Market Update
World Markets Trade In Tight Range as Investors Review Latest Earnings
Alexander Garcia
22 Oct, 2024
Miami
Market indexes on Wall Street fell for the second day in a row as bond yields rebounded to a three-month high.
The S&P 500 index and the Nasdaq Composite decreased 0.3%, and both indexes extended two-day losses to close to 1%.
The yield on 10-year Treasury notes edged closer to 4.20% as investors reassessed their interest rate outlook following a stream of positive economic data over the last five weeks.
The S&P 500 index rallied in the previous six consecutive weeks after several economic data confirmed resilience of the U.S. economy and moderating but still expanding labor markets.
Moreover, the steady decline in inflation also supported the market enthusiasm for the Fed's plan to lower interest rates while avoiding a recession.
U.S. GDP growth, factory orders, retail sales, and nonfarm payroll data support the view that the U.S. economy is still growing above its long-term average of 2% despite elevated interest rates.
The latest economic data also support the case for policymakers to lower rates at a gradual pace, and the Federal Reserve is less likely to repeat the rate cut of 50 basis points announced on September 18 at the next policy meeting on November 7.
Investors also reacted to the latest earnings from 3M, General Motors, General Electric, Philip Morris, Danaher, Sherwin Williams, and Verizon.
General Electric and Verizon fell more than 5% after their revenues were below expectations set by Wall Street analysts.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.3% to 5,839.45, the Nasdaq Composite fell 0.3% to 18,501.29, and the Russell 2000 index declined 0.5% to 2,229.13.
For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%.
The yield on 2-year Treasury notes edged higher to 4.02%, 10-year Treasury notes inched up to 4.17%, and 30-year Treasury bonds inched higher to 4.47%.
WTI crude oil increased $1.78 to $71.82 a barrel, and natural gas prices edged up 1 cent to $2.33 a thermal unit.
Gold rose by $19.78 to $2,741.36 an ounce, and silver increased by $0.90 to $34.74.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 104.03.
U.S. Stock Movers
3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results.
Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago.
The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%.
The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30.
Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company.
Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results.
Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago.
The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share.
European Markets Extend 2-Day Losses, New Car Registration Drop In September
Stock market indexes in key European cities declined for the second day in a row this week, and the euro and the pound edged lower.
Benchmark indexes in Paris, London, Frankfurt, and Milan eased after investors lowered expectations of a rate cut in the imminent future.
Crude oil prices edged higher amid elevated tensions in the Middle East, and investors are bracing for possible supply disruptions as early as next week.
Israel is preparing for a military strike targeting Iran's oil infrastructure, including storage depots, distribution pipelines, and port facilities.
In other economic news, the U.K.'s budget deficit widened more than expected in September and reached a three-year high for the month amid rising spending.
Automakers were in focus after passenger car registrations declined for the second month in a row amid high interest rates and elevated cost of living.
Monthly passenger car sales are now running 50% lower compared to a monthly average between 2015 and 2019.
Passenger Car Registration Falls for the Second Month In September
On the economic front, passenger car registration in September declined 6% to 809,163 units. according to the European Automobile Manufacturers' Association, or ACEA.
Passenger car sales declined for the second month in a row after falling 18% in the previous month, and sales declined in three of the four key markets in the region.
Registrations declined 11.1% in France, 10.7% in Italy, and 7% in Germany, but rose 6.3% in Spain.
Registration increased 0.6% to almost 8 million units in the nine-month period to September and fell 1.8% in France and 1.0% in Germany.
However, registration in the nine-month period rose 4.7% in Spain and 2.1% in Italy.
Buyers continued to prefer battery-operated vehicles, with their market share accounting 17.3% in September, higher than 14.3% in the corresponding month a year ago.
However, market share of the battery-operated vehicles in the nine-month period decreased to 13% from 14% a year ago.
Europe Indexes and Yields
The DAX index decreased by 0.2% to 19,421.91; the CAC-40 index fell by 0.1% to 7,535.10; and the FTSE 100 index decreased by 0.1% to 8,306.54.
The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.
The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.57 Swiss cents.
Brent crude increased $1.89 to $76.18 a barrel, and the Dutch TTF natural gas rose by €1.01 to €41.04 per MWh.
Europe Stock Movers
SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter.
Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook.
Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter.
Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter.
Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group.
Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter.
Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook.
Japan Indexes Drop 1% and Yen Weakens to 3-Month Low
Market indexes dropped to a three-week low as investors awaited the start of the earnings season from leading corporations this week.
Moreover, general election uncertainty also weighed on the market sentiment.
The ruling LDP party is hoping to return to power with a smaller majority as the party scrambles to win the confidence of voters amid corruption scandals and the rising cost of living.
Wages in Japan have been stagnant for two decades, and the latest bout of inflation induced by the high cost of energy has also soured voters' moods.
The Japanese Trade Union Confederation, or Rengo, won wage increases of 5.17% at the end of successful negotiations in March 2024, and union leaders are targeting increases of a similar size in the next spring.
Japan Stock Movers
The Nikkei 225 stock average declined 1.4% to 38,411.96, and the broader Topix index dropped 1% to 2,651.47.
Mitsubishi UFJ Financial Group decreased 1.3% to ¥1,591.50, Mizuho Financial Group declined 1.2% to ¥3,141.0, and Sumitomo Mitsui Financial fell 1.3% to ¥3,160.0.
Seven & I fell 0.8% to ¥2,220.0, Fast Retailing decreased 3.2% to ¥51,430.0, and Isetan Mitsukoshi declined 0.1% to ¥2,213.0.
Tokyo Electron dropped 3% to ¥22,990.0, Advantest Corp. declined 2.7% to ¥7,960.0, and Lasertec Corp. fell 1.8% to ¥21,350.0.
Nippon Yusen Corp. gained 1.1% to ¥5,299.0, Mitsui O.S.K. Lines added 1.1% to ¥5,119.0, and Kawasaki Kisen Kaisha increased 0.6% to ¥2,174.0.
Fiscal Stimulus Hopes Keep China Indexes Above Flatline
Stocks in China advanced in the hopes of additional fiscal measures following monetary policy measures to support property market lending and easing of regulatory curbs on residential property transactions in large cities.
The Hang Seng index increased 0.1%, the CSI 300 index advanced 0.2%, and the yuan traded at 7.13 against the U.S. dollar.
In cautious trading, investors held out for additional fiscal stimulus measures following a raft of monetary policy stimulus measures announced by the central bank last month.
Investors are looking forward to announcements from the committee of the National People's Congress approving increased borrowing limits and government spending plans.
Those measures for issuing additional debt may take more than two months and may fall short of market expectations.
China's policymakers are struggling on several fronts as local government debt hovers at record levels, the working-age population shrinks, and industrial overcapacity dampens investor enthusiasm.
The Chinese economy is undergoing deep structural changes, and investors are struggling to reconcile as GDP annual growth is expected to slow to less than 3% over the next three years.
China Stock Movers
The Hang Seng index increased 0.1% to 20,496.15, and the mainland-focused CSI 300 index rose 0.2% to 3,942.67.
Ping An Insurance Group decreased 1.8% to HK $48.15 after the company reported weaker-than-expected results.
The insurance company reported third quarter income was 44.6 billion yuan, or $6.3 billion, and fell short of market expectations of 50.3 billion yuan.
Electric vehicle makers advanced on the speculation that sales in the current month are running ahead of the previous month.
Li Auto increased 5.2% to HK $101.20, Geely Automobile Holdings soared 7.2% to HK $13.66, Xpeng increased 3.2% to $42.50, and BYD declined 2.9% to HK $284.80.
U.S. Movers: 3M Company, Cheesecake Factory, General Motors, Sherwin Williams
Scott Peters
22 Oct, 2024
New York City
3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results.
Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago.
The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%.
The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30.
Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company.
Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results.
Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago.
The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share.
General Motors increased 9.4% to $53.51 after the vehicle maker reported better-than-expected quarterly results and lifted its annual outlook.
Revenue in the third quarter increased 10.5% to $48.7 billion from $44.1 billion, net income edged 0.3% lower to $3.0 billion, and diluted earnings per share increased to $2.68 from $2.20 a year ago.
The company tightened its annual net income attributable to shareholders outlook to a new range between $10.4 billion and $11.1 billion from the previous estimate between $10.0 billion and $11.4 billion.
The company revised its annual diluted earnings per share range to between $$9.14 and $9.64 from the previous estimate between $8.93 and $9.93.
Rebound In Treasury Yields Overshadow Stock Trading On Wall Street
Barry Adams
22 Oct, 2024
New York City
Stocks on Wall Street declined for the second day in a row as bond yields rebounded to a three-month high.
The S&P 500 index and the Nasdaq Composite decreased 0.4%, and both indexes extended two-day losses to close to 1%.
The yield on 10-year Treasury notes edged closer to 4.20% as investors reassessed their interest rate outlook following a stream of positive economic data over the last five weeks.
The S&P 500 index rallied in the previous six consecutive weeks after several economic data confirmed resilience of the U.S. economy and moderating but still expanding labor markets.
Moreover, the steady decline in inflation also supported the market enthusiasm for the Fed's plan to lower interest rates while avoiding a recession.
U.S. GDP growth, factory orders, retail sales, and nonfarm payroll data support the view that the U.S. economy is still growing above its long-term average of 2% despite elevated interest rates.
The latest economic data also support the case for policymakers to lower rates at a gradual pace, and the Federal Reserve is less likely to repeat the rate cut of 50 basis points announced on September 18 at the next policy meeting on November 7.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.4% to 5,829.67, the Nasdaq Composite fell 0.4% to 18,474.71, and the Russell 2000 index declined 0.3% to 2,233.39.
For the year so far as of Monday, the S&P 500 index is up 22%, the Nasdaq Composite has advanced 26%, and the Russell 2000 index has gained 10.9%.
The yield on 2-year Treasury notes edged higher to 4.02%, 10-year Treasury notes inched up to 4.17%, and 30-year Treasury bonds inched higher to 4.47%.
WTI crude oil increased $0.58 to $70.62 a barrel, and natural gas prices edged down 2 cents to $2.28 a thermal unit.
Gold rose by $17.81 to $2,739.12 an ounce, and silver increased by $0.44 to $34.44.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.96.
U.S. Stock Movers
3M Company declined 1.4% to $132.94 after the diversified industrial company reported its quarterly results.
Revenue in the third quarter increased 0.4% to $6.3 billion, net income attributable to shareholders swung to a profit of $1.4 billion from a loss of $2.1 billion, and diluted earnings per share were $2.49 billion compared to a loss of $3.74 a year ago.
The company revised its adjusted sales growth outlook to an increase of 1% from the previous estimate between a decline of 0.25% and an increase of 1.75%.
The company also estimated adjusted annual earnings per share to range between $7.20 and $7.30 from the previous estimate between $7.0 and $7.30.
Cheesecake Factory increased 0.1% to $42.49 after an activist investor, JCP Investment Management, acquired a stake in the restaurant company and urged the company to spin off its three brands into a separate company.
Sherwin Williams declined 3.5% to $368.38 after the paint company reported weaker-than-expected third quarter results.
Consolidated net sales increased 0.7% to $6.16 billion, net income increased to $806.2 million from $761.5 million, and diluted earnings per share advanced to $3.18 from $2.95 a year ago.
The company reaffirmed its full-year diluted earnings per share range between $10.30 and $10.60, including acquisition-related amortization expense of 80 cents per share.
Europe Movers: Halfords, Intercontinental Hotels, Logitech, Mulberry Group, Saab Group, SAP, Tele2
Inga Muller
22 Oct, 2024
Frankfurt
European stock market indexes struggled to advance for the second day in a row, and investors reacted to the fresh batch of earnings.
Passenger car registrations declined for the second month in a row in September.
The DAX index decreased by 0.4% to 19,378.65; the CAC-40 index fell by 0.8% to 7,473.65; and the FTSE 100 index decreased by 0.7% to 8,257.15.
The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.
SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter.
Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook.
Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter.
Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter.
Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group.
Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter.
Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook.
European Markets Extend 2-Day Losses, New Car Registration Drop In September
Bridgette Randall
22 Oct, 2024
London
Stock market indexes in key European cities declined for the second day in a row this week, and the euro and the pound edged lower.
Benchmark indexes in Paris, London, Frankfurt, and Milan eased after investors lowered expectations of a rate cut in the imminent future.
Crude oil prices edged higher amid elevated tensions in the Middle East, and investors are bracing for possible supply disruptions as early as next week.
Israel is preparing for a military strike targeting Iran's oil infrastructure, including storage depots, distribution pipelines, and port facilities.
In other economic news, the U.K.'s budget deficit widened more than expected in September and reached a three-year high for the month amid rising spending.
Automakers were in focus after passenger car registrations declined for the second month in a row amid high interest rates and elevated cost of living.
Monthly passenger car sales are now running 50% lower compared to a monthly average between 2015 and 2019.
Passenger Car Registration Falls for the Second Month In September
Passenger car registration in September declined 6% to 809,163 units. according to the European Automobile Manufacturers' Association, or ACEA.
Passenger car sales declined for the second month in a row after falling 18% in the previous month, and sales declined in three of the four key markets in the region.
Registrations declined 11.1% in France, 10.7% in Italy, and 7% in Germany, but rose 6.3% in Spain.
Registration increased 0.6% to almost 8 million units in the nine-month period to September and fell 1.8% in France and 1.0% in Germany.
However, registration in the nine-month period rose 4.7% in Spain and 2.1% in Italy.
Buyers continued to prefer battery-operated vehicles, with their market share accounting 17.3% in September, higher than 14.3% in the corresponding month a year ago.
However, market share of the battery-operated vehicles in the nine-month period decreased to 13% from 14% a year ago.
Europe Indexes and Yields
The DAX index decreased by 0.4% to 19,378.65; the CAC-40 index fell by 0.8% to 7,473.65; and the FTSE 100 index decreased by 0.7% to 8,257.15.
The yield on 10-year German bonds edged higher to 2.33%, French bonds inched higher to 3.06%, the UK gilts edged up to 4.17%, and Italian bonds increased to 3.55%.
The euro edged lower to $1.08; the British pound inched higher to $1.29; and the U.S. dollar strengthened to 86.57 Swiss cents.
Brent crude increased $0.76 to $75.05 a barrel, and the Dutch TTF natural gas rose by €0.65 to €40.68 per MWh.
Europe Stock Movers
SAP SE increased 4% to €219.35 after the German resource planning software company lifted its full-year sales estimate, backed by strong demand for its cloud services in the third quarter.
Logitech International SA decreased 4.5% to CHF 73.0 despite the Swiss computer accessory maker raising its full-year outlook.
Tele2 AB decreased 3.2% to SEK 107.85 after the Swedish telecom company reported net sales in line with market expectations in the third quarter.
Saab AB jumped 6.5% to SEK 234.25 after the Swedish aerospace and defense company reported a strong increase in new orders and earnings in the third quarter.
Mulberry Group PLC declined 0.8% to 126.50 pence after the fashion group rejected a second hostile offer from Fraser Group.
Intercontinental Hotels Group increased 0.7% to 8,628.0 pence after the company said its revenue per available room increased 1.5% in the third quarter.
Halfords Group plc advanced 7.5% to 152.40 pence after the retailer of vehicle parts and service center operator reported stable first-half sales and the company reiterated its full-year outlook.
Japan Indexes Drop 1% and Yen Weakens to 3-Month Low
Akira Ito
22 Oct, 2024
Tokyo
Market indexes dropped to a three-week low as investors awaited the start of the earnings season from leading corporations this week.
Moreover, general election uncertainty also weighed on the market sentiment.
The ruling LDP party is hoping to return to power with a smaller majority as the party scrambles to win the confidence of voters amid corruption scandals and the rising cost of living.
Wages in Japan have been stagnant for two decades, and the latest bout of inflation induced by the high cost of energy has also soured voters' moods.
The Japanese Trade Union Confederation, or Rengo, won wage increases of 5.17% at the end of successful negotiations in March 2024, and union leaders are targeting increases of a similar size in the next spring.
Japan Stock Movers
The Nikkei 225 stock average declined 1.4% to 38,411.96, and the broader Topix index dropped 1% to 2,651.47.
Mitsubishi UFJ Financial Group decreased 1.3% to ¥1,591.50, Mizuho Financial Group declined 1.2% to ¥3,141.0, and Sumitomo Mitsui Financial fell 1.3% to ¥3,160.0.
Seven & I fell 0.8% to ¥2,220.0, Fast Retailing decreased 3.2% to ¥51,430.0, and Isetan Mitsukoshi declined 0.1% to ¥2,213.0.
Tokyo Electron dropped 3% to ¥22,990.0, Advantest Corp. declined 2.7% to ¥7,960.0, and Lasertec Corp. fell 1.8% to ¥21,350.0.
Nippon Yusen Corp. gained 1.1% to ¥5,299.0, Mitsui O.S.K. Lines added 1.1% to ¥5,119.0, and Kawasaki Kisen Kaisha increased 0.6% to ¥2,174.0.
Fiscal Stimulus Hopes Keep China Indexes Above Flatline
Li Chen
22 Oct, 2024
Hong Kong
Stocks in China advanced in the hopes of additional fiscal measures following monetary policy measures to support property market lending and easing of regulatory curbs on residential property transactions in large cities.
The Hang Seng index increased 0.1%, the CSI 300 index advanced 0.2%, and the yuan traded at 7.13 against the U.S. dollar.
In cautious trading, investors held out for additional fiscal stimulus measures following a raft of monetary policy stimulus measures announced by the central bank last month.
Investors are looking forward to announcements from the committee of the National People's Congress approving increased borrowing limits and government spending plans.
Those measures for issuing additional debt may take more than two months and may fall short of market expectations.
China's policymakers are struggling on several fronts as local government debt hovers at record levels, the working-age population shrinks, and industrial overcapacity dampens investor enthusiasm.
The Chinese economy is undergoing deep structural changes, and investors are struggling to reconcile as GDP annual growth is expected to slow to less than 3% over the next three years.
China Stock Movers
The Hang Seng index increased 0.1% to 20,496.15, and the mainland-focused CSI 300 index rose 0.2% to 3,942.67.
Ping An Insurance Group decreased 1.8% to HK $48.15 after the company reported weaker-than-expected results.
The insurance company reported third quarter income was 44.6 billion yuan, or $6.3 billion, and fell short of market expectations of 50.3 billion yuan.
Electric vehicle makers advanced on the speculation that sales in the current month are running ahead of the previous month.
Li Auto increased 5.2% to HK $101.20, Geely Automobile Holdings soared 7.2% to HK $13.66, Xpeng increased 3.2% to $42.50, and BYD declined 2.9% to HK $284.80.
India Movers: Auriopro Solutions, Aurum Proptech, Bajaj Housing Finance, Balu Forge, City union Bank, E2E Networks, Supreme Petrochem, Union Bank
Arun Goswami
22 Oct, 2024
Mumbai
Market indexes in Mumbai lacked direction after investors reviewed the fresh batch of earnings.
The Reserve Bank of India estimated GDP growth of 7.2% in the fiscal year 2025.
The Sensex index increased by 0.2% to 81,384.18, and the Nifty index rose by 0.3% to 24,842.30.
On the Mumbai stock exchange, 73 stocks traded at their 52-week highs, and 64 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched higher to 6.80%, and the Indian rupee eased to 84.05 against the U.S. dollar.
E2E Networks decreased 5% to ₹3,621.0 after the company reported fiscal second quarter results.
Revenue increased to ₹47.55 crore from ₹21.6 crore and net income rose to ₹12.1 crore from ₹5.8 crore a year ago.
Aurionpro Solutions edged up 0.1% to ₹1,723.60, and the payment processing company reported better-than-expected quarterly results.
Consolidated revenue in the fiscal second quarter increased to ₹278 crore from ₹261 crore, and net income advanced to ₹45.1 crore from ₹43.4 crore a year ago.
Balu Forge declined 2.6% to ₹822.0, and the engineering company reported a surge in revenue and earnings in the fiscal second quarter.
Revenue soared 60.4% to ₹223 crore from ₹139 crore, and net income surged 109% ₹48 crore from ₹23 crore a year ago.
Aurum Proptech decreased 2.7% to ₹189.90, and the technology services company said loss in the fiscal second quarter shrank.
Revenue in the September quarter increased to ₹64 crore from ₹52.8 crore and net loss shrank to ₹95.5 crore from ₹201 crore a year ago.
City Union Bank rose 8.9% to ₹164.0 after the financial service company reported quarterly results.
Consolidated net interest income jumped 8% to ₹582 crore from ₹528 crore, and net profit rose 1.4% to ₹285 crore from ₹281 crore a year ago.
Gross non-performing asset ratio improved to 3.54% from 3.88%, and net non-performing asset ratio shrank to 1.62% from 1.87%.
Supreme Petrochem declined 3.8% to ₹758.40 after the company reported weaker-than-expected quarterly results.
Revenue in the September quarter increased 17.7% to ₹758.40 and net income advanced 15.4% to ₹90 crore from ₹78 crore a year ago.
Union Bank of India decreased 0.5% to ₹111.07 after the financial service company reported a decline in net interest income in the September quarter.
Consolidated net interest income declined 0.9% to 9,047 crore from 9.126 crore, and net profit surged 34% to 4,720 crore from 3,511 crore a year ago.
Gross non-performing asset ratio improved to 4.36% from 4.54%, and net non-performing asset ratio expanded to 0.98% from 0.9% a year ago.
Bajaj Housing Finance rose 1.8% to ₹138.70 after the non-bank lending company reported a strong rise in revenue and earnings.
Net interest income advanced 13% to ₹713 crore from ₹631 crore, and revenue from operations rose 26% to ₹2,410 crore from ₹1,911 crore a year ago.
Consolidated net income increased 21% to 546 crore from 451 crore a year ago.
World Markets Rest Near Record Highs Ahead of Earnings and Elections
Alexander Garcia
21 Oct, 2024
Miami
Stock market indexes turned lower in Monday's trading after popular benchmarks closed at record highs in Friday's trading.
The S&P 500 index and the Dow Jones Industrial Average traded at new highs after advancing about 0.9% in the previous week and extending the rally to the sixth consecutive week.
The S&P 500 index and the Dow Jones Industrial Average have reached multiple new highs in 2024 as investors cheered resilient economic data and grew more confident about the Fed's ability to engineer a so-called soft landing—keeping the economic growth intact while lowering inflation.
Cautious optimism has prevailed on Wall Street as earnings roll in from leading banks, financial services companies, and transportation services providers.
This week investors are looking forward to quarterly results from at least 450 companies as the earnings season picks up momentum.
3M, AT&T, Amazon.com, Baker Hughes, Hilton Worldwide, Moody’s Corp, Pulte Homes, Tesla, Xerox Corp, and Verizon are on tap to release results this week.
Investors are also anticipating the release of U.S. durable goods orders on Friday and U.S. new home sales data on Thursday.
Crude oil prices rebounded amid rising tensions in the Middle East as Israel prepares to strike Iran's crude oil infrastructure over the next two weeks.
Middle East experts anticipate Israel's expected strike is likely to disrupt crude oil supplies in the Middle East, which could spike crude oil prices by more than 10%.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.4% to 5,840.32, the Nasdaq Composite fell 0.2% to 18,452.43, and the Russell 2000 index declined 1.5% to 2,242.32.
The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes inched up to 4.13%, and 30-year Treasury bonds inched higher to 4.44%.
WTI crude oil increased $1.29 to $70.51 a barrel, and natural gas prices edged up 6 cents to $2.32 a thermal unit.
Gold rose by $0.62 to $2,722.71 an ounce, and silver increased by $0.06 to $33.77.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.58.
U.S. Stock Movers
Boeing increased 3.9% to $161.09 after the company and its machinists' union agreed on a new wage contract that could be ratified as early as Wednesday.
The new wage proposal includes several incentives, including a 35% wage increase over the next four years, a higher signing bonus, a guaranteed annual minimum bonus, and contributions to retirement plans.
Energy complex companies traded higher after crude oil prices rebounded amid rising tensions in the Middle East and growing worry of supply disruptions.
Exxon Mobil increased 0.1% to $120.06, Chevron Corp. advanced 0.4% to $151.31, and Marathon Oil decreased 0.3% to $26.71.
Artificial intelligence-linked stocks advanced as investors returned to add more exposure to advanced chipmakers.
Nvidia increased 2.5% to $141.42, AMD advanced 0.2% to $155.86, and Broadcom jumped 0.3% to $180.45.
European Markets Hover Near Record Highs In Cautious Trading, Germany's Producer Price Deflation Extends to 15th Month
European markets struggled to rise above the flatline after advancing in the previous two consecutive weeks.
Benchmark indexes in Paris, London, and Frankfurt lacked direction amid elevated tensions in the Middle East and election uncertainty in the U.S. and Japan.
On the economic front, investors are looking forward to the release of business surveys in France and Germany and producer price inflation data in Spain.
Germany's producer prices slipped 1.4% in September after falling at 0.8% in the previous two months, the Federal Statistical Office, or Destatis, reported Monday.
Producer prices fell for the 15th consecutive month in a row, largely driven by the ongoing decline in energy prices.
Producer prices, excluding energy prices, rose 1.2% from a year ago in the month.
Moldova narrowly voted for European Union membership according to the preliminary results published by the election commission.
About 50.17% of voters preferred to join the European Union, far fewer than predicted by polls in the run-up to the voting.
Incumbent president Mai Sandu received 42% of votes cast in the first round of the presidential election held on October 20, trailed by Alexsandr Stoianoglo with 26% of votes.
Sandu and Stoianoglo advanced to the second and final phase of the election to be held on November 3.
Europe Indexes and Yields
The DAX index decreased by 1.0% to 19,461.19; the CAC-40 index fell by 1.0% to 7,536.25; and the FTSE 100 index decreased by 0.5% to 8,318.24.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
The euro edged lower to $1.08; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 86.42 Swiss cents.
Brent crude increased $1.15 to $74.21 a barrel, and the Dutch TTF natural gas rose by €0.68 to €40.03 per MWh.
Europe Stock Movers
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
Japan Indexes Struggled Ahead of Earnings and National Election Uncertainty
Investors turned cautious in Monday's trading in Tokyo ahead of the national election this weekend.
The Nikkei 225 stock average and broader Topix index declined a fraction as investors hoped that the ruling LDP party would return to power amid widespread dissatisfaction with the government.
Investors also reviewed the People's Bank of China's decision to lower loan prime rates by 25 basis points over the weekend.
The move is widely expected to support local residential property market transactions, but the latest monetary measure did not go far enough to bolster market sentiment.
Market indexes in China extended weekly losses as investors looked forward to a meeting of the parliament committee later this month, where lawmakers are expected to increase the government's borrowing limits.
Closer to home, market indexes in Tokyo extended weekly gains in cautious trading ahead of the national election this week.
Prime Minister Shigeru is facing widespread voter discontent following a political fund-raising scandal where lawmakers of the ruling LDP party failed to make appropriate disclosures.
On the economic front, Japan is expected to announce its manufacturing and service sector surveys and Tokyo-area inflation data later in the week.
Gold traded at a new high of $2,727.70 an ounce in international trading as the People's Bank of China continued to increase its exposure to the yellow metal.
Moreover, steady retail demand from India, China, and the Middle East also supported the precious metal's advance in recent weeks.
Moreover, investors looked forward to the release of quarterly results from at least 30 leading corporations this week.
Japan Movers
The Nikkei 225 Stock Average decreased 0.1% to 38,954.60, and the broader Topix index declined 0.3% to 2,679.91.
The yen edged slightly higher to 149.35 against the U.S. dollar, keeping the stock market advance in check.
Mitsubishi UFJ Financial declined 1.9% to ¥1,613.0, Sumitomo Mitsui Financial decreased 1.9% to ¥3,202.0, and Mizuho Financial fell 0.8% to ¥3,180.0.
Semiconductor equipment stocks advanced following a rise in advanced chip companies in Friday's New York trading.
Tokyo Electron increased 0.9% to ¥23,720.0, and Advantest Corp. rose 2.6% to ¥8,181.0. and Disco Corp. jumped 3.2% to ¥39,540.0.
Toyota Motor decreased 0.4% to ¥2,541.50, Honda Motor Co declined 0.5% to ¥1,525.50, and Nissan Motor Co added 0.9% to ¥399.10.
Nippon Yusen KK jumped 1.9% to ¥5,238.0, Mitsui O.S.K. Lines added 1.2% to ¥5,055.0, and Kawasaki Kisen Kaisha Ltd. added 3.9% to ¥2,161.0.
Panasonic Holdings jumped 0.4% to ¥1,276.0, Nidec Corp advanced 0.7% to ¥2,889.0, and Fanuc Corp decreased 0.6% to ¥3,958.0.
Seven & I increased 1.2% to ¥2,237.50, Fast Retailing decreased 0.8% to ¥53,120.0, and Isetan Mitsukoshi decreased 3.9% to ¥2,215.50.
PBoC Lowers Loan Prime Rates, Hang Seng Index Extends Weekly Losses
Stock market indexes in Hong Kong and China traded down amid growing worry that fiscal stimulus measures are likely to fall short of market expectations.
The Hang Seng index dropped 1.5% and the CSI 300 index advanced 0.3% in volatile trading after the central bank lowered its key lending rates over the weekend.
The People's Bank of China lowered its loan prime rate for one year and five years by 25 basis points to 3.1% and 3.6%, respectively.
The move was widely anticipated, but the latest monetary step is going to provide little fillip to the property market.
Investors shifted their focus to a meeting of the National People's Congress later in the week.
The docile parliament is widely expected to approve the increase in government spending and borrowing limit as China's finance ministry and the central bank prepare to inject more money into the economy through the banking system.
The China market rally since mid-September has been losing steam as investors dial down their expectations of additional fiscal stimulus to revive the property market and consumer confidence.
Investors are also eyeing the release of earnings from leading insurance and technology companies this week, including results from Ping An Insurance, Hong Kong Stock Exchanges and Clearing, and Sands China.
China Stock Movers
The Hang Seng index decreased 1.5% to 20,492.13, and the CSI 300 index advanced 0.5% to 20,492.13.
Ping An declined 1.9% to HK $49.0, Sands China Ltd. decreased 3.4% to HK $18.14, and Galaxy Entertainment dropped 3.4% to HK $33.80.
Tencent Holdings decreased 2.5% to HK $419.80, Alibaba Group fell 3.4% to HK $96.95, and JD.com Inc. dropped 2.8% to HK $154.30.
Stocks Waver On Wall Street as Treasury Yields and Crude Oil Prices Advance
Barry Adams
21 Oct, 2024
New York City
Stock market indexes edged slightly lower in Monday's trading after popular benchmarks closed at record highs in Friday's trading.
The S&P 500 index and the Dow Jones Industrial Average traded at new highs after advancing about 0.9% in the previous week and extending the rally to the sixth consecutive week.
Cautious optimism has prevailed on Wall Street as earnings roll in from leading banks, financial services companies, and transportation services providers.
This week investors are looking forward to quarterly results from at least 450 companies as the earnings season picks up momentum.
3M, AT&T, Amazon.com, Baker Hughes, Hilton Worldwide, Moody’s Corp, Pulte Homes, Tesla, Xerox Corp, and Verizon are on tap to release results this week.
Investors are also anticipating the release of U.S. durable goods orders on Friday and U.S. new home sales data on Thursday.
Crude oil prices rebounded amid rising tensions in the Middle East as Israel prepares to strike Iran's crude oil infrastructure over the next two weeks.
Middle East experts anticipate Israel's expected strike is likely to disrupt crude oil supplies in the Middle East, which could spike crude oil prices by more than 10%.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 0.04% to 5,862.46, the Nasdaq Composite rose 0.04% to 18,496.74, and the Russell 2000 index declined 0.3% to 2,273.92.
The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes inched up to 4.13%, and 30-year Treasury bonds inched higher to 4.44%.
WTI crude oil increased $1.32 to $70.54 a barrel, and natural gas prices edged up 4 cents to $2.30 a thermal unit.
Gold rose by $17.39 to $2,738.77 an ounce, and silver increased by $0.48 to $34.19.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged higher to 103.58.
U.S. Stock Movers
Boeing increased 3.9% to $161.09 after the company and its machinists' union agreed on a new wage contract that could be ratified as early as Wednesday.
The new wage proposal includes several incentives, including a 35% wage increase over the next four years, a higher signing bonus, a guaranteed annual minimum bonus, and contributions to retirement plans.
Energy complex companies traded higher after crude oil prices rebounded amid rising tensions in the Middle East and growing worry of supply disruptions.
Exxon Mobil increased 0.1% to $120.06, Chevron Corp. advanced 0.4% to $151.31, and Marathon Oil decreased 0.3% to $26.71.
Artificial intelligence-linked stocks advanced as investors returned to add more exposure to advanced chipmakers.
Nvidia increased 2.5% to $141.42, AMD advanced 0.2% to $155.86, and Broadcom jumped 0.3% to $180.45.
Europe Movers: DNB Bank, FirstGroup, Forvia, Hollywood Bowl, JDE Peets, Nokia
Inga Muller
21 Oct, 2024
Frankfurt
European markets struggled to advance after rising in the previous two consecutive weeks.
Germany's producer prices fell for the 15th month in a row, driven by an ongoing decline in energy prices.
The DAX index decreased by 0.7% to 19,519.77; the CAC-40 index fell by 0.8% to 7,555.50; and the FTSE 100 index decreased by 0.2% to 8,340.44.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets NV jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
European Markets Hover Near Record Highs In Cautious Trading, Germany's Producer Price Deflation Extends to 15th Month
Bridgette Randall
21 Oct, 2024
London
European markets struggled to rise above the flatline after advancing in the previous two consecutive weeks.
Benchmark indexes in Paris, London, and Frankfurt lacked direction amid elevated tensions in the Middle East and election uncertainty in the U.S. and Japan.
On the economic front, investors are looking forward to the release of business surveys in France and Germany and producer price inflation data in Spain.
Germany's producer prices slipped 1.4% in September after falling at 0.8% in the previous two months, the Federal Statistical Office, or Destatis, reported Monday.
Producer prices fell for the 15th consecutive month in a row, largely driven by the ongoing decline in energy prices.
Producer prices, excluding energy prices, rose 1.2% from a year ago in the month.
Moldova narrowly voted for European Union membership according to the preliminary results published by the election commission.
About 50.17% of voters preferred to join the European Union, far fewer than predicted by polls in the run-up to the voting.
Incumbent president Mai Sandu received 42% of votes cast in the first round of the presidential election held on October 20, trailed by Alexsandr Stoianoglo with 26% of votes.
Sandu and Stoianoglo advanced to the second and final phase of the election to be held on November 3.
Europe Indexes and Yields
The DAX index decreased by 0.7% to 19,519.77; the CAC-40 index fell by 0.8% to 7,555.50; and the FTSE 100 index decreased by 0.2% to 8,340.44.
The yield on 10-year German bonds edged lower to 2.24%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.12%, and Italian bonds increased to 3.44%.
The euro edged lower to $1.08; the British pound inched higher to $1.30; and the U.S. dollar strengthened to 86.42 Swiss cents.
Brent crude decreased $1.20 to $74.35 a barrel, and the Dutch TTF natural gas rose by €0.81 to €40.15 per MWh.
Europe Stock Movers
Resource stocks advanced in Monday's trading after commodity prices rose in Asian and European trading.
BP plc increased 1.9% to 407.35 pence, Shell PLC advanced 1.1% to 2,564.50 pence, Antofagasta rose 0.6% to 1,839.50 pence, Anglo American inched higher 0.1% to 2,381.50, and Glencore added 0.7% to 411.49 pence.
FirstGroup plc added 0.4% to 139.90 pence, and the company confirmed the acquisition of the London-based coach operator Anderson Travel.
Hollywood Bowl PLC jumped 2.5% to 334.50 pence after the company estimated adjusted earnings in fiscal 2024 are likely to surpass market expectations.
Forvia SE advanced 6.5% to €8.50 after the automobile parts maker reported better-than-expected third quarter sales.
JDE Peets jumped 16.7% to €22.14 after the company reiterated its annual outlook and appointed a new chief executive officer.
Nokia Oyj gained 1.5% to €4.34 after the Finnish telecom company announced a new partnership with Vietnam Posts and Telecoms Group to deploy 5G networks.
DNB Bank ASA increased 0.5% to €18.57, and Norway's largest bank agreed to acquire all shares of Carnegie Holding AB for SEK 12 billion.
Japan Indexes Struggled Ahead of Earnings and National Election Uncertainty
Akira Ito
21 Oct, 2024
Tokyo
Investors turned cautious in Monday's trading in Tokyo ahead of the national election this weekend.
The Nikkei 225 stock average and broader Topix index declined a fraction as investors hoped that the ruling LDP party would return to power amid widespread dissatisfaction with the government.
Investors also reviewed the People's Bank of China's decision to lower loan prime rates by 25 basis points over the weekend.
The move is widely expected to support local residential property market transactions, but the latest monetary measure did not go far enough to bolster market sentiment.
Market indexes in China extended weekly losses as investors looked forward to a meeting of the parliament committee later this month, where lawmakers are expected to increase the government's borrowing limits.
Closer to home, market indexes in Tokyo extended weekly gains in cautious trading ahead of the national election this week.
Prime Minister Shigeru is facing widespread voter discontent following a political fund-raising scandal where lawmakers of the ruling LDP party failed to make appropriate disclosures.
On the economic front, Japan is expected to announce its manufacturing and service sector surveys and Tokyo-area inflation data later in the week.
Gold traded at a new high of $2,727.70 an ounce in international trading as the People's Bank of China continued to increase its exposure to the yellow metal.
Moreover, steady retail demand from India, China, and the Middle East also supported the precious metal's advance in recent weeks.
Moreover, investors looked forward to the release of quarterly results from at least 30 leading corporations this week.
Japan Movers
The Nikkei 225 Stock Average decreased 0.1% to 38,954.60, and the broader Topix index declined 0.3% to 2,679.91.
The yen edged slightly higher to 149.35 against the U.S. dollar, keeping the stock market advance in check.
Mitsubishi UFJ Financial declined 1.9% to ¥1,613.0, Sumitomo Mitsui Financial decreased 1.9% to ¥3,202.0, and Mizuho Financial fell 0.8% to ¥3,180.0.
Semiconductor equipment stocks advanced following a rise in advanced chip companies in Friday's New York trading.
Tokyo Electron increased 0.9% to ¥23,720.0, and Advantest Corp. rose 2.6% to ¥8,181.0. and Disco Corp. jumped 3.2% to ¥39,540.0.
Toyota Motor decreased 0.4% to ¥2,541.50, Honda Motor Co declined 0.5% to ¥1,525.50, and Nissan Motor Co added 0.9% to ¥399.10.
Nippon Yusen KK jumped 1.9% to ¥5,238.0, Mitsui O.S.K. Lines added 1.2% to ¥5,055.0, and Kawasaki Kisen Kaisha Ltd. added 3.9% to ¥2,161.0.
Panasonic Holdings jumped 0.4% to ¥1,276.0, Nidec Corp advanced 0.7% to ¥2,889.0, and Fanuc Corp decreased 0.6% to ¥3,958.0.
Seven & I increased 1.2% to ¥2,237.50, Fast Retailing decreased 0.8% to ¥53,120.0, and Isetan Mitsukoshi decreased 3.9% to ¥2,215.50.
PBoC Lowers Loan Prime Rates, Hang Seng Index Extends Weekly Losses
Li Chen
21 Oct, 2024
Hong Kong
Stock market indexes in Hong Kong and China traded down amid growing worry that fiscal stimulus measures are likely to fall short of market expectations.
The Hang Seng index dropped 1.5% and the CSI 300 index advanced 0.3% in volatile trading after the central bank lowered its key lending rates over the weekend.
The People's Bank of China lowered its loan prime rate for one year and five years by 25 basis points to 3.1% and 3.6%, respectively.
The move was widely anticipated, but the latest monetary step is going to provide little fillip to the property market.
Investors shifted their focus to a meeting of the National People's Congress later in the week.
The docile parliament is widely expected to approve the increase in government spending and borrowing limit as China's finance ministry and the central bank prepare to inject more money into the economy through the banking system.
The China market rally since mid-September has been losing steam as investors dial down their expectations of additional fiscal stimulus to revive the property market and consumer confidence.
Investors are also eyeing the release of earnings from leading insurance and technology companies this week, including results from Ping An Insurance, Hong Kong Stock Exchanges and Clearing, and Sands China.
China Stock Movers
The Hang Seng index decreased 1.5% to 20,492.13, and the CSI 300 index advanced 0.5% to 20,492.13.
Ping An declined 1.9% to HK $49.0, Sands China Ltd. decreased 3.4% to HK $18.14, and Galaxy Entertainment dropped 3.4% to HK $33.80.
Tencent Holdings decreased 2.5% to HK $419.80, Alibaba Group fell 3.4% to HK $96.95, and JD.com Inc. dropped 2.8% to HK $154.30.
India Movers: HDFC Bank, Kotak Mahindra, MCX, Oberoi Realty, RBL Bank, Tata Consumer Products, UCO Bank
Arun Goswami
21 Oct, 2024
Mumbai
In cautious trading, market indexes in Mumbai traded higher as investors reviewed the latest earnings from leading banks.
In a busy week of earnings, investors are looking forward to quarterly results from about 400 companies this week.
The Sensex index decreased by 0.2% to 81,069.10, and the Nifty index fell by 0.4% to 24,759.35.
On the Mumbai stock exchange, 124 stocks traded at their 52-week highs, and 28 stocks traded at their 52-week lows.
HDFC Bank increased 2% to ₹1,715.0 after the company reported its September quarterly results.
Net interest income in the fiscal second quarter rose 9.9% to ₹30,107.90 crore, and net income advanced 5.3% to ₹16,821 crore from a year ago.
Gross NPA (non-performing assets) increased to 1.3%, and net NPA advanced to 0.41%.
The company said it plans to raise as much as ₹10,000 crore through the sale of a stake in a public offering of HDFC Financial Services.
Kotak Mahindra declined 2.7% to ₹1,819.95, and the financial service company reported weaker-than-expected quarterly results.
Net interest income in the September quarter increased 11.5% to 7,019.6 crore, and net income rose 4.8% to 3,343.7 crore.
Gross NPA increased to 1.49%, and net NPA advanced to 0.43%.
RBL Bank decreased 0.6% to ₹193.0 after the financial services company reported weaker-than-expected quarterly results.
Net interest income in the September quarter increased 9% to ₹1,615 crore from ₹1.475 crore and net income dropped 24% to ₹223 crore from ₹294.1 crore a year ago.
Gross NPA increased to 2.88%, and net NPA advanced to 0.79%.
UCO Bank advanced 4.5% to ₹4₹7.75 after the financial service company reported strong gains in revenue and earnings in the September quarter.
Net interest income in the fiscal second quarter increased 20% to₹2,300.4 crore from ₹1,916.5 crore, and net income soared 50% to ₹602.7 crore from ₹401.7 crore a year ago.
The bank's net interest margin, or NIM, in the quarter improved to 3.10% from 2.84% a year ago and rose in the first half to 3.09% from 2.92% a year ago.
MCX increased 0.7% to ₹6,630.0 after the commodity exchange operator reported quarterly results.
Revenue in the September quarter increased to ₹310.8 crore from ₹180.0 crore, net income swung to a profit of ₹153 crore from a loss of ₹19 crore, and diluted earnings per share improved to ₹30.12 from a loss of ₹3.74 a year ago.
Tata Consumer Products dropped 9.9% to ₹988.25 after the food product maker reported weak quarterly results.
Revenue in the fiscal second quarter increased 13% from a year ago to ₹4,215 crore and net income advanced 1% to ₹367 crore.
Oberoi Realty Ltd. increased 2.7% to ₹1,979.50 after the residential real estate developer reported better-than-expected quarterly results.
Revenue in the September quarter increased 8.4% to ₹1.320 crore from ₹1,217 crore and net income advanced 29% to ₹589 crore from ₹457 crore a year ago.