonal adjustments, the reading showed a decline of 0.2%.
A two-day policy meeting of the Federal Reserve Open Market Committee (FOMC) concludes today, 29 July 2015. The US central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come later this year. Investors are looking ahead to the latest Fed statement to see if policymakers would give any indication on the timing of an initial rate hike.
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