Sensex Trades Rangebound; Axis Bank Rallies On Strong Q3 Result

Stock markets in India are presently trading on a flat note. The BSE Sensex is trading lower by 4 points and the NSE Nifty is trading lower by 17 points. Meanwhile, the BSE Mid Cap index is trading down by 0.1% while the BSE Small Cap index is trading up by 0.5%.

Among the sectoral indices, capital goods stocks and bank stocks are witnessing buying interest. While, realty stocksand FMCG stocks are trading in red.

The rupee is trading at 71.26 to the US$.

Bank stocks are trading on a mixed note with Axis Bank & Dhanlaxmi Bank leading the gains. Bank of Baroda share price is in focus today as it has reported results for third quarter ended 31 December 2018.

The Bank has reported over 4-fold jump in its net profit at Rs 4.7 billion for the quarter under review as compared to Rs 1.1 billion for the same quarter in the previous year.

Total income of the Bank increased by 12.2% at Rs 145.6 billion for Q3FY19 as compared Rs 129.8 billion for the corresponding quarter previous year.

The Bank's gross NPA for the October-December quarter of the current fiscal improved to 11.01%, as compared to 11.31% in the same quarter of the previous year.

Besides, Bank's Net NPA stood at 4.26% in Q3FY19.

Meanwhile, Axis Bank has reported over 2-fold jump in its net profit at Rs 16.8 billion for the quarter ended 31 December 2018 as compared to Rs 7.3 billion for the same quarter in the previous year.

Total income of the Bank increased by 26.7% at Rs 181.3 billion for Q3FY19 as compared Rs 143.1 billion for the corresponding quarter previous year.

The Bank's gross NPA for the October-December quarter of the current fiscal increased to 5.75%, as compared to 5.28% in the same quarter of the previous year. Besides, Bank's Net NPA stood at 2.36% in Q3FY19.

Moving on to the news from economy. As per SBI's Ecowrap report, public sector banks (PSBs) will require fund infusion of another Rs 500 billion in 2019-20 in a bid to help enable credit growth of 11%.

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