Key benchmark indices registered small to modest gains after seeing intraday volatility. The barometer index, the S&P BSE Sensex, rose 98.40 points or 0.35% at 27,873.28, as per the provisional closing data. The gains for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty rose 16.85 points or 0.2% at 8,592.15, as per the provisional closing data. Index heavyweights ITC, Reliance Industries and HDFC led the upmove for the two key benchmark indices.
The Sensex 127.51 points or 0.46% at the day's high of 27,902.39 in early afternoon trade. The barometer index lost 77.55 points or 0.28% at the day's low of 27,697.33 in early trade, its lowest level since 4 August 2016. The Nifty rose 25.85 points or 0.3% at the day's high of 8,601.15 in early afternoon trade. The index fell 35.25 points or 0.41% at the day's low of 8,540.05 in mid-afternoon trade, its lowest level since 4 August 2016.
In overseas stock markets, European stocks edged higher helped by some well-received corporate updates. Earlier during the global day, Asian stocks ended on a mixed note as crude oil prices fell. US stocks closed slightly lower yesterday, 10 August 2016, with the S&P 500 index and Nasdaq Composite index retreating from record levels as crude-oil futures slumped following data on supply and production. The US Energy Information Administration reported an increase crude supplies last week, while Saudi Arabia revealed record crude production in July. Saudi Arabia is Organization of the Petroleum Exporting Countries (OPEC)'s largest oil producer.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,506 shares fell and 1,175 shares rose. A total of 162 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.03%. The BSE Small-Cap index was provisionally down 0.02%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 3221 crore, lower than turnover of Rs 3320.99 crore registered during the previous trading session.
Index heavyweight Reliance Industries (RIL) advanced 1.12% to Rs 1,014. The stock hit high of Rs 1,022 and low of Rs 1,000.25 in intraday trade.
Index heavyweight and cigarette major ITC gained 1.93% to Rs 251.40. The stock hit a high of Rs 252 and low of Rs 246.65 in intraday trade.
Index heavyweight and housing finance major HDFC advanced 1.01% to Rs 1,351. The stock hit high of Rs 1,352.70 and low of Rs 1,330 in intraday trade.
Lupin rose 2% after the company announced that its US subsidiary Gavis Pharmaceuticals LLC, USA has received final approval for its Potassium Chloride Extended-Release Tablets USP, 8 mEq (600 mg) and 10 mEq (750 mg) from the United States Food and Drug Administration (USFDA). The drug is a generic equivalent of Upsher-Smith Labs' Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq. It is an electrolyte replenisher indicated for the therapeutic use of patients with hypokalemia, with or without metabolic alkalosis; in digitalis intoxication; and in patients with hypokalemic familial periodic paralysis. Klor-Con Extended-Release Tablets, 8 mEq and 10 mEq had annual US sales of $101.3 million as per IMS MAT June 2016 data. The announcement was made after market hours yesterday, 10 August 2016.
Bank of Baroda (BoB) slumped on heavy volumes after the state-run bank reported weak Q1 June 2016 numbers. The stock lost 9.05%. Heavy volumes accompanied the decline in the stock. On BSE, 45.07 lakh shares were traded in the counter, compared with average daily volume of 11.52 lakh shares in the past one quarter. BoB's net profit fell 59.74% to Rs 423.62 crore on 2.99% decline in total income to Rs 11877.91 crore in Q1 June 2016 over Q1 June 2015. The result was announced before trading hours today, 11 August 2016. The bank's gross non-performing assets (NPAs) stood at Rs 42991.68 crore as on 30 June 2016 as against Rs 40521.04 crore as on 31 March 2016 and Rs 17273.95 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 11.15% as on 30 June 2016 as against 9.99% as on 31 March 2016 and 4.13% as on 30 June 2015. The ratio of net NPA to net advances stood at 5.73% as on 30 June 2016 as against 5.06% as on 31 March 2016 and 2.07% as on 30 June 2015.
The bank's provisions and contingencies (excluding tax provisions) surged 234.16% to Rs 2004.07 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank stood at 60.17% as on 30 June 2016.
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