Trading for the week closed on a repressed note as key indices
settled with small losses after a range bound trade as investors booked
benefits after indices scaled record highs yesterday, 11 May 2017. The
indicator index, the S&P BSE Sensex dropped 62.83 points or 0.21 Percent to
settle at 30,188.15. The Nifty 50 record dropped 21.50 points or 0.23 Percent
to settle at 9,400.90. Investors additionally kept up alert in front of key
monetary data booked later in the day today, 12 May 2017. Key indices snapped 4-day
winning streak today, 12 May 2017.
Indices fall into the red in morning trade subsequent to
opening with little picks up. The market trimmed losses in late trade later expanding
intraday falls and striking new intraday low in mid-evening exchange.
Bank shares fall. Asian Paints fall in the wake of declaring fourth
quarter (Q4) results. IT shares sophisticated.
The Sensex dropped 62.83 points or 0.21 Percent to settle at
30,188.15, its most reduced ending level since 9 May 2017. The record increased
48.76 points or 0.16 Percent at the day's high of 30,299.74. It fell 139.53 points
or 0.46 Percent at the day's low of 30,111.45.
The Nifty drop 21.50 points or 0.23 Percen to settle at
9,400.90, its most minimal ending level since 9 May 2017. The index increased
15.35 points or 0.16 Percent at the day's high of 9,437.75. It increased 49.85 points
or 0.52 Percent at the day's low of 9,372.55.
Most IT shares sophisticated. Tech Mahindra (gain 1.76
Percent), HCL Technologies (gain 1.03 Percent), MphasiS (gain 0.27 Percent),
TCS (gain 0.5 Percent), Infosys (gain 2.12 Percent), and Wipro (gain 0.4 Percent)
edged upper.
Oriental Bank of
Commerce drooped
6.81 Percent after the bank announced a net loss of Rs 1218.01 crore in fourth quarter
(Q4) March 2017 as contrasted and the net benefit of Rs 21.62 crore in fourth
quarter(Q4) March 2016. The result was declared amid trading hours today, 12
May 2017. Entire profits 7.19 Percent to Rs 5093.84 crore in fourth quarter (Q4)
March 2017 over fourth quarter (Q4) March 2016.
The bank's gross non-performing assets (NPAs) remained at Rs
22859.27 crore as on 31 Mar 2017 as against Rs 20492.18 crore as on 31 Dec 2016
and Rs 14701.78 crore as on 31 Mar 2016.
The proportion of gross NPAs to gross advances remained at
13.73 Percent as on 31 March 2017 as against 13.8 Percent as on 31 Dec. 2016
and 9.57 Percent as on 31 March 2016. The proportion of net NPAs to net
advances remained at 8.96 Percent as on 31 March 2017 as against 9.68 Percent as
on 31 December 2016 and 6.7 Percent as on 31 March 2016.
Among private sector banks, Axis Bank (fall 2.8 Percent),
ICICI Bank (fall 1.23 Percent), IndusInd Bank (fall 0.93 Percent), and Yes Bank
(fall 6.04 Percent) dropped. HDFC Bank increased 0.11 Percent.
Kotak Mahindra Bank increased 1.76 Percent to Rs 953.30
after the bank said that its qualified institutional placement (QIP) issue of
shares opened yesterday, 11 May 2017. The floor cost of the issue was fixed at
Rs 913.24 for each share of Rs 5 each. The bank would consider issue cost on 16
May 2017.
L&T was flat. The organization released
that it has gone into an agreement worth about Rs 4500 crore with the Ministry
of Defense for supply of 100 units of 155mm/52 calibre followed self pushed gun
systems to the Indian Army. The declaration was made amid market hours today,
12 May 2017.
Asian Paints fall 3.01 Percent. The
organization's merged net benefit increased 10.4 Percent to Rs 462.22 crore on
8.9 Percent increase in profits from operations to Rs 4416.23 crore in fourth
quarter(Q4) March 2017 over fourth quarter (Q4) March 2016. The result was
declared later hours yesterday, 11 May 2017.
Dr Reddy's Laboratories dropped 0.3 Percent. The
organization's merged net earnings bounced 319 Percent to Rs 312.5 crore on 5 Percent
fall in revenue to Rs 3554.20 crore in fourth quarter(Q4) March 2017 over fourth
quarter (Q4) March 2016. The result was reported amid market hours today, 12
May 2017.
VIP Clothing bounced 20 Percent after the
organization noted net earnings of Rs 1.11 crore in fourth quarter(Q4) March
2017 as contrasted and net loss of Rs 7.53 crore in fourth quarter (Q4) March
2016. The result was reported later exchange hours yesterday, 11 May 2017. Entire
income increased 53.55 Percent to Rs 59.44 crore in fourth quarter (Q4) March
2017 over fourth quarter (Q4) March 2016.
Orient Bell rushed 20 Percent to Rs 275 on BSE
after a bulk deal of 9.65 lakh stocks was executed on the scrip at Rs 223 for
every stock in opening trade on BSE.
On macro front, the government would declare industrial
production data for the month of March 2017 later exchange hours today, 12 May
2017. The data on expansion in light of consumer price index (CPI) or retail swelling
for April 2017 would likewise be reported later exchange hours today.
Global Market Reviews
Abroad, European and Asian shares were merged. The Bank of
England yesterday, 11 May 2017 remaining its key interest rate at 0.25 Percent,
meeting broadly held desires. The vote to hold the rate relentless was 7-1,
with board part Kristen Forbes backing an expansion.
The central bank left unmoved the measure of its asset buy
program at 435 billion ($562 billion) and its corporate-bond buy program at 10
billion. The bank in its quarterly swelling note diminished its forecast for
2017 monetary growth to 1.9 Percent from 2 Percent.
US shares withdrew yesterday, 11 May 2017 as a grip of
weaker-than-anticipated profit notes and waiting worries that President Donald
Trump's expert business plan may confront delays sapped purchasing appetite.
On financial data front, US producer costs demonstrated a
wide based pick up in April, who pushed the yearly increment up to the biggest advance
in 5 years, government data appeared. The Labor Department said its producer-price
index for final demand increased 0.5 Percent a month ago.
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