Key benchmark indices logged modest gains in a lackluster session of trade after gyrating in a small range throughout the day. The barometer index, the S&P BSE Sensex, rose 85.82 points or 0.29% at 29,422.39, as per the provisional closing data. The Nifty 50 index rose 32.90 points or 0.36% at 9,136.40, as per the provisional closing data. Modest gains were witnessed on the bourses after Nifty recorded five straight day of losses while Sensex barely managed to snap four-day losing streak yesterday, 19 April 2017.
Domestic bourses made a positive start to the session on higher Asian stocks. After trading with small gains in early trade, key indices steadily added on to the gains and hit fresh high in early afternoon trade. Indices traded with small gains in afternoon trade amid lack of clear direction from global stocks. Markets gained traction since mid-afternoon trade and continued to hold onto modest gains in late trade.
The Sensex gained 116.49 points or 0.39% at the day's high of 29,453.06 in early afternoon trade, its highest level since 18 April 2017. The index rose 5.11 points or 0.01% at the day's low of 29,341.68 at the onset of the session. The Nifty gained 40.40 points or 0.44% at the day's high of 9,143.90 in early afternoon trade, its highest level since 18 April 2017. The index fell 0.85 points at the day's low of 9,102.65 at the onset of the session.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,826 shares rose and 1,044 shares fell. A total of 165 shares were unchanged.
The total turnover on BSE amounted to Rs 4019.17 crore, higher than the turnover of Rs 3364.37 crore registered during the previous trading session.
Index heavyweight and housing finance major HDFC advanced 1.82% to Rs 1,516.95. The stock hit high of Rs 1,531 and low of Rs 1,488.75 in intraday trade.
Yes Bank dropped 3.76% as the bank's bad loans rose. Yes Bank's net profit rose 30.2% to Rs 914.10 crore on 29.44% rise in total income to Rs 5606.38 crore in Q4 March 2017 over Q4 March 2016. The bank announced Q4 results after market hours yesterday, 19 April 2017.
The bank's gross non-performing assets (NPAs) rose to Rs 2018.56 crore as on 31 March 2017 as against Rs 1005.85 crore as on 30 December 2016 and Rs 748.98 crore as on 31 March 2016.
The ratio of gross NPAs to gross advances rose to 1.52% as on 31 March 2017 as against 0.85% as on 31 December 2016 and 0.76% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.81% as on 31 March 2017 as against 0.29% as on 31 December 2016 and 0.29% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 66.11% to Rs 309.73 crore in Q4 March 2017 over Q4 March 2016. The board of directors of the bank recommended the payment of final dividend Rs 12 per share for the year ended 31 March 2017 (FY 2017).
The board has also approved raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, MTN (medium term notes), bonds upto Rs 20000 crore (in Rupee or foreign currency) by the bank to eligible investors on private placement.
Most realty stocks rose. DLF (up 1.3%), Sobha (up 7.51%), Godrej Properties (up 3.83%), Unitech (up 0.69%), Oberoi Realty (up 3.95%), Indiabulls Real Estate (up 1.53%), D B Realty (up 0.4%) gained. Housing Development and Infrastructure (down 0.44%), Parsvnath Developers (down 0.87%) and Prestige Estates Projects (down 0.8%) fell.
Overseas, most European stocks were trading higher as strong results from Unilever lifted bluechip consumers staples stocks and helped offset weakness in the energy sector. Asian stock markets ended on a mixed note. On the macro front, Japanese exports grew at the fastest rate in more than two years in March, supporting the bullish view in the debate over the health of the global economy.
Among US stocks, the Dow industrials and the S&P 500 ended lower yesterday, 19 April 2017 as a drop in oil prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session's losses in the blue-chip average. On the other hand, the Nasdaq Composite rose with big gains from shares of Intuitive Surgical Inc. and Lam Research Corp.
Meanwhile, the Federal Reserve's Beige Book report showed the US economy continued to expand steadily and Fed Vice Chairman Stanley Fischer painted a picture of brightening global growth that can better manage the spillover of gradual monetary tightening.
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