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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Indices Open Flat
Fri, 29 Jul 09:30 am

Major Asian stock markets have opened the day on mixed note with stock markets in Singapore and HongKong are trading lower by 1.3% and 0.8% respectively. While, stock market in Japan is trading higher by 0.5%. Benchmark indices in Europe ended their previous session in red with the stock market in Germany ending the day lower by 0.4%. The rupee is trading at 67.05 per US$.

Indian stock markets have opened the day on a marginally negative note. The BSE Sensex is trading lower by 43 points (down 0.1%) and the NSE Nifty is trading marginally higher by 2 points (up 0.03%). While both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2%.

Major sectoral indices have opened the day on a mixed note with stocks from telecom and information technology sector are witnessing maximum selling pressure. While, stocks from metal sector are witnessing buying interest.

As per an article in Livemint, Punjab National Bank (PNB) declared its results for the quarter ended June 2016. After reporting a net loss in the preceding quarter, the company posted a net profit of Rs 3 billion for the June quarter. The profits were aided by treasury gains worth Rs 6 billion during the quarter.

The asset quality still remains a matter of concern for the bank as Gross Non Performing Assets (NPA) advanced and stood at 13.75% at the end of the June quarter. Gross NPAs stood at 12.9% at the end of March quarter. Similarly, net NPAs also surged to 9.16% for the same period.

Net Interest Income, considered to be the core income of the bank also declined by 9.8% YoY during the quarter. The decline was on the back of a very slow loan growth.

Asset quality will be the key thing to watch out for going forward. The stock is trading down by 1.8%.

In another news update, Indian Meteorological Department (IMD) in its report on Thursday stated that the rainfall for the country as a whole was 4% below the long-period average.

Further, there has been scanty rainfall in the areas of Gujarat and Saurashtra. However, the same is expected to pick-up in the coming week.

To add to this, the report stated that there would be normal to above normal rainfall in the initial part of August in Central, North-West and Peninsular regions. Reportedly, 80% of the country's area has received normal to excess rainfall and 20% has received deficient rains. Saurashtra and Gujarat are facing the highest rainfall deficit in the country of 57% and 43% from the long-period average, respectively.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. To add to this, a normal monsoon will also help to keep the inflation at low levels. The possibility of a good monsoon would also increase the chances of the country's central bank retaining its easy money policy.

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May 26, 2017 (Close)

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