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Nifty analysis with experts, Bank of Baroda and IOC Q3 results, Indian remain indecisive…. Market updates for 30/01/19

PurpleTrades - stock market courses > News > Nifty analysis with experts, Bank of Baroda and IOC Q3 results, Indian remain indecisive…. Market updates for 30/01/19

Report by- Sabyasachi Bhattacharya

 

Bank of Baroda Q3 result; let’s take a look at their performance-

Bank of Baroda posted a 321.6 percent year-on-year (YoY) increase in its December quarter net profit at Rs 471.21 crore on strong growth in interest income and improved asset quality. Net interest income (difference between interest earned and expended) increased to Rs 4,744 crore in Q3. Adjusting for IT refund of Rs 326 crore in December 2017, NII increased by 16.62 percent YoY. The domestic core fee income increased by 16.11 percent YoY to Rs 771 crore. “With the bank on-boarding corporate customers on the basis of a well-defined target market and retail customers on a score-based approach, the credit quality of recently acquired portfolio has shown distinct improvement as measured by credit score external ratings available with credit rating agencies,” Bank of Baroda said in a statement. Provision for bad loans was at Rs 3,416 crore in Q3, up from Rs 3,155 crore in the year ago period. Gross non-performing assets (NPA) ratio stood at 11.01 percent for Q3FY19 compared to 11.31 percent a year ago, and 11.78 percent in the September quarter. Net NPA ratio declined to 4.26 percent in Q3Fy19 compared to 4.97 percent a year ago and 4.86 percent in the September quarter. The bank’s Net Interest Margin (NIM) improved to 2.69 percent in Q3FY19 from 2.61 percent in the previous quarter. Domestic advances grew by 21.13 percent YoY to Rs 3,52,472 crore. This was led by retail loans which grew by 32.58 percent, the bank said. It added that fresh slippage was at Rs 2,933 crore on account of Rs 1,169 crore slippage of IL&FS. Adjusting for IL&FS, it said that fresh slippage is at the lowest level since June 2015.

 

Let’s take a look at their Q3 report-

Source-MoneyControl, Purple Trades Research Department   

 

 

 

IOC Q3 result; let’s take a look at their performance-

Indian Oil Corporation has reported a fall of 78 percent in its net profit for the December quarter to Rs 716 crore against Rs 3,247 crore that the company reported last quarter. Its revenues grew 6 percent to Rs 1.6 lakh crore against Rs 1.5 lakh crore last quarter. The earnings before interest, depreciation, and amortization fell 47 percent to Rs 3,609.5 crore against Rs 6,761.8 crore in the previous quarter. The operating margin fell to 2.3 percent from 4.5 percent in September quarter. Average gross refining margin (GRM) for the period April-December 2018 is $5.83 per barrel.

 

Let’s take a look at their Q3 report-

Source-MoneyControl, Purple Trades Research Department   

 

 

Indian markets had a range bound day with good volatility-

Chart source- Upstox

Indian markets had a range bound day as you can see on the chart above. Nifty opened with a gap-up after which it started moving downwards and took support at the levels around 10,620. It was mostly trading in the range of 10,600 to 10,700. Nifty for the moment looks weak for mid-term and indecisive for the short term. Breaking the levels of 11,000 looks like a long term vision or task for Nifty. Benchmark indices closed flat in volatile session on Wednesday with Nifty finished just above 10,650 level. At the close, the Sensex was down 1.25 points at 35591.25, while Nifty was down 0.40 points at 10651.80. About 1361 shares have advanced, 1109 shares declined, and 159 shares are unchanged. ICICI Bank, Tata Steel, Axis Bank, HCL Tech and SBI are the top gainers, while Bajaj Auto, Kotak Mahindra Bank, Yes Bank, HDFC and Reliance Industries are among major losers on the Sensex. Among the sectors energy, FMCG and pharma witnessed some selling pressure, while buying seen in bank, IT and metal stocks.

 

 

 

Let’s take a look at the performance of major Indices-

Global markets had a bullish day today. European Indices CAC, DAX and FTSE were all seen in the GREEN. US index NASDAQ along with Japanese Index NIKKEI were seen in RED. Most of the Asian markets ended up in the GREEN.

Source- MoneyControl, Purple Trades Research Department   

 

 

Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,600 is a short term support for Nifty.
  • If Nifty breaks 10,600 then it has the potential to go down.
  • 10,760 is a short term resistance for Nifty.
  • If Nifty breaks 10,760 then it has the potential to go up.

 

Top sectors that moved the market today- Data source- Moneycontrol

 

 

Top Gainers for today- Data source- Moneycontrol

 

 

 

Top losers for today-  Data source- Moneycontrol

 

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