Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Sensex Opens in Green; Banking Stocks Buck the Trend
Fri, 27 Oct 09:30 am | Rini Mehta, TM Team

Asian stock markets are higher today as technology shares were boosted by upbeat earnings from US hi-tech giants. The Shanghai Composite is up 0.21% while the Hang Seng is up 0.90%. The Nikkei 225 is trading up by 0.94%. US stocks closed higher on Thursday as the latest set of earnings reports gave investors a positive surprise.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 98 points while the NSE Nifty is trading higher by 13 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.2% & 0.4% respectively.

Barring banking sector, all sectoral indices have opened the day in green with consumer durables sector and metal sector leading the pack of gainers. The rupee is trading at 64.79 to the US$.

Bank stocks have opened the day on a mixed note with South Indian Bank and Indusind Bank being the most active stocks in this space. Yes Bank reported a 25% jump in net profit for the second quarter ended September 2017 mainly due to a rapid growth in advances and a rise in fee income.

The bank reported a growth in deposits of 23.4% year-on-year driven by a healthy growth in current and savings account deposit which constituted 37.2% of the total deposits.

The loan book grew 34.9% on the back of robust growth in both corporate and retail businesses. Retail banking advances grew by 78% year-on-year and now constitutes 11.4% of total advances.

Just Released: Multibagger Stocks Guide
(2018 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

However, a sharp increase in provisions due to a Reserve Bank of India direction to recognise some loans as non-performing, moderated the bank's profits.

Net profit increased to Rs 10.02 billion from Rs 8.02 billion a year earlier, but the bank had to set aside Rs 4.47 billion as provisions which was one-and-a-half times higher than the Rs 1.62 billion reported a year earlier.

Meanwhile, Yes Bank reported a divergence in gross bad loans of Rs 63.55 billion for FY17. Divergence refers to the difference between the RBI's inspection report and the bank's own report. As a result of which Yes bank had to make an extra provisioning of Rs 15.36 billion.

This is the second time that the RBI, in its annual risk-based supervision, has observed divergences in both the banks' NPA reporting.

Yes Bank was one of three private sector lenders which had reported a sharp divergence between their asset quality classification and provisioning for 2015-16, and what the RBI deemed necessary. Jammu & Kashmir Bank, Bank of Maharashtra and ICICI Bank were the other banks that had a divergence of more than 15% in their reported gross bad loans.

Yes Bank leads in Under-reporting of Bad Loans

Yes Bank share price slumped by 7.8% in the early trade.

Moving on to the news from IPO space. The initial public offer of Reliance Nippon Life Asset Management was oversubscribed 7.5 times on the second day of bidding on Thursday.

The IPO, which is expected to raise an estimated Rs 15.4 billion, received bids for 319.3 million shares against the total issue size of 42.8 million (excluding anchor portion).

Reliance Nippon Life Asset Management Ltd an asset management company having market share of over 11.4% in mutual funds offerings in India. The company is ranked the 2nd most profitable asset management company in India. The company is promoted by Reliance Capital Limited, which is an RBI registered non-banking finance company and is a part of Reliance Group led by Mr. Anil D. Ambani.

The company manages 55 open-ended mutual fund schemes including 16 ETFs and 174 closed ended schemes and has a network of 171 branches and over 58,000 distributors including banks, financial institutions, national distributors and independent financial advisors as of 30 June 2017.

Is the company leaving enough money on the table for investors? We recently released our IPO note for the above IPO. You can access the same in our IPO section.

In another development, Srei Infrastructure Finance on Thursday said the board of its wholly-owned subsidiary Srei Equipment Finance Ltd has approved raising up to Rs 20 billion through an IPO.

SREI Infra holds 100% of SREI Equipment Finance. The company is planning to list SREI Equipment Finance and the intent is to dilute up to 25% of capital via IPO.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

However, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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...

Equitymaster requests your view! Post a comment on "Sensex Opens in Green; Banking Stocks Buck the Trend". Click here!


Stock Market Updates

Sensex Rises 477 Points; Trading Resumes on NSE (Today's Market)

Feb 24, 2021 Special Update

The BSE Sensex is trading up by 477 points, while the NSE Nifty is trading up by 135 points.

SIEMENS at All Time High; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Feb 24, 2021 02:54 PM

SIEMENS share price has hit an all time high at Rs 1,922 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.5%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 1.7%) and HONEYWELL AUTOMATION (up 1.9%). The top losers include HAVELLS INDIA (down 0.2%) and GRAPHITE INDIA (down 0.2%).

MUTHOOT FINANCE Share Price Down by 6%; BSE 500 Index Up 0.5% (Today's Market)

Feb 24, 2021 02:36 PM

MUTHOOT FINANCE share price is trading down by 6% and its current market price is Rs 1,315. The BSE 500 is up by 0.5%. The top gainers in the BSE 500 Index are INDIAN OVERSEAS BANK (up 10.0%) and BANK OF MAHARASHTRA (up 10.0%). The top losers are MUTHOOT FINANCE (down 5.8%) and HIMADRI SPECIALITY CHEMICAL (down 5.4%).

ZENSAR TECHNOLOGIES at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Feb 24, 2021 01:02 PM

ZENSAR TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 282. BSE 500 Index is up by 0.5% at 19,684. Within the BSE 500, ZENSAR TECHNOLOGIES (up 5.3%) and NAVA BHARAT VENTURES (up 11.2%) are among the top gainers, while top losers are MAGMA FINCORP and RELIANCE POWER.

Sensex Trades Over 200 Points Higher; Dow Futures Down by 103 Points (Today's Market)

Feb 24, 2021 12:30 pm

BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 113 points.

OMAXE Share Price Down by 6%; BSE REALTY Index Up 0.5% (Today's Market)

Feb 24, 2021 12:22 PM

OMAXE share price is trading down by 6% and its current market price is Rs 72. The BSE REALTY is up by 0.5%. The top gainers in the BSE REALTY Index are PRESTIGE ESTATES (up 1.9%) and DLF (up 1.9%). The top losers is OMAXE (down 5.8%)..

View More Indian Share Market News

Most Popular

Intraday Trading for a Living(Fast Profits Daily)

Feb 15, 2021

In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.

Penny Stock Master Series: The Quest for 10X Profits in 10 Years(Profit Hunter)

Feb 12, 2021

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.

Top 5 Stocks Mutual Funds Bought and Sold in January 2021(Sector Info)

Feb 16, 2021

A look at what India's top equity mutual funds bought and sold in January 2021.

I Would Recommend this Small-cap Stock Over Tesla(Profit Hunter)

Feb 16, 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.


India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms


Feb 24, 2021 (Close)