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News End-Session

 
Market settles higher on positive global signals
19-Apr-18   16:31 Hrs IST

Key benchmark indices settled higher on positive global cues. The barometer index, the S&P BSE Sensex, rose 95.61 points or 0.28% to settle at 34,427.29. The Nifty 50 index rose 39.10 points or 0.37% to settle at 10,565.30. Metal and mining stocks were in demand. The Sensex and the Nifty, both, settled at their highest closing levels in more than seven weeks.

Overseas, most European shares rose as soaring oil prices triggered a broader rally across commodities. Asian stocks rose, building on gains a day earlier, with oil prices at 3-1/2-year highs helping to boost sentiment for the region's equities.

In US, the Dow industrials ended lower yesterday, 18 April 2018 as IBM's shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April.

The Fed's Beige Book showed that economic activity remained at a modest to moderate pace, though nine of the 12 regional banks expressed concerns about trade tariffs, centered on the tit-for-tat spat between Beijing and Washington.

Back home, key indices resumed uptrend after taking a one-day pause yesterday, 18 April 2018, on positive Asian stocks. Indices gyrated in a small range throughout the day.

The Sensex rose 95.61 points or 0.28% to settle at 34,427.29, its highest closing level since 26 February 2018. The index rose 147.14 points, or 0.43% at the day's high of 34,478.82. The index rose 27.23 points, or 0.08% at the day's low of 34,358.91.

The Nifty 50 index rose 39.10 points or 0.37% to settle at 10,565.30, its highest closing level since 26 February 2018. The index rose 46 points, or 0.44% at the day's high of 10,572.20. The index fell 20 points, or 0.19% at the day's low of 10,546.20.

The S&P BSE Mid-Cap index rose 0.63%. The S&P BSE Small-Cap index rose 0.60%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,369 shares rose and 1,285 shares fell. A total of 163 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (up 4.46%), the S&P BSE Basic Materials index (up 2.76%), the S&P BSE Capital Goods index (up 1.06%), the S&P BSE IT index (up 0.92%), the S&P BSE Teck index (up 0.88%), the S&P BSE Industrials index (up 0.73%), the S&P BSE Telecom index (up 0.71%), the S&P BSE Realty index (up 0.70%), the S&P BSE Healthcare index (up 0.63%), the S&P BSE Utilities index (up 0.63%), the S&P BSE FMCG index (up 0.56%) and the S&P BSE Power index (up 0.30%), outperformed the Sensex. The S&P BSE Auto index (up 0.14%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.10%), the S&P BSE Bankex (down 0.04%), the S&P BSE Finance index (down 0.07%), the S&P BSE Energy index (down 0.59%), the S&P BSE Consumer Durables index (down 0.86%) and the S&P BSE Oil & Gas index (down 1.31%), underperformed the Sensex.

Metal and mining stocks were in demand. Hindustan Copper (up 11.48%), Hindalco Industries (up 9.13%), National Aluminium Company (up 8.98%), Vedanta (up 6.69%), JSW Steel (up 4.26%), Steel Authority of India (up 4.20%), Jindal Steel & Power (up 4.04%), Tata Steel (up 3.17%) and Hindustan Zinc (up 1.93%), edged higher.

US firm Alcoa reportedly predicted a global deficit for both aluminium and alumina in 2018 due to delays in projects to expand smelters in China.

NMDC rose 1.75%. NMDC said it has reduced prices of lump ore and fines by Rs 100 each to Rs 2,900 per tonne and Rs 2,560 per tonne with effect from 18 April 2018. The announcement was made after market hours yesterday, 18 April 2018.

Index heavyweight and engineering and construction major L&T advanced 1.74% to Rs 1,384.30.

Most private sector banks declined. Axis Bank (down 0.91%), Federal Bank (down 0.91%), Kotak Mahindra Bank (down 0.69%), ICICI Bank (down 0.36%) and RBL Bank (down 0.35%), edged lower. HDFC Bank (up 0.41%), City Union Bank (up 0.61%) and Yes Bank (up 2.83%), edged higher.

IndusInd Bank fell 0.57% to Rs 1,834.10. The bank's net profit rose 26.81% to Rs 953.09 crore on 16.21% rise in total income to Rs 5858.62 crore in Q4 March 2018 over Q4 March 2017. The result was declared during market hours today, 19 April 2018.

IndusInd Bank's gross non-performing assets (NPAs) stood at Rs 1704.91 crore as on 31 March 2018 as against Rs 1498.70 crore as on 31 December 2017 and Rs 1054.87 crore as on 31 March 2017. The ratio of gross NPAs to gross advances stood at 1.17% as on 31 March 2018 as against 1.16% as on 31 December 2017 and 0.93% as on 31 March 2017. The ratio of net NPAs to net advances stood at 0.51% as on 31 March 2018 as against 0.46% as on 31 December 2017 and 0.39% as on 31 March 2017. The bank's provisions and contingencies fell 21.99% to Rs 335.55 crore in Q4 March 2018 over Q4 March 2017.

Shares of state-run banks were mixed. UCO Bank (down 1.69%), Andhra Bank (down 1.19%), Punjab National Bank (down 1.18%), Bank of Maharashtra (down 1.05%), Dena Bank (down 1.05%), Allahabad Bank (down 0.79%), Syndicate Bank (down 0.79%), Corporation Bank (down 0.65%), Bank of India (down 0.14%) and United Bank of India (down 0.08%), edged lower. Central Bank of India (up 0.22%), IDBI Bank (up 0.29%), Union Bank of India (up 0.42%), Canara Bank (up 0.51%), Punjab & Sind Bank (up 0.68%), Vijaya Bank (up 1.30%), Indian Bank (up 1.73%) and Bank of Baroda (up 2.22%), edged higher.

State Bank of India ended flat at Rs 246.25.

Index heavyweight Reliance Industries (RIL) rose 0.33% to Rs 940.10. BP and RIL today announced the sanctioning of the 'Satellite cluster' project in Block KG D6. The companies are moving forward to develop the Block's discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The 'Satellite cluster' is the second of three projects in the Block KG D6 integrated development. The announcement was made during market hours today, 19 April 2018.

The first of the projects, development of the 'R-Series' deep-water gas fields, was sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of about Rs 40000 crore (US$6 billion). They are expected to bring a total ~ 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.

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