Both the benchmark indices, Sensex and Nifty rallied today and were led by small-cap and mid-cap stocks on the back of strong opening of Rupee against USD. Though both the indices lost the momentum and pared the gains in last one and half-an hour following weak Q1 result by India’s largest lender SBI, announced by 2:00 PM. According to dealers, the market is awaiting cues from IIP and CPI data for direction. Nifty closed above the 5600 mark, up by 46.75 points (0.84%) at 5612.40 and Sensex also end the day at 18946.98, up by 157.64 points (0.84%).
Market heavyweight SBI disappointed the street with the first quarter net profit falling higher-than-expected nearly 14% y-o-y to Rs. 3,241 crore, dented by higher provisions against bad loans and muted growth in the net interest income, which grew just by 3.5% to Rs. 11,512 crore in April-June quarter from Rs. 11,119 crore. Gross NPA increased 19% sequentially to Rs. 60,891 crore and net NPA jumped 36.6% Q-o-Q to Rs. 29,989 crore during April-June quarter.
Tech Mahindra rose more than 2% after higher-than-expected earnings during April-June quarter. The company also increased FII investment limit to 45 from 35%. HDFC shares rallied nearly 5%, while ONGC, ahead of its earnings, rose more than 2%.
Thematic indices led the rally today and CNX Smallcap was the highest gainer by 2.66% followed by CNX Midcap 50 (1.85%) and all the other indices closing in green.
Among sectoral indices today, CNX Metal led the charge by gaining 4.48% and followed by CNX FMCG (2.39%), CNX Commodity (1.90%), CNX Pharma (1.89%) and CNX PSE (1.79%). Banking indices faced the brunt of poor results by SBI and CNX PSU Bank (-1.53%) and Bank Nifty (-1.07%) was the most losing index on NSE.
Market breadth was positive on the NSE as 672 stocks advanced against 231 declined and 25 remain unchanged.
Out of 50 stocks of Nifty index, 33 registered growth while 17 declined.
Top Five Nifty Gainers: Jindal Steel led the Nifty Gainers chart and excelled by 9.09% followed by Tata Steel (7.68%), Sun Pharma (7.13%), NMDC (6.58%) and Hero Moto Corp (3.56%).
Top Five Nifty Losers: SBIN disappointed with result and lost -4.02% and accompanied by Tata Power (-3.28%), Reliance (-2.73%), Indus Ind Bank (-2.01%) and PNB (-1.79%).
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