Trading for the week ended on a buoyant note as dream run on the Dalal street continued, with key benchmark indices settling with decent gains and extending their record high hitting streak. The barometer index, the S&P BSE Sensex rose 251.29 points or 0.71% to settle at 35,511.58. The Nifty 50 index advanced 77.70 points or 0.72% to settle at 10,894.70. The Nifty crossed the psychological 10,900-mark for the first time in its history. Both the Sensex, and the Nifty, hit record high levels in intraday as well as on closing basis. Firmness in global stocks and GST council in its latest meet slashing the tax rate on 54 services and 29 items and also simplifying return filing process for businesses boosted sentiment. The market gained for the third straight day. The market opened higher on firm Asian cues but soon slipped into the red in early trade. Recovery was soon materialized on the bourses in morning trade with indices hitting fresh intraday highs. Stocks held firm in rangebound trade till mid-afternoon trade. Indices regained strength and hit fresh record highs in late trade. The Sensex rose 251.29 points or 0.71% to settle at 35,511.58, its record closing high. The index gained 281.88 points or 0.8% at the day's high of 35,542.17, an intraday record high for the index. The index fell 39.13 points or 0.11% at the day's low of 35,221.16. The Nifty advanced 77.70 points or 0.72% to settle at 10,894.70, its record closing high. The index gained 89.85 points or 0.83% at the day's high of 10,906.85, an intraday record high for the index. The index fell 23.10 points or 0.21% at the day's low of 10,793.90. The S&P BSE Mid-Cap index gained 0.77%. The S&P BSE Small-Cap index rose 0.88%. Both these indices outperformed the Sensex. Among the sectoral indices on BSE, the S&P BSE Bankex (up 1.52%), the S&P BSE Finance index (up 1.32%), the S&P BSE Realty index (up 1.26%), the S&P BSE Industrials index (up 1.10%), the S&P BSE Energy index (up 0.94%), the S&P BSE Capital Goods index (up 0.92%), the S&P BSE Metal index (up 0.91%) and the S&P BSE Oil & Gas index (up 0.87%), outperformed the Sensex. The S&P BSE Power index (up 0.46%), the S&P BSE Telecom index (up 0.45%), the S&P BSE Healthcare index (up 0.43%), the S&P BSE FMCG index (up 0.42%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.38%), the S&P BSE IT index (up 0.36%), the S&P BSE Teck index (up 0.34%), the S&P BSE Utilities index (up 0.29%), the S&P BSE Consumer Durables index (up 0.23%), the S&P BSE Auto index (up 0.15%) and the S&P BSE Basic Materials index (up 0.15%), underperformed the Sensex. The breadth, indicating the overall health of the market, was negative. On the BSE, 1,464 shares fell and 1,422 shares rose. A total of 144 shares were unchanged. The total turnover on BSE amounted to Rs 5494.83 crore, lower than turnover of Rs 6015.23 crore registered during the previous trading session. ITC gained 0.37% after the company's net profit rose 16.75% to Rs 3090.20 crore on 25.8% decline in total income to Rs 10579.11 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 19 January 2018. ITC's standalone cigarette revenue fell 44.15% to Rs 4629.19 crore in Q3 December 2017 over Q3 December 2016. HCL Technologies gained 0.23% after consolidated net income rose 0.3% to Rs 2194 crore on 3% increase in revenue to Rs 12808 crore in Q3 December 2017 over Q2 September 2017. The result was announced before trading hours today, 19 January 2018. On a consolidated basis, HCL Technologies' earnings before interest & tax (EBIT) rose 2.4% to Rs 2510 crore in Q3 December 2017 over Q2 September 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7.5% to Rs 2964 crore in Q3 December 2017 over Q2 September 2017. The company expects its year ending March 2018 (FY 2018) revenues to grow between 10.5% to 12.5% in constant currency. Operating margin (EBIT) in FY 2018 is expected between 19.5% to 20.5%. Most realty stocks gained. D B Realty (up 4.97%), Indiabulls Real Estate (up 4.42%), Unitech (up 2.84%), NBCC (up 0.88%), Godrej Properties (up 3.49%), and Oberoi Realty (up 1.19%) edged higher. DLF (down 0.56%), Sobha (down 2.11%), and Housing Development & Infrastructure (HDIL) (down 1.3%) declined. Severely impacted by various reforms like RERA, GST and demonetisation, the realty sector is reportedly pinning its hopes on Budget 2018-19 for relief measures like lower taxes and infrastructure status for the sector. Industry players are expecting rationalisation of the GST rates from the current 12% to 6% and bringing stamp duty under the ambit of GST. Single window clearances for all approvals and additional tax incentives for first time home buyers are also expected. Bank stocks also gained. Among public sector banks, Punjab National Bank (up 3.22%), Union Bank of India (up 2.47%), State Bank of India (up 1.98%), Indian Bank (up 1.44%), IDBI Bank (up 0.5%) and Bank of Baroda (up 1.63%) edged higher. Corporation Bank declined 0.51%. Among private sector banks, Yes Bank (up 2.51%), IndusInd Bank (up 0.34%) and Axis Bank (up 1.28%) gained. Kotak Mahindra Bank rose 1.39% after net profit rose 19.72% to Rs 1053.21 crore on 12.48% growth in total income to Rs 6049.02 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 19 January 2018. Kotak Mahindra Bank's gross non-performing assets (NPAs) stood at Rs 3714.99 crore as on 31 December 2017 as against Rs 3814.17 crore as on 30 September 2017 and Rs 3177.88 crore as on 31 December 2016. The ratio of gross NPAs to gross advances stood at 2.31% as on 31 December 2017 as against 2.47% as on 30 September 2017 and 2.42% as on 31 December 2016. The ratio of net NPAs to net advances stood at 1.09% as on 31 December 2017 as against 1.26% as on 30 September 2017 and 1.07% as on 31 December 2016. The bank's provisions and contingencies rose 10.76% to Rs 212.77 crore in Q3 December 2017 over Q3 December 2016. HDFC Bank rose 1% after net profit rose 20.1% to Rs 4642.60 crore on 17.84% rise in total income to Rs 24450.40 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 19 January 2018. HDFC Bank's gross non-performing assets (NPAs) stood at Rs 8234.88 crore as on 31 December 2017 as against Rs 7702.84 crore as on 30 September 2017 and Rs 5232.27 crore as on 31 December 2016. The ratio of gross NPAs to gross advances stood at 1.29% as on 31 December 2017 as against 1.26% as on 30 September 2017 and 1.05% as on 31 December 2016. The ratio of net NPAs to net advances stood at 0.44% as on 31 December 2017 as against 0.43% as on 30 September 2017 and 0.32% as on 31 December 2016. The bank's provisions and contingencies rose 88.8% to Rs 1351.44 crore in Q3 December 2017 over Q3 December 2016. Bharti Airtel gained 0.66%. The company's consolidated net profit fell 16.50% to Rs 560.70 crore on 12.93% decline in net sales to Rs 20318.60 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours yesterday, 18 January 2018. Bharti Airtel's consolidated earnings before interest taxes depreciation and amortization (EBITDA) fell 11.5% to Rs 7587 crore in Q3 December 2017 over Q3 December 2016. Jubilant FoodWorks jumped 7.73% after net profit surged 230.60% to Rs 66.02 crore on 20.55% increase in total income to Rs 798.50 crore in Q3 December 2017 over Q3 December 2016. The result was announced during trading hours today, 19 January 2018. Jubilant FoodWorks' earnings before interest, taxes, depreciation and amortization (EBITDA) rose 113.7% to Rs 136.88 crore in Q3 December 2017 over Q3 December 2016. The company's same store growth (SSG) was reported at 17.8% in Q3 December 2017 compared with 5.5% in Q2 September 2017 and -3.3% in Q3 December 2016. SSG refers to the year-over-year growth in sales for restaurants in operation for 2 whole years (i.e. current & previous year). Capital goods stocks also advanced. Bharat Heavy Electricals (Bhel) (up 0.26%), BEML (up 0.18%), Bharat Electronics (up 0.93%), Thermax (up 0.73%), Siemens (up 0.34%), ABB India (up 4.15%), and L&T (up 0.97%) gained. Havells India declined 0.81%. Meanwhile, the Union Finance Minister Arun Jaitley Chaired the 25th meeting of the GST Council in New Delhi yesterday, 18 January 2018. The Council has recommended certain changes in GST/IGST rate and clarifications in respect of GST rate on certain goods as per discussions in the 25th GST Council meeting. It slashed the tax rate on 54 services and 29 items, including old and used motor vehicles bio-diesel, while also simplifying return filing process for businesses. Certain policy changes have also been recommended by the GST Council. Overseas, European stocks and most Asian stocks gained although losses on Wall Street slowed the advance. Investors continue to watch the latest US budget battle on Capitol Hill, where uncertainly over a possible partial government shutdown this weekend continues. Legislation to avoid a US government shutdown at midnight on Friday advanced in Congress as the House of Representatives on Thursday night approved an extension of federal funds through 16 February, although the bill faced uncertain prospects in the Senate. US stock benchmarks finished lower yesterday, 18 January 2018, pressured by worries over the possibility of a partial government shutdown, as investors sorted through a fresh batch of quarterly earnings results. Among the macro data in US, first-time weekly jobless claims fell to a 45-year low, dropping by 41,000 to 220,000. Meanwhile, construction of new houses fell 8.2% in December to a 1.19 million annual rate. Permits for future construction were basically flat at 1.30 million. Still, permits, housing starts and the number of new homes completed all hit the highest levels since 2007. A gauge of Philadelphia-area manufacturing fell to five-month low of 22.2 in January, the Philadelphia Fed said. Powered by Capital Market - Live News |