Indices make a decent start to session

Key benchmark indices started the day's trade with decent gains tracking firmness in Asian stocks. At 9:33 IST, the barometer index, the S&P BSE Sensex rose 255.42 points or 0.75% at 34,261.18. The Nifty 50 index gained 71.50 points or 0.68% at 10,526.45.

Among secondary indices, the S&P BSE Mid-Cap index rose 1.18%. The S&P BSE Small-Cap index gained 1.38%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was quite strong. On the BSE, 1,481 shares rose and 277 shares dropped. A total of 58 shares were unchanged.

Tata Steel gained 3.33% after consolidated net profit jumped 389.83% to Rs 1135.92 crore on 20.05% rise in net sales to Rs 33099.95 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

Coal India advanced 1.02% after consolidated net profit rose 4.22% to Rs 3005.02 crore on 2.52% decline in total income to Rs 22484.14 crore in Q3 December 2017 over Q3 December 2016. The result was announced on Saturday, 10 February 2018.

State Bank of India (SBI) dropped 2.41% after the bank reported net loss of Rs 2416.37 crore in Q3 December 2017 as against net profit of Rs 2610 crore in Q3 December 2016. Total income rose 17.4% to Rs 62887.06 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

Mahindra & Mahindra (M&M) gained 1.6% after net profit rose 12.50% to Rs 1215.91 crore on 4.57% rise in net sales to Rs 11577.78 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

ONGC gained 3.44% after net profit rose 15.22% to Rs 5014.67 crore on 14.9% rise in net sales to Rs 22995.88 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

BPCL dropped 1.06% after net profit fell 5.6% to Rs 2143.74 crore on 13.2% rise in net sales to Rs 60616.36 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 9 February 2018.

Meanwhile, Indian consortium comprising of Bharat PetroResources, a whooly owned subsidiary of BPCL, ONGC Videsh and Indian Oil Corporation acquired 10% stake in Lower Zakum Concession,Offshore Abu Dhabi. The announcement was made before market hours today, 12 February 2018.

On the macroeconomic data front, the government will announce inflation data based on consumer price index (CPI) for January 2018 after market hours today, 12 February 2018. Consumer prices in India increased 5.21% year-on-year in December of 2017.

The government will also announce industrial production data for December 2017 after market hours today, 12 February 2018. India's industrial production rose sharply by 8.4% year-on-year in November 2017.

Meanwhile, the provisional figures of direct tax collections up to January 2018 showed that net collections are at Rs 6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. The net direct tax collections represent 69.2% of the revised estimates of direct taxes for FY 2018 (Rs 10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.3% to Rs 8.21 lakh crore during April 2017 to January 2018. Refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018.

Overseas, Asian stocks gained after a late-day rally on Wall Street on Friday, 9 February 2018, as investors fretted about the risks from looming US inflation data. Japanese markets are closed today in observance of a public holiday.

Powered by Capital Market - Live News