Sensex, Nifty End Lower On Karnataka Cliffhanger
Rupee Breaches 68 Per Dollar
Indian rupee weakened further to breach 68 per U.S. dollar for the first time since Jan. 30, 2017.
The rupee in intraday deals fell as much as 53 paise or 0.80 percent to 68.05.
Indian equity benchmarks edged marginally lower after Bharatiya Janata Party's lead diminished from the halfway mark while Congress offered to support Janata Dal (Secular) for forming the government in Karnataka. The JD(S) has accepted its offer, according to Congress leader Ghulam Nabi Azad.
The S&P BSE Sensex ended little changed at 35,543.94 and the NSE Nifty 50 index also ended little changed at 10,802.
Earlier in the day, when trends showed BJP leading on more than 120 seats, the Sensex and Nifty rose to their highest level in over three months.
Sixteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty index's 1.9 percent drop. On the flipside, the S&P BSE IT index was the top gainer, up 0.48 percent.
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index fell 0.8 percent and the S&P BSE SmallCap index declined 0.65 percent.
Karnataka Bank Slips As Asset Quality Deteriorates
Shares of Mangalore-based private lender fell marginally by 3.8 percent to Rs 108.60 after the bank reported a profit of Rs 11 crore for the March quarter compared to a profit of Rs 138.37 crore in the same quarter last year.
Gross bad loans for the bank increased to 4.92 percent while net bad loans stood at 2.96 percent for the March quarter.
PNB Reports Loss Of Rs 13,420 Crore In March Quarter
Shares of the Delhi-based government-owned lender fell as much as 4 percent to Rs 85.70 after it reported wider than estimated loss and its asset quality detriorated in March quarter.
Key earnings highlights:
- Net loss at Rs 13,420 crore versus Bloomberg estimate of Rs 3,840 crore
- Net loss at Rs 13,420 crore versus profit of Rs 262 crore (YoY)
- Net interest income fell 17 percent to Rs 3,063.39 crore versus Rs 3,683.52 crore (YoY)
- Gross non-performing assets at 18.38 percent versus 12.11 percent (QoQ)
- Net NPAs at 11.24 percent versus 7.55 percent (QoQ)
- Provisions for bad loans at Rs 16,203 crore versus Rs 2,996.42 crore (QoQ)
Lupin Reports Consolidated Loss Of Rs 784 Crore
Shares of the Mumbai-based drugmaker rose 1.21 percent to Rs 763 after it met estimates in March quarter.
Key Earnings Highlights [Consolidated, YoY]
- Net loss at Rs 783.5 crore versus estimate of Rs 338 crore. Reported a profit of Rs 380.2 crore same period last year
- Revenue down 5.2 percent at Rs 4,033.8 crore, estimate Rs 3,945 crore
- Ebitda down 9.3 percent at Rs 708.7 crore, estimate Rs 735 crore
- Margin at 17.6 percent versus estimate 18.6 percent
- One-time loss for impairment of assets at Rs 1,460 crore
Region Wise Revenue Break Up
- U.S: -21 percent
- India: +13 percent
- APAC: +8 percent
- EMEA: +17 percent
- LATAM: +30 percent