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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The benchmark indices settled at record closing highs with the Nifty50 touching its crucial 10,500 in last leg of trade, but ended below that mark.
Broader indices the S&P BSE Midcap and the S&P BSE Smallcap indices also hit their respective closing highs.
The Nifty IT (up 1%) and The Nifty PSU Bank (up 1.5%) were the leading sectoral gainers.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,570 shares rose and 1,173 shares fell. A total of 178 shares were unchanged.
The 30-share BSE Sensex was up 184.02 points at 33,940.30 and the 50-share NSE Nifty rose 52.70 points to 10,493.
Morepen Laboratories and D B Realty, from the S&P BSE Smallcap index, have rallied 50% each during the current week on back of positive development in these counters.
GNA Axles (up 4 percent) and Kilburn Engineering (up 10 percent) were trading at day’s high while ONGC and Granules India extended rally to 3-4 percent.
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Benchmark indices ended lower with the Nifty settling at 9,400 as investors turned cautious ahead of inflation data and booked profits in recent outperformers.
Consumer price inflation (CPI) is expected to have eased to a three-month low of 3.49% in April from 3.81% the previous month, according to Reuters poll. The government will also unveil the new series of Index of Industrial Production (IIP) as well as Wholesale Price Index (WPI), with 2011-12 as the base year, later in the day.
Both Sensex and Nifty hit record highs of in the previous two sessions, and were up more than 1% for the week. This is a second consecutive week of gains for the indices.
The S&P BSE Sensex ended at 30,188, down 62 points, while the broader Nifty50 settled at 9,401, down 21 points.
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The benchmark indices on Friday ended flat as investors preferred to stay on the sidelines ahead of the Reserve Bank of India’s policy meeting next week. The S&P BSE Sensex settled the day at 28,240, up 14 points, while the Nifty50 quoted 8,740, up 7 points at close. In the broader market, BSE Smallcap index outperformed the frontline indices and BSE Midcap to gain 1%. BSE Midcap added 0.6%. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,600 shares rose and 1,187 shares fell. A total of 159 shares were unchanged.
Shares of Bombay Stock Exchange (BSE) made a strong debut on Friday, with the scrip listing at Rs 1,085, a 35% premium over the issue price of Rs 806 on the National Stock Exchange (NSE). The stock hit a high of Rs 1,200, up 49% against its issue price within minutes of listing. The stock eventually settled the trade 33% higher at Rs 1,070 against its issue price.