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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets open strong 
(Thu, 10 May 09:30 am) 
 
The key Asian stock markets have opened the day on a negative note. Markets in Hong Kong (down 1.0%) and Korea (down 0.3%) are leading the losses in the region. Markets in China (down 0.2%) and Japan (down 0.1 %) are also trading weak. However, the Indian stock markets have opened the day on a positive note. All sectors are trading in the green led by capital goods and realty stocks.

The BSE-Sensex is up by around 171 points (1.0%) while the NSE-Nifty is up by around 51 points (1.1%). BSE Mid Cap and BSE small cap stocks are trading in the green and are up by 0.9% and 0.7% respectively. The rupee is trading at Rs 53.74 to the US dollar.

Banking stocks have opened the day on a positive note with Allahabad Bank and Andhra Bank leading the gainers. Punjab National Bank has announced its results for the quarter ending on 31st March 2012. The bank has reported a 27.6% year on year (YoY) growth in the topline and an 18.6% YoY growth in the bottomline. This was on account of an increase in interest income and lower provisioning for retirement pension and taxes paid (as it had made higher provisions in the preceding quarters). The operating profits during the quarter were up by 17.1% YoY. The net interest margins of the bank declined to 3.84% versus 3.96 % at the end of March 2011. As per the management, the bank will try to hold it at 3.5 % this year. The net interest income was up by 9.3% YoY. Of a 15.7% YoY increase in the total provisioning, provisions for non performing assets (NPAs) went up by 73% YoY. The gross NPA ratio, net NPA ratio and capital adequacy ratio at the end of FY12 stood at 2.93%, 1.52% and 12.6% respectively. For FY12, the bottomline was up by 10.2% YoY. The stock was trading in the green.

Barring HCL Technologies Ltd and Info Edge Ltd., software stocks have opened the day on a strong note with CMC Ltd, and Moser Baer India Ltd. leading the gainers. NIIT Ltd. has announced its results for the quarter ending on 31March 2012. As per the management, the results are not comparable with last year as NIIT has divested its stake in Element K for a cash consideration of US$ 110 mn in the third quarter of 2011-12 (3QFY12) as a part of restructuring and strengthening of balance sheet. Excluding Element K, the topline and bottomline registered a growth of 17% YoY and 31% YoY. As per the management, the company is about to become debt free. The capital expenditure for FY13 has been budgeted at about Rs 1.2 bn. The company plans to use it for setting up new campuses for cloud computing, skill development and Yuva Jyoti .The board has also recommended a dividend of 80%. The stock has opened in the green.

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May 26, 2017 (Close)

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