Key benchmark indices continued to move in a narrow range in afternoon trade. At 13:15 IST, the Sensex was up 43.61 points or 0.17% at 26,050.91. The Nifty 50 index was currently up 16.95 points or 0.21% at 7,979.60. The Sensex was currently trading above the psychologically important 26,000 mark. The barometer index alternately moved above and below that level in intraday trade so far. A rally took the Sensex past the psychologically important 26,000 mark yesterday, 26 April 2016.
The Sensex rose 68.41 points, or 0.26% at the day's high of 26,075.71 in afternoon trade, its highest level since 21 April 2016. The index fell 122.06 points, or 0.47% at the day's low of 25,885.24 in early trade. The Nifty rose 22.30 points, or 0.28% at the day's high of 7,984.95 in afternoon trade, its highest level since 6 November 2015. The index fell 22.10 points, or 0.28% at the day's low of 7,940.55 in early trade.
The market breadth indicating the overall health of the market was positive. On BSE, 1,274 shares rose and 1,100 shares rose. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently up 0.41%. The BSE Small-Cap index was currently up 0.42%. Both these indices outperformed the Sensex.
In overseas stock markets, main European markets witnessed a mixed trend. Asian stocks edged lower as traders awaited policy decisions from the Federal Reserve and the Bank of Japan. The Bank of Japan's (BOJ) two-day monetary policy meeting began today, 27 April 2016. Speculation is rife that the Japanese central bank will announce further easing of monetary policy. The BOJ in January decided to begin charging 0.1% interest on some bank reserves parked with the institution, in a bid to kick-start the economy and pull it out of two decades of deflation.
US stocks closed with mixed results yesterday 26 April 2016, ahead of a barrage of tech earnings and monetary policy statement from the Federal Reserve. The Federal Reserve's two-day policy meeting concludes today, 27 April 2016. As per market expectations, the Fed is likely to hold rates steady this week. The Fed statement could provide clues on the future interest rate increases.
Telecom major Bharti Airtel surged 4.43% ahead of its Q4 results today, 27 April 2016. Along with the Q4 results, the company's board of directors will also consider a proposal for buyback of equity shares of the company.
Mahindra & Mahindra (M&M) rose 1% after the company announced the launch of a new pick-up vehicle under the name Big Bolero Pik-up. The vehicle will be available in two variants priced at Rs 6.15 lakh and Rs 6.30 lakh ex-showroom Pune. The announcement was made during market hours today, 27 April 2016.
Bank stocks saw mixed trend. Among PSU bank stocks, State Bank of India (SBI) (down 1.1%), Bank of Baroda (down 0.22%), Bank of India (down 0.36%) and Union Bank of India (down 0.42%) dropped. Punjab National Bank (up 0.89%), Vijaya Bank (up 0.47%), Canara Bank (up 0.16%) and IDBI Bank (up 0.7%) rose.
Among private sector bank stocks, HDFC Bank (up 0.46%), Kotak Mahindra Bank (up 1.7%), IndusInd Bank (up 0.92%) rose. ICICI Bank dropped 2.08%.
Axis Bank was down 2.28% after the bank's net profit fell 1.2% to Rs 2154.28 crore on 9.75% rise in total income to Rs 13592.97 crore in Q4 March 2016 over Q4 March 2015. The bank's gross non-performing assets (NPAs) stood at Rs 6087.51 crore as on 31 March 2016 as against Rs 5724.05 crore as on 31 December 2015 and Rs 4110.19 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 1.67% as on 31 March 2016 as against 1.68% as on 31 December 2015 and 1.34% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.7% as on 31 March 2016 as against 0.75% as on 31 December 2015 and 0.44% as on 31 March 2015. The bank's provisions and contingencies jumped 64.59% to Rs 1168.33 crore in Q4 March 2016 over Q4 March 2015.
Yes Bank slipped in volatile trade after reporting Q4 results. The stock was currently off 0.41% to Rs 906.85. The stock hit high of Rs 923.90 and low of Rs 897.60 so far during the day. Yes Bank's net profit rose 27.42% to Rs 702.11 crore on 17.73% rise in total income to Rs 4331.11 crore in Q4 March 2016 over Q4 March 2015.
The bank's provisions and contingencies jumped 47.56% to Rs 186.46 crore in Q4 March 2016 over Q4 March 2015. The provision coverage ratio edged lower to 62% as on 31 March 2016 from 66.5% as on 31 December 2015. The provision coverage ratio stood at 72% as on 31 March 2015.
Yes Bank's gross non-performing assets (NPAs) stood at Rs 748.98 crore as on 31 March 2016 as against Rs 558.57 crore as on 31 December 2015 and Rs 313.40 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 0.76% as on 31 March 2016 as against 0.66% as on 31 December 2015 and 0.41% as on 31 March 2015. The ratio of net NPAs to net advances stood at 0.29% as on 31 March 2016 as against 0.22% as on 31 December 2015 and 0.12% as on 31 March 2015.
FMCG stocks gained. Britannia Industries (up 1.19%), Colgate-Palmolive (India) (up 1.13%), Dabur India (up 1.11%), Godrej Consumer Products (up 0.08%), Nestle India (up 0.19%), Tata Global Beverages (up 0.78%), GlaxoSmithkline Consumer Healthcare (up 0.13%), Jyothy Laboratories (up 0.41%), rose.
Marico (down 1.11%), Bajaj Corp (down 0.97%), Procter & Gamble Hygiene and Health Care (down 0.31%) and Hindustan Unilever (down 0.08%) fell.
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