LIVE: Markets cheer post positive inflation data; Nestle down 3%
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Sector-wise, Metal (226.17 points), Banking (186 points) amd Healthcare (157.18 points) were top gainers and Consumer durables (-121.21 points) and IT (-65.2 points) were top losers.
Shares of UCO Bank dropped over 5% after the Reserve Bank of India (RBI) has initiated a 'Prompt Corrective Action' against the bank due to rise in bad loans and negative return on assets.
At 1232 hours the shares of the bank were trading at Rs 39.30 per piece, down 5.42% or Rs 2.25 on BSE.
Idea Cellular shares dropped 5% after reporting poor Q4 result. At 1105 hours the shares of the company were trading at Rs 87.45 per piece, down 5.36% or Rs 4.95 on BSE.
For the second straight month, the company reported a net loss of about Rs 327.9 crore in Q4FY17 as against a net profit of Rs 451.9 crore during the same period a year ago.
Revenue declined 6% QoQ and 14% YoY to Rs 81.3 billion. EBITDA, however, grew 1% QoQ (but declined 39% YoY) to Rs 21.9 billion.
Shares of Inox Wind dropped nearly 19% during the morning trade on poor Q4 results. At 1103 hours the shares of the company were trading at Rs 169.55 per piece, down 16.04% or Rs 32.40 on BSE.
The company's net profit dropped by 36.6% to Rs 128 crore on year-on-year basis. The EBITDA fell by 26.5% to Rs 230 crore as against the same quarter previous year.
Shares of FMCG-major Nestle India dropped nearly 3% after the company missed estimates for financial result for the first quarter ended on March 31. At 1008 hours the shares of the company were trading at Rs 6630.80 per piece, down 2.77% or Rs 188.75 on BSE.
The company follows January-December financial year calender.
The company posted a net profit of Rs 307 crore, a rise of 6.7% as against Rs 287 crore during the same period last year.
On the third-straight day, Rupee opened by rallying 23 paise to 64.08 against the US dollar in early session today, on the back of positive economic data.
Shares of Tata Steel jumped nearly 2% ahead of its quarterly result announcement tomorrow. At 0958 hours the shares of the company were trading at Rs 444.80 per piece, up 1.84% or Rs 8.06 on BSE.
In Q3FY17, the company had reported a consolidated net profit of Rs 232 crore as against the loss of Rs 2,747.7 crore in Q3FY16.
On 30-share benchmark, among top gainers were ONGC (1.81%), ICICI Bank (1.70%), Tata Steel (1.48%), HDFC (1.36%) and Dr Reddy's Lab (1.16%). Among top losers were Cipla (-0.77%), Infosys (-0.76%), Hero MotoCorp (-0.39%), Wipro (-0.39%) and Reliance Industries (-0.09%).
Domestic markets opened in green. At 0915 hours Sensex was trading at 30,300.52, up 112.37 points or 0.37%, while NSE at 9,430, up 29.10 points or 0.31%.
During the pre-open market, while Sensex opened in gree, Nifty slipped below 9,400-mark. At 0905 hours, Sensex was trading at 30,300.17, up 112.02 points or 0.37%, while Nifty was at 9388.80, down 12.10 points or 0.13%.
Here's what experts outlook say on today's market opening:
IDBI Capital in its research report said, Nifty is approaching towards the 75% level of price extension pattern placed at 9500. Nifty support levels are 9400-9370-9320 while Nifty may face resistance at 9450-9500-9550 levels.
Any short-term dip in the market can be considered as buying opportunity as the overall chart pattern as per larger time frame is bullish and Nifty is likely to keep moving towards the target of 9550 and next target of around 10040 with some hiccups on the way. Some stocks like INFY, PERSISTENT, IOC and are looking good, the report added.
Moreover, Motilal Oswal, in its research report mentioned that "Nifty index on Friday opened positive but failed to hold its opening gains and corrected towards 9372. However it witnessed a recovery of 30 points from lower levels but formed a Bearish Candle on the daily chart and finally closed negative with the loss of around 20 points. Now it has to continue to hold above 9380 zone to witness an up move towards 9450 and 9500 while on the downside a break below support zone could drag the index towards 9320 then 9250."
On global markets front, Asian stocks were resilient on Monday, edging up to a two-year high after shaking off threats posed by a ransomware attack that locked up more than 200,000 computers in over 150 countries, a missile test by North Korea and weak US data, as reported by Reuters.
MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.1%. It touched its highest level since June 2015 earlier in the session. Japan`s Nikkei narrowed losses to 0.15%, the report said.
Stocks in Focus:
Idea Cellular: On Saturday, Idea Cellular announced its financial results. The company posted its second straight quarterly loss after a rival carrier`s free services hit sales and eroded margins.
Idea made a consolidated net loss of about Rs 327.9 crore in Q4FY17, compared with a net profit of about Rs 451.9 crore a year ago.
Yes Bank: Yes Bank on Friday afternoon clarified that the disclosure the bank made in divergence in asset classification and provisions in non-performing assets (NPAs) in its Annual Audited Financial Statement is in conformity with the Reserve Bank of India (RBI) guidelines.
As per the annual report, FY2016 GNPA, per RBI assessment was Rs 4930 crore compared to Rs 750 crore reported by the bank. Consequently, provisions during FY16 would have been at Rs 1320 crore vs Rs 460 crore reported by the bank.
Karnataka Bank: The bank reported net profit of Rs 138.37 crore in Q4FY17, a rise of 30% as against Rs 106.7 crore during the same period last year.
UCO Bank: Due to high bad loans and negative return on assets, the Reserve Bank of India (RBI) has initiated a 'Prompt Corrective Action' against UCO Bank. According to a PTI report, the gross non-performing assets (NPAs) or bad loans of the bank grew to 17.12% of gross advances at the end of 2016-17, from the earlier 15.43%.
Q4 result announcement today: Vedanta, Colgate Palmolive, JK Tyre, South Indian Bank, Bata India and Kajaria Ceramics are set to announce its financial result for the quarter ended on March 31.
Domestic markets are likely to react to macro-economic data which were released on Friday post market hours. India's annual consumer price inflation (CPI) or retail inflation eased to 2.99% in April, helped by smaller rises in food prices. Food inflation was 0.61% last month, lower than 1.93% in March.
India's wholesale inflation or Wholesale Price Index (WPPI) for the month of April 2017 rose 3.85% as against the same month of last year. Data release by the government showed that wholesale inflation in primary articles rose 1.82% while WPI in food articles grew 1.16% as against corresponding period of last year.
India's factory output or Index of Industrial Production (IIP) grew 2.7% in the month of March 2017 as against a drop of 1.2% in February 2017. Manufacturing output grew 1.2% on an year on year basis and electricity production grew 6.2% while mining rose 9.7% as against March of last year.
Domestic markets are likely to open in green amid mixed global cues. On Friday, BSE Sensex closed at 30,188.15, down 62.83 points or 0.21%, while NSE Nifty ended at 9,400.90, down 21.50 points or 0.23%.