Markets Pare Early Gains

Mon, 1 Aug Closing

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Indian equity markets started the day's proceedings on a strong note and continued this trend in the morning session. However, indices witnessed selling pressure in the afternoon trading to finish just below the dotted line. At the closing bell, the BSE Sensex closed lower by 49 points, the NSE Nifty finished lower by 2 points. Meanwhile, the S&P BSE Midcap & the S&P BSE Small Cap finished up by 0.3% and 0.1% respectively. Losses were largely seen in capital goods and banking stocks.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.09% and the Nikkei 225 rose 0.4%. The Shanghai Composite lost 0.87%. European markets are also trading mixed today. The DAX is up 0.53%. while the FTSE 100 has gained 0.1%. The CAC 40 is off 0.09%.

The rupee was trading at 66.74 against the US$ in the afternoon session. Oil prices were trading at US$ 41.17 at the time of writing.

PSU banks languished in the red today with Dena Bank and Canara Bank leading the losses. According to a leading financial daily, Punjab National Bank (PNB) plans to sell its real estate assets in central Delhi in order to monetize its real estate portfolio. The bank's units, which are currently part of the headquarters, are spread across various locations. PNB will relocate its headquarters to its new building in Dwarka. The bank would also auction some realty assets in Kanpur and Gorakhpur in Uttar Pradesh and some properties in Kerala. PNB is also planning to recover Rs 30 billion from among its bad loans by selling these to asset reconstruction companies (ARCs).

The bank has reported a fall of 57.49% in its net profit at Rs 3.06 billion for the quarter ended June 30, 2016 as compared to Rs 7.20 billion for the same quarter in the previous year. However, total income of the bank increased by 3.71% to Rs 139.3 billion for the quarter under review, from Rs 134.32 billion for the corresponding quarter of the previous year.

The bank's gross NPA for the April-June quarter of the current fiscal increased to 13.75%, as compared to 6.47% in the same quarter of the previous year. Besides, bank's net NPA stood at 9.16% in 1QFY17. The stock price of PNB finished the day down by 0.7% on the BSE.

Automobile stocks finished in the green with Tata Motors DVR and Maruti Suzuki leading the charts. Maruti Suzuki reported a rise of 12.7% in its total car sales (Domestic + Export) for the month of July 2016 at 137,116 units, as against 121,712 units in July 2015. The company's domestic sales rose by 13.9% in July 2016 at 125,778 units, as against 110,405 units in corresponding month last year.

Of the total, the company has sold 93,634 units of its passenger cars during last month, up by 2.2% as against 91,602 units in July 2015. The company's sales of vans have increased by 24.1% to 14,748 units in July 2016 as against 11,887 units in July 2015. Further, the company's sales of utility vehicles rose by 151.3% to 17,382 units from 6,916 units in July 2015.

In June, sales of passenger vehicles were subdued due to disruption in production at Maruti Suzuki due to an incident of fire at vendor Subros. July was the highest ever monthly sales for the company, which accounts for almost one of every two vehicles sold in the country. The company reported a 12% YoY and 23% YoY growth in sales and net profits (Subscription Required) respectively for the first quarter ended June 2016 recently. Maruti Suzuki finished the day up by 2.4% on the BSE.

Meanwhile, shares of Ashok Leyland tanked 4.2% in today's trade after the company reported a fall of 5% in July 2016 sales to 10,492 units, as against 11,054 units sold in the same period of last year. The company's medium and heavy commercial vehicle (M&HCV) sales declined (Subscription Required) by 7% to 8,182 units, as against 8,835 units sold in corresponding month previous year. However, as far as Llght commercial vehicles (LCV) are concerned, the company registered a sales growth of 4% to 2,310 units as compared to 2,219 units sold in July 2015.

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