Sensex gives away 11 points; Nifty down 0.41%; ITC top loser
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The Dalal Street may open in green on Friday following positive sentiments among global cues.
On Thursday, Sensex closed at 30,029.74 down 104 points or 0.34%, while Nifty 50 ended slightly lower by 10 points or 0.10% at 9,342.15.
Analysts at HDFC Securities said, "If Nifty sustains above 9340 level then traders could expect positive move in the Nifty towards 9360 followed by 9400 level. If Nifty sustains below 9320 level for first hour of trade then traders may see down move, which could take Nifty towards 9265 level followed by 9220 level."
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Indian markets ended on lower note with Sensex giving away more than 110 points.
Sensex closed at 29,918.40 down 112 points or 0.37%, while Nifty ended at 9,304.05 below 39 points or 0.41%.
Top gainers on BSE were - ONGC at Rs 186.30 per piece up 3.76%, followed by State Bank of India at Rs 289.45 per piece (2.66%), Maruti Suzuki at Rs 6,525.50 per piece (2.42%), ICICI Bank at Rs 278.50 per piece (1.62%), Asian Paints at Rs 1,120.50 per piece (1.62%) and Adani Ports at Rs 326.90 per piece (1.25%).
Losers involved ITC at Rs 278.60 per piece down 2.28%, followed by HDFC at Rs 1,537.05 per piece (1.93%), HDFC Bank at Rs 1,542.15 per piece (1.60%), TCS at Rs 2,272.10 per piece (1.27%) and Hindustan Unilever at Rs 934.70 per piece (1.23%).
Share price of Federal Bank touched a 52-week high of Rs 107.75 per piece after when the bank reported nearly 25 times jump in Q4 net profit.
At 1439 hours, Federal Bank was trading at Rs 106.80 per piece on BSE, soaring over Rs 12 or 12.90%.
The bank reported net profit in Q4 to Rs 256.59 crore a huge 2400% rise from Rs10.26 crore a year ago.
Net interest income (NII) increased by 22.8% to Rs842.39 crore from Rs686.09 crore last year. However, provisions and contingencies dropped by 68.43% to Rs122.70 crore in the quarter from Rs388.64 crore in the same quarter last year.
Gross NPA stood at 2.33% in Q4, contracting by 51 basis point yoy and 44 basis points qoq.
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Union Bank of India in its meeting held on Friday have decided to raise capital funds from issuance of additional tier 1 (AT1) bonds.
In a BSE filing, the bank said"To raise capital funds up to Rs 6,350 crore during the year 2017-18 in the form of core equity capital and or additional tier 1 (AT1) bonds and or Tier 2 bonds, subject to maximum issue of Rs 4,800 crore within overall limit of Rs 6,350 of AT1 bonds or Tier 2 bonds."
Further the bank has decided yo raise equity capital not exceeding upto Rs 4,950 crore within overall limit of Rs 6,350 crore through public issue or rights issue or private placement which also includes qualified institutional placement (QIPs).
Share price of Union Bank is trading at Rs 169.25 per piece on BSE, above Rs 9 or 5.88%.
Experts outlook on the estimated market movement today.
After when Sensex entered below 30,00-mark, Nifty too followed the suit by trading below 9,300-level on Friday.
At 1247 hours, Nifty 50 was trading at 9,294.30 down 48 points or 0.51%.
Sectors like FMCG, IT, Auto, Bank and realty were among losers on the index.
Nasdaq closed at the record high.
Where Nifty was taking hit on Friday trading session, Public Sector Undertakings (PSU) banks had favour in the eye of investors as they emerged among top gainers on the index.
Nifty PSU Bank was trading at 3,587.45 above 49 points or 1.41% at 1048 hours.
All state-owned banks were trading positive with Union Bank taking the lead trading at Rs 169.15 per piece up 5.92%, followed by Syndicate Bank at Rs 78.30 per piece (3.03%), Canara Bank at Rs 338.90 per piece (2.93%), Oriental Bank at Rs 167.05 per piece (2.64%), Andhra Bank at Rs 66.95 per piece (2.14%) and Bank of Baroda at Rs 185.20 per piece (2.09%).
Other gainers were IDBI Bank at Rs 76.35 per piece above 2.07%, Allahabad Bank at Rs 79.25 per piece (1.55%), Punjab National Bank at Rs 166.50 per piece (1.99%) and State Bank of India at Rs 284.70 per piece (0.94%).
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The Indian Rupee was trading higher against US dollar. The rupee was trading at 64.226 above 0.101 paisa or 0.16% against dollar.
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Gainers on BSE were - Bajaj Auto trading at Rs 2,890 per piece up 1.39%, Maruti Suzuki at Rs 6,431 per piece (0.94%), Tata Steel at Rs 449.30 per piece (0.80%), Axis Bank at Rs 509.35 per piece (0.67%), State Bank of India at Rs 283.75 per piece (0.60%) and Adani Ports at Rs 324.65 per piece (0.56%).
Losers involved ITC at Rs 281 per piece down 1.44%, followed by HDFC Bank at Rs 1,547.65 per piece (1.24%), Hindustan Unilever at Rs 936.05 per piece (1.09%), HDFC at Rs 1,551.90 per piece (0.99%), TCS at Rs 2,281 per piece (0.89%) and Cipla at Rs 557 per piece (0.70%).
Indian markets open in red on Friday with Sensex sliding down below 30,000-mark ahead of US' first quarter gross domestic product (GDP) data.
At 9.27 am, Sensex was trading at 29,911.56 down 118.18 points or 0.39%, while Nifty was trading at 9,308.35 lower by 34 points or 0.36%.
Analysts at Motilal Oswal said, "Overall the results season has been positive till now. US markets ended flattish and Asia is also trading ranged. Post the sharp up move in Indian markets, some consolidation cannot be ruled out but overall bias remains positive."
For Nifty they added, "Nifty index remained in a narrow range and closed with the marginal loss of around 10 points on the last trading sessions of April series. It seems to taking a pause after a swift rally of 250 points in last three sessions but major trend of the market is still positive as it is making higher lows. Now it has to hold above 9350 to extend its up move towards 9400-9420 while on the downside multiple support are seen at 9280 and 9250."
Key events to watch:
Major companies like Ambuja Cement, CEAT, Federal Bank, IDFC, Coromandel International and Raymond will be announcing their fourth quarter ended March 31, 2017 result.
Also, United States and United Kingdom will release their gross domestic data for first quarter later on Friday.
Asian markets are trading lower as Chinese and Hong Kong shares fall.
Hong Kong's Hang Seng was trading at 24,589.72 down 109 points or 0.44%, while China's Shanghai SE Composite Index tumbled by nearly 14 points or 0.42% trading at 3,138.83.
Japan's Nikkei 225 also took the hit by trading below 39 points or 0.20% at 19,213.09.
Meanwhile, Austrailia shares have slide down 16 points or 0.26% trading at 5,929.20.
Only Taiwan shares were trading positive at 9,873.24 up 12 points or 0.13%.
A Reuters report said, "Markets are awaiting further direction in the form of first-quarter U.S. gross domestic product data and consumer confidence for April due later in the session."
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Stocks in focus will be:
Maruti Suzuki: The company in its fourth quarter ended March 31, 2017 result reported net profit of Rs 1,709 crore, rising by 15.77% compared to Rs 1,476.2 crore in the corresponding period of the previous year.
However, Q4FY17 net profit has declined by 2.03% from Rs 1,744.50 crore of the preceding quarter.
Kotak Mahindra Bank: Private sector lender Kotak Mahindra announced its financial result for the quarter ended on March 31. The bank reported a standalone net profit of Rs 976 crore, a rise of 11% on quarter-on-quarter basis as it posted a net profit of Rs 880 crore in the previous quarter. On year-on-year basis, the bank's net profit rose by 40% as against Rs 696 crore in Q4FY16.
Indian Oil Corporation: The state-owned said that its Pardip refinery is operating 80% - 85% of capacity now. However, the company cuts oil imports by over 10% to expand spot purchases.
Indraprastha Gas Limited: The company on Thursday approved the raising of FII, FPI limit to 30% from previous 24%.
Shriram Transport Finance: The company reported net profit of Rs 149.63 crore in Q4 result, just rising by 3.96% as against Rs 143.92 crores recorded in the same period of the previous year. Also Net interest income for the fourth quarter ended 31st March, 2017 stands at Rs 1,408.69 crores as against Rs 1,455.96 crores in the same period of the previous
year.Biocon: The company's Q4FY17 consolidated net profit declined by 58% to Rs 148.4 crore compared to Rs 354.4 crore in the corresponding period of the previous year.
TVS Motors: The company said that the net profit fell nearly 7% in Q4FY17 to Rs 127 crore on the back of lower motorcycle sales at home. While total income climbed 1.6% to Rs 3139 crore during this period.
Tata Motors: The company announced its plan to supply 3192 Safari Strome units to Indian Army
The Dalal Street may open in green on Friday following positive sentiments among global cues.
On Thursday, Sensex closed at 30,029.74 down 104 points or 0.34%, while Nifty 50 ended slightly lower by 10 points or 0.10% at 9,342.15.
Motilal Oswal said, "There was profit booking which pulled down the market in to negative territory. However, market was range bound despite April F&O expiry."
Also global cues took the hit as in the US , the proposed changes in the tax system included a cut in the corporate tax rate from 35% to 15%
Analysts at HDFC Securities said, "If Nifty sustains above 9340 level then traders could expect positive move in the Nifty towards 9360 followed by 9400 level. If Nifty sustains below 9320 level for first hour of trade then traders may see down move, which could take Nifty towards 9265 level followed by 9220 level."
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