Banks lift indices to 10-wk high; Sensex ends 976 pts up, Nifty at 15,175

Financial indices -- Nifty Bank, Private Bank, PSU Bank, and Financial Services -- outperformed on the NSE today, and gained between 3-3.5%

4:18 PM

Markets this week :: Top losers

Bharti Airtel: 5.3%

Britannia: 2%

Tata Steel: 1.7%

ITC: 1.5%

JSW Steel: 1.3%

4:08 PM

Markets this week :: Top gainers

IndusInd Bank: 14%

SBI: 11%

M&M: 10.45%

HDFC Bank: 8%

ICICI Bank 7.5%

4:02 PM

Markets this week

>> Market records biggest weekly gain since budget week.

>> Nifty rises 3.4%, Sensex 4%, Nifty Bank 7.6% & Midcap index 4% 

>> Nifty Private Bank & PSU Bank rise over 7% each, realty index up 7%

4:00 PM

Broader market :: S&P BSE SmallCap index hits record high of 21,219 in intra-day deals

3:57 PM

Broader market :: BSE MidCap index hits record high of 21,541 in intra-day deals

3:55 PM

NSE Snapshot :: Top Nifty50 gainers today

3:52 PM

Index contributors :: Financials, RIL, Infy lift Sensex

3:48 PM

Sectoral trends on the NSE :: All indices in the green; banks outperform

3:45 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

Supported by rally in other financial stocks, the BSE barometer of 30-shares ended at 50,540 levels, up 976 points or 1.9 per cent. On NSE, the Nifty50 index advanced 269 points to settle above the crucial level of 15,150-level at 15,175. Both the indices hit their respective highs of 50,591 and 15,190. 

3:21 PM

Govt notifies solvency rules for foreign-owned insurance companies

The finance ministry has notified the Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021 that require insurers with foreign ownership of over 49 per cent to maintain a solvency margin of 180 per cent if they declare dividend payments in a financial year.

 

The government had sought public comments on draft rules issued on April 15, and has now notified the rules further to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015. READ MORE

3:19 PM

BROKERAGE VIEW :: Dolat Capital on SBI results

NII growth was slightly behind estimates, growing by 19% YoY. PAT was in line, with RoA at 0.6% led by Bhushan recoveries. NIM however declined QoQ to 2.9% due to interest reversals of previous quarters.

Pro forma GNPA ratio declined by over 45 bps to 4.98% from 5.44% in Q3. Pro forma PCR increased further from 67% in 3Q to ~70%. Reduction in GNPA ratio was also aided by high write-offs during the quarter.

Slippages for the quarter at 6k against expectations of 12k or 2% annualized that we had built in. Overall RSA +slippages at 46k for the year less than management’s earlier guidance of 60k.

Loan growth at 5% YoY and 3% QoQ was in line with expectations.

Broadly, numbers look good and positive reaction expected. With consistency on asset quality and scope for NIM expansion, one could expect a gradual re-rating of standalone multiple.

3:10 PM

Sector Watch :: Nifty Bank up 3.5%

2:59 PM

MARKET CHECK :: Sensex jumps to day's high

2:53 PM

SBI shares rebound 6% from day's low on in-line March quarter results

Shares of State Bank of India (SBI) bounced 6 per cent from its intra-day low and hit a high of Rs 399.70 on the BSE on Friday after the lender announced its March quarter result. The stock had initially fallen 3 per cent to Rs 378.10, from its opening level of Rs 390.45, post the announcement of the results. At 02:36 pm, SBI was trading 3.5 per cent higher at Rs 397.85 on the BSE supported by heavy volumes. READ MORE

2:40 PM

Crypto limps to weekend after hammer blows from Musk, china, and tax

The cryptocurrency market nursed its wounds Friday after a week of pain triggered by a Chinese regulatory warning shot, forced selling and a possible US tax clampdown. If that wasn’t enough, Bitcoin believers are still fuming after onetime proponent Elon Musk did an about-face and criticized the token for its energy usage. Bitcoin fluctuated around $40,000 in Asian trade, down about 9 per cent on the week though up from a Wednesday plunge toward $30,000. Other coins have slumped too, such as Ether’s 17 per cent weekly nosedive. READ MORE

2:28 PM

Heatmap: Only two of the 30 S&P BSE Sensex constituents trade in red

2:18 PM

European markets check

(Source: Reuters)

2:10 PM

SBI Q4 net profit jumps 80% YoY to Rs 6,451 crore on lower provision

India’s largest public sector bank State Bank of India (SBI) on Friday reported a standalone net profit of Rs 6,450.75 crore for quarter ended March 2021 (Q4FY21) aided by fewer provisions on bad loans. The lender’s PAT was 80.14 per cent higher than previous year’s profit of Rs 3,580.8 crore. On a quarterly basis, the bottom line expanded 24.14 per cent. READ MORE

1:55 PM

RESULT REACTION:: SBI climbs off day's high

1:54 PM

MARCH QUARTER RESULTS | SBI reports a net profit of Rs 6,450.7 crore

-- Net interest income comes in at Rs 27,067 crore.

1:45 PM

March Quarter Results :: Dhanuka Agritech declares dividend of Rs 2/share

>> PAT: Rs 48.6 crore

>> Revenue: Rs 276 crore

>> Ebitda: Rs 64.6 crore

>> Ebitda margin: 23.4%

1:41 PM

SBI Cards trades higher for fifth straight day; stock up 11% in a week

During CLSA’s NBFC (non-banking financial company) Access Day 2021, SBI Card’s top management said that the Q4FY21 spending recovered to pre-Covid levels with a higher share of online spending (more than 50 per cent), which management expects to continue. READ MORE

1:31 PM

NEWS ALERT :: Monsoon to hit Kerala by June 1, says IMD

>> Monsoon likely to reach Andaman today

>> Monsoon has reached Bay of Bengal

1:22 PM

BUZZING STOCK:: Indian Bank rallies 10%

1:14 PM

NEWS ALERT :: SBI to shut digital services over the weekend due to maintenance activities

1:08 PM

MARKET UPDATE:: Broader indices underperform benchmarks

1:02 PM

NEWS ALERT :: RBI approves surplus of Rs 99,122 crore

>> With the change in the Reserve Bank’s accounting year to April-March (earlier July-June), the Board discussed the working of the Reserve Bank of India during the transition period of nine months (July 2020-March 2021) and approved the Annual Report and accounts of the Reserve Bank for the transition period.

>> The Board also approved the transfer of Rs 99,122 crore as surplus to the Central Government for the accounting period of nine months ended March 31, 2021 (July 2020-March 2021), while deciding to maintain the Contingency Risk Buffer at 5.50%

12:58 PM

SC allows banks to invoke personal guarantees of defaulters

The IBC was enacted in 2016 and by 2017 end at least 52 companies including Videocon Industries, Bhushan Steel, Punj Lloyd, Essar Steel were sent to the NCLT for defaulting on bank loans. Lawyers said the personal guarantees given by the promoters of these companies will be invoked. Several promoters had moved high courts across India when banks were invoking the personal guarantees. The Supreme Court later transferred all the cases to itself following petitions from Indian lenders. READ MORE

12:45 PM

HDFC twins, ICICI Bank, and Infosys contribute the most to Sensex's gain today