Key benchmark indices ended the volatile trading session higher. The barometer index, the S&P BSE Sensex, rose 132.15 points or 0.48% to 27,591.14, as per the provisional closing data. The Nifty 50 index rose 46.50 points or 0.55% to 8,543.55, as per the provisional closing data. Volatility ruled the roost as the world's most closely watched United States election draws near.
In overseas stock markets, most European stocks were trading higher today, 8 November 2016, on clearer prospects that Hillary Clinton will become the next US President. Asian stocks were trading higher. Japan's Nikkei 225, however, settled lower by 0.03%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.
The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
Back home, the Sensex rose 187.85 points, or 0.68% at the day's high of 27,646.84 in late trade, its highest level since 2 November 2016. The index fell 52.23 points, or 0.19% at the day's low of 27,406.76 in afternoon trade. The Nifty rose 62.35 points, or 0.73% at the day's high of 8,559.40 in late trade, its highest level since 1 November 2016. The index fell 16.95 points, or 0.20% at the day's low of 8,480.10 in afternoon trade, its lowest level since 4 November 2016.
The market breadth indicating the overall health of the market was negative. On BSE, 1,507 shares fell and 1,377 shares rose. A total of 126 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.47%. The BSE Small-Cap index provisionally rose 0.15%. Both these indices underpeformed the Sensex.
The total turnover on BSE amounted to Rs 3130.88 crore, lower than turnover of Rs 3203.53 crore registered during the previous trading session.
ICICI Bank gained 1.78% to Rs 283.70 after net profit rose 2.38% to Rs 3102.27 crore on 41.31% rise in total income to Rs 22759.08 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 7 November 2016. Gross non-performing assets (NPAs) rose to Rs 32178.60 crore as on 30 September 2016 as against Rs 27193.58 crore as on 30 June 2016 and Rs 15857.82 crore as on 30 September 2015. The ratio of gross NPAs to gross advances rose to 6.82% as on 30 September 2016 as against 5.87% as on 30 June 2016 and 3.77% as on 30 September 2015.
The ratio of net NPAs to net advances increased to 3.57% as on 30 September 2016 as against 3.35% as on 30 June 2016 and 1.65% as on 30 September 2015. The bank's provisions and contingencies (excluding tax provisions) jumped 651.75% to Rs 7082.69 crore in Q2 September 2016 over Q2 September 2015.
ICICI Bank's other income in Q2 September 2016 includes gains of Rs 5682 crore relating to sale of 12.63% stake of the bank in the initial public offer of ICICI Prudential Life Insurance Company, which completed its IPO recently. ICICI Bank's net interest income rose 0.04% to Rs 5253 crore in Q2 September 2016 over Q2 September 2015.
State-run Bharat Heavy Electricals (Bhel) rose 2.62% at Rs 142.80 after the company reported net profit of Rs 109 crore in Q2 September 2016 compared with net loss of Rs 180.78 crore in Q2 September 2015. Total income rose 8.65% to Rs 6860.53 crore in Q2 September 2016 over Q2 September 2015. Order backlog stood at Rs 1.03 lakh crore as on 30 September 2016. The result was announced during trading hours today, 8 November 2016.
Hindalco Industries rose 0.36% to Rs 168.10 on reports that a foreign brokerage has maintained buy call on the stock for a target price of Rs 200.
Ashok Leyland gained 2.29% to Rs 91.70 after net profit jumped 70.96% to Rs 294.41 crore on 7.07% drop in total income to Rs 4943.23 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 8 November 2016.
Tata Motors surged 6.25% to Rs 539 on reports that a foreign brokerage has upgraded the stock to outperform from neutral earlier and revised target price on the stock to Rs 720 from Rs 510. Meanwhile, Tata Motors before market hours today, 8 November 2016 in a clarification with regard to news item titled "FIIs raise concerns over Tata Motors Governance" said that it is not in receipt of any such letter as is referred to in the news article and hence, has no comments to offer.
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