Share markets in India ended the day higher with Nifty50 settling above the 10,000-mark for the first time. At the closing bell, the BSE Sensex closed higher by 154 points. While, the NSE Nifty finished higher by 56 points. Meanwhile, the S&P BSE Midcap Index and the S&P BSE Small Cap Index ended up by 0.2% & 0.3% respectively.
Barring information technology stocks all sectoral indices finished the day on in green with metal sector and capital goods sector witnessing maximum buying interest.
Overseas, Asian equity markets finished higher today after Wall Street indexes notched record highs. The Nikkei 225gained 0.48% while Hong Kong’s Hang Seng ended up by 0.33% and China’s Shanghai Composite was higher 0.12%. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.64% while London’s FTSE 100 is up 0.61% and Germany’s DAX is up 0.38%.
The rupee was trading at Rs 64.42 against the US$ in the afternoon session. Oil prices were trading at US$ 46.83 at the time of writing.
Bank stocks closed the day on a mixed note with Yes Bank and South Indian Bank leading the gains. Yes Bank share price rose over 6.1% after it reported a 32% rise in quarterly profit, beating estimates, helped by higher interest and fee income.
Net profit rose to Rs 9.7 billion (US$150 million) in the quarter ended 30 June, from Rs 7.3 billion a year earlier.
In terms of asset quality Gross NPA’s for the quarter also jumped by 62% yoy to Rs 13.6 billion in Q1FY18 versus Rs 8.4 billion in Q1FY17. In percentage to total advances GNPA’s marginally edged up by 18 bps to 0.97% in QFY18 as against 0.79% in Q1FY17.
Speaking of bad loan crisis, during the spiraling bad loan crisis, private banks were largely seen as safer than their troubled public sector counterparts.
