Cabinet's approval to National Steel Policy 2017 and amendments to Banking Regulation Act boosted market sentiment.
10:55 am Earnings Estimates: Housing finance company HDFC's fourth quarter profit on standalone basis is likely to fall 23.2 percent to Rs 2,003.2 crore compared with Rs 2,607.1 crore in same quarter last fiscal.
The profit in Q4FY16 was boosted by gain (Rs 1,513.41 crore) on sale of stake in HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings.
Net interest income, the difference between interest earned and interest expended, may grow 15.3 percent year-on-year to Rs 2,846.4 crore in the quarter ended March 2017, according to average of estimates of analysts polled by CNBC-TV18.
The profit in Q4FY16 was boosted by gain (Rs 1,513.41 crore) on sale of stake in HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings.
Net interest income, the difference between interest earned and interest expended, may grow 15.3 percent year-on-year to Rs 2,846.4 crore in the quarter ended March 2017, according to average of estimates of analysts polled by CNBC-TV18.
Key things to watch out for would be net interest margin, asset under management (AUM) growth and asset quality.
10:32 am Services PMI: Indian service sector activity continued to expand during April, supported by ongoing growth of new work, and companies hired additional staff over the month. However, in all three cases, the rates of increase weakened, says Nikkei IHS Markit.
The headline seasonally adjusted Nikkei Services PMI Business Activity Index was down from 51.5 in March to 50.2 in April. Expansion has now been registered for three successive months, but the latest reading was the lowest in this period.
10.16 am Market Check: Equity benchmarks maintained uptrend in morning, with the Sensex trading higher by more than 150 points, backed largely by banking & financials sector on hopes of moderation in slippages in current financial year.
The 30-share BSE Sensex was up 187.82 points at 30,082.62 and the 50-share NSE Nifty rose 37.80 points to 9,349.75. The market breadth remained strong as about two shares advanced for every share falling on the BSE.
HDFC Bank was up 0.4 percent ahead of fourth quarter earnings due later today.
9:50 am Earnings Poll: Housing finance company HDFC's fourth quarter profit on standalone basis is likely to fall 23.2 percent to Rs 2,003.2 crore compared with Rs 2,607.1 crore in same quarter last fiscal.
The profit in Q4FY16 was boosted by gain (Rs 1,513.41 crore) on sale of stake in HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings.
Net interest income, the difference between interest earned and interest expended, may grow 15.3 percent year-on-year to Rs 2,846.4 crore in the quarter ended March 2017, according to average of estimates of analysts polled by CNBC-TV18.
Also Read: Centre admits in Supreme Court that Aadhaar data was leaked
9:40 am IPO: The initial public offer of IRB InvIT Fund was subscribed 7 percent on the first day of issue on Wednesday.
The offer received bids for 1,72,75,000 shares against the total issue size of 25,09,90,397 shares, data available with the NSE showed.
The institutional investors' category was subscribed 4 percent while that of other investors 10 percent.
The IPO, the first in the InvIT space, will close on May 5. It has a price band of Rs 100-102.
9:30 am FII View: Derek Higa of William O'Neil & Co says Asia-Pacific markets continue to trade positively near 52-week highs and the research house remains bullish on the region.
There is now a 3 percent cushion between the MSCI Asia and the 50-DMA, where the brokerage house views the support to be.
The advance/decline line remains neutral but the research firm anticipates will move upward again as volume picks up to the upside, Derek says.
Also read - Buy, Sell, Hold: Here are 4 stocks that analysts are tracking today
9:15 am Market Check: Equity benchmarks gained strength in early trade Thursday after seeing consolidation in past four consecutive sessions. Cabinet's approval to National Steel Policy 2017 and amendments to Banking Regulation Act boosted market sentiment.
The 30-share BSE Sensex was up 148.38 points at 30,043.18 and the 50-share NSE Nifty gained 35.75 points at 9,347.70. About 738 shares advanced against 247 declining shares on the BSE.
Nifty Bank gained after ICICI Bank's earnings and Cabinet's approval to amendments to Banking Regulation Act. ICICI Bank surged over 5 percent while Bank of Baroda, PNB, Canara Bank and SBI gained 1-2 percent.
The rupee opened 5 paise lower against the dollar at 64.20, primarily due to some strength in the greenback after the onclusion of the 2-day meet of the US Federal Reserve.
Mohan Shenoi of Kotak Mahindra Bank says US FoMC considered weak Q1 data as transitory, indicating a June hike in Fed rates is on track. As a result, the dollar has posted marginal gains against the yen in particular.
The rupee is consolidating after sharp gains in March and April. He expects the USD-INR pair to trade in a range of 64.10-64.40/dollar for the day.
Asian markets were mixed after the US Federal Reserve 'stuck to a hawkish bent overnight and as metals prices tumbled. Australia's ASX 200 and Hong Kong's Hang Seng Index fell 0.5 percent each while Japan's Nikkei gained 0.7 percent.
10:32 am Services PMI: Indian service sector activity continued to expand during April, supported by ongoing growth of new work, and companies hired additional staff over the month. However, in all three cases, the rates of increase weakened, says Nikkei IHS Markit.
The headline seasonally adjusted Nikkei Services PMI Business Activity Index was down from 51.5 in March to 50.2 in April. Expansion has now been registered for three successive months, but the latest reading was the lowest in this period.
10.16 am Market Check: Equity benchmarks maintained uptrend in morning, with the Sensex trading higher by more than 150 points, backed largely by banking & financials sector on hopes of moderation in slippages in current financial year.
The 30-share BSE Sensex was up 187.82 points at 30,082.62 and the 50-share NSE Nifty rose 37.80 points to 9,349.75. The market breadth remained strong as about two shares advanced for every share falling on the BSE.
HDFC Bank was up 0.4 percent ahead of fourth quarter earnings due later today.
9:50 am Earnings Poll: Housing finance company HDFC's fourth quarter profit on standalone basis is likely to fall 23.2 percent to Rs 2,003.2 crore compared with Rs 2,607.1 crore in same quarter last fiscal.
The profit in Q4FY16 was boosted by gain (Rs 1,513.41 crore) on sale of stake in HDFC Standard Life Insurance Company to Standard Life Mauritius Holdings.
Net interest income, the difference between interest earned and interest expended, may grow 15.3 percent year-on-year to Rs 2,846.4 crore in the quarter ended March 2017, according to average of estimates of analysts polled by CNBC-TV18.
Also Read: Centre admits in Supreme Court that Aadhaar data was leaked
9:40 am IPO: The initial public offer of IRB InvIT Fund was subscribed 7 percent on the first day of issue on Wednesday.
The offer received bids for 1,72,75,000 shares against the total issue size of 25,09,90,397 shares, data available with the NSE showed.
The institutional investors' category was subscribed 4 percent while that of other investors 10 percent.
The IPO, the first in the InvIT space, will close on May 5. It has a price band of Rs 100-102.
9:30 am FII View: Derek Higa of William O'Neil & Co says Asia-Pacific markets continue to trade positively near 52-week highs and the research house remains bullish on the region.
There is now a 3 percent cushion between the MSCI Asia and the 50-DMA, where the brokerage house views the support to be.
The advance/decline line remains neutral but the research firm anticipates will move upward again as volume picks up to the upside, Derek says.
Also read - Buy, Sell, Hold: Here are 4 stocks that analysts are tracking today
9:15 am Market Check: Equity benchmarks gained strength in early trade Thursday after seeing consolidation in past four consecutive sessions. Cabinet's approval to National Steel Policy 2017 and amendments to Banking Regulation Act boosted market sentiment.
The 30-share BSE Sensex was up 148.38 points at 30,043.18 and the 50-share NSE Nifty gained 35.75 points at 9,347.70. About 738 shares advanced against 247 declining shares on the BSE.
Nifty Bank gained after ICICI Bank's earnings and Cabinet's approval to amendments to Banking Regulation Act. ICICI Bank surged over 5 percent while Bank of Baroda, PNB, Canara Bank and SBI gained 1-2 percent.
The rupee opened 5 paise lower against the dollar at 64.20, primarily due to some strength in the greenback after the onclusion of the 2-day meet of the US Federal Reserve.
Mohan Shenoi of Kotak Mahindra Bank says US FoMC considered weak Q1 data as transitory, indicating a June hike in Fed rates is on track. As a result, the dollar has posted marginal gains against the yen in particular.
The rupee is consolidating after sharp gains in March and April. He expects the USD-INR pair to trade in a range of 64.10-64.40/dollar for the day.
Asian markets were mixed after the US Federal Reserve 'stuck to a hawkish bent overnight and as metals prices tumbled. Australia's ASX 200 and Hong Kong's Hang Seng Index fell 0.5 percent each while Japan's Nikkei gained 0.7 percent.
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