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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian share markets open weak
Tue, 5 Feb 09:30 am

All Asian stock markets have opened the day on a in the red with stock markets in Japan (down 1.3%) and Hong Kong (down 1.6%) leading the losses. The Indian share market indices have also opened the day on a weak note. Barring pharma and oil and gas, all sectoral indices have opened in the red led by stocks in the realty and capital goods sector.

The Sensex today is down by around 65 points (0.3%), while the NSE-Nifty is down by around 26 points (0.4%). Mid and small cap stocks have also opened in the red with the BSE Mid Cap and BSE Small Cap indices down by around 0.5% and 0.2% respectively. The rupee is trading at Rs 53.35 to the US dollar.

Banking stocks have opened the day in the red with Indian Bank and United Bank of India leading the pack of losers. Bank of Baroda has announced its results for the third quarter of the financial year 2013 (3QFY13). The bank has reported an increase of 9.8% in the total income on a year on year (YoY) basis for the quarter. The net profits for the quarter declined by 21.6%YoY.The decline is mainly on account of an increase in non-performing assets (NPAs). As per the management, the increase in bad assets is due to economic stress and has mainly come from wholesale banking, agriculture and manufacturing sectors. The gross NPA ratio of the bank rose to 2.41 % as against 1.48 % in December 2011. The net NPAs also rose to 1.12 % against 0.82 % sequentially. The bank has added Rs 16 bn to restructured assets portfolio during the quarter. The bank's provisions towards taxation declined by 56.8 % YoY, thereby protecting the bottomline. The net interest margins (NIM) for the quarter declined to 3.08 % against 3.51% at the end of December 2011. As per the management, the situation on both the restructuring and NPAs is unlikely to improve in the next two or three quarters.

Energy stocks have opened the day on a mixed note with Castrol and Gas Authority of India Ltd (GAIL) leading the gains while Essar Oil and Petronet LNG Ltd are leading the pack of losers. As per a leading financial daily, GAIL has been accorded the 'Maharatna' status by the Government of India. GAIL is the youngest Public Sector Undertaking to be accorded this recognition. The Maharatna status is likely to provide greater flexibility in day to day operations of the company. The status enhances the powers of the board of the company to accord approvals, to make equity investment to establish financial joint ventures (JVs) and wholly owned subsidiaries and undertake mergers and acquisitions (M&As) in India or abroad. In separate news, GAIL is looking forward to tie up with France's EDF. As per the management, it would be a partner in terms of gas trading and sourcing in the US.

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Oct 18, 2017 (Close)

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