The Indian markets finished high on Thursday as the Nifty crossed the significant 25,000 mark for the first time since October 2024 marking the return of overall reassurance again. The broader benchmark was powered by advances in Hero MotoCorp, JSW Steel, Tata Motors, Shriram Finance and HCLTech , with 49 of the 50 constituents of the index trading higher on the day . IndusInd Bank was the only symbol that traded lower.
The Sensex moved higher, in conjunction with the Nifty, the highest streak of optimism was in banking stocks, realty stocks and autos. Realty stocks made a recovery through a 4% intraday movement in Macrotech Developers, while Mazagon Dock Shipbuilders continued to find gains with a 3.7% jump to ₹3,192.00 for the third day.
This is actually a good improvement, because South Indian Bank’s Q4 numbers just came out that showed net profit up 19% YoY at ₹342.2 crore. However, net interest income barely inched up at 0.7% to ₹868.3 crore . But, asset quality had moved so dramatically improved. Gross NPA improved from 4.30% to 3.20%, or 63bps meanwhile net NPA, sequentially improved from 1.25% to 0.92%.
In the meanwhile, attention was drawn toward Vodafone Idea after its share went to a day high following reports alleging that a fresh plea for seeking relief on ₹30,000 crore in AGR dues had been filed in the Supreme Court, specifically on penalties and interest. The telco, with the government now owning a 49 percent stake in the company following dues-to-equity conversion, had requested for an urgent hearing on May 19.
On the other hand, there was a dampening broader market sentiment following Prime Minister Narendra Modi’s review meeting on the fisheries sector, wherein it had been focused on proposing deep-sea fishing opportunities to raise seafood exports. This marks a shift in policy towards strengthening rural economies and their exportability.
Meanwhile, attention was also being focused on IT and Midcap Tech stocks. The analyst with Anand Rathi expects a rally of about 40 percent in Birlasoft and Cyient from the current technical setup, with Birlasoft trading at ₹424.95 and Cyient at ₹1,285.10, a tad lower.
On the private equity and startup front, investor interest seemed to have pivoted toward Eternal, Swiggy, and Ola, although the specifics as to what has fueled the newfound attention to these players is awaited.
And thus as markets continue their bullish parade across the days, analysts are cautiously optimistic with macroeconomic factors, corporate earnings, and policy cues laying the groundwork for the weeks to come.
-
South Indian Bank Profit Up 19% in Q4
The month of March 2020 saw South Indian Bank having a net profit of ₹342.21 crores, representing a 19% increase on a year-on-year basis. The NII levels almost remained stagnant, witnessing a slight 0.7% reduction to hit ₹868.3 crores.On the basis of the asset quality parameter, there is a marked improvement. Gross NPAs have dropped from 4.30% to 3.20%, and on a sequential basis, net NPAs have dropped from 1.25% to 0.92%.
Please note: This text has been rewritten and some elaborations have been added for clarity.
The post Stock Market LIVE Today: Nifty and Sensex Updates – Vodafone Seeks AGR Relief appeared first in UK on InvestingCube.