A traffic signal stands illuminated next to the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Snap 5-Day Losing Streak Led By SBI, Tata Motors

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Closing Bell

Indian equity benchmarks snapped their five-day losing streak, led by gains in State Bank of India and Tata Motors.

The S&P BSE Sensex rose 0.1 percent or 35 points to 34,651 and the NSE Nifty 50 index advanced 0.19 percent or 20 points to 10,537.

India’s largest lender rose nearly 4 percent despite posting a second straight quarterly loss. Tata Motors’ shares ended 4 percent higher after China said it will cut the import duty on passenger cars to 15 percent, according to Bloomberg. The lower tariffs will help Indian automaker’s luxury brand Jaguar Land Rover.

Fifteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Auto index's 1.7 percent gain. On the flipside, the S&P BSE Oil & Gas index was the top loser, down 0.4 percent.

The mid- and small-cap shares rebounded after underperforming their larger peers for two days in a row, both the indexes on BSE rose 0.65 percent.

Sensex, Nifty Snap 5-Day Losing Streak Led By SBI, Tata Motors

Dr Reddy's Labs Extend Gains After Q4 Earnings

Shares of the Hyderabad-based drugmaker extended gains after it reported March quarter earnings.

The stock rose as much as 8 percent, the most in over six months, to Rs 2,045.

Sensex, Nifty Snap 5-Day Losing Streak Led By SBI, Tata Motors

Fab Four Stocks Of The Day

  • Just Dial: The Mumbai-based local search engine rose as much as 9 percent to Rs 443.65 after its revenue met Bloomberg consensus estimates in March quarter.
  • Tata Motors: The Mumbai-based parent of luxury car maker Jaguar Land Rover rose as much as 4.5 percent to Rs 309.25. China will cut the import duty on passenger cars to 15 percent in a move that gives a boost to makers of luxury autos, Bloomberg reported.
  • Strides Shasun: The Bengaluru-based drugmaker rose as much as 10.56 percent, the most in over three months, to Rs 377 on the back of heavy volumes.
  • Suven Life Sciences: The Hyderabad-based drugmaker rose as much as 3.43 percent to Rs 186.90 after it secured product patents in Norway and New Zealand.

Indian Oil Pares Losses After Q4 Revenue Beats Estimates

Shares of the country's largest state-owned oil refiner pared losses after its revenue beat Bloomberg consensus estimates in the March quarter.

Key earnings highlights:

  • Net profit fell 34 percent sequentially to Rs 5,218 crore versus estimate of Rs 5,660 crore (QoQ)
  • Revenue rose 4.48 percent sequentially to Rs 1.37 lakh crore versus estimate of Rs 1.16 lakh crore
  • Standalone margin at 9.4 percent versus 12 percent (QoQ)
  • Standalone EBITDA down 17 percent at Rs 11,021 crore versus Rs 13,269 crore (QoQ)
  • FY18 gross refining margins at $8.49 per barrel versus $7.77 per barrel (YoY)

Other Highlights

  • Revenue from petroleum products rose 3.96 percent to Rs 1.31 lakh crore quarter-on-quarter
  • Revenue from petrochemicals increased 8.37 percent to Rs 5,099.01 crore.
  • Revenue from other business activities rose 22.58 percent to Rs 2,373.24 lakh crore.
  • Board recommended a final dividend of Rs 2 per share for the financial year 2017-18.

SBI Reports Loss Of Rs 7,718 Crore; Shares Rise On Stable Asset Quality

Shares of the country's largest public-sector lender rose as much as 6.32 percent, the most in over six months, to Rs 259.90 after it reported March quarter earnings.

Key earnings highlights:

  • Net loss at Rs 7,718 crore versus profit of Rs 2,814.82 crore (YoY)
  • Net interest income up 10.5 percent at Rs 19,974.28 crore versus 18,070.72 crore (YoY)
  • Gross non-performing assets as a percentage of total advances at 10.91 percent versus 10.35 percent (QoQ)
  • Net non-performing assets as a percentage of total advances at 5.73 percent versus 5.61 percent (QoQ)
  • Provisions for non-performing assets up 36 percent at Rs 24,080 crore versus Rs 17,760 crore (QoQ)
  • Provision coverage ratio improved by 464 basis points to 61.53 percent (YoY)

SBI in an investor presentation said:

  • Domestic NIMs at 2.67 percent versus 2.61 percent (QoQ)
  • Whole bank NIMs at 2.50 percent versus 2.45 percent (QoQ)
  • Foreign NIMs at 1.14 percent versus 1.16 percent (QoQ)

The profit number is not comparable with the year-ago period since the lender merged its five associate banks with itself on April 1, 2017.