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Indian Indices End Marginally Higher; Realty Stocks Witness Buying
Mon, 16 Apr Closing | Monish Vora, TM Team

After opening their day on a negative note, Indian share markets witnessed buying interest and ended their session marginally higher. Gains were largely seen in the realty sector and healthcare sector, while losses were largely seen in the IT sector and telecom sector.

At the closing bell, the BSE Sensex stood higher by 113 points (up 0.3%) and the NSE Nifty closed higher by 48 points (up 0.5%). The BSE Mid Cap index ended the day up by 0.3%, while the BSE Small Cap index ended the day up by 0.6%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was down 1.6% and the Nikkei was trading up by 0.3%. The Shanghai Composite stood down by 1.5%.

The rupee was trading at 65.4 to the US$ at the time of writing.

From the automobile sector, Tata Motors share price witnessed selling pressure today. Losses were seen on the back of weakening of demand for the company's subsidiary Jaguar Land Rover (JLR) after fresh reports suggested jobs and production cuts at two of JLR's British factories.

At the closing hours, Tata Motors share price was trading down by 4.7% on the BSE.

Gruh Finance share price witnessed buying interest today after the company informed bourses that its board has recommended issue of bonus shares in the ratio of 1:1 to its shareholders, subject to the approval of shareholders.

The board also recommended a dividend of Rs 3.3 per equity share of face value of Rs 2 each for the financial year ended March 31, 2018.

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Gruh Finance share price ended the trading session up by 3.6%.

In the news from the banking sector, as per an article in the Economic Times, the Reserve Bank of India (RBI) may relax some of the stringent norms for treatment of bad loans that it announced in February without diluting their spirit.

The finance ministry has made a case for providing some relief, especially for small and medium enterprises, as the tighter rules could force defaulters into rapid bankruptcy, which could further dent jobs generation.

As per the news, the one-day non-performing asset (NPA) classification norm may be extended to 30 days and the requirement that a resolution plan has to be approved by all lenders could be lowered to 75%.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of bad loans, note that the asset quality of banks has been deteriorating during the past one year. This is evident in the chart below:

Asset Quality Deteriorates Further for Banks

This was evident in the first quarter FY18 results of banks. Axis Bank reported a gross non-performing asset (GNPA) ratio of 5.03%, a rise of 249 basis points year on year. Other regional players like Karnataka bank and Lakshmi Vilas Bank also reported deteriorating asset quality numbers.

The RBI also expects the average GNPA ratio to increase to 10.2% by March 2018. It had earlier indicated that if macroeconomic conditions worsen, this number could go up.

Bad loans at public sector banks have grown by more than Rs 1 trillion since April 2016 to Rs 6 trillion as of 31 December 2016. Banks such as IDBI Bank and UCO Bank are already facing regulatory curbs due to worsening asset quality.

On the other hand, private sector banks such as Yes Bank and ICICI Bank were recently in the news for under-reporting of bad loans.

Although RBI is showing urgency in tackling the NPA issue, a lot more needs to be done by lenders too to stop the rot.

And here's a note from Profit Hunter:

The Q4FY18 results season has started. Infosys announced its results last Friday after the market hours. Today, the stock opened gap down and recovered a bit but it is still 3% down.

The last time we reviewed the stock, it had broken above its important resistance level of 1,020. This indicated strength in the counter. As a result, the stock continued to rally strongly to touch a high of 1,221 in January 2018. Since then it is non-trending in a range of 1,100 - 1,200.

So will the quaterly result help the stock to trend in the near future? Let's keep a track on how the stock performs post its result.

INFY at a New 52-week High
INFY at a New 52-week High 

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Stock Market Updates

Sensex Trades in Red; IT Stocks Top Gainers (Today's Market)

Apr 20, 2018 12:30 pm

The BSE Sensex is trading down by 55 points, while the NSE Nifty is trading down by 20 points.

Sensex Opens Marginally Down; TCS Rallies on Strong Q4 Results (Today's Market)

Apr 20, 2018 09:30 am

Indian share markets open in red with Sensex trading down by 41 points, while the Nifty is trading down by 12 points.

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Sensex Ends Day Marginally Higher; Tata Steel Surges 3.5% (Today's Market)

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The BSE Sensex ended the day up by 92 points, while the NSE Nifty ended the day up by 23 points.

Indian Indices Trade Marginally Higher; Metal Sector Up 3.7% (Today's Market)

Apr 19, 2018 12:30 pm

The BSE Sensex is trading up by 87 points, while the NSE Nifty is trading up by 32 points.

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