Sensex, Nifty register modest gains on positive global stocks

Key benchmark indices logged modest gains in a steady session of trade on positive global stocks. The barometer index, the S&P BSE Sensex, rose 95.61 points or 0.28% at 34,427.29, as per the provisional closing data. The Nifty 50 index rose 39.10 points or 0.37% at 10,565.30, as per the provisional closing data. Metal and mining stocks were in demand as copper prices rose in global commodity markets.

Key indices resumed uptrend after taking a one-day pause yesterday, 18 April 2018, on positive Asian stocks. Indices gyrated in a small range throughout the day.

The Sensex gained 147.14 points or 0.43% at the day's high of 34,478.82 in intraday trade. The index rose 27.23 points or 0.08% at the day's low of 34,358.91 in intraday trade. The Nifty gained 46 points or 0.44% at the day's high of 10,572.20 in intraday trade. The index rose 20 points or 0.19% at the day's low of 10,546.20 in intraday trade.

The S&P BSE Mid-Cap index provisionally rose 0.63%. The S&P BSE Small-Cap index provisionally rose 0.6%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,360 shares rose and 1,294 shares fell. A total of 163 shares were unchanged.

Index heavyweight and engineering and construction major L&T advanced 1.53% to Rs 1,381.50.

Index heavyweight Reliance Industries (RIL) rose 0.33%. BP and RIL today announced the sanctioning of the 'Satellite cluster' project in Block KG D6. The companies are moving forward to develop the Block's discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The 'Satellite cluster' is the second of three projects in the Block KG D6 integrated development. The announcement was made during market hours today, 19 April 2018.

The first of the projects, development of the 'R-Series' deep-water gas fields, was sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of about Rs 40000 crore (US$6 billion). They are expected to bring a total ~ 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.

IndusInd Bank shed 0.14%. The bank's net profit rose 26.81% to Rs 953.09 crore on 16.21% rise in total income to Rs 5858.62 crore in Q4 March 2018 over Q4 March 2017. The result was declared during market hours today, 19 April 2018.

IndusInd Bank's gross non-performing assets (NPAs) stood at Rs 1704.91 crore as on 31 March 2018 as against Rs 1498.70 crore as on 31 December 2017 and Rs 1054.87 crore as on 31 March 2017.

The ratio of gross NPAs to gross advances stood at 1.17% as on 31 March 2018 as against 1.16% as on 31 December 2017 and 0.93% as on 31 March 2017.

The ratio of net NPAs to net advances stood at 0.51% as on 31 March 2018 as against 0.46% as on 31 December 2017 and 0.39% as on 31 March 2017.

The bank's provisions and contingencies fell 21.99% to Rs 335.55 crore in Q4 March 2018 over Q4 March 2017.

Metal and mining stocks were in demand as copper prices rose in global commodity markets. Stocks were also boosted after US firm Alcoa reportedly predicted a global deficit for both aluminium and alumina in 2018 due to delays in projects to expand smelters in China.

Hindustan Copper (up 11.69%), Vedanta (up 6.66%), JSW Steel (up 4.45%), Tata Steel (up 3.24%), Steel Authority of India (Sail) (up 4.27%), National Aluminium Company (up 8.17%), Hindustan Zinc (up 1.46%), Jindal Steel & Power (up 3.78%) and Hindalco Industries (up 9.36%) edged higher.

NMDC rose 1.83%. NMDC said it has reduced prices of lump ore and fines by Rs 100 each to Rs 2,900 per tonne and Rs 2,560 per tonne with effect from 18 April 2018. The announcement was made after market hours yesterday, 18 April 2018.

Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.13% at $3.1625 per pound on the COMEX.

Overseas, most European shares rose as soaring oil prices triggered a broader rally across commodities. Asian stocks rose, building on gains a day earlier, with oil prices at 3-year highs helping to boost sentiment for the region's equities.

In US, the Dow industrials ended lower yesterday, 18 April 2018 as IBM's shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April.

The Fed's Beige Book showed that economic activity remained at a modest to moderate pace, though nine of the 12 regional banks expressed concerns about trade tariffs, centered on the tit-for-tat spat between Beijing and Washington.

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