Sensex Finishes Flat in Final Hour Sell Off; HDFC Twins Surge

Thu, 27 Jul Closing

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Indian share markets witnessed selling pressure in the final hour of trade but still closed at a record high for a third straight session.

At the closing bell, the BSE Sensex and the NSE Nifty finished flat. The S&P BSE Mid Cap finished down by 0.6% while & S&P BSE Small Cap finished down by 0.5%. Gains were largely seen in bank stocks, and capital goods stocks.

HDFC share price, HDFC Bank share price and Asian Paints share price are major gainers with gains to the tune of 5.8%, 2.2% and 1.3% respectively.

Meanwhile, software stocks finished in red. TCS share price finished down by 2.8% while Infosys share price fell 2.2%.

Asian stock markets finished higher today with shares in Hong Kong leading the region. The Hang Seng is up 0.71% while Japan's Nikkei 225 is up 0.15% and China's Shanghai Composite is up 0.06%. European markets are mixed today. The CAC 40 is up 0.38% while the FTSE 100 gains 0.06%. The DAX is off 0.58%.

The rupee was trading at Rs 64.12 against the US$ in the afternoon session. Oil prices were trading at US$ 48.8 at the time of writing.

In news from economy sector, in a bid to develop India's infrastructure, improve economic growth and community wellbeing, the Global Infrastructure Hub (GI Hub) in its report titled 'Global Infrastructure Outlook' has said that India will need investments to the tune of around US$ 4.5 trillion by 2040. It also noted that this will make India the second largest infrastructure market after China.

The report has stated that the significant demand for infrastructure investment in India over the next 25 years is likely to be driven by increasing income levels and economic prosperity.

In absolute terms, it explained that the total investment needed to meet the sustainable development goal is greatest in India, a total of US$ 1.3 trillion of investment is needed by 2030, more than China, which is US$ 257 billion.

As per the report, the cost of providing infrastructure to support global economic growth and for closing the infrastructure gaps is forecast to reach US$ 94 trillion by 2040, with a further US$ 3.5 trillion needed to meet the UN SDGs of access to drinking water and electricity by 2030, bringing the total to US$ 97 trillion. Adding further, it said that rural to urban migration continues with the urban population growing by 46%, triggering massive demand for infrastructure support.

Moving on to news from banking sector. Yes Bank share price continued its upward momentum and surged 4.3% in today's trade.

Yes Bank has reported 31.94% rise in its net profit at Rs 9.65 billion for the quarter under review as compared to Rs 7.31 billion for the same quarter in the previous year. Total income of the Bank increased by 21.48% at Rs 57.85 billion for 1QFY18 as compared Rs 47.62 billion for the corresponding quarter previous year.

The bank's gross NPA for the April-June quarter of the current fiscal increased to 0.97%, as compared to 0.79% in the same quarter of the previous year. Besides, bank's Net NPA stood at 0.39% in 1QFY18.

Meanwhile, Axis Bank has entered into a Share Purchase Agreement with Jasper Infotech (Snapdeal), to acquire 100% equity capital of Accelyst Solutions (Accelyst) & Freecharge Payment Technologies (FPTPL), subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs 3.85 billion.

Accelyst is primarily engaged in the business of payment processing services. FPTPL is primarily engaged in the business of operating payment system for semi-closed prepaid payment instruments and gift vouchers under the license issued by the Reserve Bank of India. Together, Accelyst and FPTPL form a digital payments business.

Axis Bank share price finished the trading day down by 0.8% on the BSE.

Asset Quality Deteriorates Further for Banks

When it rains, it pours. This can't be truer for any sector other than banking at the moment. If first quarter FY18 results of banks are anything to go by, there's a long painful road ahead. 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.

Apart from these banks, PSBs are also expected to report similar or even worse numbers. The Reserve Bank of India (RBI) recently identified 12 largest bad loans for resolution under the bankruptcy code. State Bank of India (SBI) is the lead banker to 6 of these 12 accounts.

In news from IPO segment, Cochin Shipyard is coming out with a 100% book building; initial public offering (IPO) of 3,39,84,000 shares of Rs 10 each in a price band Rs 424-432 per equity share. The issue will open for subscription on August 1, 2017 and will close on August 3, 2017. The shares will be listed on BSE as well as NSE.

The company will use the issue proceeds for setting up of a new dry dock within the existing premises of the company (Dry Dock); setting up of an international ship repair facility at Cochin Port Trust area (ISRF); and general corporate purposes.

Cochin Shipyard is the first greenfield and presently the most modern shipbuilding and ship repair yard in India. The company caters to clients engaged in India's defence segment and global commercial shipping sector.

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