Market trims intraday gains
by Admin |23/04/2018
Key benchmark indices trimmed gains after hitting fresh intraday high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 108.19 points or 0.31% at 34,523.77. The Nifty 50 index was up 37.75 points or 0.36% at 10,601.80. Trading was volatile due to negative Asian cues and derivatives expiry later this week. IT major TCS topped gainers in the Sensex pack.
The market opened lower, but recovered as the session progressed. The Sensex rose 163.34 points, or 0.47% at the day's high of 34,578.92 in mid-morning trade, its highest intraday level since 5 February 2018. The index fell 156.31 points, or 0.45% at the day's low of 34,259.27 in early trade, its lowest intraday level since 13 April 2018. The Nifty rose 55.85 points, or 0.53% at the day's high of 10,619.90 in mid-morning trade, its highest intraday level since 5 February 2018. The index fell 49.10 points, or 0.46% at the day's low of 10,514.95 in early trade, its lowest intraday level since 13 April 2018.
Overseas, Asian stocks were trading lower as investors kept an eye on rising US Treasury yields. US stocks ended lower on Friday, as weakness in technology and consumer staples shares offset the latest batch of corporate earnings, which largely continued to beat expectations. While earnings were the primary driver of sentiment last week, investors lately grew concerned about a jump in bond yields that reflect rising inflation expectations.
Back home, among secondary barometers, the BSE Mid-Cap index was up 0.26%, underperforming the Sensex. The BSE Small-Cap index was up 0.59%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,310 shares rose and 958 shares fell. A total of 135 shares were unchanged.
IT major TCS was the top Sensex gainer. The stock was up 2.75% at Rs 3,500. TCS has become the first Indian company to achieve the $100 billion in market capitalisation, the first ever in the history of Indian capital markets.
Auto sector shares were mixed. TVS Motor Company (up 1.66%), Mahindra & Mahindra (up 1.48%), Ashok Leyland (up 1.13%), Escorts (up 1.10%), Maruti Suzuki India (up 0.86%) and Tata Motors (up 0.82%), edged higher. Eicher Motors (down 0.02%), Bajaj Auto (down 0.05%) and Hero MotoCorp (down 1.09%), edged lower.
Most banks shares rose. Among private sector banks, Yes Bank (up 2.12%), IndusInd Bank (up 1.87%), Federal Bank (up 0.72%), Kotak Mahindra Bank (up 0.71%), RBL Bank (up 0.53%) and Axis Bank (up 0.43%), edged higher. ICICI Bank (down 0.41%) and City Union Bank (down 0.78%), edged lower.
HDFC Bank was down 0.66%. The bank reported 20.3% rise in net profit to Rs 4799.28 crore on 18.5% increase in total income to Rs 25549.66 crore in Q4 March 2018 over Q4 March 2017. The result was announced on Saturday, 21 April 2018.
Total capital adequacy ratio (CAR) as per Basel III guidelines was at 14.8% as on 31 March 2018 (14.6% as on 31 March 2017) as against a regulatory requirement of 10.875% including Capital Conservation Buffer of 1.875%. Tier 1 CAR was at 13.2% as of 31 March 2018 compared to 12.8% as of 31 March 2017. Risk-weighted Assets were at Rs 800,126 crore (as against Rs 640,030 crore as at 31 March 2017). The bank's board of directors has recommended a dividend of Rs 13 per share for the year ended 31 March 2018.
Among state-run banks, Indian Bank (up 1.81%), IDBI Bank (up 1.71%), Union Bank of India (up 1.42%), Corporation Bank (up 1.16%), Canara Bank (up 1.08%), Bank of Maharashtra (up 1.07%), Punjab National Bank (up 0.85%), Allahabad Bank (up 0.82%), State Bank of India (up 0.68%), Bank of Baroda (up 0.63%), Bank of India (up 0.44%), Vijaya Bank (up 0.26%) and Central Bank of India (up 0.07%), edged higher. United Bank of India (down 0.16%), Punjab & Sind Bank (down 0.27%), Andhra Bank (down 0.38%), Syndicate Bank (down 0.45%) and Dena Bank (down 0.54%), edged lower.