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  • Market spurts to hit fresh record high

    Key benchmark indices surged and hit fresh record high levels on closing as well as on intraday basis as latest World Bank report, which elevated India by a whopping 30 notches at 100 in the World Bank's Ease of Doing Business rankings perked up sentiment. Positive global stocks also boosted investors' sentiment. The barometer index, the S&P BSE Sensex, jumped 387.14 points or 1.17% to settle at 33,600.27. The Nifty 50 index surged 105.20 points or 1.02% to settle at 10,440.50.

    The market saw a gap-up opening to hit fresh record high levels. Indices extended gains and climbed fresh peaks as the trading session progressed. Stocks trimmed gains in late trade.

    The Sensex jumped 387.14 points or 1.17% to settle at 33,600.27, its record closing high. The index rose 438.39 points, or 1.31% at the day's high of 33,651.52, its record intraday high level. The index rose 127.49 points, or 0.38% at the day's low of 33,340.62.

    The Nifty surged 105.20 points or 1.02% to settle at 10,440.50, its record closing high. The index rose 116.35 points, or 1.12% at the day's high of 10,451.65, its record intraday high level. The index rose 47.75 points, or 0.46% at the day's low of 10,383.05.

    Among the sectoral indices on BSE, the BSE Telecom index (up 3.93%), the BSE Bankex index (up 2.01%), the BSE Metal index (up 1.89%) and the BSE Realty index (up 2.93%) outperformed the Sensex. The BSE Healthcare index (down 0.16%), the BSE IT index (down 0.06%) and the BSE Power index (down 0.08%) underperformed the Sensex.

    Among secondary barometers, the BSE Mid-Cap index rose 0.35%. The BSE Small-Cap index gained 0.55%. Both these indices underperformed the Sensex.

    The market breadth, indicating the overall health of the market, was positive. On BSE, 1,526 shares rose and 1,268 shares fell. A total of 164 shares were unchanged.

    The total turnover on BSE amounted to Rs 5311.02 crore, higher than turnover of Rs 4817.96 crore registered during the previous trading session.

    Tech Mahindra rose 1.59% after consolidated net profit rose 4.7% to Rs 836 crore on 3.7% rise in revenue to Rs 7606 crore in Q2 September 2017 over Q1 June 2017. The result was announced during market hours today, 1 November 2017.

    Telecom major Bharti Airtel surged 8.19% after the company reported an impressive growth at operating level in its Africa business in Q2 September 2017. The result was announced after market hours yesterday, 31 October 2017.

    Bharti Airtel's consolidated net profit fell 77% to Rs 343 crore on 10% decline in total revenue to Rs 21777 crore on an underlying basis in Q2 September 2017 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) declined 15.4% to Rs 8004 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin dropped 1.6% year-on-year at 36.8% in Q2 September 2017, led by India SA margin drop of 5% on an underlying basis (viz. adjusted for Africa/Bangladesh divested operating units and tower assets sale).

    In constant currency terms, Africa underlying revenues grew by 2.8% year-on-year (reported growth of 2.6%) in Q2 September 2017. The company's continuous cost control initiatives have resulted in significant improvement of underlying EBITDA margin by 9.1% YoY at 32.1% in Q2 September 2017.

    In a statement, Gopal Vittal, MD and CEO, India & South Asia said, the financial stress in the industry continues due to double digit revenue decline and will be further accentuated by the reduction in IUC rates in the next quarter. This will eventually force operator consolidation and exits as witnessed in the recent past. Airtel remains committed to its goal of increasing revenue market share in this competitive environment by providing superior customer experience and strategically investing behind building more data capacities, Vittal added.

    Bharti Airtel said it has not entered into any agreements in relation to any proposal or discussions and there is no certainty of any transaction with regard to its stake sale in subsidiary Bharti Infratel until such time the board reviews and approves a final proposal.

    Bharti Airtel has been approached by a few reputed Global Investors to acquire a significant stake in Bharti Infratel which, if accepted, could result in such investors acquiring control of Bharti Infratel.

    Shares of other telecom shares also surged. Idea Cellular (up 6.57%), MTNL (up 5.44%), Tata Teleservices (Maharashtra) (up 4.98%) edged higher. Reliance Communications fell 0.87%. Telecom tower infrastructure provider Bharti Infratel fell 3.37%.

    State-run Dredging Corporation of India was locked at 20% upper circuit at Rs 669.95 after report suggested that the cabinet has approved divesting entire stake in the company. Government of India holds 73.47% stake in the company, as per the shareholding pattern as on 30 September 2017.

    The entire stake sale in Dredging Corporation could be a part of government's divestment programme for the financial year and also could help the government meet its fiscal deficit target of 3.2% of GDP for the year 2017-18. The government targets to raise Rs 72500 crore through disinvestment during the current financial year.

    Banks were in demand. Among private sector banks, ICICI Bank (up 4.42%), Axis Bank (up 1.47%), Yes Bank (up 1.15%), IndusInd Bank (up 0.8%), RBL Bank (up 0.08%), and HDFC Bank (up 0.64%) gained. Kotak Mahindra Bank (down 0.36%), Federal Bank (down 0.94%) and City Union Bank (down 0.09%) declined.

    Among state-run banks, Vijaya Bank (up 8.42%), Allahabad Bank (up 5.99%), Andhra Bank (up 3.93%), State Bank of India (up 4.58%), Punjab & Sind Bank (up 2.29%), UCO Bank (up 2.77%), Indian Bank (up 2.44%), Bank of Maharashtra (up 1.99%), Corporation Bank (up 2.43%), Union Bank of India (up 1.41%), Canara Bank (up 1.66%), Punjab National Bank (up 1.12%), Bank of Baroda (up 1.47%), Bank of India (up 1.52%), IDBI Bank (up 1.75%), Central Bank of India (up 0.92%), United Bank of India (up 0.52%) and Dena Bank (up 0.54%), edged higher.

    Syndicate Bank was up 8.61% after net profit rose 27.68% to Rs 105.24 crore on 2.36% decline in total income to Rs 6419.21 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 31 October 2017.

    Gross non-performing assets (NPAs) stood at Rs 20176.64 crore as on 30 September 2017 as against Rs 20183.85 crore as on 30 June 2017 and Rs 16056.73 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 9.39% as on 30 September 2017 as against 9.96% as on 30 June 2017 and 7.72% as on 30 September 2016. The ratio of net NPAs to net advances stood at 5.76% as on 30 September 2017 as against 6.27% as on 30 June 2017 and 5.03% as on 30 September 2016. The bank's provisions and contingencies rose 3.12% to Rs 891.16 crore in Q2 September 2017 over Q2 September 2016. The bank's provision coverage ratio as on 30 September 2017 stood at 56.21%.

    Syndicate Bank said it has made pro rata provisions of Rs 172.60 crore during the current quarter (Q2 September 2017) in accordance with the Reserve Bank of India's (RBI) direction of initiation of insolvency resolution process in respect of 12 accounts under the provisions of Insolvency and Bankruptcy Code.

    Realty stocks rose for the third straight day. DLF (up 3.68%), D B Realty (up 0.13%), Sobha (up 1.18%), Indiabulls Real Estate (up 4.45%), Unitech (up 1.19%), NBCC (up 1.06%), Godrej Properties (up 4.5%), Housing Development & Infrastructure (HDIL) (up 2.7%), and Oberoi Realty (up 2.98%) edged higher.

    On the macro front, growth in India's manufacturing sector lost momentum in October 2017. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 in October 2017, from 51.2 in September 2017. This indicated a broad stagnation in the health of the manufacturing sector during October. At the sector level, improvements in consumer goods negated deteriorations in investment and intermediate goods. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease. The data was unveiled during trading hours today, 1 November 2017.

    Separately, India's eight core infrastructure sector, carrying 40.27% of the weight of items included in the index of industrial production (IIP), has shown healthy 5.2% increase in its output in September 2017 over September 2016. Its cumulative growth was 3.3% in April-September 2017. The data was disclosed after market hours yesterday, 31 October 2017.

    The World Bank, after market hours yesterday, 31 October 2017, released the Doing Business (DB) Report, 2018. India ranks 100 among 190 countries assessed by the Doing Business Team. India has leapt 30 ranks over its rank of 130 in the Doing Business Report 2017.

    The World Bank report recognized India as one of the top 10 improvers in this year's assessment, having implemented reforms in 8 out of 10 Doing Business indicators. India is the only large country this year to have achieved such a significant shift. On the "distance to frontier metric," one of the key indicators in the survey, India's score went from 56.05 in Doing Business 2017 to 60.76 in Doing Business 2018. This means last year India improved its business regulations in absolute terms – indicating that the country is continuing its steady shift towards best practice in business regulation.

    The report noted that India has adopted 37 reforms since 2003. Nearly half of these reforms have been implemented in the last four years. The report captured reforms implemented in 190 countries in the period 2 June 2016 to 1 June 2017.

    The Prime Minister, Narendra Modi hailed India's historic jump of 30 ranks in the World Bank's Doing Business Report, 2018 released yesterday. While terming the improvement in the rankings as historic, the Prime Minister in a series of tweets, said that the jump is the outcome of the all-round and multi-sectoral reform push of Team India. Modi promised to take steps to further improve the rankings.

    Overseas, European stocks edged higher as investors focused on earnings reports. Asian shares rose mirroring a positive close in the US market overnight. The Caixin China General Manufacturing Purchase Managers' Index (PMI) stood at 51 for October, flat from the September level, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. A reading above 50 indicates expansion, while a reading below reflects contraction.

    The headline Nikkei Japan Manufacturing PMI edged fractionally down in October 2017 to 52.8, from 52.9 in September 2017.

    US stocks closed higher yesterday, 31 October 2017, with the Nasdaq Composite index ending at a record as quarterly results kept equities drifting near all-time highs. The Dow Jones Industrial Average rose 0.12%, the S&P 500 rose about 0.09% and the Nasdaq Composite Index advanced 0.43%.

    US consumer confidence rose more than expected in October to the highest in almost 17 years as Americans grew more confident about the economy and job market, according to figures from the New York-based Conference Board. Confidence index rose to 125.9, highest since December 2000, from 120.60 in September 2017.

    The US Federal Reserve concludes a two-day policy meeting today, 1 November 2017, at which it is expected to leave interest rates unchanged. Most market participants expect the US central bank to resume hiking rates in December 2017.

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Flash News 24-Sep-2018
  •  ( 16:23) Nifty ends below 11,000 level  
  •  ( 16:16) Broader market slumps  
  •  ( 15:23) European markets dip as trade war, Brexit pessimism weigh  
  •  ( 15:20) India reassures equity investors as liquidity fears grow  
  •  ( 08:25) Tata Steel inks deal to buy steel biz of Usha Martin  
  •  ( 08:25) Most Asian indices shut for holiday  
  •  ( 08:00) Dow posts back-to-back records  
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