Stocks hovered in negative zone in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 242.93 points or 0.62% at 38,897.35. The Nifty 50 index was down 87.35 points or 0.74% at 11,665.45. Realty stocks fell. Rise in crude oil prices weighed on the sentiment.
The S&P BSE Mid-Cap index was down 0.79%. The S&P BSE Small-Cap index was down 0.69%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 672 shares rose and 1440 shares fell. A total of 136 shares were unchanged.
HDFC Bank slipped 0.06% after net profit rose 22.63% to Rs 5,885.12 crore on 22.13% rise in total income to Rs 31,204.46 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 20 April 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 11,224.16 crore as on 31 March 2019 as against Rs 10,902.86 crore as on 31 December 2018 and Rs 8,606.97 crore as on 31 March 2018. The bank's provisions and contingencies rose 22.59% to Rs 1,889.22 crore in Q4 March 2019 over Q4 March 2018.
The ratio of gross NPAs to gross advances stood at 1.36% as on 31 March 2019 as against 1.38% as on 31 December 2018 and 1.30% as on 31 March 2018. The ratio of net NPAs to net advances stood at 0.39% as on 31 March 2019 as against 0.42% as on 31 December 2018 and 0.40% as on 31 March 2018..
HDFC Bank said that its board of directors has approved the issue of perpetual debt instruments (part of Additional Tier I capital), Tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting of the bank and any other regulatory approvals as applicable.
Realty stocks fell. DLF (down 3.9%), Housing Development and Infrastructure (down 3.33%), D B Realty (down 3.5%), Sobha (down 1.98%), Godrej Properties (down 1.46%), Prestige Estates Projects (down 1.26%) and Oberoi Realty (down 2.77%) declined. Indiabulls Real Estate (up 0.63%) rose.
Dr Reddy's Laboratories shed 0.1%. Dr Reddy's Laboratories announced that US Food and Drug Administration (USFDA) classified inspection at the company's formulations Srikakulam Plant (SEZ) Unit I in Andhra Pradesh as Voluntary Action Initiated (VAI). The result was announced on Friday, 19 April 2019. Earlier on 15 January 2019, Dr Reddys Laboratories' informed about completion of USFDA audit and issuance of a Form 483 with four observations at the company's formulations plant.
Overseas, most Asian stocks were trading lower as crude oil pushed higher on a report over Iranian oil waivers while the Easter holiday weekend continued in many countries. Crude oil prices rose to the highest in almost six months as the US government reportedly said it won't renew waivers to allow buyers to buy Iranian crude.
Major US exchanges were closed on Good Friday. The most-watched European markets were closed on Good Friday and will also remain closed on Easter Monday.
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