Post - Session

Nifty settles at over 20-week high

13 Feb 2017, 16:29 PM

Key benchmark indices eked out small gains in what was a volatile first trading day of the week. The barometer index, the S&P BSE Sensex, rose 17.37 points or 0.06% to settle at 28,351.62. The Nifty 50 index rose 11.50 points or 0.13% at 8,805.05. Gains triggered by firm global stocks were mostly offset by domestic data showing contraction in industrial output in December 2016. Key indices rose for third day in a row today, 13 February 2017. The Sensex settled at one-week high. The Nifty settled at over 20-week high.

IT stocks rose. PSU bank stocks dropped sharply. Realty stocks declined.

The Sensex rose 17.37 points or 0.06% to settle at 28,351.62, its highest closing level since 6 February 2017. The Sensex gained 124.55 points, or 0.43% at the days high of 28,458.80 in early trade. The Sensex shed 136.87 points, or 0.48% at the days low of 28,197.38 in afternoon trade.

The Nifty 50 index rose 11.50 points or 0.13% at 8,805.05, its highest closing level since 23 September 2016. The Nifty rose 33.35 points, or 0.37% at the days high of 8,826.90 in early trade. The Nifty fell 39.35 points, or 0.44% at the days low of 8,754.20.

Selling was witnessed in select mid-cap and small-cap counters. The BSE Mid-Cap index fell 0.37%. The BSE Small-Cap index fell 0.57%. Both these indices underperformed the Sensex. The market breadth indicating the overall health of the market was weak. On BSE, 1,787 shares fell and 1,081 shares rose. A total of 183 shares were unchanged.

After opening higher on the back of firm Asian stocks, key indices soon slipped into the red in mid-morning trade. Further weakness was registered in afternoon trade, but sharp recovery materialised in mid-afternoon trade sighting firm European stocks. Towards the close of the session, indices hovered near the flat line.

The total turnover on BSE amounted to Rs 3494.84 crore, higher than turnover of Rs 3050.89 crore registered during the previous trading session.

Among the sectoral indices on BSE, the S&P BSE Finance index (up 0.11%), the S&P BSE Bankex (up 0.14%), the S&P BSE Basic Materials index (up 0.27%), the S&P BSE Metal index (up 0.31%), the S&P BSE Power index (up 0.37%), the S&P BSE Utilities index (up 0.44%), the S&P BSE Teck index (up 0.67%) and the S&P BSE IT index (up 0.86%) outperformed the Sensex. The S&P BSE Realty index (down 1.13%), the S&P BSE Consumer Durables index (down 1.03%), the S&P BSE Industrials index (down 0.61%), the S&P BSE Capital Goods index (down 0.51%), the S&P BSE Healthcare index (down 0.41%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.39%), the S&P BSE Telecom index (down 0.38%), the S&P BSE FMCG index (down 0.26%), the S&P BSE Energy index (down 0.18%), the S&P BSE Oil & Gas index (down 0.16%) and the S&P BSE Auto index (down 0.15%) underperformed the Sensex.

IT stocks rose. TCS (up 0.57%), Infosys (up 1.6%), MphasiS (up 0.97%), Hexaware Technologies (up 0.81%), MindTree (up 0.49%) and Wipro (up 1.21%) edged higher. Tech Mahindra (down 0.14%) and HCL Technologies (down 0.46%) declined.

PSU bank stocks dropped sharply. Indian Bank (down 5.48%), Andhra Bank (down 2.65%), State Bank of India (SBI) (down 1.76%), Punjab National Bank (down 1.93%), Canara Bank (down 3.3%), IDBI Bank (down 1.28%), Bank of India (down 3.92%) and Union Bank of India (down 2.54%) dropped.

Bank of Baroda slipped 10.53%. The company reported net profit of Rs 252.67 crore in Q3 December 2016 compared with net loss of Rs 3342.04 crore in Q3 December 2015. Total income rose 3.87% to Rs 12181.04 crore in Q3 December 2016 over Q3 December 2015.

Most private bank stocks rose. Kotak Mahindra Bank (up 1.68%), ICICI Bank (up 0.07%), RBL Bank (up 0.85%), HDFC Bank (up 0.46%), Axis Bank (up 0.38%), IndusInd Bank (up 1.15%) and Yes Bank (up 2.94%) rose.

GAIL (India) dropped 0.4%. The companys net profit rose 45.44% to Rs 982.92 crore on 9.35% decline in net sales to Rs 12107.89 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours on Friday, 10 February 2017. GAIL (India) said that its net profit in Q3 December 2016 was buoyed by a turnaround in petrochemicals segment and increase in profitability of liquid hydrocarbons segment.

The company also registered growth in physical performance in all segments on quarter on quarter basis i.e. petrochemical sales up by 8%, liquid hydrocarbon sales up by 4% and natural gas marketing & transmission volumes up by 3% and 2% respectively. The third quarter witnessed a pricing pressure in petchem business during November and December 2016, profit after tax (PAT) grew by 6% sequentially to Rs 983 crore.

Coal India fell 1.23% after consolidated net profit fell 20.25% to Rs 2884.47 crore on 2.88% rise in total income to Rs 21531.28 crore in Q3 December 2016 over Q3 December 2015. The result was announced on Saturday, 11 February 2017.

Hindalco Industries rose 1.54% after the company reported net profit of Rs 320.56 crore in Q3 December 2016 compared with net loss of Rs 32.75 crore in Q3 December 2015. The result was announced during trading hours today, 13 February 2017.

Total income rose 13.88% to Rs 10134.78 crore in Q3 December 2016 over Q3 December 2015. EBITDA (earnings before interest, tax, depreciation and amortisation) rose 64% to Rs 1405 crore in Q3 December 2016 over Q3 December 2015.

Revenues jumped due to increase in average realization for both aluminium and copper, along with weaker rupee and higher aluminium volumes. Aluminium revenue grew by 9% on the back of strong volume growth and realization. Copper revenue increased by 19% on account of higher copper realization, partly negated by lower by-product prices (Sulphuric Acid and Diammonium Phosphate). The cost of most inputs continued to remain benign, though prices of crude derivatives increased marginally with a rise in crude prices. Alumina costs were lower as compared to last year.

Idea Cellular fell 2.58% after the company reported consolidated net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. The result was announced on Saturday, 11 February 2017. Consolidated net sales fell 3.73% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Mahindra & Mahindra (M&M) rose 1.8% after the company announced that it plans to make an investment of Rs 1500 crore at its Nasik and Igatpuri plants in Maharashtra. The project constitutes development and manufacture of its new product codenamed U321, covering joint investment at Nasik and Igatpuri. The investment in the Nasik plant will be towards manufacture of vehicles, while investment in the Igatpuri plant will be for manufacture and supply of engines. The projects will qualify as Ultra Mega Project. The announcement was made after market hours on Friday, 10 February 2017.

Realty stocks declined. Sobha (down 0.07%), Indiabulls Real Estate (down 1.2%), Unitech (down 7.16%), DLF (down 0.3%), D B Realty (down 2.47%) and Omaxe (down 0.42%) edged lower.

IFCI slumped 6.8% after the company reported a net loss of Rs 45.17 crore in Q3 December 2016 compared with net profit of Rs 154.33 crore in Q3 December 2015. The result was announced on Saturday, 11 February 2017. IFCIs total income fell 32.9% to Rs 635.55 crore in Q3 December 2016 over Q3 December 2015.

Suzlon Energy rose 4.94% after reporting consolidated net profit of Rs 274.34 crore in Q3 December 2016 compared with net loss of Rs 121.84 crore in Q3 December 2015. The result was announced aftr market hours on Friday, 10 February 2017. Suzlon Energys consolidated net sales rose 75.68% to Rs 3307.48 crore in Q3 December 2016 over in Q3 December 2015.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 124% to Rs 745 crore in Q3 December 2016 over in Q3 December 2015. The companys consolidated order book stood at 1,231 megawatts (MW) valued at Rs 7523 crore.

Reliance Defence & Engineering rose 0.85% after the company said it signed master ship repair pact with US Navy. The announcement was made during trading hours today, 13 February 2017. Earlier in January 2017, the Reliance Shipyard was qualified by US Navy as an approved contractor to perform complex repair and alternation services for the US Navys Seventh Fleet vessels operating in the region.

RSWM slumped 7.48% after net profit dropped 54.5% to Rs 9.40 crore on 6.53% decline in net sales to Rs 699.90 crore in Q3 December 2016 over Q3 December 2015. The result was announced after market hours on Friday, 10 February 2017.

Hindustan Motors jumped 8.82% after the company said it sold the Ambassador brand and certain related rights to Peugeot S.A. for Rs 80 crore. The announcement was made after market hours on Friday, 10 February 2017. Hindustan Motors manufactured the iconic Ambassador car. The car was in production from 1958 to 2014.

PTC India lost 5.54% after net profit fell 9.08% to Rs 42.57 crore on 7.89% increase in total income to Rs 3132.48 crore in Q3 December 2016 over Q3 December 2015. The result was announced on Sunday, 12 February 2017.

Key indices rose for third day in a row today, 13 February 2017. The Sensex has gained 61.70 points or 0.22% in three trading sessions from its close of 28,289.92 on 8 February 2017. The Sensex has risen 695.66 points, or 2.52% in February 2017 (till 13 February 2017). The Sensex has risen 1,725.16 points, or 6.48% in the calender year 2017 (till 13 February 2017). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 5,857.01 points or 26.04%. From a 52-week high of 29,077.28 hit on 8 September 2016, the index has fallen 725.66 points or 2.5%. The Sensex is off 1,673.12 points or 5.57% from a record high of 30,024.74 hit on 4 March 2015

On the macro front, industrial production declined 0.4% in December 2016 over December 2015, snapping strong 5.7% growth recorded in November 2016. The manufacturing sectors production declined 2% in December 2016, contributing to the overall decline in industrial production. However, the mining output increased 5.2%, while the electricity generation also moved up 6.3% in December 2016. The data was announced after market hours on Friday, 10 February 2017.

The government will announce monthly inflation data based on consumer price index (CPI) for January 2016 after market hours today, 13 February 2017. The all-India general CPI inflation dipped to 25-months low of 3.41% in December 2016, compared with 3.63% in November 2016.

Overseas, European and Asian shares rose helped by renewed optimism over Donald Trumps tax reform plans, generally upbeat global economic data and Trumps change of tack to agree to honor the one China policy.

Japans economy slowed again in the final quarter of 2016, as feeble spending by consumers took the shine off a pickup in exports and business investment. Japans real gross domestic product grew 1% on an annualized basis in the three months through December for the fourth consecutive quarter of expansion, the longest stretch of gains since 2013, according to Cabinet Office data released today, 13 February 2017.

At a joint appearance over the weekend with Japanese Prime Minister Shinzo Abe, Trump said that the United States of America stands behind Japan, its great ally, 100%, following the launch of a ballistic missile by North Korea that landed in the Sea of Japan. Those comments by Trump came not long after he spoke with Chinese President Xi Jinping and affirmed he would abide by the One China policy that has underpinned Sino-American relations for many years.

US stocks logged record closing highs on Friday, 10 February 2017, marking the first grand slam in two months as small capitalisation stocks have caught up to their larger brethren. The recent comments from US President Donald Trump indicating that a phenomenal tax package could be announced in as soon as two weeks revived some of the enthusiasm.

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