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Indian Indices Finish Strong on Diwali Day; Sensex Closes Up by 192 Points
Sun, 27 Oct Closing | Monish Vora, TM Team

The Samvat 2076 began on a positive note for Indian share markets today as the auspicious Muhurat trading session ended on a strong note today.

While the BSE Sensex closed higher by 192 points (up 0.5%), the NSE Nifty ended higher by 43 points (up 0.4%).

Stocks from the auto sector, healthcare sector and IT sector were the most in demand.

The BSE Mid Cap Index and the BSE Small Cap Index also gathered steam with both indices ending higher by 0.7% and 1.2%, respectively.

Stocks such as Tata Motors share priceYes Bank share price, Infosys share price and Mahindra & Mahindra share price were the top gainers in today's trading session, while Maruti Suzuki share price, Bharti Airtel share price and TCS share price were the top losers.

In news from the banking sector, ICICI Bank share price was in focus today as the private sector lender reported a jump of 247% in its profit before tax (PBT) for the July-September 2019 quarter (Q2FY20). The bank posted Rs 43.6 billion of PBT, compared to Rs 12.5 billion in the year-ago quarter.

Net profit, however, dipped by 27.9% year-on-year (YoY) to Rs 6.6 billion.

The bank said that excluding the impact of a one-time additional charge of Rs 29.2 billion on account of the re-measurement of the accumulated deferred tax (DTA), net profit would have been Rs 35.7 billion on a standalone basis.

The bank's net interest margin (NIM) improved to 3.64% during the quarter under review in Q2FY20 from 3.33% a year ago.

Net interest income (NII) increased by 26% to Rs 80.6 billion from Rs 64.2 billion in the year-ago quarter.

Deposits grew by 25% to Rs 6.96 trillion at the end of September 2019 from Rs 5.59 trillion a year ago. The low-cost current account savings account (CASA) deposits grew at 14.6% and term deposits by 34.9% on a YoY basis.

Its total advances increased by 13% YoY to Rs 6.13 trillion at end of September 2019 from Rs 5.44 trillion at the end of September 2018. The domestic loan growth at 16% YoY was driven by retail.

Retail loans grew by 22% YoY, while SME loan book grew by 29.9%.

The bank's asset quality improved with the Gross NPA ratio decreasing from 8.54% in Q2FY19 to 6.37% at end of Q2FY20.

The net non-performing asset (NPA) ratio decreased from 3.65% in September 2018 to 1.6% in September 2019.

Provisions, excluding taxes, declined by 37% to Rs 25.1 billion in Q2FY20 from Rs 39.9 billion in Q2FY19.

Moving on to the news from the automobile sector, Tata Motors share price was also in focus today. The stock of the company witnessed buying interest in today's Muhurat Trading session after the company got Rs 65 billion boost from its promoter Tata Sons.

Also, the smaller than expected loss in Q2FY20 boosted the investor sentiment.

The company on Friday announced that its board of directors has approved a preferential allotment of ordinary shares and warrants to Tata Sons for an amount of Rs 65 billion, subject to shareholder approval.

The company said funds will be used to pare debts.

On the results front, the company posted a consolidated loss of Rs 2.2 billion for the quarter ended September 30 against a loss of Rs 10.5 billion in the same period last year.

Consolidated revenue of the company declined 9.15% to Rs 647.6 billion during the quarter under review against Rs 712.9 billion last year.

Speaking of quarterly results and corporate profits, economic growth (GDP) and corporate profit growth hardly go hand in hand.

Over the past few years, the share of corporate profits to GDP has steadily declined.

This is evident in the chart below:

Rebound in Corporate Profits May Not Immediately Reflect in GDP

As per Tanushree Banerjee, the revival of capex cycle may cause corporate profits to soar much faster than the GDP growth. Investors who stay focused on macro numbers may miss this bus.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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