Sensex slips 129 points, Nifty ends at 11,073; RIL declines 2%
The domestic stock market ended Friday’s volatile session in the negative territory, weighed down by heavyweights Reliance Industries (RIL) and the HDFC twins. Weak global markets following disappointing US gross domestic product (GDP) data, too, dented investor sentiment.
The S&P BSE Sensex ended 129 points or 0.34 per cent lower at 37,607 while the Nifty50 index gave up the 11,100-mark to settle at 11,073, down 29 points or 0.26 per cent. India VIX declined nearly 3 per cent to 24 levels.
On a weekly basis, Sensex fell 1.36 per cent while NSE’s Nifty slipped 1 per cent.
Among individual stocks, shares of RIL ended 2 per cent lower at Rs 2,067 apiece on the BSE after the company reported a profit before tax (PBT) of Rs 8,542 crore against Rs 14,366 crore reported during the same quarter last year. The company’s net profit, however, rose about 31 per cent to Rs 13,233 crore against Rs 10,104 crore in the same quarter last year.
State Bank of India (SBI) ended over 2.6 per cent up at Rs 191.45 after the lender posted 36.8 cent rise in profit before tax (PBT) at Rs 5,559.7 crore for the quarter ended June 2020 (Q1FY21) on robust growth in net interest income.
The sectoral trend on the NSE was mixed. While pharma, PSU banks, and realty counters advanced, auto and private banks ended flat with negative bias. Nifty Pharma index gained the most – up 3.6 per cent to 11,148.90 levels.
In the broader market, the Nifty Smallcap 100 index gained over 0.8 per cent to 5,011 while the Nifty Midcap 100 closed 0.4 per cent higher at 15,471 points.
State Bank of India (SBI) Q1 profit jumped 81% YoY to Rs 4,189 cr with moratorium having declined to 9.5%. The standalone net profit was Rs 4,189.34 crore for June quarter of FY21 (Q1FY21), supported by a one-time gain from stake sale in SBI Life for Rs 1,539.73 crore. This was 81.18 per cent higher from the net profit of Rs 2,312.2 crore reported in the June quarter of FY20. On a quarterly basis, the net profit grew 17 per cent from Rs 3,580.8 crore reported in the March quarter of FY20.
Shares of Ipca Lab hit a 52-week high as the stock surged 9% in 3 days. In the June quarter of FY21, insurance companies raised stake in the company from 2.22 per cent stake, held at the end of Q4FY20, to 4.23 per cent. HDFC Life held 2.3 million shares, representing 1.82 per cent stake, while SBI Life held 1.4 million shares, representing 1.1 per cent stake, in the company at the end of June quarter, shareholding pattern data shows.
Shares of Lakshmi Vilas Bank were locked in the 5 per cent lower circuit band of Rs 19.7 apiece on the BSE on Friday the lender reported its April-June quarter result on Thursday post market hours. The bank reported a net loss of Rs 112 crore for the June quarter of FY21 after reporting a net profit of Rs 92.86 crore in the March quarter of FY20. In the year-ago quarter (Q1FY20), its loss was at Rs 237.25 crore.
Shares of Essel Propack zoomed as much as 18 per cent to Rs 242 apiece on the BSE on Friday after the company reported a 14 per cent increase in its consolidated net profit at Rs 45.62 crore for the June quarter. The company had logged a profit of Rs 40.03 crore in the corresponding quarter of the previous fiscal. At 10:12 am, the stock was quoting nearly 16 per cent higher at Rs 237.70 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading at 37,623, down 113 points, or 0.3 per cent.
Shares of Torrent Pharma rallied as much as 9.7 per cent to Rs 2,675.35 on the BSE on Friday after the pharmaceutical company’s consolidated profit before tax jumped 44 per cent to Rs 402 crore in April-June quarter of FY21 (Q1FY21). The company’s PBT in the corresponding quarter last year stood at Rs 279 crore. The stock was trading close to its 52-week high level of Rs 2,679.45, touched on April 9, 2020.
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