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Aug 10, 2012, 05.27 PM IST
It was yet another day of consolidation for the Indian market. The bad news from the corporate front kept on pouring this week denting investor’s sentiment.
Asian markets also snapped a four-day rally on Friday and extended losses after China's July trade data fell far short of expectations, casting doubts on whether the sputtering global economy will regain traction any time soon.
SBI joins Infosys, Bharti earnings disaster club
SBI was the latest entrant to the earnings disaster club headed by Infosys and then followed by Bharti.
State Bank of India, the country's largest lender, reported healthy net profit for the second consecutive quarter on strong loan growth, but a rise in bad loans pulled down its shares.
SBI's net profit more than doubled to Rs 3752 crore from Rs 1584 crore a year earlier. Analysts, on average, had expected a net profit of Rs 3617 crore.
Its non-performing loans rose to nearly 5% at end-June compared with 3.5% a year earlier but provisions, or the funds set aside for bad loans and contingencies, were down 41% to Rs 2560 crore.
Sun Pharmaceutical Industries, India's top drugmaker by market capitalisation, reported 59% rise in quarterly net profit substantially beating street estimates, as sales in its key US market surged helped by robust business of Israeli unit Taro Pharma.
Net profit rose to Rs 796 crore during the fiscal first quarter ended June from Rs 501 crore a year earlier. Sales rose 62.5% to Rs 2658 crore.
SBI was the top loser in the Nifty. Ranbaxy Labs, Tata Motors, Bank of Baroda and IDFC also ended in red with hefty losses. BPCL, Kotak Mahindra, HUL, Maruti Suzuki and TCS managed to end in green.
FIIs trim financials, IT; upbeat on FMCG
FIIs are trimming their bigger overweights, such as financials and industrials, as well as some of their underweights such as IT services and energy, Citigroup says in a report on Friday. Foreigners portfolios are positioned for higher markets, tilting towards cyclical stocks, including banks, consumer discretionary and industrials.
FMCG, Pharma stocks hit lifetime high
Defensive stocks have attracted huge buying both from FIIS pushing stocks to lifetime high. HUL and ITC from the FMCG space while Sun Pharma, Wockhardt and Strides Arco from pharma hit all time high in trade today.
Gold traders in India took to the sidelines as prices steadied near the Rs 30,000 per 10 grams mark, despite seeking to stock for festivals, even as a drought threatens to cut demand from rural areas.
Rupee still lower, but trading in a narrow range tracking listless stocks, says dealers. The euro remained under pressure in Asia on Friday and the Australian dollar skidded after weaker-than-expected Chinese trade data raised fears of a slowdown.
The benchmark index Nifty was trading perilously close to 5300 mark. The market was dragged lower primarily by SBI’s quarterly results announcement. Bank Nifty was also lost close to 1%.
Asian shares including India snapped a four-day rally on Friday and extended losses after China's July trade data fell far short of expectations, casting doubts on whether the sputtering global economy will regain traction any time soon. European stocks were likely to track Asia lower.
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK