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The Indian equity market ended with smart gains and closed near day’s high on Monday amid a see-saw trading session. After opening with positive bias indices slipped lower and remained under pressure in the first half of the day.
Sentiment was hit after Bank of Baroda on Friday posted net loss of Rs32.3bn for the quarter ended March 2016. The bank had posted a net profit of Rs5.98bn in the corresponding quarter a year ago. Total Provisions and Contingencies jumped 277.3% to Rs68.57bn for the quarter under review. The figures include Rs16.1bn relating to one time provisions towards employee pensions. NPAs remained high at Rs48.8bn much higher than market expectations.
However, as the day progressed, benchmarks recouped early losses led by FMCG, realty and metals stocks. The banking stocks too recovered sharply from day’s lows. Even the midcap and small-cap stocks ended with marginal gains.
Meanwhile, wholesale prices unexpectedly rose for the first time in 18 months. Annual WPI moved up into the positive zone at 0.34% for the month of April, from -0.85% in March and -2.43% during the corresponding month of the previous year.
HUL, TCS, ITC and HDFC contributed the most in the Nifty rally today. On the other hand, ICICI Bank, SBI and Bank of Baroda dragged the most.
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