Trading for the week ended on a dull note as the key benchmark indices failed to hold onto small gains to settle with small declines. The barometer index, the S&P BSE Sensex, fell 57.09 points or 0.19% at 29,365.30, as per the provisional closing data. The Nifty 50 index fell 17 points or 0.19% at 9,119.40, as per the provisional closing data. Weakness in European stocks dampened sentiment.
The Sensex gained 161.95 points or 0.55% at the day's high of 29,584.34 at the onset of the session, its highest level since 18 April 2017. The index fell 162.97 points or 0.55% at the day's low of 29,259.42 in mid-afternoon trade, its lowest level since 19 April 2017. The Nifty gained 47.25 points or 0.51% at the day's high of 9,183.65 at the onset of the session, its highest level since 18 April 2017. The index fell 47.65 points or 0.52% at the day's low of 9,088.75 in mid-afternoon trade, its lowest level since 19 April 2017.
Key benchmark indices opened higher on positive Asian stocks. After hovering in a narrow range in positive terrain till early afternoon trade, indices slipped into the red to hit intrday low in afternoon trade. After sliding to intraday low in afternoon trade, the key benchmark indices trimmed losses in mid-afternoon trade. Stocks traded in negative zone in late trade.
The market breadth, indicating the overall health of the market, once again turned positive from negative in late trade. On the BSE, 1,448 shares rose and 1,423 shares fell. A total of 143 shares were unchanged.
The total turnover on BSE amounted to Rs 3751.19 crore, lower than the turnover of Rs 4028.59 crore registered during the previous trading session.
Index heavyweight Reliance Industries (RIL) advanced 2.22% after the compnay announced the successful and flawless commissioning of the second and final phase of Para-Xylene (PX) comprising of PX Crystallizers trains, Trans-alkylation and Aromatic Extraction units at Jamnagar. The announcement was made after market hours yesterday, 20 April 2017.
With the commissioning of this plant, RIL's PX capacity will be more than double. RIL will emerge as the world's second-largest producer of PX with about 11% of global production, it said.
HDFC Bank gained 2.38% after net profit rose 18.25% to Rs 3990.09 crore on 14.3% growth in total income to Rs 21560.66 crore in Q4 March 2017 over Q4 March 2016. The result was announced during market hours today, 21 April 2017.
The bank's gross non-performing assets (NPAs) rose to Rs 5885.66 crore as on 31 March 2017 as against Rs 5232.27 crore as on 31 December 2016 and Rs 4392.83 crore as on 31 March 2016.
The ratio of gross NPAs to gross advances stood at 1.05% as on 31 March 2017 as against 1.05% as on 31 December 2016 and 0.94% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.33% as on 31 March 2017 as against 0.32% as on 31 December 2016 and 0.28% as on 31 March 2016.
The bank's provisions and contingencies surged 90.47% to Rs 1261.80 crore in Q4 March 2017 over Q4 March 2016.
HDFC Bank's board recommended a dividend of Rs 11 per share for the year ended March 2017 (FY 2017).
Realty stocks gained. DLF (up 6.1%), Indiabulls Real Estate (up 1.38%), D B Realty (up 0.9%), Unitech (up 0.52%), Sobha (up 1.73%), Godrej Properties (up 0.87%) and Prestige Estates Projects (up 3.76%) rose. Parsvnath Developers (down 0.81%) and Oberoi Realty (down 0.58%) fell.
Housing Development & Infrastructure rose 2.01% after the company said it has launched a new residential project 'The Nest' at Mulund, Mumbai, under the affordable housing brand 'Budget Homes', having 263 units open for sale in phase 1 of the project. The announcement was made after market hours yesterday, 20 April 2017.
Overseas, European bourses were trading on a mixed note after a suspected terrorist attack in France, ahead the highly anticipated first round in the French presidential election on Sunday. A French policeman was shot dead and two others were wounded in central Paris on Thursday night in an attack claimed by the Islamic State militant group, as per reports. Research group Markit said Germany's flash manufacturing purchasing managers' index slipped to 58.2 in April from 58.3 the previous month.
Asian stocks rose after Bank of Japan's (BOJ) Governor Haruhiko Kuroda maintained an accommodative monetary policy and on optimism for a US tax overhaul. Japanese manufacturing activity expanded at a stronger pace in April as export orders surged, a preliminary survey showed, in a further sign of robust global demand. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.8 in April on a seasonally adjusted basis, from a final 52.4 in the previous month.
US stocks closed higher yesterday, 20 April 2017 on rising expectations for first-quarter corporate profits.
Elsewhere, finance ministers and central bank governors of the G-20 are gathered in the US, where the International Monetary Fund and World Bank carry on with their spring meetings.
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