Local stocks ended with modest gains after trading in a narrow range for most part of trading session. Gains in late trade were backed by rally in Yes Bank and firmness in Reliance Industries and TCS.
Indices kicked off trading on a negative note due to mixed cues from other Asian stocks. Benchmarks bounced back from early lows and hit fresh intraday high in morning trade, tracking recovery in Asian shares. The Sensex and the Nifty pared gains and traded near flat line in mid-morning trade. Indices turned range bound in afternoon trade. Benchmarks jumped in late trade.
The barometer index, the S&P BSE Sensex, rose 86.63 points or 0.24% to settle at 36,195.10. The index hit high of 36,258.28 and low of 35,996.68 in intraday trade.
The Nifty 50 index rose 18.30 points or 0.17% to settle at 10,849.80. The index hit high of 10,866.60 and low of 10,798.65 in intraday trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.15%. The BSE Small-Cap index fell 0.59%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 952 shares rose and 1547 shares fell. A total of 155 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Realty index (up 2.05%), the S&P BSE Energy index (up 0.94%), the S&P BSE IT index (up 0.76%) outperformed the Sensex. The S&P BSE Capital Goods index (down 0.73%), the S&P BSE Industrials index (down 0.95%), the S&P BSE Telecom index (down 1.97%) underperformed the Sensex.
Reliance Industries (up 1.61%), TCS (up 1.17%), HDFC (up 0.58%), State Bank of India (up 0.51%) and ITC (up 0.43%) were the major Sensex gainers.
Tata Motors (down 2.72%), Sun Pharmaceutical Industries (down 1.92%), Coal India (down 0.95%), Bajaj Auto (down 0.9%) and ONGC (down 0.84%) were the major Sensex losers.
Yes Bank surged 8.39% after the private sector bank declared Q3 December 2018 result during market hours today, 24 January 2019. Net profit fell 6.96% to Rs 1001.85 crore on 36.3% rise in total income to Rs 8849.81 crore in Q3 December 2018 over Q3 December 2017. Net interest income grew 41.2% to Rs 2666.4 crore in Q3 December 2018 over Q3 December 2017. Net provisions at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a stressed infrastructure conglomerate.
Gross non performing assets (GNPA) stood at 2.10%, net non performing assets (NNPA) at 1.18% and provisioning coverage ratio (PCR) at 44.2% in Q3 December 2018. Excluding the extraordinary impact of aggregate exposure to a stressed infrastructure conglomerate, GNPA improved sequentially to 1.32% from 1.60% last quarter, NNPA improved to 0.59% from 0.84% last quarter and PCR improved to 55.6% from 47.8%.
The bank has received RBI approval for its new MD & CEO, Ravneet Singh Gill for him to join on or before 1 March 2019.
Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, Yes Bank said, the bank has once again delivered satisfactory performance across income growth, margins, profitability and capital accretion, despite the recognition and provision impact from a stressed infrastructure conglomerate. Retail Assets growth momentum continues, while growth in corporate business segments has been rebalanced after witnessing strong market share driven growth over the last few preceding quarters.
Maruti Suzuki India (MSIL) shed 0.07%. MSIL announced during trading hours today, 24 January 2019, that it has signed a Memorandum of Agreement (MoA) with Government of Haryana to set up Japan-India Institute for Manufacturing (JIM), a model ITI, at Uncha Majra village in Gurugram district. JIM Uncha Majra will be equipped with modern classrooms and latest training tools and equipment, including mini vehicle assembly line. Industry experts will impart training in eight trades related to automobile manufacturing, maintenance and service. Besides the core curriculum prescribed by NCVT, JIM will groom students in values of safety, quality, discipline, punctuality, Kaizen and other Japanese shop floor practices. Japan-India Institute for Manufacturing (JIM) is born out of a collaboration between the Governments of Japan and India to create a pool of skilled manpower for manufacturing in India.
Bharti Infratel fell 0.81%. The company's consolidated net profit rose 10.76% to Rs 648.40 crore on 3.03% fall in total income to Rs 1977.20 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 23 January 2019.
Vodafone Idea rose 0.44%. The company announced at the fag end of the trading session yesterday, 23 January 2019, that its board approved issuing fully paid-up/partly-paid up equity shares of the company and/or other securities convertible into equity shares of the company, including but not limited to, compulsorily convertible debentures, for an amount aggregating up to Rs 25,000 crore, by way of a rights issue to existing eligible equity shareholders of the company as at the record date.
The promoter shareholders (Vodafone Group and Aditya Birla Group), have re-iterated to the board that they intend to contribute up to Rs 11,000 crore and up to Rs 7,250 crore respectively as part of such rights issue. Further, the promoter shareholders have indicated that in case the rights Issue is undersubscribed, each of the promoter shareholders reserves the right to subscribe to part or whole amount of the unsubscribed portion, subject to applicable law.
InterGlobe Aviation surged 6%. The company's net profit dropped 74.95% to Rs 190.89 crore on 28.4% rise in total income to Rs 8229.37 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 23 January 2019.
Pidilite Industries fell 1.89%. The company's consolidated net profit fell 8.49% to Rs 219.47 crore on 20.2% rise in total income to Rs 1880.44 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 23 January 2019.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.11, compared with closing of 71.3325 during the previous trading session.
In global commodities markets, Brent crude oil futures edged lower. Brent for March 2019 settlement was off 5 cents at $61.09 a barrel.
Overseas, most European and Asian stock markets traded higher on Thursday amid uncertainties surrounding the global economic outlook as well as the ongoing US-China trade fight.
US stocks closed higher on Wednesday as upbeat earnings from corporate heavyweights helped to assuage lingering worries over global growth and US-China trade tensions.
Meanwhile, the Senate was poised to vote Thursday on dueling proposals to reopen the government. A partial shutdown entered its 33rd day on Wednesday.
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