Nifty closes below 9,300-mark; Sensex ends lower by 268 points
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Banking stocks were trading on a cautious note after when President Pranab Mukherjee on Friday approved the ordinance to amend the Banking Regulation Act 1949.
Nifty Bank was trading at 22,718.90, down 2 points or 0.01%.
On NSE, Nifty PSU index emerged as the sole gainers by trading at 3,867.50 above 50 points or 1.31%.
Public sector banks were mostly trading positive with Canara Bank taking lead at Rs 409.60 a piece above 5.53%, followed by Union Bank at Rs 200.50 a piece (5.25%), Oriental Bank of Commerce at Rs 185.80 a piece (2.23%), Punjab National Bank at Rs 183 a piece (1.98%) and Bank of Baroda at Rs 198.20 a piece (1.25%).
Other gainers were SBI (Rs 301.50 a piece), Syndicate Bank (Rs 90.80 a piece), Allahabad Bank (Rs 88.30 a piece) and Bank of India (Rs 192.60 a piece) trading positive in the range of 0.10% - 0.90%.
Major private banks were trading in red with Axis Bank taking the top spot trading at Rs 507.30 a piece down 2.23%, followed by Yes Bank at Rs 1,613.65 a piece (0.81%), IndusInd Bank at Rs 1,414.65 a piece (0.39%), HDFC Bank at Rs 1,532.60 a piece (0.14%) and ICICI Bank at Rs 297.70 a piece (0.03%).
Share price of Tata Motors tumbled by nearly 2% after when its luxury car- Jaguar Land Rover reported 2.3% decline in car sales for the month of April 2017.
At 1031 hours, Tata Motors was trading at Rs 428 per piece down Rs 9 or 1.95%.
Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles on Friday reported April retail sales of 40,385 units, down 2.3% on April 2016. The company sold 219,891 vehicles in the first four months of 2017, up 9.9% compared to the same period a year ago.
Top gainers on BSE involved - Asian Paints trading at Rs 1,149.55 per piece above 1.71%, followed by Coal India at Rs 283.30 per piece (1.13%), Adani Ports at Rs 343.30 per piece (1.09%), State Bank of India at Rs 300.25 per piece (0.49%) and Hero MotoCorp at Rs 3,400.40 per piece (0.19%).
Losers involved Gail India at Rs 419.35 per piece (1.99%), ONGC at Rs 185.10 per piece (1.93%), ITC at Rs 277.25 per piece (1.37%), Larsen & Toubro at Rs 1,710 per piece (1.28%) and Infosys at Rs 924.75 per piece (1.23%).
The Dalal Street on Friday opened in red as cues from global markets were subdued.
At 9.20 am, Sensex was trading at 30,059.30 down 67 points or 0.22%, while Nifty 50 was trading at 9,335.95 below 24 points or 0.26%.
Analysts at HDFC Securities said, "Indian equity markets may open flat to slightly lower on Friday as cues from global markets are subdued on account of weak commodities data. PSU Banking & FMCG are expected to trade in positive zone, while Automobile & Metal are expected to trade in negative zone Crucial support for Nifty is at 9325 level, while strong immediate resistance is at 9385."
Asian markets were trading lower as China and Hong Kong shares take hit.
A Reuters report said, "Asian stocks are set for a third straight day of losses on Friday as a retreat in crude oil and other commodities prices knocked global sentiment, although receding concerns about France`s presidential election kept the euro near six-month highs."
Hong Kong's Hang Seng was trading at 24,486.08 down 197 points or 0.80%, while China's Shanghai SE Composite Index tumbled over 20 points or 0.65% trading at 3,107.16.
Also, Austrailia and Taiwan shares were trading negative at 5,871.60 and 9,930.82 below 0.56% and 0.37% respectively.
Stocks in focus will be.
Banking Stocks will be in focus as President Pranab Mukherji will likely to promulgate on Friday an ordinance giving greater powers to the Reserve Bank to tackle mounting bad loans, a top source said.
Cabinet on Wednesday approved the amendment in Banking Regulations Act to tackle banks' NPA crisis.
Housing Development Finance Corp (HDFC): The company reported 22% decline in standalone net profit for the fourth quarter ended March 31, 2017, result. Standalone net profit of Rs 2,044.20 crore, a decline of 21.58% compared to Rs 2,607.05 crore in the similar period of previous year.
Godrej Properties: On Thursday the company reported consolidated net profit of Rs 62.58 crore for the fourth quarter ended March 31, 2017, result, compared to net loss of Rs 10.73 crore in the corresponding period of previous year. However, net profit declined by 18.99% from Rs 77.25 crore in the preceding quarter.
Bank of Maharashtra: The bank reported net loss of Rs 455.45 crore, which widened from net loss of Rs 119.84 crore in Q4FY16 and Rs 182.51 crore in Q3FY17. Provisions were at Rs 1,833.37, clocking rise of 169.80% year-on-year (YoY) and 213.17% quarter-on-quarter (QoQ). Gross non-performing assets (GNPA) was at 16.93%, expanding by 759 basis points yoy and 185 basis points qoq.
L&T Technology: The company has signed a definitive agreement to acquire Esencia Technologies Inc, USA. The acquisition will also include its Indian subsidiary i.e Esencia Technologies India Private Limited. L&T Tech will have to pay $27 million in tranches for Esencia Tech acquisition.
Exide Industries: In its fourth quarter ended result, the company reported net profit Rs 165 crore, declining by 7% yoy. Total sales stood at Rs 2,220 crore rising by 26% yoy.
Bank of India (BOI): The bank in a BSE filing, said to issue preference shares up to 112.4 million shares at Rs 133.51 per share to the Government of India.
Indian markets may open in green for second consecutive day.
On Friday, Sensex closed on 30,126.21 above 231.44 points or 0.77%; while Nifty 50 finished at 9,359.90 higher by 47 points or 0.51%.
In the broader market, the S&P BSE Mid cap and the S&P BSE Small cap indices gained 0.5% and 0.4%, respectively. The market breadth, indicating the overall health of the market, was slightly positive. On the BSE, 1,431 shares rose and 1,423 shares declined. A total of 150 shares were unchanged. NSE cash turnover was at Rs. 27, 608 cr.ore.
European markets gained over half percent and US Future was up. US Federal Reserve kept key policy rates unchanged. Brent Crude fell to 2-month low at $50/bbl.