December 15, 2019 Sunday, 10:08 Hrs
 Home |   IFCI Group  |   About Us  |   Our Network  |   Contact Us  |   Career
SENSEX  41,009.71  428.00 
BSE
Home   Equity   News   End Session  
Detailed News
Back
Market ends with small gains, banks lend support
11-Nov-19   17:04 Hrs IST

The benchmark indices ended with small gains after a volatile session on Monday. The key indices, which hovered in negative terrain for most part of the session, recovered in late trade, supported by decent buying in banks shares.

The barometer index, the BSE Sensex rose 21.47 points or 0.05% to close at a 40,345.08. The Nifty 50 index rose 4.80 points or 0.04% to 11,912.95.

Gains were capped due to negative global cues amid escalating violence in Hong Kong that pushed Asian stocks to their lowest since August.

Sentiment was also affected after credit rating agency Moody's late Thursday (7 November) lowered India's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

The market breadth was negative. On the BSE, 1,244 shares rose and 1,293 shares fell. A total of 177 shares were unchanged.

In the broader market, the BSE Mid-Cap index rose 0.29%. The BSE Small-Cap index rose 0.17%. Both these indices outperformed the Sensex.

The domestic stock market will remain shut on Tuesday, 12 November 2019, for Gurunanak Jayanti.

Politics:

Shiv Sena MP Sanjay Raut on Monday slammed the Bharatiya Janata Party (BJP) and went on an all-out attack against the party. Raut also said that Shiv Sena is ready to form the government in Maharashtra with Congress and Nationalist Congress Party (NCP).

The Congress has decided to go into wait and watch mode on supporting Shiv Sena's bid to form the government as the saffron party heads to the Governor at 5 p.m. to stake its claim to power. Sena chief Uddhav Thackeray and NCP supremo Sharad Pawar met in Mumbai today and decided to wait for the Congress to come to a decision.

Domestic macro:

India's industrial production data and manufacturing production data for September 2019 will be announced today, 11 November 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.47, compared with its close of 71.285 during the previous trading session.

Overseas:

European markets were trading lower amid a dampening of optimism over US-China trade, after U.S. President Donald Trump denied that he had agreed to roll back tariffs on Chinese goods.

Hopes of trade progress rose on Thursday when China's Commerce Ministry said Beijing and Washington had agreed to lift existing tariffs on one another's goods, but Trump on Friday said he had not agreed to any rollbacks.

Back in Europe, a survey released Monday showed British employers' hiring plans have climbed off an 18-month low, indicating a slightly more upbeat picture of the labor market than that which caused two Bank of England policymakers to advocate for a cut to interest rates last week.

Further, U.K.'s sovereign credit rating was placed on negative outlook by Moody's Investors Service, which said the country's ability to set policy has weakened in the Brexit era along with its commitment to fiscal discipline.

Asian stocks ended lower led by slide in Hong Kong shares after two protesters were shot by police during the morning commute.

In Hong Kong, the Hang Seng index declined 2.6% as political turmoil in the city worsened. At least two protesters were said to be injured when local police opened fire on Monday at mass demonstrations. Over the weekend, three pro-democracy lawmakers were arrested.

In US, the three major stock indexes posted record closing highs on Friday as investors brushed aside worries over the progress of U.S.-China trade talks, and as Walt Disney shares rose.

Meantime, Saudi Aramco will allow investors to start bidding for shares starting on November 17. The firm said it will provide the number and percentage of shares sold at a later stage, with book-building kicking off this week.

Crude:

In the commodities market, Brent crude for January 2019 settlement was down 84 cents at $61.67 a barrel.

Buzzing Domestic Index:

The Nifty Bank index rose 1.27% to end at 31,138.90, extending its gaining streak for fourth straight session. The index has risen 3.04% from a recent closing low of 30,219.85 on 5 November 2019.

Among the private sector banks, RBL Bank (up 6.02%), Yes Bank (up 5.80%), ICICI Bank (up 1.53%), IndusInd Bank (up 1.50%), Federal Bank (up 1.22%), Axis Bank (up 1.12%), Kotak Mahindra Bank (up 0.94%), HDFC Bank (up 0.73%) and City Union Bank (up 0.40%) advanced.

Among the public sector banks, IDBI Bank (up 1.68%), Canara Bank (up 1.32%), Central Bank (up 1.23%), Bank of India (up 1.05%), Union Bank of India (up 1.01%), United Bank of India (up 0.91%), State Bank of India (up 0.78%) and Punjab National Bank (up 0.57%) advanced.

Bank of Baroda rose 2.88% after the bank registered 73.2% increase in net profit to Rs 736.68 crore in Q2 September 2019 from Rs 425.38 crore in Q2 September 2018. Total income rose 64.5% to Rs 22,097.91 crore in Q2 September 2019 over Q2 September 2018.

Q2 results:

NTPC rose 0.72% after the company reported 36.37% rise in net profit to Rs 3400.84 crore on 5.66% rise in total income to Rs 26266.05 crore in Q2 September 2019 over Q2 September 2018.

Nestle India fell 2.54% . Nestle India's net profit rose 33.5% to Rs 595.41 crore on 9.5% increase in net sales to Rs 3,199.31 crore in Q3 September 2019 over Q3 September 2018.

Tata Power Company lost 3.70% after consolidated net profit slipped 19.5% to Rs 270.17 crore on 4.4% increase in net sales to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018. Net profit declined mainly due to favourable tariff order in Mumbai licensed area in the previous year.

Dr. Lal PathLabs gained 2.02% after the company recorded 41.48% jump in consolidated profit after tax to Rs 80.50 crore on 15.15% increase in revenues to Rs 365.60 crore in Q2 September 2019 over Q2 September 2018.

Real estate developer Sobha fell 3.26%. The real estate development company's consolidated net profit rose 9.1% to Rs 67 crore on a 19% increase in net sales to Rs 783.90 crore in Q2 September 2019 over Q2 September 2018.

Akzo Nobel India slumped 8.67%. The global paints and coatings company's consolidated net profit increased by 34% to Rs 49.25 crore in Q2 September 2019 from Rs 36.75 crore in Q2 September 2018. Net sales, however, fell to Rs 633.82 crore in Q2 September 2019, down by 11.2% from 713.80 crore in Q2 September 2018.

Amara Raja Batteries surged 9.83%. The battery maker reported 81.8% increase in consolidated net profit to Rs 218.61 crore in Q2 September 2019 over Q2 September 2018. The company's net sales recorded a de-growth of 3.3%, falling to Rs 1,695.31 crore in Q2 September 2019 from Rs 1753.05 crore in Q2 September 2018.

Narayana Hrudayalaya jumped 5.40% after consolidated net profit jumped 233.8% to Rs 45.33 crore in Q2 September 2019 from Rs 13.58 crore in Q2 September 2018. Net sales improved 15.6% to Rs 822.30 crore in Q2 September 2019 from Rs 711.28 crore in Q2 September 2018. The result was announced after market hours on Friday, 8 November 2019.

Motherson Sumi Systems rose 4.14% after consolidated profit after tax rose by 4% to Rs 385 crore in Q2 FY20 from Rs 371 crore in Q2 FY19. Revenues increased by 6% to Rs 15,709 crore in Q2 September 2019 from Rs 14,854 crore in Q2 September 2018. The result was announced during market hours today, 11 November 2019.

IDBI Bank rose 1.68% after the bank reported net loss of Rs 3,458.84 crore in Q2 September 2019, lower than net loss of Rs 3,602.49 crore during Q2 September 2018. Total income rose 1.12% to Rs 6,231.02 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours on Friday, 8 November 2019.

Stocks in Spotlight

Maruti Suzuki India fell 0.94%. Maruti Suzuki India reported a fall in total automobile production in October 2019 over October 2018. Maruti Suzuki India's total automobile production fell 20.67% to 1.19 lakh units in October 2019 from 1.50 lakh units in October 2018. Total passenger vehicles produced in October 2019 stood at 1.17 lakh units, down by 20.95% from 1.48 lakh units in October 2018. The production of light commercial vehicles fell 10.33% to 1,954 units in October 2019 as against 2,179 units in October 2018.

Tata Motors rose 1.68%. Jaguar Land Rover retail sales in October 2019 were 41,866 vehicles, down 5.5% compared to October 2018. Sales continued to recover in China (up 16.2% year-on-year), the fourth consecutive month of double-digit sales growth in the region. UK sales were down 18.7% for the month, bringing the year-to-date figure to 4.2% down, which is in line with industry trends. Sales were relatively flat (down 0.3%) in North America and down in Europe (down 7.9%) and overseas (down 10.8%).

Powered by Capital Market - Live News

BSE
Enter Stock for
Company details