Key benchmark indices continued to depict strength in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 288.26 points or 1.03% at 28,147.86. The gains for the Nifty 50 index were lower than the Sensex's gains in percentage terms. The Nifty was currently up 74 points or 0.86% at 8,666.15. The Sensex was currently trading above the psychologically important 28,000 mark after surpassing that level in early trade. Positive cues from Asian markets aided the upmove on the domestic bourses.
The Sensex jumped 305.07 points or 1.1% at the day's high of 28,164.67 in mid-afternoon trade, its highest level since 9 August 2016. The barometer index up 41.31 points or 0.15% at the day's low of 27,900.91 at onset of the trading session. The Nifty surged 83.05 points or 0.97% at the day's high of 8,675.20 in morning trade, its highest level since 10 August 2016. The index rose 12.30 points or 0.14% at the day's low of 8,604.45 at onset of the trading session.
The market sentiment was positive after data showing sustained buying of Indian stocks by foreign portfolio investors (FPIs). FPIs bought shares worth a net Rs 608.35 crore yesterday, 11 August 2016, as per provisional data released by the stock exchanges. As per final data from the depositories, FPIs were net buyers of Indian equities for 24th day in a row on 10 August 2016.
The market breadth indicating the overall health of the market was positive. On BSE, 1,309 shares rose and 1,239 shares fell. A total of 173 shares were unchanged. The BSE Mid-Cap index was currently up 0.89%. The BSE Small-Cap index was currently up 0.46%. Both these indices underperformed the Sensex.
In overseas stock markets, European stocks traded mixed. Main Asia markets rose after the three main indices in the US attained record closing high overnight. Chinese stocks rose after release of a slew of economic data. In mainland China, the Shanghai Composite index settled 1.6% higher. In Hong Kong, the Hang Seng index settled 0.83% higher. In Japan, the Nikkei 225 Average closed 1.1% higher. Industrial output in China rose 6% in July from a year earlier, slowing from 6.2% in June, data from the National Bureau of Statistics showed. Retail sales grew 10.2% in July from a year earlier, slowing from a 10.6% increase in June. Fixed asset investment from January to July increased by 8.1% from a year earlier, the slowest rate in more than 16 years.
US stocks edged higher yesterday, 11 August 2016, with the Dow Jones Industrial Average, the Nasdaq Composite index and the S&P 500 index closing at record highs, amid sharp gains in crude oil prices and strong quarterly results from retailers.
Hindalco Industries gained 3.02% after net profit jumped 381.29% to Rs 294.07 crore on 10.96% decline in total income to Rs 7716.53 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 12 August 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 34.45% to Rs 1350.90 crore in Q1 June 2016 over Q1 June 2015.
The company said that it has delivered a robust operational performance in adverse macroeconomic conditions. Its operational performance was also supported by deflationary energy prices, the company said. Hindalco said that the high level of imports continue to impact domestic sales volumes. The company continues to focus on operational excellence, higher value addition, customer centricity and cash conversation to tide over these issues, Hindalco said in a statement.
State Bank of India (SBI) jumped 8.26% to Rs 254.70 after after the bank reported smaller-than-expected decline in net profit in Q1 June 2016 and also reported less than expected increase in bad loans. The bank's net profit fell 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015. The result was announced during market hours today, 12 August 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015. The ratio of gross NPAs to gross advances stood at 6.94% as on 30 June 2016 as against 6.50% as on 31 March 2016 and 4.29% as on 30 June 2015. The ratio of net NPAs to net advances stood at 4.05% as on 30 June 2016 as against 3.81% as on 31 March 2016 and 2.24% as on 30 June 2015.
The bank's provisions and contingencies rose 85.34% to Rs 7413.10 crore in Q1 June 2016 over Q1 June 2015. Provisions for non-performing assets jumped 88.76% to Rs 6339.56 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank was at 61.57% as on 30 June 2016.
On a consolidated basis, SBI's net profit fell 77.81% to Rs 1046 crore on 9.90% rise in total income to Rs 69414.82 crore in Q1 June 2016 over Q1 June 2015.
IT stocks saw mixed trend. TCS (up 0.95%), Wipro (up 0.02%), Oracle Financial Services Software (up 0.91%), Hexaware Technologies (up 0.02%) and MphasiS (up 0.23%) rose. Infosys (down 0.71%), HCL Technologies (down 1.06%), Tech Mahindra (down 0.14%) and MindTree (down 0.48%) fell.
Realty stocks edged lower. Prestige Estates Projects (down 1.34%), Oberoi Realty (down 1.46%), Parsvnath Developers (down 0.26%), D B Realty (down 1.02%), Unitech (down 0.48%), Sobha (down 0.61%), Godrej Properties (down 0.36%) and Indiabulls Real Estate (down 0.47%) fell. DLF (up 0.46%), Housing Development and Infrastructure (up 0.1%), Hubtown (up 4.02%) gained.
Glenmark Pharmaceuticals rose 2.56% after consolidated net profit rose 23.96% to Rs 226.78 crore on 22.13% increase in total income to Rs 2018.97 crore in Q1 June 2016 over Q1 June 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 24.75% at Rs 454.98 crore in Q1 June 2016 over Q1 June 2015. The result was announced during trading hours today, 12 August 2016.
Shares of S P Apparels (SPAL) were trading at Rs 289.75 on BSE, a premium of 8.12% over the initial public offer price (IPO) of Rs 268. The stock debuted at Rs 305, a premium of 13.81% over the IPO price. So far the stock hit a high of Rs 305 and low of Rs 289.75. On BSE, so far 4.82 lakh shares changed hands in the counter. SPAL is a leading manufacturer and exporter of knitted garments for infants and children.
Meanwhile, the India Meteorological Department (IMD) in its weekly monsoon update issued yesterday, 11 August 2016, said that for the country as a whole, cumulative rainfall during this year's monsoon season was 3% above the long period average (LPA) until 10 August.
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