Domestic shares settled higher, in tandem with global markets, as IT and banks shares gained. The barometer index, the S&P BSE Sensex, rose 190.66 points or 0.55% to 35,160.36. The Nifty 50 index rose 47.05 points or 0.44% to 10,739.35. The Sensex settled above the psychologically important 35,000 mark.
The Indian stock markets will remain shut on Tuesday, 1 May 2018, on account of Maharashtra Day.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,404 shares rose and 1,255 shares fell. A total of 148 shares were unchanged.
Among secondary barometers, the BSE Mid-Cap index rose 0.56%. The BSE Small-Cap index rose 0.89%. Both these indices outperformed the Sensex.
Among the sectoral indices on BSE, the S&P BSE Realty index (up 1.50%), the S&P BSE Capital Goods index (up 1.48%), the S&P BSE IT index (up 1.44%), the S&P BSE FMCG index (up 1.35%), the S&P BSE Industrials index (up 1.18%), the S&P BSE Teck index (up 1.10%), the S&P BSE Power index (up 0.89%), the S&P BSE Healthcare index (up 0.84%) and the S&P BSE Finance index (up 0.69%), outperformed the Sensex. The S&P BSE Basic Materials index (up 0.46%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.46%), the S&P BSE Bankex (up 0.43%), the S&P BSE Auto index (up 0.39%), the S&P BSE Metal index (up 0.32%), the S&P BSE Utilities index (up 0.20%), the S&P BSE Consumer Durables index (down 0.13%), the S&P BSE Telecom index (down 0.35%), the S&P BSE Oil & Gas index (down 1.08%) and the S&P BSE Energy index (down 1.99%), underperformed the Sensex.
Housing finance major HDFC rose 1.44%. The company's net profit rose 39.23% to Rs 2846.22 crore on 13.15% increase in total income to Rs 9,633.89 crore in Q4 March 2018 over Q4 March 2017. The result was announced during trading hours today, 30 April 2018.
Reliance Industries (RIL) fell 3.18% to Rs 963.10. On a consolidated basis, RIL's net profit rose 17.46% to Rs 9459 crore on 37.83% increase in net sales to Rs 116915 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours on Friday, 27 April 2018.
In the year ended March 2018, RIL achieved a consolidated revenue of Rs 430,731 crore ($66.1 billion), an increase of 30.5%, as compared to Rs 330180 crore in the previous year. Increase in revenue is primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in prices of products in refining and petrochemical businesses. Product prices were led by 18% YoY increase in Brent oil price to $57.5/bbl. RIL's consolidated revenue was also boosted by robust growth in Retail and Digital Services business. Reliance Retail recorded a 105% surge in revenue to Rs 69,198 crore. RJIL's Wireless Telecommunication Network recorded revenue of Rs 23916 crore in its very first year of commercial operations. Exports (including deemed export) from India were higher at Rs 176117 crore ($27 billion) as against Rs 147755 crore in the previous year. Profit after tax was higher by 20.6% at Rs 36,075 crore ($5.5 billion) as against Rs 29901 crore in the previous year. Higher interest and depreciation charges with the commissioning of projects across businesses resulted in relatively lower growth in profit after tax.
IT shares were in demand. Persistent Systems (up 4.44%), MphasiS (up 3.81%), Hexaware Technologies (up 3.70%), MindTree (up 2.94%), TCS (up 2.22%), Wipro (up 1.23%), Infosys (up 1.20%), HCL Technologies (up 0.97%) and Tech Mahindra (up 0.04%), edged higher. Oracle Financial Services Software fell 0.92%.
Most banks shares rose. Among private sector banks, Yes Bank (up 3.90%), HDFC Bank (up 1.13%), City Union Bank (up 0.66%), IndusInd Bank (up 0.66%) and Federal Bank (up 0.10%), edged higher. RBL Bank (down 0.98%) and ICICI Bank (down 1.25%), edged lower.
Kotak Mahindra Bank rose 1.83%. On a standalone basis, the bank's net profit rose 15% to Rs 1124 crore in Q4 March 2018 over Q4 March 2017. Net Interest Income (NII) rose 19% to Rs 2580 crore in Q4 March 2018 over Q4 March 2017. Net Interest Margin (NIM) for Q4 March 2018 was at 4.35% as against 4.63% in Q4 March 2017. The result was announced during trading hours today, 30 April 2018.
Axis Bank fell 3.87%. The bank said its board has approved a proposal to increase its borrowing limit up to Rs 2 lakh crore. The borrowings will be apart from deposits of money accepted from public in the ordinary course of its business, temporary loans repayable on demand or within six months from the date of the loan, if any, obtained from the bank's bankers, it said in a regulatory filing. The board also authorised Axis Bank to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments up to an amount of Rs 35,000 crore. The announcement was made after market hours on Friday, 27 April 2018.
Among state-run banks, Vijaya Bank (up 6.62%), Bank of Baroda (up 3.73%), Canara Bank (up 1.96%), Dena Bank (up 1.83%), Bank of Maharashtra (up 1.82%), Punjab National Bank (up 1.82%), Indian Bank (up 1.78%), Bank of India (up 1.71%), State Bank of India (up 1.50%), Syndicate Bank (up 1.38%), Union Bank of India (up 1.27%), Punjab & Sind Bank (up 0.42%) and Central Bank of India (up 0.14%), edged higher. Allahabad Bank (down 0.1%), United Bank of India (down 0.69%), UCO Bank (down 0.76%), Corporation Bank (down 1.15%), Andhra Bank (down 1.24%) and IDBI Bank (down 1.71%), edged lower.
Overseas, European equities were trading higher as investors digested merger news and focused on earnings. Asian stocks edged higher as investors focused on a mix of ebbing geopolitical tensions, robust earnings and economic data. US stock benchmarks closed out little changed on Friday, 27 April 2018, as investors expressed muted enthusiasm following strong corporate results.