Sensex, Nifty closes in green; ITC top gainer
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Markets closed on positive note. Sensex ended at 30,570.97, up 106.05 points or 0.35%, while Nifty closed at 9,438.25, up 10.35 points or 0.11%.
On BSE, among top gainers were ITC (6.21%), Larsen & Toubro (1.61%), Adani Ports (1.46%), Tata Motors (1.23%) and Hindustan Unilever (1.07%). Among top losers were State Bank of India (-4.46%), Lupin (-3.95%), Gail (-2.48%), Bajaj Auto (-1.98%) and Mahindra & mahindra (-1.95%).
Inox Leisure and PVR Cinemas shares plunged over 3% after the government puts cinema tickets in 28% tax bracket under new tax regime, Goods and Service Tax (GST).
At 1504 hours Inox Leisure was trading at Rs 277.65 per piece, down 3.54% or Rs 10.20. While, PVR Ltd shares were trading at Rs 1485.60 per piece, down 2.21% or Rs 33.60 on BSE.
Shares of Bank of India dropped over 7% after the bank reported poor financial results for the quarter ended on March 31. At 1410 hours the shares of the bank were trading at Rs 165.75 per piece, down 7.14% or Rs 12.75 on BSE.
The bank's gross non-performing assets (NPAs) or bad loans were restricted to 13.22% of the gross advances as at the end of March 2017, against 13.07% year ago. It reported a net loss of Rs 1,045.54 crore in Q4FY17 as against a net loss of Rs 3,587.11 crore during the same period last fiscal.
Shares of Lupin dropped by over 3%. At 1302 hours Lupin was trading at Rs 1271.55 per piece, down 3.30% or Rs 43.35 on BSE.
Lupin today said it has received approval from India's Central Drugs Standard Control Organisation (CDSCO) for Bepotastine tablets, used in treatment of patients suffering from allergic symptoms.
Shares of State Bank of India dropped over 3% after bad loans rise marginally during Q4FY17. At 1030 hours the shares of the bank were trading at Rs 298.60 per piece, down 3.10% or Rs 9.55 on BSE.
On Friday, the bank had announced its financial result for the quarter ended on March 31. The bank reported 122% rise in its standalone net profit for the fourth quarter ended March 31, 2017. The bank posted net profit of Rs 2,814.82 crore in Q4, rising by 122.72% compared to Rs 1,263.81 crore in the corresponding period of the previous year.
In percentage terms, gross NPAs stood at 6.90% versus 6.50% of Q4FY16 and 7.23% of Q3FY17 – expanded by 40 basis points yoy.
Aviation stocks drop after oil climbed by 1.1%. The Organization of the Petroleum Exporting Countries meets in Vienna on May 25 to consider whether to extend output cuts agreed in December last year between OPEC and 11 non-member countries, including Russia, as reported by Reuters.
At 1150 hours, shares of Jet Airways were trading at Rs 497.90 per piece, down 4.10% or Rs 21.30. Shares of InterGlobe Aviation were trading at Rs 1035.95 per piece, down 2.67% and shares of SpiceJet were trading at Rs 105.50 per piece, down 3.83% or Rs 4.20 on BSE.
Sector-wise, FMCG (up 252.98 points), Capital Goods (142.86 points) and Consumer durables (128.44 points) were top gainers. While, Healthcare (-139.25 points), Oil & Gas (-66.37 points) were top losers.
Shares of ITC Ltd on Monday touched 52-week high. At 1017 hours the shares of ITC were trading at Rs 296.40 per piece, up 3.67% or Rs 10.50 on BSE.
The company's shares are rising on the back of Goods and Service Tax (GST) rollout coming closer on July 1. The company cheered the set GST rates by the government.
Rupee opened strong by 15 paise to 64.49 against dollar in early trade on selling of the US dollar by banks and exporters.
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Shares of V-Guard Industries plunged over 4% after the company missed estimates of financial result for the quarter ended on March 31.
The company reported a net profit of Rs 41.85 crore, a drop of 0.3% as against Rs 41.95 crore during the same period last year. Net revenue from operations was up 21% to Rs 623.26 crore in Q4FY17 as compared to Rs 513.30 crore during Q4FY16.
On 30-share benchmark, among top gainers were ITC (2.73%), Bharti Airtel (1.41%), Larsen & Toubro (1.21%), Tata Motors (1.03%) and Axis Bank (0.92%). Among top losers were GAIL (-1.52%), Sun Pharma (-1.30%), Lupin (-0.91%), Asian Pain (-0.90%) and State Bank of India (-0.70%).
Tata Motors came under focus after the company on Saturday launched its new BS IV-ready medium and heavy duty trucks with 'exhaust gas recirculation' (EGR) and 'selective catalytic reduction' (SCR) technologies in Tamil Nadu.
The company has perfected both technologies for its wider range of commercial vehicles from SCVs to HCVs as per technical suitability to meet the recently implemented emission standard instituted by the Centre
Domestic markets on Monday opened firm. At 0919 hours BSE Sensex was trading at 30,691.05, up 217.50 points or 0.71%, while NSE Nifty was trading at 9,482.70, up 54.80 points or 0.58%.
Commenting on the outlook of the market, Motilal Oswal in its research report said, "Nifty index opened positive for the day and it as a rotational day as uncertainties in the market were palpable.
"It was a high-wave candle on the daily chart suggesting high volatility environment in the making. Nifty is now just at the touch point of the major long term trend line and hence it is a crucial support for the index. If Nifty sustains below 9380 then a decline could be seen towards 9300 while on the upside a trade above 9480 will signal a rally to 9550 levels."
Indices on Monday traded in firm during the pre-open market session. At 0902 hours Sensex was at 30,555.27, up 90.35 points or 0.30%, while Nifty was at 9469.90, up 40.45 points or 0.43%.
On Global markets front, Asian stocks are set to edge higher on Monday following cautious gains on Wall Street, though the dollar is set to come under pressure as Washington`s political turmoil undermines confidence in U.S. economic policy, as reported by Reuters.
MSCI`s broadest index of Asia-Pacific shares outside Japan edged up 0.42% on Monday helped by some gains in Korean and Japanese stocks.
Just Dial: Just Dial on Saturday reported 37% decline in net profit at Rs 25.35 crore for the quarter ended March 31.
The company had reported a net profit of Rs 40.29 crore in the corresponding quarter a year ago, Just Dial said in a BSE filing.
Total income from operations during the quarter under review stood at Rs 194.34 crore as against Rs 198.48 crore during the same period of the previous fiscal.
Bajaj Auto: According to a report by PTI, Bajaj Auto is hoping to put up an improved sales show in 2017-18 on the back of recoveries in both domestic and export markets after a rough ride last fiscal.
Hence, with an aim to increase its overseas shipments, the company plans to enter at least five new markets this fiscal.
Corporation Bank: Corporation BankBSE -2.50 % posted a profit of Rs 159.98 crore for the quarter ended on March 31 despite rise in bad lons. The bank had a net loss of Rs 510.9 crore in the January-March quarter of 2015-16, Corporation Bank said in a statement.
Mahindra & Mahindra: The company on Sunday announced that it plans to invest directly and/or through its subsidiary(ies) in high-end electric powertrain technology as part of its plan for the future of mobility.
Also it plans to invest in electrification of some of its existing and future products. The investments will also be utilised towards increasing the capacity for electric powertrains and electric vehicles. The high end electric powertrains will be used for the Group's future line up of electric vehicles, the company said.
Earnings announcement today: Bank of Inida, GAIL India, Engineers India, Godrej Industries, Allcargo Logistics, along with other companies are set to announce its financial result for the quarter ended on March 31.
Domestic markets on Monday are likely to open in green on positive Asian cues. On Friday, BSE Sensex closed at 30,464.92, up 30.13 points or 0.10%, while NSE Nifty ended at 9,427.90, down 1.55 points or 0.02%.
For this week, the experts are expecting high volitality after witnessing four successful sessions. Moreover, Futures & Options monthly expiry is due on Thursday which will keep the markets more volatile.
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