A range-bound trading was witnessed as key benchmark indices hovered in positive zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was up 124.01 points or 0.44% at 28,108.38. The Nifty 50 index was currently up 31.80 points or 0.37% at 8,690.90. The market breadth indicating the overall health of the market was positive. On BSE, 1,598 shares rose and 1,092 shares declined. A total of 216 shares were unchanged. The BSE Mid-Cap index was currently up 0.17%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.66%, outperforming the Sensex.
In overseas stock markets, European shares were mixed as investors were cautious ahead of a European Central Bank (ECB) meeting later in the day. Asian stocks witnessed a mixed trend. US stocks registered small gains yesterday, 19 October 2016, helped by better-than-expected earnings and rising oil prices. The Federal Reserve released the latest iteration of its Beige Book, which summarizes economic conditions in the US. In it, the Fed said economic activity increased at a modest pace in most regions.
Power generation and power distribution stocks edged higher. Torrent Power (up 2.28%), Reliance Power (up 1.68%), GMR Infrastructure (up 1.56%), Reliance Infrastructure (up 1.19%), CESC (up 1.17%), Tata Power Company (up 0.99%), Adani Power (up 1.29%), NHPC (up 0.59%), Power Grid Corporation of India (up 0.2%), JSW Energy (up 0.35%) and Jaiprakash Power Ventures (up 0.67%) rose. NTPC (down 0.03%) edged lower.
Metal and mining stocks edged higher. Vedanta (up 3.86%), Hindalco Industries (up 2.91%), NMDC (up 2.46%), Steel Authority of India (up 1.86%), Jindal Steel & Power (up 1.64%), Tata Steel (up 0.94%), National Aluminium Company (up 0.87%), Hindustan Copper (up 0.51%) and JSW Steel (up 0.14%) gained. Meanwhile, copper prices edged lower in global commodities markets. High Grade Copper for December 2016 delivery was currently down 0.36% at $2.096 per pound on the COMEX.
Hindustan Zinc rose 1.15%. The company's net profit fell 15.41% to Rs 1901.87 crore on 10.51% decline in total income to Rs 4647.62 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 6% to Rs 2077 crore in Q2 September 2016 over Q2 September 2015.
The company said its revenues decreased during the quarter on account of lower volumes, partly offset by higher zinc & silver prices and rupee depreciation. Net profit decreased dueing the quarter due to higher depreciation and lower investment income on account of smaller corpus despite higher mark to market gains. The result was announced after market hours yesterday, 19 October 2016.
Yes Bank rose 1.51% at Rs 1,311.40 after the bank reported 31.31% rise in net profit to Rs 801.54 crore on 24.7% rise in total income to Rs 4982.23 crore in Q2 September 2016 over Q2 September 2015. Yes Bank's gross non-performing assets (NPAs) stood at Rs 916.68 crore as on 30 September 2016 as against Rs 844.56 crore as on 30 June 2016 and Rs 491.35 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 0.83% as on 30 September 2016 as against 0.79% as on 30 June 2016 and 0.61% as on 30 September 2015.
The ratio of net NPAs to net advances stood at 0.29% as on 30 September 2016 as against 0.29% as on 30 June 2016 and 0.2% as on 30 September 2015. The bank's provisions and contingencies (excluding tax provisions) rose 55.54% to Rs 161.67 crore in Q2 September 2016 over Q2 September 2015.
Net interest income (NII) rose 30.5% to Rs 1446.20 crore in Q2 September 2016 over Q2 September 2015, on account of strong growth in advances and current account-saving account (CASA) deposits. Net interest margin (NIM) rose to 3.4% in Q2 September 2016 up from 3.3% in Q2 September 2015. The result was announced during market hours today, 20 October 2016.
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