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Daily Market Commentary : 20th Oct. 2016

The Indian equity market closed with handsome gains on Thursday amid a choppy session. Indices managed to clock in marginal gains tracking positive global cues. The banking, metal, finance stocks were the top gainers followed by consumer durables and basic materials stocks. On the other hand, auto, IT, health care and FMCG were under pressure. After a gap up start, it oscillated in a range till the end while participants were busy reacting to the earnings. The news of the GST Council meeting ending without finalisation of the tax rate dented sentiments a bit and capped an upside in the index. Nifty closed with a gain of 40 points at 8,699, while BSE Sensex ended with a gain of 145 points at 28,130.

On the global front, Asian markets closed in green. The Shanghai Composite index closed marginally higher. Hong Kong’s Hang Seng index gained 0.3% and Nikkei 225 gained 1%.

Yes Bank advanced 1.3%. The bank has posted a net profit of Rs 802 crore for the Quarter Ended September 30, 2016 as compared to Rs 610 crore for the quarter ended September 30, 2015

KPIT Technologies zoomed 4.3%. The company has posted a net profit after tax, minority interest and share of profit of associates of Rs 56 crore for the quarter ended September 30, 2016 as compared to Rs 74 crore for the quarter ended September 30, 2015.

Quess Corp rallied 6% after the company entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms – Terrier Security Services and Simpliance Technologies – for undisclosed sums.

Bayer CropScience tanked 3% to Rs 4380. Bayer reported a marginal increase of 2% in net profit at Rs 159 crore for the quarter ended September 30, on higher sales.

RBL Bank soared 4.7% after the bank registered net profit growth by over a third to Rs 89.89 crore in Q2 FY17. Net interest income for the quarter was Rs 302.94 crore, an increase of 60%.

Ashok Leyland zoomed 1.7% after the company bagged an order from Tanzania government for vehicles, gensets, spares and equipment.

City Union Bank gained 3.5% on the BSE. Around 3.01 million shares of the bank changed hands in two block deals.

HCC Concessions Ltd commenced commercial operations of its Rs.1,720 crore Farakka Raiganj Highways Ltd (FRHL) in Bengal. The stock closed 1.3% higher on the BSE.

NBCC slipped 1% to Rs 251. Government’s offer to sell up to 72 million shares in NBCC India received 1.29 times demand at 3:05 pm local time, as per NSE data.

Suzlon gained 2% at Rs 15. Suzlon announced a joint venture with Canadian Solar for developing two solar projects of 15MW each in Telangana.

Hindustan Zinc inched up 1% after the company reported a 15% dip in net profit during the second quarter ended September 30, 2016 at Rs 1,902 crore on higher depreciation charges.

Tata Coffee Ltd dipped 3.4% after the company reported 62% increase in its consolidated net profit at Rs 44.7 crore for the quarter ended September 30.

Aptech zoomed 3%. The company reported consolidated net profit of Rs 7 crore for the quarter ended September 30 compared to 0.46 crore reported in the year-ago period.

Unitech climbed 4.4%. The Supreme Court directed Unitech to refund the principal cost of flats to 39 buyers who had booked apartments in a Gurgaon project seven years ago and have still not got possession of their homes.

The rupee was trading down 11 paise at 67.78 per US dollar.

Out of 1,480 stocks traded on the NSE, 742 declined and 673 advanced today.

Top 5 Nifty Gainers: GAIL (1.35%), Dr Reddys Lab (1.28%), Lupin Ltd. (0.98%), Wipro (0.49%) and TCS (0.42%)

Top 5 Nifty Losers: Axis Bank (-2.00%), ONGC (-1.63%), HDFC (-1.62%), Reliance Ind. (-1.56%) and Tata Steel (-1.26%)

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Daily Market Commentary : 20th Oct. 2016


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