Traders at a securities brokerage look at changing stock prices. (Photographer: Jerome Favre/Bloomberg)

State-Owned Oil Firms Help Sensex, Nifty Clock Fifth Weekly Gains

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Market Wrap

Closing Bell

Indian shares gained with equity benchmarks staging a recovery in the last hour-and-half of trading led by state-owned oil companies.

Indian Oil Corporation Ltd., the country’s largest oil company, gained the most in little over a month, after its earnings beat analyst estimates.

The S&P BSE Sensex gained 0.3 percent to 32,333 while the NSE Nifty climbed 0.6 percent to 10,072. Both the Sensex (+0.05 percent) and the Nifty (+0.52 percent) clocked their fifth week of advance.

The market breadth was split down in the middle with almost the same number of stocks gaining to the declining ones.

Drugmakers, Dr. Reddy’s Laboratories, Sun Pharmaceuticals, were among the top losers on the Sensex and the Nifty, after Teva Pharmaceutical Industries, the world’s largest maker of generic medicines, slashed its profit forecast for the second time this year.

State-Owned Oil Firms Help Sensex, Nifty Clock Fifth Weekly Gains

Seventeen of the 19 sector gauges compiled by BSE Ltd. advanced, led by S&P BSE Consumer Durables Index’s 4.21 percent gain to a record. The S&P BSE Healthcare Index dropped 0.94 percent, the worst performer, followed by S&P BSE Telecom Index’s 0.43 percent drop.

Sobha Jumps After Buyback Offer

Shares of the property developer gained as much as 3 percent after its board approved a buyback offer.

The company reported a net profit of Rs 47.70 crore for the April-June quarter, compared to Rs 49.2 crore estimated by analyst. Revenue came in at Rs 679 crore.

The company will buy back up to 14.6 lakh shares at Rs 425 each, it said in its exchange filing.

HPCL Gains After Q1 Gross Refining Margins Beat Estimate

Shares of the oil marketing company gained as much as 3.5 percent after its first quarter gross refining margins beat analyst estimate.

The company’s revenue for the April-June period almost halved to Rs 925 crore, compared to previous quarter. Revenue went up around 4 percent to Rs 53,469 crore.

The gross refining margin was $5.86 a barrel versus $6.83 a barrel in the previous quarter. This was higher than the $4.9 a barrel estimated by analysts.

Other Highlights

  • EBITDA down 44 percent to Rs 1,628 crore
  • Operating margin at 3 percent versus 5.6 percent
  • Forex gain of Rs 113 crore
  • Inventory losses Rs 1,595 crore versus Rs 1,935 crore gain year-ago

Mahindra & Mahindra Extends Decline After Earnings Miss

Shares of the auto maker declined as much as 1.5 percent after its first quarter earnings missed analyst estimates.

The company’s net profit for the April-June period declined 19.7 percent year-on-year to Rs 766 crore weighed down by GST rollout. The consensus estimate of analysts tracked by Bloomberg stood at Rs 851 crore.

Revenue rose 3.2 percent to Rs 12,335.6 crore, surpassing the consensus estimate of Rs 11,266 crore.