A bout of volatility was witnessed as key benchmark indices trimmed losses in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was off 49.88 points or 0.18% at 27.256.95. The losses for the Sensex were lower in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently off 23.20 points or 0.28% at 8,238.45. The Sensex and the Nifty reversed direction after both these key benchmark indices struck their highest level in almost 9 weeks in morning trade. The Sensex lost 116.28 points or 0.42% at the day's low of 27,190.55 in early afternoon trade, its lowest level since 16 October 2015. The barometer index jumped 138.41 points or 0.5% at the day's high of 27,445.24 in morning trade, its highest level since 20 August 2015. The Nifty fell 44.50 points or 0.53% at the day's low of 8,217.15 in early afternoon trade, its lowest level since 16 October 2015. The index rose 32.75 points or 0.39% at the day's high of 8,294.40 in morning trade, its highest level since 21 August 2015.
The market breadth indicating the overall health of the market was negative. On BSE, 1,413 shares fell and 1,070 shares rose. A total of 155 shares were unchanged. The BSE Mid-Cap index was down 0.31%. The BSE Small-Cap index was down 0.6%. The decline in both these indices was higher than Sensex's decline in percentage terms.
HDFC Bank edged lower as second quarter results came more or less in line with market expectations. The stock was off 0.29% at Rs 1,091.95. The stock hit a high of Rs 1,103.90 and a low of Rs 1,087.60 so far during the day. The bank's net profit rose 20.49% to Rs 2869.45 crore on 24.68% growth in total income to Rs 17324.28 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 21 October 2015. The bank's net interest income rose 21.2% to Rs 6680.90 crore in Q2 September 2015 over Q2 September 2014.
HDFC Bank's provisions and contingencies rose 49.44% to Rs 681.29 crore in Q2 September 2015 over Q2 September 2014.
On absolute basis, HDFC Bank's gross non-performing assets (NPAs) stood at Rs 3827.77 crore as on 30 September 2015 as against Rs 3652.23 crore as on 30 June 2015 and Rs 3361.65 crore as on 30 September 2014. The ratio of gross NPAs to gross advances stood at 0.91% as on 30 September 2015 as against 0.95% as on 30 June 2015 and 1.02% as on 30 September 2014. The ratio of net NPAs to net advances stood at 0.25% as on 30 September 2015 as against 0.27% as on 30 June 2015 and 0.28% as on 30 September 2014.
The bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.5% as at 30 September 2015 as against 15.7% as at 30 September 2014 and compared with a regulatory requirement of 9%. Tier-I CAR was at 12.8% as on 30 September 2015 compared with 11.8% as on 30 September 2014.
Bajaj Auto rose 2.99% at Rs 2,511.30 after net profit surged 57.9% to Rs 933.06 crore on 2.85% growth in total income to Rs 6250.42 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 21 October 2015.
Pharma stocks were mostly lower. Dr Reddy's Laboratories (down 3.2%), Divi's Laboratories (down 0.78%), Glenmark Pharmaceuticals (down 0.75%), Wockhardt (down 0.4%) and Lupin (down 0.43%) declined. GlaxoSmithkline Pharmaceuticals (up 0.09%), Ipca Laboratories (up 0.32%), Strides Arcolab (up 0.38%) and Cipla (up 0.75%) gained.
Sun Pharmaceutical Industries was off 1.03% at Rs 892.40 as the stock turned ex-dividend today, 21 October 2015, for dividend of Rs 3 per share for the year ended 31 March 2015.
FMCG shares declined. Tata Global Beverages (down 2.23%), Jyothy Laboratories (down 0.72%), Nestle India (down 0.89%), Britannia Industries (down 0.54%), Bajaj Corp (down 0.87%), GlaxoSmithkline Consumer Healthcare (down 0.51%), Godrej Consumer Products (down 0.18%), Dabur India (down 0.85%), Procter & Gamble Hygiene and Health Care (down 0.17%), Marico (down 0.29%), and Colgate Palmolive (India) (down 0.01%) edged lower. Hindustan Unilever (up 0.3%) edged higher.
Bajaj Finserv rose 1.81% at Rs 1,858 after consolidated net profit rose 39.6% to Rs 441.13 crore on 34.9% rise in total income to Rs 2223.80 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 20 October 2015.
In overseas stock markets, Chinese equities retreated from an eight-week high as investors weighed whether an equity rebound had gone too far. The Shanghai Composite ended with losses of 3.06%. Japanese stocks edged higher as data showing lower-than-expected growth in Japan's merchandise exports in September 2015 added to expectations that the Japanese government will announce fiscal stimulus and the country's central bank will announce expansion of its bond-buying program. Weak Japanese data in recent months has fuelled expectations for additional fiscal and monetary stimulus. Recent data showed that Japanese industrial production fell for the second month in a row in August 2015. In Europe, key benchmark indices reversed initial gains.
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