Key benchmark indices ended with small losses in volatile session of trade. The barometer index, the S&P BSE Sensex, fell 50.95 points or 0.16% to settle at 31,904.40. The Nifty 50 index fell 26.30 points or 0.27% to settle at 9,873.30. The Sensex ended below the psychologically important 32,000 mark after crossing that level in early trade.

The Sensex fell 50.95 points or 0.16% to settle at 31,904.40, its lowest closing level since 18 July 2017. The Sensex rose 101.77 points, or 0.32% at the day's high of 32,057.12 in early trade. The index fell 95.85 points, or 0.30% at the day's low of 31,859.50 in afternoon trade.

The Nifty 50 index fell 26.30 points or 0.27% to settle at 9,873.30, its lowest closing level since 18 July 2017. The Nifty rose 22.95 points, or 0.23% at the day's high of 9,922.55 in early trade. The index fell 36.15 points, or 0.37% at the day's low of 9,863.45 in afternoon trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.52%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index rose 0.16%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,436 shares declined and 1,286 shares rose. A total of 147 shares were unchanged.

The total turnover on BSE amounted to Rs 3880.89 crore, lower than turnover of Rs 4874.24 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P Finance index (up 0.23%), the BSE Industrials index (up 0.05%), and the BSE Capital Goods index (up 0.22%) outperformed the Sensex. The S&P BSE Teck index (down 0.69%), the BSE Metal index (down 0.96%), and the BSE Auto index (down 0.44%) underperformed the Sensex.

IT major Wipro fell 0.83%. The company will announce Q1 June 2017 results today, 20 July 2017.

Most private bank stocks rose. Axis Bank (up 3.87%), Yes Bank (up 0.63%), HDFC Bank (up 0.92%) and RBL Bank (up 0.19%) rose. ICICI Bank (down 0.5%) and IndusInd Bank (down 0.98%) fell.

Kotak Mahindra Bank fell 1.44%. The bank's net profit rose 23.01% to Rs 912.73 crore on 8.64% growth in total income to Rs 5562.66 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours today, 20 July 2017.

The bank's gross non-performing assets (NPAs) rose to Rs 3726.62 crore as on 30 June 2017 as against Rs 3578.61 crore as on 31 March 2017 and Rs 3058.81 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 2.58% as on 30 June 2017 as against 2.59% as on 31 March 2017 and 2.5% as on 30 June 2016. The ratio of net NPAs to net advances stood at 1.25% as on 30 June 2017 as against 1.26% as on 31 March 2017 and 1.21% as on 30 June 2016. The bank's provisions and contingencies rose 13.49% to Rs 203.74 crore in Q1 June 2017 over Q1 June 2016. The bank has total exposure of Rs 236 crore to 4 of 12 accounts identified by the Reserve Bank of India (RBI) for insolvency proceedings.

All the four accounts were inherited from ING Vysya Bank after merger with the bank on 1 April 2015. Kotak Mahindra Bank on its own had no exposure to any of the 12 accounts. The bank said that the provision is well in excess of RBI stipulation.

Karnataka Bank rose 0.79%. The bank said that it is targeting a farm credit of Rs 6800 crore during 2017-18. Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said that timely extension of farm credit, technical counselling, marketing input to farmers to reap maximum benefit and thereby ensuring timely renewal shall be focused by agri business managers to have a commercially viable agri portfolio which is remunerative to both the bank and farmers. The announcement was made after market hours yesterday, 19 July 2017.

PSU bank stocks fell. Corporation Bank (down 2.19%), State Bank of India (SBI) (down 0.87%), Punjab National Bank (down 1.04%), Bank of Baroda (down 1.49%), Bank of India (down 2.92%) and Union Bank of India (down 1.7%) dropped. IDBI Bank (up 0.6%) rose.

Canara Bank lost 5.09% after the bank's gross and net bad loans ratio grew as on 30 June 2017, compared with the period ended 31 March 2017 and 30 June 2016. The result was announced after market hours yesterday, 19 July 2017.

Canara Bank's net profit rose 9.9% to Rs 251.60 crore on 4.4% growth in total income to Rs 12304.10 crore in Q1 June 2017 over Q1 June 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 37657.76 crore as on 30 June 2017 as against Rs 34202.04 crore as on 31 March 2017 and Rs 32334.07 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 10.56% as on 30 June 2017 as against 9.63% as on 31 March 2017 and 9.71% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 7.09% as on 30 June 2017 as against 6.33% as on 31 March 2017 and 6.69% as on 30 June 2016. The bank's provisions and contingencies surged 47.6% to Rs 2203.78 crore in Q1 June 2017 over Q1 June 2016.

Motorcycle maker Bajaj Auto fell 0.22% to Rs 2,818.65 amid intraday volatility after the company announced Q1 June 2017 results during market hours today, 20 July 2017. Bajaj Auto's consolidated net profit fell 19.52% to Rs 836.74 crore on 2.8% decline in total income to Rs 6177.66 crore in Q1 June 2017 over Q1 June 2016. The entire benefit on reduction in effective tax rates post GST has been passed on to the customers. This has resulted in a reduction in ex-showroom price of motorcycles, which were dependent on the Brand-State, varying from a low of Rs 200 to a high of Rs 6,500 per motorcycle, Bajaj Auto said.

ABB India rose 0.42%. The company's net profit rose 38.18% to Rs 76 crore on 6.15% rise in revenue to Rs 2224 crore in Q2 June 2017 over Q2 June 2016. The result was announced during market hours today, 20 July 2017.

ABB India's net profit margin rose to 3.4% in Q2 June 2017 from 2.6% in Q2 June 2016. This was a quarter where the lag effect of demonetization and troughing corporate lending met with the anticipation of Goods and Services Tax (GST). Continued close collaboration led to deeper insights of customer operations in a dynamic environment. This ensured revenue growth. Lean management, relentless pursuit of cash over revenue, and similar initiatives as part of operational excellence yielded savings and superior cash position.

Orders grew 13% to Rs 2301 crore in Q2 June 2017 over Q2 June 2016 reflecting company's organic growth strategy. Large orders remained muted as decisions on government initiatives and private investments were stalled in anticipation of upcoming tax restructure.

Base orders were the key contributor with industry turning to improving operational efficiencies through technology and digital upgrades including robotics automation. ABB strengthened its own digital asset health management offering to support the transformation of the Indian industry - with the launch of its remote drives service center. Export orders continued the uptrend in the year with a focus on power networks and industrial efficiency.

Godrej Industries rose 1.92% after the company said its subsidiary Godrej Agrovet has filed Draft Red Herring Prospectus with market regulator Sebi for an initial public offering of shares. The announcement was made after market hours yesterday, 19 July 2017. The proposed initial public offer (IPO) of Godrej Agrovet consists of fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) of shares aggregating upto Rs 300 crore and upto 1.23 crore shares by V-Sciences Investments Pte.

Jubilant Industries lost 4.89% after the company reported consolidated net loss of Rs 1.66 crore in Q1 June 2017, compared with net profit of Rs 1.05 crore in Q1 June 2016. Consolidated net sales fell 8.6% to Rs 111.17 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 19 July 2017.

Sugar stocks surged reacting to a spike in sugar prices on the NCDEX, where it got locked in upper circuit. Triveni Engineering & Industries (up 7.06%), Shree Renuka Sugars (up 10.06%), Sakthi Sugars (up 4.41%), Dhampur Sugar Mills (up 5.05%), Dwarikesh Sugar Industries (up 1.58%), Balrampur Chini Mills (up 2.01%) surged.

Recently, the Government of India had hiked import duty on sugar to 50% from 40% with effect from 10 July 2017, to restrict cheap inward shipments and maintain domestic prices.

Also, the demand for sugar is expected to rise as the festive season is around the corner.

Atlas Cycles (Haryana) was locked at 5% upper circuit at Rs 375.05 after the company said its board will meet on 4 August 2017, to consider sub-division of equity shares.

Sterlite Technologies hit an upper circuit limit of 20% at Rs 206.75, with the stock extending previous sessions' rally triggered by the company posting highest ever order book of Rs 3140 crore at the end of Q1 June 2017. The stock had catapulted 8.98% to Rs 172.30 yesterday, 19 July 2017 after the company announced Q1 results during market hours on that day.

Sterlite Technologies' consolidated net profit fell 4.82% to Rs 60.59 crore on 5.76% rise in total income to Rs 751.19 crore in Q1 June 2017 over Q4 March 2017. The company's consolidated net profit surged 61% to Rs 61 crore on 23% rise in revenues to Rs 744 crore in Q1 June 2017 over Q1 June 2016.

Sterlite Tech reported highest ever quarterly revenues in Q1 June 2017, driven by strong order book and export sales. The company reported the highest ever quarterly export sales of Rs 320 crore and highest order book of Rs 3140 crore at the end of Q1 June 2017. With positive shifts in technology, national policies and consumption patterns for the creation of smarter broadband infrastructure, Q1 June 2017 saw optical fibre demand showing a consistent upward trend in the global markets. This reflected with healthy increase in exports at 43% of revenues.

Overseas, European bourses were trading higher supported by a surge in global stocks, as investors awaited a rate decision by the European Central Bank (ECB) later in the session. As per reports, the ECB is not expected to adjust interest rates today, 20 July 2017, but it is projected to signal plans to slow down some of its asset purchases over the next few months.

Most Asian shares rose, bolstered by a surge in global stocks to a record high on strong US corporate earnings. Earlier in the day, the Bank of Japan kept its monetary policy unchanged after its two-day meeting. However, BoJ slashed its inflation forecasts for fiscal years 2017-2018 and 2018-2019.

US stock-market indices closed firmly higher yesterday, 19 July 2017, with all of the main equity benchmarks notching records, as investors digested better-than-expected earnings. The Dow Jones Industrial Average closed up 0.3% higher at 21,640. The S&P 500 index rose 0.5% at 2,473 and the Nasdaq Composite Index ended up 0.6% at 6,385. Market sentiment was aided partially by an early climb in shares of Morgan Stanley after it reported earnings and revenue that topped expectations.

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