Indian benchmark indices languished in the red through the entire trading session today amid weak Asian markets and heavy losses in Japan as the yen surged against the dollar. The S&P BSE Midcap finished up by 1.1%, while the S&P BSE Small Cap finished up by 0.4%. Losses were largely seen in banking and realty stocks. Nifty closed with a a loss of 44 points at 7,806. while Sensex ended with a loss of 170 points at 25,437.
Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 3.11%, while Hong Kong’s Hang Seng is off 1.50% and China’s Shanghai Composite is lower by 0.25%. European markets are trading higher today as French and German shares show gains. The CAC 40 is up 0.31%, while the DAX is up 1.06%. The British FTSE 100 is closed.
ICICI Bank cracked 4% after its net profit plunged 76% in March quarter numbers. The Bank posted a net profit of Rs.7018.90 million for the quarter ended March 31, 2016 compared with Rs.29220 mn for the quarter ended March 31, 2015.
Commenting on the same, Amar Ambani, Head of Research at IIFL, said, “Deposit growth was strong at 17% yoy with CASA deposits growing slightly ahead. Sustained strong traction in savings deposits was impressive and the SA ratio stood at a historic high of 32%. If economic recovery gains momentum from FY18, then RoA delivery could reach 1.6% in FY19 aided by a substantially improved business franchise and improved credit environment. Striping the valuation of subsidiaries, the stand‐alone bank is trading at an undemanding valuation of 1.1x FY18 P/ABV. A highly capitalized balance sheet and headroom to generate profits through divestment of stake in subsidiaries provides high comfort about the bank’s ability to absorb credit shocks.”
The India VIX (Volatility) index was up 3.35% at 17.0925. The BSE Midcap index ended up 1.1% and Smallcap index gained 0.39%.
The consumer durables, metal, basic materials and oil & gas were among the top gainers. On the other hand, banking, IT, realty and pharma stocks ended with losses.
On the global front, Asian stocks ended lower after Japanese benchmark index tumbled over 3% and Australian bank shares selling off. Nikkei 225 cracked 3.21% to 16,147. China’s Shanghai Composite index closed marginally lower and Hang Seng ended 1.5% lower to 21,067.05.
In Europe, the FTSE 100 is trading lower by 1.29%. DAX trading up 0.32% and the CAC 40 are up by 0.7%.
Balaji Amines Limited, Bharat Bijlee Limited, Biocon Limited, Blue Coast Hotels Limited Bodal Chemicals Limited, Cholamandalam Investment and Finance Company Limited, DPSC Limited Elgi Rubber Company Limited Gujarat Narmada Valley Fertilizers and Chemicals Limited, Hind Syntex Limited, IndusInd Bank Limited, Inventure Growth & Securities Limited, JHS Svendgaard Laboratorie, L&T Finance Holdings Limited,Mahindra & Mahindra Financial Services Limited, Marico Limited, Meghmani Organics Limited, Navin Fluorine International Limited, Noesis Industries Limited, Parrys Sugar Industries Limited, Piramal Enterprises Limited, Prakash Constrowell, SKS Microfinance Limited, Shriram Transport Finance Company Limited, Supreme Petrochem Limited, Tarmat Limited, UPL Limited, V.S.T Tillers Tractors, Yes Bank were some of the prominent stocks to log a fresh 52-week high.
USDINR trade today trading to 66.34
Out of 1,433 stocks traded on the NSE, 721 declined and 666 advanced today.
Top 5 Nifty Gainers: Tata Motors (3.18%) Adani Ports & Sez (3.15%), L& (2.08%),HDFC Bank (2.05%), and NTPC (1.70%).
Top 5 Nifty Losers: Sun Pharma (-.0.41%), GAIL (-0.35%), Coal India (-0.31%), Dr Reddys Lab (-1.51), TCS –(0.05%)
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