Markets End Flat, ICICI Bank's Q4 Net Profits Up 31%

After witnessing a day of negativity, the equity markets in India have closed flat today. The BSE Sensex closed at 17134, while the Nifty closed at 5190.

Opening lower as a reaction to the downgrade of Spain, the European indices have now turned into the positive. Among the key indices, only DAX is trading with marginal losses, while FTSE and CAC have gained 0.1% each.

The Asian stocks traded lower today, and all 3 key indices closed in the red. Nikkei lost 0.43% as the move of Bank of Japan to buy the bonds failed. 

ICICI Bank has beat the street's expectations with a 31% rise in its net profit. Its 'Other Income' rose sharply by 36%. Its loans grew by 17%, and while the bad loans increased, the NPAs declined to 0.73%. The company has also recommended a dividend of Rs 16.50 per share on a face value of Rs 10 each. The stock surged by 2.28% by the end of the day.

RIL declined in value on the news that the company's gas production from KG-D6 is below 34 mmscmd/day. The stock closed with over 1% intraday losses. Coal India was the top loser stock among the Sensex stocks, after the Power ministry disapproved the penalty set by Coal India. BHEL also lost over 1%. Tata Power and NTPC, however, gained by the close of trade.

On the sectoral front, the CD index was the top gainer. IT gained 1.2% as sentiments have improved over the positive US economic data as well as the recent earnings results and positive guidence given by the top IT companies (except for Infosys). The Teck, Bankex, Auto and HC indices also closed in positives. On the other hand, Realty, Metals, PSU and FMCG lost over 0.8% each.

Biocon surged by 4% after the company reported a rise in its net sales. Its net profit increased due to a surge in the licensing income. The shares of L&T Finance have declined in value following the announcement of its Mar 2012 quarter earnings yesterday. HCC posted losses for the quarter, which has sent its shares down by 5%. Axis Bank's shares surged by 1.57% over better estimates of profit. Its volumes were also strong.

Jindal Steel declined in value as the company is due to announce its Mar quarter results today. Yesterday, its shares were seen rising. The shares of Mahindra Lifespace Developers declined after the company reported a dip in its net sales. Thomas Cook has also lowered in value ahead of its results today. Siemens has risen in value after its quarterly earnings declaration.

Companies like Kajaria Ceramics, Thinksoft Global Services, Mahindra Lifespace Developers, NOCIL, Monsanto India and Zodiac Clothing Company have declared dividends for their shareholders this afternoon.

The top turnover was seen in companies like ICICI Bank, SBI and Infosys. Alstom T&D has shown a sudden rise in volumes. Godfrey Phillips and Setco Auto are among the major companies that touched new highs in the volatile market today.

The market sentiment remained negative all day, with 53% of the total stocks declining in value.

After the downgrade of Spain to a negative outlook and a similar outlook for India, the cues are expected to remain largely volatile even in the next week. The rupee is seen sliding down and will remain under pressure. Infact, according to UBS, it may touch the 56 per dollar mark, which will worsen the situation of the market in the coming days. Investors should take note of these factors.