Key indices provisionally settled on a divergent note near the flat line after witnessing intraday volatility. The barometer index, the S&P BSE Sensex rose 10.09 points or 0.03% at 33,157.22, as per the provisional closing data. The Nifty 50 index fell 23.50 points or 0.23% at 10,320.30, as per the provisional closing data. The Sensex and the Nifty had hit record highs in intraday trade.
Indices edged higher and hit fresh record highs in early trade on firm Asian stocks. Market hovered in positive terrain will small gains in morning trade. Indices witnessed divergent trend later during the session with Sensex hitting fresh record high in afternoon trade. Indices slipped into the red in late trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 0.28%. The S&P BSE Small-Cap index provisionally gained 0.27%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,395 shares rose and 1,310 shares declined. A total of 147 shares were unchanged.
The total turnover on BSE amounted to Rs 5574.26 crore, higher than turnover of Rs 5130.52 crore registered during the previous trading session.
ITC gained 0.19% after net profit rose 5.59% to Rs 2639.84 crore on 27.2% drop in total income to Rs 10258.13 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 27 October 2017. Following the introduction of GST, total income from operations is not comparable with the previous periods.
Indian Oil Corporation slumped 5.23% after Q2 results. The company's net profit rose 18.4% to Rs 3696.29 crore on 28.04% rise in net comparable revenue post GST to Rs 126389.75 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 27 October 2017.
Auto stocks gained for the third straight day. Mahindra & Mahindra (M&M) (up 0.71%), Eicher Motors (up 0.33%), Bajaj Auto (up 0.34%), Hero MotoCorp (up 0.87%), TVS Motor Company (up 0.06%) and Tata Motors (up 2.52%) gained. Ashok Leyland declined 2.4%.
Maruti Suzuki India rose 0.24% after net profit rose 3.4% to Rs 2484.30 crore on 21.8% increase in net sales to Rs 21438.10 crore in Q2 September 2017 over Q2 September 2016. The result was announced during trading hours today, 27 October 2017.
The operating profit increased by 24% while the net profit increased by 3.4% due to lower non-operating income as the yields on investments were lower compared to last year and some impact of commodities and advertisement expenses and increase in effective tax rates.
Yes Bank slumped 7.27% after the bank reported a rise in bad loans, following the Reserve Bank of India's supervisory assessment. Yes Bank's net profit rose 25.1% to Rs 1002.73 crore on 21.4% growth in total income to Rs 6048.78 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 26 October 2017.
The bank's gross non-performing assets (NPAs) stood at Rs 2720.34 crore as on 30 September 2017 as against Rs 1364.38 crore as on 30 June 2017 and Rs 916.68 crore as on 30 September 2016.
The ratio of gross NPAs to gross advances stood at 1.82% as on 30 September 2017 as against 0.97% as on 30 June 2017 and 0.83% as on 30 September 2016. The ratio of net NPAs to net advances stood at 1.04% as on 30 September 2017 as against 0.39% as on 30 June 2017 and 0.29% as on 30 September 2016. The bank's provisions and contingencies surged 176.52% to Rs 447.06 crore in Q2 September 2017 over Q2 September 2016.
As part of the Risk Based Supervision (RBS) exercise for the financial year ended March 2017 (FY 2017) concluded in October 2017, the Reserve Bank of India (RBI) has pointed out certain retrospective divergence in the Yes Bank's asset classification and provisioning as on 31 March 2017, for NPAs.
Referring to the RBI's risk-based supervision exercise for FY 2017, the bank said the central bank assessed its gross NPAs as of March-end 2017 at Rs 8373.80 crore as against Rs 2018.60 crore reported by the bank.
The central bank has assessed the NPA provisioning for FY 2017 at Rs 2482.10 crore against Rs 946.30 crore reported by the bank.
The adjusted (notional) net profit for FY 2017 after taking into account the divergence in provisioning is Rs 2316.10 crore against Rs 3330.10 crore reported by the bank.
Bharti Infratel lost 7.4% to Rs 422 after a large bulk deal of 64.25 lakh shares was executed on the scrip at Rs 432 per share at 10:41 IST on BSE.
Kaveri Seed Company rose 1.45% after net profit rose 170.03% to Rs 20.90 on 1.40% increase in total income to Rs 86 crore in Q2 September 2017 over Q2 September 2016. The result was announced during trading hours today, 27 October 2017.
Overseas, European stocks edged higher supported by upbeat earnings from US tech giants and the prospect of continuing stimulus in Europe. European Central Bank (ECB) President Mario Draghi yesterday, 26 October 2017, outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until well past whenever it finally decides to end its quantitative easing measures.
Asian stocks rose following gains in US equities as earnings and congressional action on tax reform boosted confidence in the growth outlook. The US House passed a budget resolution seen as advancing the prospects for tax reform.
Among economic data, profits for China's industrial powerhouses surged the most in nearly six years in September. Industrial profits in September rose 27.7% from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24% jump in August, the National Bureau of Statistics (NBS) said.
US stocks ended mostly higher yesterday, 26 October 2017, as a fusillade of better-than-expected corporate quarterly results helped to reinvigorate Wall Street buying appetite.
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