The domestic indices ended largely flat on Friday taking cues from their Asian counterparts.
Among sectoral indices, the Nifty PSU Bank index ended 1.81% lower led by a fall in the shares of Canara Bank, IDBI Bank and Oriental Bank of Commerce. The Nifty Metal index too ended 1.81% down due to a fall in shares of Steel Authority of India Limited, Jindal Steel & Power and Tata Steel.
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said.
The S&P BSE Sensex ended at 33,307, down 44 points while the broader Nifty50 index settled at 10.227, down 16 points
Shares of steel companies were under pressure with Tata Steel, Jindal Steel & Power (JSPL) and Steel Authority of India (SAIL) down more than 4% on the National Stock Exchange (NSE) after US President Donald Trump imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. Meanwhile, Tata Steel slipped nearly six-month low at Rs 607, down 4% on the BSE in intra-day trade, extending its past two days 4% decline after the company on Wednesday said that it has emerged as the top bidder for debt-laden Bhushan Steel.
State-owned power equipment major Bharat Heavy Electricals Limited (BHEL) on Friday said it has won Rs 117-billion order for setting up a 3×800 Mw thermal power plant in Jharkhand. Shares of BHEL were trading 1.34 per cent higher at Rs 87.15 on the BSE.
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Benchmark indices fell on Thursday, snapping a six-day record-setting rally, as profit-taking hit IT stocks while large state-run lenders slid as they stood to receive less money than expected from a government recapitalisation plan.
The S&P BSE Sensex ended at 36,050, up 111 points while the broader Nifty50 index settled at 11,069, up 16 points.
The government’s Rs 881.39 billion capital infusion in struggling public sector banks should help in part to mitigate risks but resolution of bad assets and continued high credit costs hinder the sector’s near-term performance, Fitch Ratings said on Thursday. While the capital infusion plan was less than half of its estimate of $65 billion needed for the sector, Fitch said yesterday’s announcement will encourage banks to resolve their non-performing loan (NPL) stock faster as improved capital buffers bolster their ability to absorb potential large haircuts.
Jindal Saw dipped 8% to Rs 154, extending Wednesday’s 4% decline on BSE after the company reported 19% growth in net profit at Rs 963 million for the quarter ended December 2017 (Q3FY18). It had a profit of Rs 807 million in the same quarter last fiscal. Total income increased 49% to Rs 21,807 million from Rs 14,666 million in the corresponding quarter of previous year.
Dr. Reddy’s Laboratories Ltd posted a 38.5 percent slump in quarterly net profit as sales declined due to pricing pressure in the United States, its biggest market. Net profit was Rs 3.03 billion ($47.7 million) in the third quarter ended December 31, compared with Rs 4.92 billion a year earlier, the company said.
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Benchmark indices ended at fresh closing highs for a third straight session on Friday, led by financial stocks amid improved investor sentiment after the government decided to cut tax rates on certain products and services.
The S&P BSE Sensex ended at 35,511, up 251 points while the broader Nifty50 index settled at 10,894, up 77 points.
ICICI Prudential Life said profit in Q3 grew by 0.5 percent to Rs 452.1 crore against Rs 450 crore reported in year-ago. Net premium income jumped 19.3 percent to Rs 6,795 crore from Rs 5,697 crore YoY.
PC Jeweller today reported 52 percent increase in its net profit at Rs 162.71 crore for the quarter ended December on higher sales and profit margins. The company, which has 84 retail jewelry stores across the country, had posted a net profit of Rs 106.97 crore in the year-ago period, the company said in a regulatory filing.
Private sector lender IDFC Bank said its profit for the quarter ended December 2017 declined 23.6 percent to Rs 146.1 crore, compared to Rs 191.3 crore in year-ago. Profitability was hit by lower net interest income, other income and operating income; but was largely supported lower provisions. Net interest income, the difference between interest earned and interest expended, fell 5 percent to Rs 495 crore compared to Rs 521 crore in year-ago. Asset quality worsened during the quarter. Gross non-performing assets (NPAs) as a percentage of gross advances were sharply higher at 5.62 percent against 3.92 percent in previous quarter and net NPA was also higher at 3.52 percent in Q3 against 1.61 percent in Q2FY18.
Kirloskar Oil Engines shares gained 3 percent after profit in Q3 increased 40.5 percent to Rs 39.5 crore from Rs 28.1 crore YoY. Revenue from operations rose 6.8 percent to Rs 684.6 crore while operating profit grew by 10.7 percent to Rs 64.1 crore and margin expanded 40 basis points to 9.4 percent.
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Equity benchmarks ended flat with a positive bias on Friday. L&T, HDFC Bank and ITC helped the market close higher but Infosys and HDFC capped upside.
The 30-share BSE Sensex was up 24.78 points at 31,687.52 and the 50-share NSE Nifty gained 4.90 points at 9,934.80.
The market breadth turned negative in afternoon trade today as about three shares declined for every share rising on the BSE.
IDBI Bank shares gained a percent as the board of directors has approved divestment of its stake in SIDBI.
Glenmark Pharma shares dropped more than 3 percent after brokerage house Credit Suisse slashed its target price on the stock to Rs 650 from Rs 750 per share.
Bajaj Finance shares fell more than 3 percent in the afternoon as the company raised funds through QIP at a discount to its floor price.
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The benchmark indices on Friday settled higher thanks to early rollovers to January series and bargain hunting at lower levels after market witnessed seven straight sessions of losses. The S&P BSE Sensex finished at 26,040, up 61 points, while the broader Nifty50 closed at 7,985, up 6 points. The market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,309 shares fell and 1,249 shares rose. A total of 174 shares were unchanged.
BSE Capital Goods and BSE Consumer durables were the top sectoral gainers and added nearly 1%.
Cipla was the top Sensex gainer and surged 4%, bouncing back 6.5% from intra-day low, after the pharmaceutical company said its flagship product Sereflo received final approval from UK health regulator.