Daily Market Commentary : 27th April 2016

After enjoying a fantastic rally and taking over the 26000 and 7950 mark on Tuesday, the benchmark indices ended at highest levels for the calendar year. The ongoing results season met expectations with Infy, HDFC Bank, IndusInd Bank and Reliance Industries announcing better than expected numbers. Today’s sentiment got a fillip after index constituent Yes Bank came out with another resilient quarterly earnings. Nifty closed with a gain of 17 points at 7,980 while Sensex ended with a gain of 57 points at 26,064.

The India VIX (Volatility) index was down 1.37% to 16.5. The BSE Midcap and Smallcap indices ended with marginal up.

On the global front, Asian stocks ended on a negative zone ahead of the outcome of the US Fed meet later today. China’s Shanghai Composite index and Hang Seng closed lower 0.2% each.

In Europe, the FTSE 100 is trading marginally lower by 0.16%. On the other hand, DAX and the CAC 40 are marginally lower 0.2% each.

NHPC cracked 6.5% to Rs.21.55. NHPC OFS Institutional portion has been fully subscribed. The non-retail bid got subscribed at 1.5x until 12:15 PM. The government will sell an 11.36% stake in state-owned hydropower producer NHPC Ltd through a two-day offer for sale (OFS).

Raymond surged 5% to Rs.419 after the company reported 161% growth in consolidated net profit at Rs 56.2 crore for the quarter ended March 31, 2016 compared with Rs 21.5 crore in the same quarter last fiscal.

IDFC Bank slipped 6% to Rs.49.80 after the bank reported weak earnings for the fourth quarter ended March 2016 and increase in non-performing assets.

Bharti Infratel rallied 3.2% to Rs.375.35 on BSE. The company reported consolidated net profit of Rs. 661.70 crore for the quarter ended March 31, 2016, registering growth of 18.69% yoy and 17.03%.

Axis Bank dropped 3.1% to Rs.466 on BSE. The bank reported standalone net profit of Rs.2,154.28 crore for the quarter ended March 31, 2016, registering decline of 1.21% yoy and 0.97% qoq. The bank’s standalone NII stood at Rs. 4,552.59 crore, up 19.83% yoy and 9.38%.

Yes Bank gained 0.6% to Rs.916 on BSE. The bank reported standalone net profit of Rs. 702.11 crore for the quarter ended March 31, 2016, registering growth of 27.43% yoy and 3.9%.

USDINR trade today trading up 9 paise at 66.43.

Out of 1,805 stocks traded on the NSE, 791 declined and 743 advanced today.

Top 5 Nifty Gainers: Bharti Airtel (1.63%) Coal India (0.93%), Lupin Ltd (0.91%), HDFC Bank (0.84%), and Axis Bank (0.75%).

Top 5 Nifty Losers: ITC Ltd (-1.37%), BHEL (-0.98%), Maruti Suzuki (-0.93%), GAIL (-0.58%) and Infosys Ltd (-0.57%).

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