Key benchmark indices held steady after extending gains and hitting fresh intraday high in early afternoon trade. However, gains were small. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 127.52 points or 0.32% at 32,412.13. The Nifty 50 index was up 30.35 points or 0.3% at 10,044.85. Sentiment was positive on market buzz that the Reserve Bank of India could cut rates in its meet scheduled later this week on 2 August 2017.
After opening with small gains, key indices hovered within narrow range in the positive terrain till mid-morning trade.
The S&P BSE Mid-Cap index rose 0.03%. The S&P BSE Small-Cap index gained 0.2%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,312 shares rose and 1,103 shares fell. A total of 150 shares were unchanged.
IT stocks gained. TCS (up 0.16%) and Infosys (up 1.34%) edged higher. HCL Technologies fell 0.94%.
Tech Mahindra rose 0.95% ahead of its Q1 results today, 31 July 2017.
Wipro rose 0.17% after the company announced that its firm, Wipro Gallagher Solutions has released latest version of its loan origination system (LOS), NetOxygen v5.0.
It provides users such as loan officers, processors and administrators with more simplified innovation and configuration tools to meet lenders' evolving needs and support next-gen lender transformation. The announcement was made before market hours today, 31 July 2017.
Shares of most power generation and power distribution companies also gained. NHPC (up 0.01%), Tata Power Company (up 0.49%), Power Grid Corporation of India (up 1.64%), and Reliance Infrastructure (up 0.4%) gained. Torrent Power (down 0.27%), Adani Power (down 0.74%), and Reliance Power (down 0.55%) declined.
NTPC gained 1.53% after net profit rose 12% to Rs 2618.17 crore on 4.3% rise in net sales to Rs 19879.32 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.
Separately, NTPC's board approved the issue of secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures upto Rs 15000 crore during the period commencing from the date of passing of Special Resolution in the ensuing Annual General Meeting till completion of one year thereof or the date of next Annual General Meeting in the financial year 2018-19 whichever is earlier.
Separately, NTPC said that Unit 1 of 800 megawatts (MW) of Kudgi Super Thermal Project, Stage-I (3 X 800 MW) is declared on commercial operation from 31 July 2107.
With this, the commercial capacity of Kudgi Super Thermal Power Project, NTPC and NTPC group has become 800 MW, 41,322 MW and 48,288 MW respectively. The announcement was made during market hours today, 31 July 2017.
Shares of Coal India declined 0.81%.
State Bank of India rose 4.48% after the bank said that it has introduced a two tier saving bank interest rate from 31 July 2017. While balance above Rs 1 crore will continue to earn interest of 4% per annum, interest of 3.5% per annum shall be offered on balances of Rs 1 crore and below. The announcement was made during market hours today, 31 July 2017.
The decline in the rate of inflation and high real interest rates are the primary considerations warranting a revision in the rate of interest on saving bank deposits, bank said.
The revision in saving bank rate would enable the bank to maintain the Marginal Cost of Funds based Lending Rate (MCLR) at the existing rates, which was cut by 90 basis points from 1 January 2017 after large inflows post demonetization by the government.
Kitex Garments slumped 8.21% after net profit declined 15.25% to Rs 17.95 crore on 9.09% rise in net sales to Rs 130.15 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.
Overseas, Asian stocks were mixed. Meanwhile, there was another missile launch by North Korea late Friday, 28 July 2017, and experts said it put the continental US in range of Pyongyang's arsenal.
On the data front, growth in China's manufacturing sector slowed marginally in July. The official Purchasing Managers' Index (PMI) stood at 51.4 in July, down from the previous month's 51.7 but still well above the 50-point mark that separates growth from contraction on a monthly basis.
Japanese industrial production rose 1.6% on month in June, the Ministry of Economy, Trade and Industry said. The increase came after a 3.6% drop in May. Industrial output rose 1.9% in the April-June period from the previous quarter.
In US, the S&P 500 index and Nasdaq Composite index both finished slightly lower on Friday, 28 July 2017 for weekly losses as Amazon.com shares slumped on disappointing earnings, while the Dow Jones Industrials Average finished at a record for a weekly gain.
On the data front in US, a second-quarter reading on gross domestic product rose 2.6%, below the expectations. First-quarter GDP growth was revised to 1.2% from 1.4%. The final reading of the University of Michigan's consumer-sentiment survey for July was lifted to 93.4 from a preliminary 93.1. That's a decline, however, from June's level of 95.1.
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