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  • Mid-Session - Detailed News
Market trades in range
23-Jul-19   12:30 Hrs IST

The market was stuck in a narrow range in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 30.37 points or 0.08% at 38,061.50. The Nifty 50 index was up 7.20 points or 0.06% at 11,353.40.

The S&P BSE Mid-Cap index was down 0.26%. The S&P BSE Small-Cap index was up 0.38%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1064 shares rose and 890 shares fell. A total of 111 shares were unchanged.

Zee Entertainment Enterprises (down 1.28%), Larsen & Toubro (up 0.34%) and Hindustan Unilever (up 0.91%) ahead of their Q1 June 2019 result today.

Power Grid Corporation of India (up 2.30%), Infosys (up 1.71%), NTPC (up 1.68%), ITC (up 1.61%) and UPL (up 1.43%) advanced.

Housing Development Finance Corporation (down 2.35%), Indiabulls Housing Finance (down 1.72%), Adani Ports and Special Economic Zone (down 1.67%),Bajaj Auto (down 1.63%) and JSW Steel (down 1.55%) declined.

Most private bank shares rose. Kotak Mahindra Bank (up 1.66%), Yes Bank (up 1.15%), City Union Bank (up 0.99%), ICICI Bank (up 0.78%), Axis Bank (up 0.71%) and IndusInd Bank (up 0.02%) advanced.

HDFC Bank (down 1.5%), RBL Bank (down 0.42%) and Federal Bank (down 0.26%) declined.

Kotak Mahindra Bank was up 1.66% after standalone net profit rose 32.7% to Rs 1360.20 crore on 19.6% rise in total income to Rs 7944.61 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 22 July 2019.

Kotak Mahindra Bank's gross non-performing assets (NPAs) stood at Rs 4613.52 crore as on 30 June 2019 as against Rs 4467.94 crore as on 31 March 2019 and Rs 3899.45 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 2.19% as on 30 June 2019 as against 2.14% as on 31 March 2019 and 2.17% as on 30 June 2018. The ratio of net NPAs to net advances stood at 0.73% as on 30 June 2019 as against 0.75% as on 31 March 2019 and 0.86% as on 30 June 2018.

Most public sector bank shares fell. Punjab National Bank (down 1.93%), Corporation Bank (down 1.58%), Bank of Baroda (down 0.89%), State Bank of India (down 0.84%), Punjab & Sind Bank (down 0.82%), IDBI Bank (down 0.6%), Central Bank of India (down 0.54%), Andhra Bank (down 0.46%), Bank of India (down 0.25%), Allahabad Bank (down 0.24%) and Canara Bank (down 0.04%) declined.

Bank of Maharashtra (up 1.37%), Indian Bank (up 1.15%), United Bank of India (up 0.41%), UCO Bank (up 0.28%)and Union Bank of India (up 0.07%) declined.

Most metal stocks fell. JSW Steel (down 1.55%), Steel Authority of India (down 1.41%), Tata Steel (down 1.29%), NMDC (down 0.97%), Hindustan Zinc (down 0.56%), Hindustan Copper (down 0.14%), Jindal Steel & Power (down 0.14%) and Vedanta (down 0.09%) declined.

National Aluminium Company (up 0.98%) and Hindalco Industries (up 0.49%) edged higher.

NBCC (India) was up 1.08%. As per reports, the Supreme Court pronounced its verdict on Amrapali Project. The apex court has reportedly ordered money laundering probe against Amrapali and appointed NBCC to complete projects undertaken by the company. It further added that Amrapali's RERA registration will be cancelled and has asked the Enforcement Directorate to conduct the probe.

Sadbhav Infrastructure Project was up 0.26%. The company during market hours today, 23 July 2019, announced that Vizag Port Road (a wholly owned subsidiary company or SPV) has executed supplementary agreement to concession agreement with National Highways Authority of India (NHAI) towards termination of concession agreement dated 3 May 2018 due to non-availability of required 80% of right of way by NHAI within stipulated time period. With this, concession agreement dated 3May 2018 shall cease to be in existence and will be treated as terminated with mutual consent of the parties without any outstanding claims on each other.

On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.53% at 13.34.

On the options front, Nifty option chain for 25 July 2019 expiry showed a maximum call open interest (OI) of 38.91 lakh contracts at the 11400 strike price. Maximum put OI of 44.64 lakh contracts was seen at 11300 strike price. Options data suggested a trading range for Nifty will be between 11,300 and 11,400.

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