Key equity indices extended gains in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 152.69 points or 0.43% at 35,745.19. The Nifty 50 index was up 25.10 points or 0.24% at 10,677.30.
Domestic stocks edged higher in early trade led by gains in ICICI Bank, Axis Bank and Reliance Industries. Key indices trimmed gains in morning trade. A bout of volatility was seen in mid-morning trade as the key indices erased intraday gains to sink in negative zone. A divergent trend was witnessed in early afternoon trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses.
The S&P BSE Mid-Cap index was up 0.17%. The S&P BSE Small-Cap index was up 0.75%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1292 shares rose and 1083 shares fell. A total of 151 shares were unchanged.
ICICI Bank advanced 5.85% ahead of its October-December 2018 quarterly result today, 30 January 2019.
Bajaj Auto lost 2.1%. The company's consolidated profit after tax rose 16% to Rs 1102 crore on 19% rise in turnover to Rs 7879 crore in Q3 December 2018 over Q3 December 2017. The result was announced during market hours today, 30 January 2019.
Axis Bank surged 5.14% after net profit rose 131.38% to Rs 1680.85 crore on 26.66% increase in total income to Rs 18130.42 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 29 January 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 30,854.67 crore as on 31 December 2018 as against Rs 30,938.33 crore as on 30 September 2018 and Rs 25,000.51 crore as on 31 December 2017. The ratio of gross NPAs to gross advances stood at 5.75% as on 31 December 2018 as against 5.96% as on 30 September 2018 and 5.28% as on 31 December 2017.
The ratio of net NPAs to net advances stood at 2.36% as on 31 December 2018 as against 2.54% as on 30 September 2018 and 2.56% as on 31 December 2017. The bank's provisions and contingencies rose 8.66% to Rs 3054.51 crore in Q3 December 2018 over Q3 December 2017. Provision coverage ratio of the bank was at 75% as on 31 December 2018.
HCL Technologies rose 2.93% after consolidated net profit rose 2.8% to Rs 2605 crore on 5.6% increase in revenues to Rs 15699 crore in Q3 December 2018 over Q2 September 2018. The result was announced after market hours yesterday, 29 January 2019.
HCL Technologies expects its FY2019 revenues to grow between 9.5% to 11.5% in constant currency. The constant currency guidance translates to 7.9% to 9.9% in USD terms based on 31 December 2018 rates. Operating Margin (EBIT) in FY2019 is expected in range from 19.5% to 20.5%.
Overseas, European markets were trading higher Wednesday, as investors awaited Federal Reserve monetary policy guidance and the outcome of high level trade talks between the US and China. Most Asian stocks were trading higher on Wednesday.
In the UK, Parliament passed several amendments on Brexit, including a proposal to extend the Brexit timeline and to postpone the exit date if no deal was found until late February.
Among key event, Chinese President Xi Jinping's top economic aide, Vice Premier Liu He, will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Wednesday and Thursday.
In US, the S&P 500 and the Nasdaq closed lower Tuesday as investors sorted through a fresh batch of earnings reports and awaited clarity from the Federal Reserve on its monetary policy plans. However, the Dow bucked the broader weakness, buoyed by Pfizer and 3M.
The US Fed began its two-day policy-setting meeting with Chairman Jerome Powell scheduled to hold a news conference to discuss the central bank's plans on Wednesday. Investors are eager for any new communication on the pace of rate increases and a reduction of the central bank's balance sheet.
On the data front, the Conference Board's consumer confidence index fell to 120.2 in January, down from 126.6 in December, according to FactSet data.
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