Key benchmark indices logged small gains in a quiet session of trade. The barometer index, the S&P BSE Sensex, rose 17.47 points or 0.06% at 29,336.57, as per the provisional closing data. The Nifty 50 index rose 7.95 points or 0.09% at 9,113.10, as per the provisional closing data. Stocks gyrated in a small range during the day's trading session in a listless session of trade amid divergent trend in various index constituents.
The Sensex gained 69.15 points or 0.24% at the day's high of 29,388.25 in late trade. The index fell 77.62 points or 0.26% at the day's low of 29,241.48 in early trade, its lowest level since 27 March 2017. The Nifty gained 15.35 points or 0.17% at the day's high of 9,120.50 in late trade. The index fell 30 points or 0.33% at the day's low of 9,075.15 in early trade, its lowest level since 27 March 2017.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,611 shares rose and 1,218 shares fell. A total of 178 shares were unchanged.
The total turnover on BSE amounted to Rs 3357.97 crore, lower than the turnover of Rs 4297.49 crore registered during the previous trading session.
Shares of state-run power transmission major Power Grid Corporation of India gained 4.25% to Rs 210.95.
IndusInd Bank shed 0.68%. The bank's net profit rose 21.16% to Rs 751.61 crore on 22.36% increase in total income to Rs 5041.31 crore in Q4 March 2017 over Q4 March 2016. The result was announced during trading hours today, 19 April 2017.
IndusInd Bank's net profit rose 25.43% to Rs 2867.89 crore on 22.47% increase in total income to Rs 18577.16 crore in the year ended March 2017 over the year ended March 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 1054.87 crore as on 31 March 2017 as against Rs 971.62 crore as on 30 December 2016 and Rs 776.82 crore as on 31 March 2016. The ratio of gross NPAs to gross advances stood at 0.93% as on 31 March 2017 as against 0.94% as on 31 December 2016 and 0.87% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2017 as against 0.39% as on 31 December 2016 and 0.36% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 101.32% to Rs 430.13 crore in Q4 March 2017 over Q4 March 2016.
Realty stocks rose on renewed buying. DLF (up 2.82%), Indiabulls Real Estate (up 1.22%), Housing Development and Infrastructure (up 2.39%), D B Realty (up 4.82%), Unitech (up 2.84%), Godrej Properties (up 2.27%), Prestige Estates Projects (up 0.31%), Oberoi Realty (up 1.85%) and Parsvnath Developers (up 1.57%) gained. Sobha (down 2.53%) fell.
Meanwhile, India is pegged to be the fastest growing economy in the world in 2017-18 and will be a key driver for global growth, according to the International Monetary Fund (IMF) said yesterday, 18 April 2017.
Retaining its growth forecast of 7.2% for India for the fiscal year 2018, the IMF, in its World Economic Outlook, also estimated that India would grow at 7.7% in 2018-19 and said that 8% growth in the medium-term is within reach. It pegged India's growth rate at 6.8% in FY 2017.
Meanwhile, India Meteorological Department (IMD) in its first stage forecast of southwest monsoon for 2017, yesterday, 18 April 2017, said that quantitatively, the monsoon seasonal rainfall is likely to be 96% of the long period average (LPA) with an error of 5%. Forecast assessment suggests 38% of probability for near normal monsoon rainfall, it added. IMD will issue the update forecasts in early June 2017, as a part of the second stage long range forecast of monsoon rainfall.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Overseas, European shares were trading higher as a rebound in basic resources stocks and some positive first-quarter results outweighed weakness in oil and gas stocks. Asian stocks edged lower after British Prime Minister Theresa May's surprise decision to hold early elections.
May called for an early general election in June, reversing her earlier stance, in hopes of securing a stronger parliamentary mandate for Britain's formal exit from the European Union. Meanwhile, Theresa May will today, 19 April 2017 ask the House of Commons to support her call for a June general election.
US stocks declined yesterday, 18 April 2017, as investors unloaded stocks following disappointing financial reports from Johnson & Johnson and Goldman Sachs.
Meanwhile, US President Donald Trump signed an executive order yesterday, 18 April 2017 titled Buy American, Hire American while on a trip to Kenosha, Wisconsin, where he called on federal agencies to overhaul the H-1B visa program. The order addresses to take prompt action to crack down on fraud and abuse within the US immigration system in order to protect workers.
In US economic news, manufacturing output fell in March for the first time since last August, according to a batch of industrial-production data released yesterday, 18 April 2017. Also, a reading on housing starts, which measure the number of new-home construction projects that broke ground during a given month, was slightly weaker than expected in March.
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