Thursday, 20 April 2017
Sensex, Nifty50 start on a positive note; ICICI Bank slips; RIL, HDFC Bank gain
Benchmark indices opened on a firm note on Thursday in the midst of earnings season, thanks to positive trading in Asian markets - even as crude oil prices tanked 4 per cent in overnight trade on less-than-expected fall in US crude inventories.
The BSE Sensex was trading 48 points, or 0.16 per cent, higher at 29,384. The index had hit a high of 29,403.63 and low of 29,344.57 in early trade. Nifty50 rose 0.02 per cent to 9,148.45.
Adani Ports climbed 1.54 per cent to Rs 330.70. Wipro BSE 0.05 %, HDFC Bank BSE 1.03 % and Infosys BSE 0.41 % added up to 1.09 per cent.
Axis Bank, Tata Motors and Coal India BSE -0.32 % dropped up to 1.1 per cent. TCS inched 0.22 per cent lower at Rs 2,303.60. A total of 15 brokerages have a target price of Rs 2,490 on the stock post the company’s fourth quarter results. Private lenders ICICI Bank BSE -2.54 % and Axis Bank BSE -2.00 % declined 2.49 per cent and 1.01 per cent, respectively.
Hero Moto Corp, SBI and Power Grid BSE -0.57 % fell up to 0.6 per cent.
Yes Bank BSE -4.07 % cracked 3 per cent to Rs 1,555 after the bank reported 30.2 per cent YoY surge in fourth quarter net profit. Morgan Stanley has cut its target price on the stock from 1750 to 1680 saying it expects near-term performance to be weak on uncertainty around asset quality and capital.
Meanwhile, Hindustan Zinc BSE 2.05 % will report its fourth quarter results later in the day. The company is seen reporting in excess of 30 per cent growth in Q4 profit, on about 70-100 per cent jump in revenues, thanks to spurt in volumes and metal prices overseas. Updates on the mine expansion plans will be the key monitorable for the stock, say analysts. The stock was up 1.31 per cent at Rs 274.80.
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