Key benchmark indices edged higher in early trade despite mixed trend in Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 109.29 points or 0.34% at 32,419.17. The Nifty 50 index was up 9.85 points or 0.1% at 10,024.35.
The S&P BSE Mid-Cap index rose 0.25%. The S&P BSE Small-Cap index gained 0.3%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 821 shares rose and 399 shares fell. A total of 67 shares were unchanged.
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.
ONGC rose 0.61% after the company said that it has not received any communication from the Government of India regarding media reports suggesting that Union Cabinet in a meet on 19 July 2017 in principle decided to disinvest its existing 51.11% of total shareholding in HPCL to ONGC. The clarification was issued on Saturday, 29 July 2017.
Wipro rose 0.28% 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.
Larsen & Toubro (L&T) gained 2.34% after consolidated net profit rose 50.60% to Rs 1028.30 crore on 9.59% rise in net sales to Rs 23810.86 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 28 July 2017.
L&T's net profit rose 2.09% to Rs 558.14 crore on 15.79% rise in net sales to Rs 13937.04 crore in Q1 June 2017 over Q1 June 2016.
L&T won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. International orders at Rs 7885 crore, constituted 30% of the total order inflow. Major orders during the quarter were secured by infrastructure segment. Consolidated order book of the group stood at Rs 262860 crore as on 30 June 2017, marginally higher by 2% on a year on year basis. International order book constituted 26% of the total order book.
L&T said that prospects of a good monsoon, rural wage growth, pay hike for state government employees, lower lending rates and a modest pick-up in external demand are expected to catalyse GDP growth. The company said its focus continues to be on selective order intake, working capital reduction, cost optimization through strengthening execution operational efficiencies and productivity enhancement through digitalization and other initiatives. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves.
Overseas, Asian stocks were mixed. Meanwhile, there was an another missile launch from North Korea. The latest one occurred late Friday, 28 July 2017, and experts said it put the continental US in range of Pyongyang's arsenal.
On 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, 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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