Key benchmark indices provisionally settled with modest gains as firmness in most global stocks supported gains on the domestic bourses. The barometer index, the S&P BSE Sensex gained 100.62 points or 0.31% at 32,607.34, as per the provisional closing data. The Nifty 50 index rose 23.90 points or 0.23% at 10,208.75, as per the provisional closing data. Market gained for the second day in a row.
Market edged higher in early trade on firm Asian stocks and extended gains in morning trade. Indices traded with modest gains in a range-bound manner till afternoon trade. Stocks regained strength after slipping into the red for a brief period in mid-afternoon trade. Indices strengthened in late trade on positive European stocks.
The Sensex gained 163.65 points or 0.5% at the day's high of 32,670.37 in morning trade, its highest level since 17 October 2017. The index fell 4.64 points or 0.01% at the day's low of 32,502.08 in afternoon trade. The Nifty gained 52.90 points or 0.51% at the day's high of 10,237.75 in morning trade, its highest level since 17 October 2017. The index fell 2.45 points or 0.02% at the day's low of 10,182.40 in afternoon trade.
The S&P BSE Mid-Cap index provisionally rose 0.21%, underperforming the Sensex. The S&P BSE Small-Cap index provisionally advanced 0.56%, outperforming the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,469 shares rose and 1,290 shares declined. A total of 136 shares were unchanged.
The total turnover on BSE amounted to Rs 3983.47 crore, higher than turnover of Rs 3904.87 crore registered during the previous trading session.
Asian Paints gained 4.76% after consolidated net profit rose 8% to Rs 508.42 crore on 13.7% rise in revenue from operations to Rs 4274.18 crore in Q2 September 2017 over Q2 September 2016. The announcement was made during market hours today, 24 October 2017.
Shares of power generation and power distribution companies gained for the second day in a row. JSW Energy (up 1.23%), Torrent Power (up 0.13%), NTPC (up 2.92%), Tata Power Company (up 0.18%), Power Grid Corporation of India (up 1.18%), Reliance Infrastructure (up 2.31%) and Reliance Power (up 0.38%) gained. Adani Power fell 1.15%. NHPC dropped 0.18%.
Shares of psu coal mining major Coal India gained 0.03%.
HDFC Bank gained 0.23% after net profit rose 20.13% to Rs 4151.03 crore on 16.55% growth in total income to Rs 23276.18 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 24 October 2017.
HDFC Bank's gross non-performing assets (NPAs) stood at Rs 7702.84 crore as on 30 September 2017 as against Rs 7242.93 crore as on 30 June 2017 and Rs 5069.04 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 1.26% as on 30 September 2017 as against 1.24% as on 30 June 2017 and 1.02% as on 30 September 2016. The ratio of net NPAs to net advances stood at 0.43% as on 30 September 2017 as against 0.44% as on 30 June 2017 and 0.3% as on 30 September 2016.
Zee Entertainment Enterprises jumped 6.52% after consolidated net profit jumped 148% to Rs 591.20 crore on 6.7% decline in operating revenue to Rs 1582.10 crore in Q2 September 2017 over Q2 September 2016. The result was announced during trading hours today, 24 October 2017.
Zee Entertainment Enterprises (Zee) reported an exceptional gain of Rs 134.60 crore in Q2 September 2017 on account of sale of sports business. During Q2 September 2017, the transaction for sale of sports broadcasting business of the company to Sony Pictures Networks India and its Affiliates (SPNI) was consummated with remittance of the balance consideration by SPNI. Zee's consolidated earnings before interest taxes depreciation and amortization (EBITDA) rose 0.4% to Rs 491.20 crore in Q2 September 2017 over Q2 September 2016.
Punit Goenka, Managing Director & Chief Executive Officer, ZEEL, commented that the company is satisfied with performance against the backdrop of tough macro-economic environment during the quarter. The advertisers were negatively impacted during transition to GST which led to a temporary pull-back on their ad spends. Post the decline in the first half of the quarter, the growth recovered strongly and is back on track. Despite the adversity, domestic ad revenue grew at 5.8% on a comparable basis, he added.
Indiabulls Housing Finance rose 0.23% after consolidated net profit rose 25.82% to Rs 861.06 crore on 16.26% growth in total revenue to Rs 3342.48 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 October 2017.
Indiabulls Housing Finance's (IBHFL)'s board approved the proposal of issuing secured and unsecured non-convertible debentures (NCDs), upto Rs 25000 crore and Rs 3000 crore respectively, on private placement basis. The board has also approved raising funds by way of issue of secured/unsecured, rupee denominated overseas bonds/foreign currency denominated bonds, upto the maximum amount, as permissible under the applicable regulations.
Automotive Stampings & Assemblies fell 2.41% after the company reported net loss of Rs 14.24 crore in Q2 September 2017, higher than net loss of Rs 4.44 crore in Q2 September 2016. Automotive Stampings & Assemblies' net sales fell 12.9% to Rs 70.14 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 23 October 2017.
Overseas, European stocks rose as investors continued to monitor the latest corporate earnings reports and kept a close eye on Spain's constitutional crisis. Spain's central government took the unprecedented step of firing the government of Catalonia on Saturday, 21 October 2017, in a last-ditch effort to prevent the restive region's push for independence. In response, Catalan separatist leaders called for mass civil disobedience.
Eurozone consumers continued to gain confidence in October. The European Commission said its monthly measure of sentiment rose to minus 1.0 from minus 1.2 in September, its highest level since April 2001.
Private sector growth across the euro zone slowed more sharply than predicted this month, a survey showed. IHS Markit's euro zone Flash Composite Purchasing Managers' Index for October, seen as a good guide to economic growth, fell to 55.9 from September's 56.7, still comfortably above the 50 level that separates growth from contraction.
Most Asian stocks shrugged off overnight declines in the US stocks, where a gauge of equity volatility climbed as market participants assessed the recent rally in global stocks before a slew of earnings reports. China's ruling Communist Party approved an amendment to its constitution directly mentioning Chinese President Xi Jinping's name and his Xi Jinping Thought on Socialism with Chinese Characteristcs for a New Era.
Japanese manufacturing activity expanded in October at a slower pace than the previous month, a preliminary gauge of activity showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.5 in October from a final reading of 52.9 in September.
US stocks began the week with losses yesterday, 23 October 2017 as industrial and technology companies and retailers all stumbled. The Chicago Fed national activity index for September improved to 0.17 in September from negative 0.37 in August.
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