The standalone core operating profit grew 38% YOY from Rs 1,052 crore in Q2FY23 to Rs 1,456 crore for Q2FY24. The net interest income (NII) grew 32% YoY from Rs 3,002 crore in Q2FY23 to Rs 3,950 crore in Q2FY24.

The net interest margin was 6.32% in Q2FY24 as compared to 5.83% in Q2FY23 and 6.33% in Q1FY24.
The fee and other income grew by 46% YoY from Rs 945 crore in Q2FY23 to Rs 1,376 crore in Q2FY24. The retail fees constitute 93% of the overall fees for the quarter Q2FY24.

The consolidated net profit was up over 2% quarter on quarter. The private lender had reported a profit after tax (PAT) of Rs 731.51 crore in the June ended quarter.

On a consolidated basis, PAT stood at Rs 746.85 crore for the quarter ended September 30 which was up 31.6% YoY versus Rs 567.19 crore reported by the company in the corresponding quarter of the previous financial year. The total consolidated income for the reporting quarter stood at Rs 8,765.81 crore which was up 34.2% YoY as against Rs 6,531.16 crore reported by the company in the year-ago period. In the June ended quarter the bank had reported the total revenue at Rs 8,232.47 crore.

The interest earned by IDFC First Bank during the quarter under review stood at Rs 7,356.27 crore, which was up over 34% YoY from 5,469.76 crore in the year-ago period. In June ended quarter, the interest earned by the company stood at Rs 6,868.86 crore.

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Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh.

“The statement from the US Fed that recovery from pandemic would take longer than expected triggered a weak start which worsened with a deep cut in the European indices in the latter half,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Indian markets also extended their losses after Supreme Court asked telecom operators to file replies on a roadmap for payment of government dues.

The Nifty banking index fell 2.72% following the hearing as many banks have large exposure to the telecom sector.

HDFC Bank, ICICI Bank and Kotak Mahindra Bank were the top drags, falling between 2.3% and 3.3%. The country’s top lender State Bank of India ended down 5.62%.

Shares of telecom operators Bharti Airtel fell 2.7%, while Vodafone Idea tumbled 14.75%
US Markets

Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve.

The Dow Jones Industrial Average fell 1,861.82 points, or 6.9%, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89%, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27%, to 9,492.73.
Asian Markets

Asian equities are set to fall sharply on Friday after Wall Street stocks and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of reopening economies.

Australian S&P/ASX 200 futures were down 3.04% at 20:59 GMT, while Japan’s Nikkei 225 index closed down 2.82% at 22,472.91 on Thursday. Hong Kong’s Hang Seng index futures were down 2.06%.

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After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.

Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Shares of Vodafone Idea fell 10% on the stock exchanges, hitting the lower circuit, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case. The hearing may include the government’s application that telecom firms be allowed to spread the payment of their dues over 20 years or less.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

In the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade.

Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains.

International oil benchmark Brent crude futures fell 2.66 per cent to USD 40.62 per barrel.

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The ICICI has a $100 million exposure to Singapore-based oil trading company Hin Leon Trading Pte, which has filed for bankruptcy protection in the Singapore courts, a report by S&P-owned Platts agency said. Shares of the bank fell 5.9% to ₹339.95 on the BSE.

State-owned Bharat Heavy Electricals (BHEL) received an order to manufacture and supply heavy material handling equipment for its thermal power plant at Yadadri in Telangana. The stock was down 2.3% at ₹895 on the BSE.

Aurobindo Pharma the pharmaceutical company jumped 10% to ₹594.60 on the BSE after it said the US Food and Drug Administration (USFDA) has classified the inspection conducted at Unit IV, an injectable manufacturing formulation facility, as Voluntary Action Indicated (VAI). The inspection was held during 4-13 November, 2019

The Indian rupee opened at 76.74 against the US dollar, compared with Monday’s close of 76.54.
Top Nifty gainers, laggards Dr Reddy’s Laboratories, Cipla, Sun Pharmaceutical, Britannia and Nestle were the top gainers on the Nifty 50 index, while IndusInd Bank, Hindalco, Axis Bank, ICICI Bank and Bajaj Finance fell the most.

US stocks tumble as oil prices crash Key Wall Street indices fell after US crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy. A devastating supply glut of oil has forced traders to pay others to take the crude off their hands.

A deal announced last week between the Organization of the Petroleum Exporting Countries (OPEC) and independent producers to cut output by about 10 million barrels per day starting in May has failed to boost investor sentiment.

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Investors were encouraged by reports that the US Senate has passed a $2 trillion coronavirus relief package while a separate report said the Indian government was likely to agree an economic stimulus package of more than Rs 1.5 trillion to fight the downturn caused by the coronavirus outbreak.

Frontline index S&P BSE Sensex was up 1300points, or 5.05 per cent, at 29,900 levels, and the Nifty50 index hovered around 8,620 level, up 301 points, or 3.62 per cent.

Among individual stocks, IndusInd Bank bucked its downtrend to surge 35 per cent intra-day. Besides, ICICI Bank and HDFC (both up 12 per cent) and HDFC Bank (up 8 per cent) were among the top contributors to Sensex’s up move.

All the Nifty sectoral indices were trading in the green, led by Nifty Private Bank index, up over 10 per cent. Nifty Bank index also rose 9 per cent.

In the broader market, the S&P BSE MidCap index was up 3.8 per centand the S&P BSE SmallCap index surged 4.7 per cent.

Shares of IndusInd Bank rallied as much as 30% and was the top gainer on the Nifty 50 index. Bajaj Finserv, Axis Bank, Bajaj Auto and Bajaj Finance were the other top performers. Indian Oil Corporation, GAIL India, HCL Technologies, NTPC and ITC were the biggest laggards.

The US Senate has passed a stimulus package worth $2 trillion to mitigate the economic damage likely to be caused by the coronavirus pandemic.

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Monday’s trading halt was a second within a period of seven trading sessions, as world markets continued to suffer the worst selloff since the 2008-09 global financial crisis.

The Nifty Bank index – comprising stocks of 12 major lenders in the country including heavyweights SBI, HDFC Bank and ICICI Bank – was down 12.74 per cent.

Asian stock markets sank as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 3.8 per cent, with New Zealand’s market shedding a record 10 per cent as the government closed all non-essential businesses. Shanghai blue chips dropped 2.3 per cent, though Japan’s Nikkei rose 0.8 per cent aided perhaps by expectations of more aggressive asset buying by the Bank of Japan.

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At around 9:30 am, BSE Sensex was down by 1,785.28 or over 6 per cent at 27,084.23 while Nifty was down almost 600 points or 6.90 per cent at 7,884.65, which is the lowest since December 27, 2016. By 10 am, Sensex was down by almost 1,900 points at 26,977.

All shares on the Sensex pact apart from NTPC and Powergrid were trading in red due to heavy selloff in the stock market. As far as Nifty is concerned, all sectoral indexes are trading in the red.

The fresh fall on Thursday is another alarming day on Dalal Street, reflecting the wider sentiments of global markets, which have suffered deep wounds while tackling the novel coronavirus outbreak.

While governments around the world have tried to boost sentiments, it has hardly helped in boosting investor sentiments as there is too much panic around how much damage the virus can cause and whether it triggers a global recession.

Meanwhile, the spread of coronavirus seems to be intensified in several countries outside China. Italy on Wednesday reported 475 deaths while cases in the US rose by over 1,000. In India, the pandemic has claimed three lives while 170 have been infected.

At present, market analysts are uncertain when the market would bottom out and have told investors to stay calm and avoid panicking as it could lead to further losses.

Some analysts now say that the next 15 days would be crucial for stock markets around the world including India.

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State Bank of India, Tata Steel and HDFC are the top gainers while SBI, Reliance Industries and HDFC Bank are the most active stocks.

MEANWHILE The government and the RBI will take all necessary steps to quell the “fear sentiment” created due to coronavirus, Chief Economic Advisor Krishnamurthy Subramanian said on Friday.

He said the fall in Indian stock indices is lower than the decline witnessed globally and the situation in India will stabilise over the next few weeks as focus shifts to economic fundamentals like declining inflation, growing industrial production and adequate forex reserves.

“The government is seriously considering and looking at all aspects of this situation and the government together with the regulator will definitely respond when it is necessary. Market reaction is not reflecting fundamentals, fundamentals (of Indian economy) are improving,” Subramanian told reporters here.

The Indian rupee staged a recovery in the afternoon session on Friday, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panic-stricken currency market.
Seeing the heavy rush for the US dollar among participants, the RBI announced liquidity measures such as buy-sell swap of USD 2 billion to increase dollar availability with banks and ease pressure on the rupee.

At the interbank foreign exchange, the rupee opened at 74.39 and went on to hit the day’s low of 74.50 against the US dollar as investors panicked weighing turmoil in financial markets globally due to coronavirus pandemic

Asian shares plunged, then recovered slightly as Friday the 13th brought still more turmoil to markets reeling from uncertainty over the coronavirus crisis.

Benchmarks in Japan, Thailand and India sank as much as 10 percent following Wall Street’s biggest drop since the Black Monday crash of 1987. Tokyo’s Nikkei 225 fell nearly 6 percent. Sensex swayed between gains and losses after a 10 percent crash briefly halted trading. In Bangkok, the Thailand SET gained 0.5 percent after a temporary suspension of trading earlier in the day.

Markets worldwide have retreated as fears of economic fallout from the coronavirus crisis deepen and the meltdown in the US, the world’s biggest economy, batters confidence around the globe.

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बाजार के विशेग्य मानते हैं कि अगले एक महीने में कोरोना का असर कम होगा और मार्च के बाद सरकारी खर्च बढेगा जिससे बाजार में सुधार आ सकता है . विशेग्यो को ये भी लगता है कि सरकार को इसमे हस्तक्षेप करना होगा खासतौर पर आरबीआई के जरिये बाजार मे लिक्विडीटी बढानी होगी .

देश में गैर बैंकिग वित्तीय कंपनियो के समूह एफआईडीसी के महासचिव महेश ठक्कर मानते है कि बाजार में कोरोना और विदेशी बिकवाली का दवाब के चलते तेजी से गिरावट आयी है लेकिन सरकार ने कोरोना को रोकने के लिए कई कदम उठाये है. अगले एक महीने में हालात सुधर सकते हैं. जो सूचनायें चीन से भी आ रही है उसके हिसाब से वहां भी हालात नियंत्रण में आ रहे हैं .

वित्तीय जोखिम विशेग्यऔर एक्चुरी गोपाल कुमार के अनुसार इस समय घबडाहट मे शेयर या म्युचुअल फंड बेचने का समय नही है बल्कि निवेशकों को रुककर इंतजार करना चाहिये ताकि बाजार में सुधार आ सके. उनका ये भी कहना है कि शुरुआती तेजी से गिरावट के बाद ही दोपहर में बाजार 250 अंक सुधरा भी है ये एक सकारात्मक संदेश हैं.

निवेश सलाहकार पुरुषोत्तम के अनुसार ये समय तो निवेश का है पैसा लगाने है .ये एक तरह से लाईफ टाईम अपार्चुयुनिटी है जिसमें निवेशकों को भारी फायदा हो सकता है. मसलन यस बैक की क्राईसिस के बाद उसका शेयर पांच रुपये तक पहुंच गया था लेकिन एसबीआई के आश्वासन के बाद अब ये 22 रुपये तक आ गया है जो आगे बढेगा ही . समय इस बात का है कि रुककर देखा जाये.
इस समय जरुरत है कि सरकार बाजार में हस्तक्षेप करे और बजट के तुंरत बाद सरकारी खर्च बढाये . बैंको को ज्यादा लिक्विडिटी करने कहा जाये . कर्ज की दरें कम की जाये और इन्फ्रा सेक्टर में निवेश बढाया जाये .

विशेग्यों की सलाह .

1. हडबडी में शेयर ना बेचें मार्केट गिरा है तो सुधरेगा भी

2. कंपनियों में निवेश सोच समझकर करें

3. उन्ही कंपनियों में निवेश करें जिनका पिछला रिकार्ड मजबूत रहा हो .

4. कंपनियो के लोन और डिफाल्टर बैंक से संबंध जरुर जांच ले

5. निवेश करते समय भावुक ना हो विशेग्य की राय लें

                                                                                   -संदीप सोनवलकर 

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At 947 am, the Sensex traded 1,686.22 points – or 4.72 per cent – lower at 34,011.18 while the Nifty was down 504.05 points – or 4.82 per cent – at 9,954.35. All of the 11 sectoral indices bore sharp losses at the time, with the Nifty Bank – a gauge of 12 major lenders in the country – down 5.38 per cent.

All of the 50 stocks in the Nifty basket also fell. Worst hit in percentage terms were Yes Bank, Tata Motors, Adani Ports, Tata Steel, Vedanta, ONGC, JSW Steel and SBI, suffering losses of between 7.63 per cent and 11.98 per cent.

HDFC Bank, Reliance Industries, ICICI Bank and Infosys were the biggest drags on Sensex, together accounting for a fall of more than 650 points in the index.

Analysts said the United States’ travel ban from Europe refuelled concerns about the impact of the coronavirus outbreak on world business. They had already been gauging the chances of major economies entering recession in the past few weeks due to the fast-spreading outbreak.

US and European stock futures also took a hit. The S&P 500 futures dropped 4.7 per cent, a day after the S&P 500 benchmark index lost 4.89 per cent, putting the index firmly in a bear market territory. Euro Stoxx 50 futures sank 5.8 per cent to their lowest levels since mid-2016.

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