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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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FMCG stocks drive the gains 
(Tue, 31 Jul 11:30 am) 
Indian equity markets shed initial gains but were still trading firm during the last two hours of trade. Among sectoral indices, there was mixed performance. While FMCG and healthcare stocks led the gains, auto and metal stocks witnessed selling pressure.

The BSE-Sensex is up by 21 points and NSE-Nifty is trading flat. BSE Mid Cap and BSE Small Cap indices are also trading flat. The rupee is trading at 55.58 to the US dollar.

Mining Stocks are trading weak led by Ashapura Minechem and National Mineral Development Corporation (NMDC). As per a leading daily, Coal India board will be meeting on Tuesday to discuss a number of issues including price pooling for coal imports and fuel supply agreements (FSAs). We may note here that price pooling implies common pricing of similar grade coal arrived by taking the average price of imported and domestic coal. It is expected that the meeting will result in a decision regarding price pooling mechanism whereby impact of higher coal prices due to costlier imports will be passed on to the consumers. Also, the minimum amount of assured fuel supply may be changed from 80% to 65% implying that Coal India will pay a penalty if it fails to supply more than 65% of the contracted fuel.

Banking stocks are trading in the red led by Bank of Baroda and Indian bank. Oriental Bank of Commerce (OBC) has announced its results for the first quarter of financial year 2012-2013 (1QFY13). The bank has reported 19% YoY growth in interest income on the back of 16% YoY growth in advances. Net interest margins (NIM) see a marginal decline from 2.9% to 2.8% in 1QFY13. Net profits see a 10% YoY rise in 1QFY13, despite higher interest costs. This was mainly on lesser provisioning and an appreciable increase in other income. Net non-performing assets (NPA) increased sharply to 2.05% of advances in 1QFY13 from 1.1% in 1QFY12. However, this has come off, over the 2.2% levels seen at the end of FY12. Capital adequacy ratio at 12.3% (as per Basel II) at the end of 1QFY13.

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Sep 22, 2017 (Close)