SBI, Tata Steel Pull Sensex Down by 163 Points
Disappointing performance from SBI, Tata Steel and ONGC pulled down the BSE benchmark Sensex today by 163 points to a one-week low of 18,683.68, extending fall to the second straight day.

Weakness in global markets on the back of overnight dip on Wall Street yesterday on fiscal worries and earnings concerns also kept buyers on the sidelines, said brokers.

State-owned SBI today reported a rise of over 30 per cent in Q2 net profit but its non-performing assets ratio jumped to 5.15 per cent from 4.19 per cent a year ago period. It shares led the fall in Sensex with 3.89 per cent loss.

Another PSU, ONGC, which yesterday posted the steepest fall in quarterly profits in almost 4 years, faced heavy selling with its shares closing 3.05 per cent down.

At the fag-end of trade, Tata Steel reported consolidated loss of Rs 363.90 crore for the July-September quarter, as against Rs 212.40 crore net profit in the year-ago period. Its shares closed over 3.2 per cent down.

The Sensex, which had lost 56 points yesterday, opened higher at 18,894.42 but failed to sustain the initial momentum due to earning disappointments in blue-chips. It finally closed 162.58 points, or 0.86 per cent, lower at 18,683.68.

Among the 30-share index, 26 stocks including ICICI Bank, RIL, Infosys, Tata Steel, L&T, Tata Motors, BHEL and HUL finished with losses.

On similar lines, the National Stock Exchange index Nifty fell by 52.50 points, or 0.91 per cent, to 5,686.25 led by stocks in realty, metal, oil & gas and banks.

Selling was seen across-the-board as all sectoral indices settled 0.19-1.70 per cent lower with PSU, realty, metal, oil&gas and banking shares the worst hit.

"What is worrying markets are the slippages and loan restructuring the banking sector could face in coming quarters... Tata steel disappointed with lower than expected numbers," said Nagji K Rita, CMD, Inventure Growth & Securities.

Barring, Taiwan which closed higher, other Asian markets finished lower. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Japan declined 0.09-0.90 per cent.

European stocks also were trading weak in the afternoon session. The CAC was down by 0.17 per cent, the DAX by 0.83 per cent and the FTSE by 0.37 per cent.

Back home, major losers from the Sensex pack were, Tata Steel (3.25 pc), Sterlite Ind (2.38 pc), BHEL (2.13 pc), NTPC (1.59 pc), ICICI Bank (1.57 pc), Tata Motors (1.21 pc), Hero Motocorp (1.20 pc), Wipro (1.11 pc), Infosys (1.08 pc) and RIL (1.00 pc).

Among the sectoral indices, the BSE-PSU dropped by 1.70 per cent, followed by BSE-Realty (1.64 pc), BSE-Metal (1.49 pc), BSE-Oil&Gas (1.33 pc) and Bankex (1.20 pc).

The market breadth continued to show negative trend as 1,733 stocks ended with loss while 1,122 closed with gains.

The total turnover rose to Rs 2,606.97 crore from Rs 2,328.56 crore yesterday.

"Indian indices were resilient at the start of the week but turned in the red from mid-week as the global sentiment worsened. For the week the Sensex and Nifty index ended marginally lower by 0.18 per cent," said Amar Ambani, Head of Research, IIFL.

Foreign Institutional Investors (FIIs) bought shares worth a net Rs 261.21 crore yesterday as per provisional data from the stock exchanges.
Emerging story. Watch this space for updates as more details come in
Read More In:

Follow us on Twitter for all updates, like us on Facebook for important and fun stuff
Translate into:
© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.


Post a Comment
Share your thoughts
You are not logged in, please log in or register
Must See
Daily Mail
Digression
Order by

Order by

ABOUT US | CONTACT US | SUBSCRIBE | ADVERTISING RATES | COPYRIGHT & DISCLAIMER | COMMENTS POLICY

OUTLOOK TOPICS:    a b c d e f g h i j k l m n o p q r s t u v w x y z  0 1 2 3 4 5 6 7 8 9   
Or just type in a few initial letters of a topic: