A divergent trend was witnessed on the bourses in what was a highly volatile trading session. The barometer index, the S&P BSE Sensex was slightly lower after trimming losses since hitting an intraday low in late trade. The 50-unit CNX Nifty was marginally higher. The S&P BSE Sensex was provisionally down 23.56 points or 0.11%, up 60.08 points from the day's low and off 78.58 points from the day's high. The market breadth, indicating the overall health of the market, was positive.
Index heavyweight and cigarette major ITC edged lower. Reliance Industries dropped on profit booking after logging gains in the preceding nine trading sessions. IT stocks were mostly higher as the rupee hit almost one-week low against the dollar. TCS rose after the company won a multi-million, multi-year technology contract to manage Bombardier Transportation's newly commissioned German data centres. Wipro advanced ahead of its Q2 September 2013 results today, 22 October 2013. L&T reversed intraday fall in volatile trade after the company during market hours today, 21 October 2013 said that L&T Construction has secured new orders worth Rs 1333 crore in October 2013 in various business segments.
A bout of volatility was seen in early trade as the key benchmark indices once again slipped in red after turning positive from a lower start triggered by negative Asian stocks. Volatility continued as the key benchmark indices regained positive zone after turning negative after hitting intraday high in morning trade. Key benchmark indices were slightly higher after seeing alternate bouts of rise and fall in mid-morning trade. Volatility continued as the key benchmark indices once again drifted lower in negative zone. The barometer index, the S&P BSE Sensex hit intraday low. Key benchmark indices pared losses after hitting fresh intraday low in afternoon trade. Key benchmark indices extended recovery in mid-afternoon trade. A divergent trend was witnessed on the bourses in what was a highly volatile trading session.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1031.79 crore on Monday, 21 October 2013, as per provisional data from the stock exchanges.
As per provisional closing, the S&P BSE Sensex was down 23.56 points or 0.11% to 20,870.33. The index rose 55.02 points at the day's high of 20,948.91 in morning trade. The index fell 83.64 points at the day's low of 20,810.25 in late trade.
The CNX Nifty was up 0.60 points or 0.01% to 6,205.55. The index hit a high of 6,220.10 in intraday trade. The index hit a low of 6,181.80 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,536 shares gained and 1,070 shares fell. A total of 141 shares were unchanged.
The total turnover on BSE amounted to Rs 2153 crore, higher than Rs 2012 crore on Monday, 21 October 2013.
Among the 30-share Sensex pack, 17 stocks declined and rest of them gained. Hindalco Industries (down 1.78%), M&M (down 1.31%) and Cipla (down 0.89%) edged lower from the Sensex pack.
Coal India (up 1.91%), GAIL (India) (up 1.83%) and Sun Pharmaceutical Industries (up 1.82%) edged higher from the Sensex pack.
Index heavyweight and cigarette major ITC fell 0.74% to Rs 342.15.
Reliance Industries dropped 1.35% to Rs 901. The stock fell on profit booking after gaining 8.24% in the preceding nine trading sessions to Rs 913.35 on 21 October 2013 from a recent low of Rs 843.85 on 7 October 2013.
IT stocks were mostly higher as the rupee hit almost one-week low against the dollar.
Wipro gained 1.69% ahead of its Q2 September 2013 results today, 22 October 2013.
TCS rose 0.38% to Rs 2,081.30. The stock had hit record high of Rs 2,258.05 in intraday trade on 15 October 2013. The company after market hours on Monday, 21 October 2013, announced that it has been selected by Bombardier Transportation, a global leader in rail transportation technology, to manage its IT infrastructure for newly commissioned data centers. The multi-year, multi-million deal is the first that TCS has signed with a rail-transportation technology provider, TCS said.
As part of the contract, TCS will provide remote infrastructure management (RIM) to Bombardier Transportation's recently established data centers in Germany. The new data centers will establish a leading-edge technology platform for Bombardier, through introduction of private cloud services paired with a high level of virtualization, TCS said.
HCL Technologies rose 2.86% to Rs 1,115. The stock had hit record high of Rs 1,177 in intraday trade on 15 October 2013. The company last week said its consolidated net profit as per US accounting standards jumped 18.7% to Rs 1416 crore on 14% growth in revenue to Rs 7961 crore in Q1 September 2013 over Q4 June 2013.
Infosys shed 0.08% at Rs 3,333.20, off day's high of Rs 3,363. The scrip had hit a 52-week high of Rs 3,371.15 in intraday trade on Monday, 21 October 2013.
Tech Mahindra shed 0.12% to Rs 1,545, off day's high of Rs 1,568.30. The stock had hit a 52-week high of Rs 1,594 in intraday trade on 17 October 2013.
Hero MotoCorp lost 1.16%. The bike maker declares its Q2 September 2013 earnings tomorrow, 23 October 2013.
HDFC lost 1.03%. The company's net profit rose 10% to Rs 1266.33 crore on 12.82% growth in total income to Rs 5953.98 crore in Q2 September 2013 over Q2 September 2012. The Q2 result hit the market during trading hours on Monday, 21 October 2013.
On a consolidated basis, HDFC's net profit rose 20.08% to Rs 1891.17 crore on 14.97% growth in total income to Rs 9982.71 crore in Q2 September 2013 over Q2 September 2012.
L&T rose 1.49% to Rs 938.90. The stock recovered from an intraday low of Rs 916.25 after the company during market hours today, 21 October 2013 said that L&T Construction has secured new orders worth Rs 1333 crore in October 2013 in various business segments.
L&T said that in Water & Renewable Energy Business, orders valued at Rs 1095 crore have been received from various customers. The Waste Water Business has secured a major turnkey order from the Gujarat Water Supply and Sewerage Board for construction of underground drainage system in nine towns of Jamnagar and Porbandar districts of Gujarat.
A repeat order is also received from Naya Raipur Development Authority for construction of underground storm water pipelines, water supply network and other associated works at Naya Raipur.
Another turnkey order has been received from Kolkata Metropolitan Water and Sanitation Authority under the National Ganga River Basin Authority (NGRBA) for design and construction of sewerage networks and sewage treatment plant at Gayeshpur town, West Bengal.
The Renewable Energy Business has bagged a turnkey order from an esteemed developer for design and construction of a 25 megawatt wind power plant in Tamil Nadu, L&T said.
In the Buildings & Factories Business, new orders worth Rs238 crores have been secured from HLL Lifecare Limited for expansion and modernization of an old hospital and institute building at JIPMER, Puducherry, the company said.
Tata Steel rose 1.49%. Tata Steel, Europe's second largest steelmaker, has won a contract to supply rail track and steel sleeper plate to Britain's Network Rail for at least five years.
Network Rail, the company set up to operate and maintain Britain's rail infrastructure, has chosen to source more than 95% of its rail from Tata Steel until 2019, with the option to extend this until 2024, Tata Steel said in a statement.
The contract could see Tata Steel, which employs 18,500 people in the UK, supplying more than a million tonnes of rail for Britain's passenger and freight lines, the company said.
Yes Bank rose 4.23% after net profit rose 21.25% to Rs 371.13 crore on 30.24% increase in total income to Rs 2947.39 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours today, 22 October 2013.
Yes Bank's total advances grew by 13.6% to Rs 47717.20 crore, while total deposits grew by 29.2% to Rs 67575.10 crore in Q2 September 2013 over Q2 September 2012.
Current and savings account (CASA) deposits grew by 52.5% to Rs 13776 crore in Q2 September 2013 over Q2 September 2012, taking the CASA ratio to 20.4% as at 30 September 2013, up from 17.3% as of 30 September 2012.
The bank's ratio of net non-performing assets to net advances stood at 0.04% as on 30 September 2013, compared with 0.03% as on 30 June 2013 and 0.05% as on 30 September 2012.
The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 0.28% as on 30 September 2013, compared with 0.22% as on 30 June 2013 and 0.24% as on 30 September 2012.
Provisions and contingencies surged 464.51% to Rs 179.12 crore in Q2 September 2013 over Q2 September 2012.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 13.8% as on 30 September 2013, compared with 14.4% as on 30 June 2013.
Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, Yes Bank said, "Yes Bank has delivered a satisfactory quarter of financial performance in a challenging macroeconomic environment. The bank has maintained robust asset quality retaining high specific provision coverage, while further adding to the reservoir of counter cyclical provisions. The bank maintained its growth in infrastructure with branch network crossing the 500-mark milestone, complemented by over 1100 ATMs. Consequently, the bank improved its CASA ratio, significantly added to the overall deposit base, improved the overall granularity of deposits, and maintained net interest margin despite challenging interest rate and liquidity environment. The overall business performance amply demonstrates the resilience of the bank's business model and management team in delivering consistent performance."
Dewan Housing Finance Corporation fell 0.98%. The company's net profit rose 50.4% to Rs 129.14 crore on 42.7% increase in operating income to Rs 1167.21 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 21 October 2013.
In the foreign exchange market, the rupee hit almost one-week low against the dollar. The partially convertible rupee was hovering at 61.64, weaker than its close of 61.52/53 on Monday, 21 October 2013.
European indices were mostly lower on Tuesday, 22 October 2013 as investors opted to stay on the sidelines ahead of the delayed U.S. nonfarm-payrolls report due later in the day. Key benchmark indices in France and Germany were down by 0.1% and 0.13%, respectively. However, UK's FTSE 100 was up 0.1%.
Asian markets were mostly lower on a cautious note as investors awaited US jobs data which will determine when the Federal Reserve would start tapering. Key benchmark indices in Taiwan, Hong Kong, China and Indonesia fell by 0.01% to 1.43%. Key benchmark indices in South Korea, Singapore and Japan rose by 0.13% to 0.45%.
Trading in US index futures indicated that the Dow could rise 3 points at the opening bell on Tuesday, 22 October 2013. US stocks finished little changed on Monday, with the S&P 500 adding a fraction to its record close and the Nasdaq Composite extending gains into a fourth session, bolstered by Netflix Inc., which released earnings just after the close.
The US government will release the influential nonfarm-payroll data for September 2013 today, 22 October 2013. The data has been delayed due to the 16-day partial shutdown of the US government this month.
The Federal Open Market Committee (FOMC) holds a two-day policy meeting on 29-30 October 2013. On 18 September 2013, the Fed surprised economists and investors with its decision to delay scaling back its stimulus amid concerns about the strength of the economic recovery.
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