The major Asian stock markets have opened the day on a mixed note with stock markets in Taiwan (down 0.6%) and Singapore (down 0.6%) leading the losses. However, the stocks markets in Hong Kong (up 1.7%) and Korea (up 0.4%) were leading the gains. The Indian share markets have opened the day on a positive note. Barring healthcare, software and consumer durables, all sectoral indices have opened in the green with stocks in energy and banking space leading the gains.
The Sensex today is up by around 288 points (1.3%), while the NSE-Nifty is up by about 83 points (1.2%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 59.49 to the US dollar.
PSU Banking stocks have opened on a mixed note with State Bank of India and Indian Bank leading the gains. However, Corporation Bank and Punjab & Sind Bank were leading the losses. Corporation Bank has announced results for the quarter ending March 2014. The total income during the quarter was up 8.6% year on year (YoY). However, the net profit during the quarter declined 88.3% YoY on account of higher provisioning and increase in bad loans. The bank made provisioning towards bad loans to the tune of Rs 8.2 bn during the quarter. This was significantly higher than Rs 4.6 bn reserved a year ago. The net non-performing assets (NPAs) or bad loans jumped to 2.32 % in the quarter from 1.19 % a year earlier.
Energy stocks have opened the day mainly in the green with Reliance Industries Ltd and Gujarat Gas Ltd leading the gains. As per a leading financial daily, Oil and Natural Gas Corporation (ONGC) Ltd's wholly owned subsidiary ONGC Videsh Ltd (OVL) is likely to bid for deep-sea oil and gas blocks in Tanzania as it focuses on expanding its footprint in energy rich Africa. OVL currently has producing and exploration assets in Sudan, South Sudan, Nigeria and Libya. Tanzania is offering eight blocks in its fourth Offshore Licensing Round. The management is examining the blocks on offer and will decide to place bids for one or more based upon the evaluation. It is not yet decided if OVL will bid alone or take a partner.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
What else is happening in the markets today? Dig in...
Here's an analysis of the annual report of ONGC for 2019-20. It includes a full income statement, balance sheet and cash flow analysis of ONGC. Also includes updates on the valuation of ONGC.
For the quarter ended December 2019, ONGC has posted a net profit of Rs 42 bn (down 49.8% YoY). Sales on the other hand came in at Rs 237 bn (down 14.4% YoY). Read on for a complete analysis of ONGC's quarterly results.
For the quarter ended June 2019, ONGC has posted a net profit of Rs 59 bn (down 3.9% YoY). Sales on the other hand came in at Rs 266 bn (down 2.4% YoY). Read on for a complete analysis of ONGC's quarterly results.
Here's an analysis of the annual report of ONGC for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of ONGC. Also includes updates on the valuation of ONGC.
More Views on NewsIn this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.
This is first of the three part master series. In these editorials, I'll show you how to earn 10X returns from a penny stock portfolio over 10 years.
A look at what India's top equity mutual funds bought and sold in January 2021.
Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.
More
Equitymaster requests your view! Post a comment on "Indian share markets open firm". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!