Indices scale fresh record high

Key benchmark indices edged higher and hit fresh record highs in early trade as firmness in Asian stocks boosted sentiment. At 9:20 IST, the barometer index, the S&P BSE Sensex rose 58.80 points or 0.18% at 33,205.93. The Nifty 50 index gained 3.70 points or 0.04% at 10,347.50. The Sensex and the Nifty, both, scaled fresh record high. Pharma and metal stocks led gains on the bourses.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.46%. The S&P BSE Small-Cap index gained 0.48%. Both the indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was strong. On the BSE, 941 shares rose and 300 shares declined. A total of 35 shares were unchanged.

Yes Bank slumped 7.58% after sharp rise in sticky loans in Q2. The bank's net profit rose 25.1% to Rs 1002.73 crore on 21.4% growth in total income to Rs 6048.78 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 26 October 2017.

The bank's gross non-performing assets (NPAs) stood at Rs 2720.34 crore as on 30 September 2017 as against Rs 1364.38 crore as on 30 June 2017 and Rs 916.68 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 1.82% as on 30 September 2017 as against 0.97% as on 30 June 2017 and 0.83% as on 30 September 2016. The ratio of net NPAs to net advances stood at 1.04% as on 30 September 2017 as against 0.39% as on 30 June 2017 and 0.29% as on 30 September 2016. The bank's provisions and contingencies surged 176.52% to Rs 447.06 crore in Q2 September 2017 over Q2 September 2016.

ICICI Bank dropped 3.07% ahead of its Q2 results today, 27 October 2017.

ITC gained 0.78% ahead of its Q2 results today, 27 October 2017.

Maruti Suzuki India rose 0.81% ahead of its Q2 results today, 27 October 2017.

TCS fell 0.08%. TCS and ACORD, the global data standards-setting body for the insurance industry, announced yesterday, 26 October 2017, an exclusive initiative to modernize the insurance industry by providing enhancements to ACORD's Reference Architecture. TCS will work with ACORD to develop defined data models and standards to allow insurers to address digital transformation, and more easily embrace emerging technologies. The announcement was made after market hours yesterday, 26 October 2017.

Overseas, Asian stocks rose following gains in US equities as earnings and congressional action on tax reform boosted confidence in the growth outlook. The US House passed a budget resolution seen as advancing the prospects for tax reform.

Profits for China's industrial powerhouses surged the most in nearly six years in September. Industrial profits in September rose 27.7% from a year earlier to 662.18 billion yuan ($99.46 billion), accelerating from a 24% jump in August, the National Bureau of Statistics (NBS) said.

US stocks ended mostly higher yesterday, 26 October 2017, as a fusillade of better-than-expected corporate quarterly results helped to reinvigorate Wall Street buying appetite.

Meanwhile, European Central Bank President Mario Draghi yesterday, 26 October 2017, outlined plans to halve its monthly bond purchases to 30 billion euros ($35 billion) from 60 billion euros starting in January, but he also indicated that zero percent interest rates could remain at current levels until well past whenever it finally decides to end its quantitative easing measures.

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