Sensex falls over 250 points ahead of Oct F&O Expiry

stock market downThe Indian stock market closed down for the second straight day, dragged lower by financial stocks such as Axis Bank after the lender reported a quarterly profit slump and on the back of muted second quarter earnings by some companies.

Besides banks, Tata Group stocks extended their fall after the abrupt ouster of Chairman Cyrus Mistry on Monday, lower global crude oil prices and dampened sentiment ahead of the October month F&O expiry on Thursday.

Among the 50-stocks of Nifty, Idea Cellular, Kotak Mahindra Bank, Hero MotoCorp, Bharti Airtel, Maruti Suzuki and HUL were among the gainers on NSE, whereas Axis Bank, Tata Motors DVR, Tata Steel, Tata Motors, ICICI Bank, Bharti Infratel and Tech Mahindra were among the losers today.

Finally, the BSE Sensex ended with a loss of 255 points at 27,837. The BSE Sensex opened at 28,051, touched an intra-day high of 28,050.55 and low of 27,760.

The NSE Nifty closed with a loss of 76 points at 8,615. The NSE Nifty opened at 8,657 hitting a high of 8,657.30 and low of 8,597.

Heavy selling pressure was witnessed in banking, metal, financial, industrial, pharma, and power stocks, while telecom and consumer durables stocks were among the gainers.

On the economy front, Union Minister Nirmala Sitharaman expressed disappointment at India’s rank remaining low on the ease of doing business front. The efforts and reforms undertaken by the Centre and states have not been adequately captured in the ranking released by the World Bank, Nirmala Sitharaman said.

On the global front, Asian markets closed in red. The Nikkei 225 closed marginally higher. Hong Kong’s Hang Seng index and Shanghai Composite index closed in red.

European markets were trading in red on Wednesday, as oil prices extended losses and investors digested a slew of mixed earnings reports. The FTSE 100 and the CAC 40 were trading lower by 2% each. DAX slipped 1.02%.

The India VIX (Volatility) index was down 0.20% at 14.4525. Out of 1,481 stocks traded on the NSE, 982 declined and 457 advanced today.

The rupee was trading up one paise at 66.82 per US dollar.

Axis Bank tanked 8% to Rs 486 on the BSE. The bank has posted a net profit of Rs 319 crore for the quarter ended September 30, 2016 as compared to Rs 1915.6 crore for the quarter ended September 30, 2015.

Cadila Healthcare dropped 4.8% after the pharma company posted a net profit after taxes, Minority Interest & Share of Profit/Loss of Associates of Rs 338 crore for the quarter ended September 30, 2016 as compared to Rs 475 crore for the quarter ended September 30, 2015.

Suzlon Energy gained 0.48% after the company signed a Share Subscription and Shareholders’ Agreement with Ostro Energy Private Limited for setting-up of a solar power project under Prathamesh Solarfarms Limited, presently a wholly owned subsidiary of the Company, and eventually sale of Prathamesh.

Navneet Education inched up 1% at Rs 110 on the BSE. The company announced the acquisition of Chicago-based Britannica’s Indian curriculum business. Under the agreement, the current Britannica business unit will become an independent company with Navneet.

ITC Ltd closed marginally higher on the BSE. The company posted a net profit of Rs 2,500 crore for the quarter ended September 30, 2016 as compared to Rs 2,262.5 crore for the quarter ended September 30, 2015.

Bharti Airtel Ltd zoomed 2%. The company has posted a net profit of Rs 1460 crore for the quarter ended September 30, 2016 as compared to Rs 1536 crore for the quarter ended September 30, 2015.

A total of 102 stocks registered a fresh 52-week high in trade today, whereas seven stocks touched a new 52-week low on the NSE.

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GST Rollout & Bank NPAs Biggest Market Triggers: Emkay Global

GSTGlobal events like the US Presidential elections and Federal Reserve rate hike are important for foreign inflows and the effect lasts for 2-3 days, says Krishna Kumar Karwa, Managing Director and Chief Financial Officer Of Emkay Global Financial Services.

But he says what matters the most are local factors for the market with recent rise in local inflows into the market. In the long-term, he sees the banks’ non-performing assets’ (NPA) situation and the implementation of the Goods and Services Tax as the biggest long-term triggers for the market.

The Indian economy may have improved considerably following a good monsoon, but Karwa says the earnings may only improve in the second half of current fiscal and will hold strong till the end of FY18.

The market is in a consolidation phase as it has already run ahead of company earnings, says Karwa.

He is positive on branded retail companies and the two-wheeler space. He adds that the telecom sector could bottom out in the next 6-9 months.

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Live Stock Market Updates – Sensex down over 200 points, slips below 28K

150130141223-stock-market-down-780x439The Indian stock market declined for a second straight day weighed down by disappointing second quarter earnings from Axis Bank while Tata Group stocks extend their slide.

The Sensex was trading over 200 points lower, while the Nifty slipped below its crucial psychological support level of 8,650 weighed down by losses in realty, power, oil & gas, metal, consumer durable, and banking stocks.

At 9:30AM, the S&P BSE Sensex is trading at 27,903 down 240 points, while NSE Nifty is trading at 8,627  down 63 points.

The BSE Mid-cap Index is trading down 0.14% at 13,524 whereas BSE Small-cap Index is trading up 0.02% at 13,515.

Bharti Airtel, Hero MotoCorp, Maruti Suzuki, ONGC, HDFC Bank and Bajaj Auto are among the gainers, whereas Axis Bank, ICICI Bank, Asian Paints, Tata Motors and Dr Reddy’s are losing sheen on BSE.

Some buying activity is seen in media, metal and realty sectors, while banking, financial services, auto and FMCG are showing weakness on NSE.

The INDIA VIX is up 1.63% at 14.7200. Out of 1,857 stocks traded on the NSE, 897 declined, 547 advanced and 413 remained unchanged today.

A total of 42 stocks registered a fresh 52-week high in trades today, while two stocks touched a new 52-week low on the NSE.

The rupee opened marginally higher by two paise at 66.80/$ as against the previous close of 66.82/$.

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Axis Bank Q2 profit sinks 83% to Rs 319 cr, provisions up 5-fold

deepika-padukon-axis-bank-capitalheightPrivate sector lender Axis Bank   has reported a whopping 83.1 percent degrowth in profit at Rs 319 crore for July-September quarter YoY, dented by big clean-up of bad loans. Provisions jumped more than 5-fold to Rs 3,623 crore compared with year-ago period.

Net interest income, the difference between interest earned and interest expended, grew by 11.1 percent year-on-year to Rs 4,514 crore on a 18 percent growth in advances despite fall in net interest margin.

“Retail advances grew 25 percent YoY, which accounted for 42 percent of the net advances while corporate credit grew 14 percent that accounted for 45 percent of net advances. SME advances growth was 14 percent while deposits growth was 17.31 percent,” the bank said.

Net interest margin dropped to 3.64 percent in Q2 from 3.79 percent in Q1FY17 and 3.85 percent in Q2FY16.

Operating profit during the quarter rose by 13 percent while other income (including fee and trading profits) or non-interest income showed a 24 percent growth on year-on-year basis.

Asset quality has seen a sharp rise in Q2, driven by watchlist. Gross non-performing assets (NPA) as a percentage of gross advances rose to 4.17 percent from 2.54 percent and net NPA climbed to 2.02 percent from 1.08 percent on sequential basis.

During the quarter, the bank added Rs 8,772 crore (fresh slippages) to gross NPAs, a significant rise compared with Rs 3,638 crore added in previous quarter. Recoveries & upgrades were Rs 1,073 crore and write-offs during the quarter were Rs 873 crore.

“Loans outstanding on the watchlist reduced 32 percent over the previous quarter and stood at Rs 13,789 crore. The reduction primarily represents slippages to NPAs amounting to Rs 7,288 crore, which comprised 89 percent of the total corporate credit slippages,” Axis Bank said in its filing.

With this, the watchlist has reduced to 3.5 percent of customer assets in September 2016, from 5.4 percent in June 2016 and 6.2 percent in March 2016.

In absolute terms, gross NPA shot up 71.4 percent quarter-on-quarter to Rs 16,378 crore and net NPA rose 93.5 percent to Rs 7,761 crore in July-September quarter.

The bank said net restructured assets in Q2 stood at Rs 6,702 crore against Rs 7,363 crore in previous quarter.

During the quarter, it sold assets with a net book value of Rs 1,128 crores to asset reconstruction companies against net sale consideration of Rs 822 crore comprising Rs 159 crore in cash and Rs 663 crore in security receipts value.

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Results to watch out for! Adani Power, Axis Bank, Idea Cellular in focus

Results todayThe results which are expected today are Axis Bank, Adani Enterprises, Idea Cellular, Adani Power,Bharti Infratel, Greenply Industries, Indiabulls Real Estate, Reliance Capital, Rane (Madras),Tata Metalliks, Gujarat State Fertilizers & Chemicals,Kirloskar Ferrous Industries, Rallis India, K.P.R.Mill, Tata Metaliks, Thyrocare Technologies, Swaraj Engines, Lloyds Metals and Energy, Mahindra CIE Automotive, Navin Fluorine International, Supreme Petrochem, Parrys Sugar Industries, Maruti Securities,Muthoot Capital Services.

Adi Finechem, Ador Multiproducts, Ador Welding, Ajmera Realty & Infra, Atishay, Balaji Amines, Bharat Bhushan Share & Commodity Brokers, Aditya Birla Money, Capital Trust, Chemo Pharma Laboratories, Coromandel Engineering Company, GeeCee Ventures, Gujarat Intrux, Indian Metals & Ferro Alloys, Indag Rubber, Johnson Controls-Hitachi Air Conditioning India, Jointeca Education Solutions, KDJ Holidayscapes and Resorts, Kingfa Science & Technology (India), National Fittings, Phoenix Township, Ruchira Papers, Saurashtra Cement, Shree Hari Chemicals Export, SNL Bearings, Span Diagnostics, Shree Precoated Steels, Upsurge Investment & Finance, Vatsa Educations, Wendt (India).

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Live Stock Market Updates – Sensex, Nifty Decline in Early Trade

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The BSE Mid-cap Index is trading up 0.25% at 11,432, whereas BSE Small-cap Index is trading up 0.45% at 11,530. Adani Ports, GAIL, M&M, ONGC, Coal India, Bajaj-Auto, SBI and Cipla are among the gainers, whereas Bharti Airtel, Axis Bank, L&T, Tata Motors, Asian Paints are losing sheen on BSE.

The BSE Sensex opened 5.56 points up at 26872.48, while Nifty opened 16.90 points up at 8,255.40.

At 9:32 AM, the S&P BSE Sensex is trading at 26,805 down 62 points, while NSE Nifty is trading at 8,217 down 21 points.

The BSE Mid-cap Index is trading up 0.25% at 11,432, whereas BSE Small-cap Index is trading up 0.45% at 11,530.

Adani Ports, GAIL, M&M, ONGC, Coal India, Bajaj-Auto, SBI and Cipla are among the gainers, whereas Bharti Airtel, Axis Bank, L&T, Tata Motors, Asian Paints are losing sheen on BSE.

Some buying activity is seen in metal, oil and gas, auto, utilities and pharma sectors, while telecom, consumer durable, IT, banking, and FMCG sectors are showing weakness on BSE.

The INDIA VIX is up 0.32% at 17.5750. Out of 1,823 stocks traded on the NSE,549 declined, 847 advanced and 405 remained unchanged today.

A total of 25 stocks registered a fresh 52-week high in trades today, while nine stocks touched a new 52-week low on the NSE.
Asian markets are trading higher. Nikkei 225 and Hang Seng are trading higher. Shanghai Composite gained 0.59%. Investors took a pause ahead of the UK referendum scheduled on Thursday. The overall mood remained positive as opinion polls showed that the favour tilted towards Britain remaining a part of the European Union.

Wall Street closed higher after indications that British voters this week will choose to remain in the European Union. The Dow Jones rose 129.71 points, or 0.73%, the S&P 500 gained 12.03 points, or 0.58 %.The Nasdaq Composite added 36.88 points, or 0.77%.

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