Monday Stock Market Update: Benchmark indexes move up marginally, RIL loses Rs.1 lakh crore market cap

Share Markets at a Glance:

Though index heavyweight Reliance Industries (RIL) plunged 8.69% over its weak Q2 performance, Indian stock markets on Monday able to end in green with support from Bank, Telecom & Realty sector stocks. Nifty managed to grow by 26.75 points to close at 11669.15, while Sensex surged over 143.51 points and settled around 39757.58 level.

Sector-wise, Nifty Bank was the clear winner in today’s session as it grew by 4.15% due to strong quarterly performance by the bank stocks. Nifty Fin Services and Realty sectoral indexes also managed to surge significantly.

Top Gainers/Losers in Monday Stock Market:

Major private banks like IndusInd Bank, ICICI Bank, Axis Bank along with HDFC and Bharti Airtel were top gainers in today’s session. On the other hand, Reliance Industries (RIL), Divi’s Labs, Eicher Motors, HCL Tech and TCS were among top losers today.

DII/FII Data of Monday’s Stock Market:

DII divested Rs.533.97 crore, while FII Invested Rs.740.61 crore.

Happy October, PMI & GST Data indicates economy is recovering rapidly:

As per the data released by HIS Markit, India’s Manufacturing Purchasing Manager Index (PMI) rose to 58.9 during October 2020, from September’s 56.8 level. This is highest ever manufacturing PMI since 2008.

A PMI reading above 50 indicates economic expansion. In another update, during same month, India’s GST collection crossed Rs.1 trillion mark for the first time in last 8 months.

ICICI Bank Q2: Six-fold jump in profit:

Private lender ICICI Bank reported Q2 net profit of Rs.4251 crore on Saturday, which is six times higher than last year’s Q2 profit of Rs.655 crore.

Net Interest Income (NII), which is the difference between loan interest received and depositor interest paid, rose by 16% to Rs.9366 crore. Net Interest Margin(NIM) stood at 3.57%, which indicates surplus liquidity with the bank. Gross NPA for Q2 stood at 5.17%. Share price during the day went up by 6.02% to close at Rs.416.25.

HDFC reports Rs.2870 crore profit during Q2:

Leading NBFC, Housing Development Finance Corporation (HDFC) beat street estimates by posting net profit of Rs.2870 crore for the quarter ended on September 30. Though it reported higher profit of Rs.3961.53 crore during last year’s corresponding quarter, the lender said that numbers are not directly comparable due to dividend income and profit on sale of investments of Rs 323 crore.

Net Interest Income (NII) increased by 21%, while Net Interest Margin (NIM) stood at 3.3% for Q2. Gross NPA is at 1.81% of total loan portfolio. Share price of HDFC soared by 5.13% over strong Q2 performance and closed at Rs.2022.3.

NTPC’s net profit up by 7.43%, board approves share buyback:

GOI’s Maharatna PSU, National Thermal Power Corporation (NTPC) posted 7.43 per cent year-on-year (YoY) growth in net profit at Rs 3,504 crore for Q2 of FY21 on account of exceptional gains of Rs.560.43 crore. Company has posted Rs.3262.44 crore during same period last year.

Its board also approved buyback of up to 19.78 crore equity shares at a fixed price of Rs.115. Board has fixed November 13 as record date for eligibility of share buyback. Ahead of Q2 results, which NTPC posted after market hours, its share price went up by 2.23% and settled at Rs.89.55.

Quick Bytes:

• Manipal Hospitals to acquire Columbia Asia Hospitals.
• Equitas Small Finance Bank lists at 6% discount to its issue price.

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