New Delhi: Indian markets are trading flat in morning deals as lower than expected fourth quarter results from Reliance Industries and Axis Bank weighed on investor sentiment. Rising crude prices also fuelled investor concern. Crude futures rose on Monday as violence in Syria and Yemen escalated over the weekend. This led to fears of continuing supply disruptions. Brent crude futures rose by $0.56 to 124.55 a barrel.
Sensex: 19,610 +0.04%
Nifty: 5,880 –0.07%
Axis Bank and Reliance Industries were the biggest losers among Nifty 50 stocks. Reliance Industries reported a 14% rise in fourth quarter net profits. While analysts are expecting the company to report a 15% growth, concerns about weak refining margins led to a slump in Reliance Industrie’s stock.
Axis Bank, on the other hand, reported a flat growth in net interest income as rising cost of funds limited gains. Net interest margins in the fourth quarter slipped to 3.44% from 3.81% in the third quarter.
Reliance Industries: Rs 1,019 –2.03%
Axis Bank: Rs 1,394 –3.64%
FMCG and banking indices led the gains amongst BSE sectoral indices. The RBI relaxed norms for provisioning of bad debts. This is expected to provide relief for all commercial banks. Read more...
BSE FMCG: 3,763 +0.90%
BSE Bankex: 13,652 +0.80%