Indices start trade lower amid mixed Asian cues

Key benchmark indices dropped in early trade amid mixed Asian cues. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 76.71 points or 0.28% at 27,231.89. The Nifty 50 index was down 22.55 points or 0.27% at 8,412.55.

The BSE Mid-Cap index was down 0.05%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.05%, outperforming the Sensex. The market breadth, indicating the overall health of the market, was negative. On the BSE, 668 shares fell and 660 shares rose. A total of 66 shares were unchanged.

Overseas, Asian stocks were mixed as caution prevailed in financial markets ahead of US President-elect Donald Trump's inauguration later today, 20 January 2017.

China's economy grew by a faster-than-expected 6.8% in the fourth quarter, boosted by higher government spending and record bank lending. The economy expanded 6.7% in 2016, the National Bureau of Statistics said today, 20 January 2017, roughly in the middle of the government's 6.5-7% growth target but still the slowest pace in 26 years.

US stocks posted losses yesterday, 19 January 2017, as the Dow Jones Industrial Average fell for the fourth straight session. US homebuilding rebounded sharply in December amid stronger demand for rental housing, and the number of Americans filing for unemployment benefits fell to near the 43-year low touched in mid-November.

European Central Bank chief Mario Draghi yesterday, 19 January 2017, played down a recent rise in euro zone inflation, as investors parsed his statement and noted he had announced no changes to policy.

Back home, Infosys (down 1%), ICICI Bank (down 0.83%) and PowerGrid Corporation of India (down 0.79%) edged lower from the Sensex pack.

L&T rose 0.45% after the company's wholly owned subsidiary, L&T Hydrocarbon Engineering won orders worth Rs 1700 crore. The announcement was made before market hours today, 20 January 2017.

Axis Bank slumped 4.85% after net profit fell 73.35% to Rs 579.57 crore on 15.72% growth in total income to Rs 14501.21 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours yesterday, 19 January 2017.

The bank's gross non-performing assets (NPA) stood at Rs 20466.82 crore as on 31 December 2016 as against Rs 16378.65 crore as on 30 September 2016 and Rs 5724.05 crore as on 31 December 2015.

The bank's ratio of gross NPAs to gross advances stood at 5.22% as on 31 December 2016, as against 4.17% as on 30 September 2016 and 1.68% as on 31 December 2015. The bank's ratio of net NPAs to net advances stood at 2.18% as on 31 December 2016, compared with 2.02% as on 30 September 2016 and 0.75% as on 31 December 2015.

Axis Bank's provisions and contingencies jumped 432.67% to Rs 3795.80 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel rose 0.47% after the company said that its board will meet on 24 January 2017, to consider raising funds through issue of debentures/bonds through private placement. The announcement was made after market hours yesterday, 19 January 2017.

Adani Ports and Special Economic Zone (APSEZ) declined 0.49%. The company said it raised $500 million by allotting fixed rate senior unsecured notes . The said notes will be listed on Singapore Exchange Securities Trading. The announcement was made after market hours yesterday, 19 January 2017.

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