Key benchmark indices retained positive zone in mid-afternoon trade. The barometer index, the S&P BSE Sensex, was up 106.86 points or 0.47%, off 36.42 points from the day's high and up 85.10 points from the day's low. The market breadth, indicating the overall health of the market was positive. The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 22 April 2014.
Cairn India dropped ahead of its audited financial results for the year ended 31 March 2014 (FY 2014) today, 23 April 2014. HDFC Bank rose in volatile trade while shares of JM Financial dropped after HDFC Bank during market hours today, 23 April 2014, denied reports of JM Financial being in merger talks with HDFC Bank. Mahindra & Mahindra (M&M) edged higher after the company said that its agri division has today, 23 April 2014, signed a joint venture agreement with HZPC, Holland, one of the leading innovative companies in the world in potato breeding, seed potato growing and seed potato trading to offer the best quality seed potatoes to farmers within and outside India. Yes Bank rose after declaring good Q4 March 2014 results. Sugar shares rose on renewed buying.
The market opened on a positive note after provisional data released by the stock exchanges after trading hours on Tuesday, 22 April 2014, showed that foreign funds remained net buyers of Indian stocks on that day. The Sensex and the 50-unit CNX Nifty, both, hit record high. Key benchmark indices extended initial gains in morning trade. Firmness continued on the bourses in mid-morning trade. Key benchmark indices extended gains and hit fresh intraday high in early afternoon trade. Firmness continued on the bourses in afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade
The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Tuesday, 22 April 2014. Foreign institutional investors (FIIs) bought shares worth a net Rs 162.93 crore on Tuesday, 22 April 2014, as per provisional data from the stock exchanges.
Indian stocks may remain volatile during the remaining part of the trading session today, 23 April 2014, as traders roll over positions in the futures & options (F&O) segment from the near month April 2014 series to May 2014 series. The April 2014 F&O contracts expire today, 23 April 2014. The stock market remains closed tomorrow, 24 April 2014, on account of Parliamentary elections in Mumbai constituency.
At 14:15 IST, the S&P BSE Sensex was up 106.86 points or 0.47% at 22,865.23. The index jumped 143.28 points at the day's high of 22,901.65 in early afternoon trade, a lifetime high for the barometer index. The index rose 21.76 points at the day's low of 22,780.13 in early trade.
The CNX Nifty was up 27.55 points or 0.4% at 6,842.90. The index hit a high of 6,861.60 in intraday trade, a lifetime high for the index. The index hit a low of 6,820.75 in intraday trade.
The market breadth, indicating the overall health of the market was positive. On BSE, 1,425 shares gained and 1,270 shares fell. A total of 135 shares were unchanged.
The BSE Mid-Cap index was up 16.26 points or 0.22% at 7,402.43. The BSE Small-Cap index was up 28.91 points or 0.38% at 7,658.01. Both these indices underperformed the Sensex.
L&T (up 2.49%), Bharat Heavy Electricals (Bhel) (up 1.53%) and Tata Steel (up 1.47%) edged higher from the Sensex pack.
Cairn India dropped ahead of its audited financial results for the year ended 31 March 2014 (FY 2014) today, 23 April 2014. The stock was off 3.09%.
Mahindra & Mahindra (M&M) rose 1.55%. M&M during market hours today, 23 April 2014, said that the company's agri division has signed a joint venture agreement with HZPC, Holland, one of the leading innovative companies in the world in potato breeding, seed potato growing and seed potato trading to offer the best quality seed potatoes to farmers within and outside India. Mahindra will hold 60% stake and HZPC the remaining 40% stake in the new joint venture company.
The joint venture will benefit from the expertise of both the companies where HZPC with its strong R&D focus will bring in access to the latest technology, new varieties and open up global markets for the Indian farmers, M&M and HZPC said in a joint statement. Mahindra will contribute to the joint venture through the group's strong farmer connect, wide spread domestic distribution and agronomy expertise. The new company will construct a set of the art facility to produce Tissue culture plants and mini-tubers. The aim of the facility is to offer high quality mini-tubers and early generation seed potatoes to the farmers.
HDFC Bank was up 0.53% at Rs 730.20. The stock was volatile. The stock hit high of Rs 734 and low of Rs 723.50 so far during the day. HDFC Bank's net profit rose 23.1% to Rs 2326.52 crore on 14.94% increase in total income to Rs 12789.98 crore in Q4 March 2014 over Q4 March 2013. The result was announced during trading hours on Tuesday, 22 April 2014.
Shares of JM Financial dropped 3.12%. With reference to the news item appearing in a leading financial daily titled "JM Financial stock soars on buzz of merger with HDFC Bank", HDFC Bank during market hours today, 23 April 2014, clarified that the news/rumor appearing in a financial daily is untrue and that there are no such negotiations taking place in this regard.
Asian Paints fell 0.81%. Asian Paints during market hours today, 23 April 2014, said that the Asian Paints Employees Union, Sriperumbudur and workmen have ended the strike and resumed work from today, 23 April 2014. Earlier, Asian Paints had on 20 December 2013 informed that the operation of the company's plant situated at Sriperumbudur, Tamil Nadu will be affected due to the strike called by Asian Paints Employees Union, Sriperumbudur and workmen with effect from 20 December 2013.
Yes Bank rose 2.36% after net profit rose 18.79% to Rs 430.21 crore on 13% growth in total income to Rs 3013.57 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced during trading hours today, 23 April 2014.
Yes Bank's net interest income (NII) rose 12.8% to Rs 719.60 crore in Q4 March 2014 over Q4 March 2012. Net interest margin (NIM) expanded to 3% in Q4 March 2014, from 2.9% in Q3 December 2013. NIM in Q4 March 2013 was at 3%.
Non interest income rose 17.4% to Rs 445.50 crore in Q4 March 2014 over Q4 March 2013.
Current and savings account (CASA) deposits rose 28.8% year on year (YoY) to Rs 16344.70 crore taking the CASA ratio to 22% as on 31 March 2014, up from 18.9% as on 31 March 2013. The bank continues to demonstrate strong traction in CASA on the back of an increase in branch network, enhanced savings product offerings and steady improvements in productivity, Yes Bank said in a statement.
Gross non-performing assets (NPAs) as a proportion of gross advances was at 0.31% while net NPAs as a proportion of net advances was at 0.05% as on 31 March 2014. Bank's specific loan loss provision coverage was at 85.1% as on 31 March 2014.
Total restructured advances stand at Rs 100.90 crore as on 31 March 2014. This represents 0.18% of the gross advances down from 0.31% (Rs 144.20 crore) as on 31 March 2013. There were no fresh restructurings during the quarter, Yes Bank said in a statement.
As per Basel III, Tier I capital stood at 9.8% and total CRAR stood at 14.4% with CET I ratio at 9.1% as on 31 March 2014. Total capital funds stood at Rs 10993.10 crore as on 31 March 2014.
Commenting on the results, Mr. Rana Kapoor, MD & CEO, Yes Bank said, "Yes Bank has continued to deliver steady performance in FY 2014 maintaining asset quality in a difficult economic environment with expansion in NIMs in Q4 March 2014. Balance sheet consolidation has been substantially achieved over the last 2 years with progressive derisking. During this year, Yes Bank continued to focus on diversity and granularity with continued investment in branches and employees reflected in CASA ratio improvement to 22% as on 31 March 2014, from 18.9% in a year. Yes Bank has also established a robust SME & Retail Assets Banking platform which are becoming important growth drivers, even more so over the next 3 years. In FY 2014, Yes Bank became the first bank in India to be awarded the prestigious IMC Ramkrishna Bajaj Quality Award for Business Excellence. This significant recognition is a strong reinforcement of our commitment to Business Excellence towards "Building the Best Quality Bank of the World in India" by 2020".
Yes Bank's net profit rose 24.37% to Rs 1617.78 crore on 22.52% growth in total income to Rs 11702.93 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
On consolidated basis, Yes Bank's net profit rose 23.87% to Rs 1611.23 crore on 22.52% growth in total income to Rs 11702.93 crore in FY 2014 over FY 2013.
Sugar stocks were in demand on renewed buying. Bajaj Hindusthan (up 7.89%), Dhampur Sugar Mills (up 3.38%), Sakthi Sugars (up 1.85%), Balrampur Chini Mills (up 4.27%), Triveni Engineering & Industries (up 3.57%), Shree Renuka Sugars (up 2.05%), Simbhaoli Sugar Mills (up 0.62%) and Dwarikesh Sugar Industries (up 3.17%) gained.
VST Industries rose 5.69% after net profit rose 49.37% to Rs 51.89 crore on 18.11% rise in net sales to Rs 188.98 crore in Q4 March 2014 over Q4 March 2013. The company announced the results after market hours on Tuesday, 22 April 2014.
VST Industries' net profit rose 18.93% to Rs 150.15 crore on 18.23% rise in net sales to Rs 784.68 crore in the year ended March 2014 over the year ended March 2013.
Prestige Estates Projects jumped 4.52% to Rs 173.55 on bargain hunting after the stock tumbled 7.52% in the preceding six trading sessions to Rs 166.05 on 22 April 2014, from a recent high of Rs 179.55 on 10 April 2014.
In the foreign exchange market, the rupee edged lower against the dollar on importers' dollar purchases and on concern a decline in China's factory output will damp demand for the region's assets. The partially convertible rupee was hovering at 61.05, compared with its close of 60.76/77 on Tuesday, 22 April 2014.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
A major near term trigger for the stock market is the outcome of the upcoming Lok Sabha elections. The 36 days long voting process began on 7 April 2014 and will conclude on 12 May 2014. The results will be declared on 16 May 2014 after which India will get a new government. The term of the current Lok Sabha expires on 1 June and the new House has to be constituted by 31 May.
European stocks edged lower on Wednesday, 23 April 2014, as data signaled a fourth month of contraction in Chinese manufacturing. Key benchmark indices in France and Germany were off 0.06% to 0.35%. In UK, the FTSE 100 index was up 0.06%.
Asian stocks edged lower on Wednesday, 23 April 2014, after Chinese manufacturing data signaled persisting weakness in the world's second-largest economy. Key benchmark indices in Taiwan, China, Indonesia, South Korea, Singapore and Hong Kong were off 0.19% to 0.97%. In Japan, the Nikkei 225 index was up 1.09%.
China's Purchasing Managers' Index for manufacturing was at 48.3 in April, compared with 48 in March, according to a preliminary reading published by HSBC Holdings Plc and Markit Economics today, 23 April 2014. A figure below 50 signals a contraction.
On Tuesday, 22 April 2014, China's central bank lowered reserve ratios at some rural lenders in the latest in a series of measures to help combat a slowing economy.
Trading in US index futures indicated that the Dow could advance 13 points at the opening bell on Wednesday, 23 April 2014. US stock markets edged higher Tuesday, 22 April 2014, with the S&P 500 extending its winning streak to six days, the longest streak of gains since September 2013. Investors welcomed better-than-expected results from Comcast Corp. and Harley-Davidson, Inc., while a flurry of deal news in the health-care sector added to positive sentiment.
In economic data, the sales pace of existing homes ticked down in March to the slowest rate since July 2012, according to data released Tuesday, 22 April 2014.
The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 29-30 April 2014. The Federal Reserve on 19 March 2014 decided after the conclusion of a monetary policy review to trim its monthly bond purchases by $10 billion to $55 billion.
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