Sensex, Nifty End Little Changed; IT Stocks Fall, Energy Shares Rise
Closing Bell: Sensex, Nifty End Choppy Session On A Flat Note
Indian equity benchmarks were little changed as gains in oil & gas, banking and FMCG shares were offset by losses in IT and pharma stocks.
The S&P BSE Sensex ended flat at 35,142 and the NSE Nifty 50 Index declined 0.06 percent or 6 points to 10,576.
Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Information Technology Index's 2.45 percent drop. On the flipside, Nifty PSU Bank Index was the top gainer, up 2 percent.
ICICI Bank Hits Record High As Volumes Jump 1.5 Times
Shares of the country's second largest private sector lender rose as much as 2.5 percent to record high of Rs 370 on heavy trading volumes.
Trading volume was 1.4 times its 20-day average, according to data compiled by Bloomberg.
As many as 2.9 crore shares changed hands on the National Stock Exchange, according to information available on NSE's website.
IDBI Bank Reports Gross NPA Of 32%, Shares Decline
Shares of the Mumbai-based government-owned bank fell as much as 1.6 percent to Rs 59 after it reported gross non-performing assets of 31.8 percent in September quarter.
Key earnings highlights:
- Net interest income down 21 percent at Rs 1,300.86 crore versus Rs 1,657.45 crore (YoY).
- Net loss at Rs 3,602 crore versus loss of Rs 198 crore (YoY).
- Gross NPA at 31.78 percent versus 30.78 percent (QoQ).
- Provision coverage ratio of 68.72 percent as on Sept. 30.
- Provision coverage ratio of 68.72 percent as on Sept. 30
- Provisions for bad loans at Rs 5,481 crore versus Rs 4,602 crore (QoQ).
- LIC infused capital worth Rs 2,098 crore in Q2.
Mahindra & Mahindra Beats Estimates In Q2, Shares Decline
Shares of the country's largest utility vehicle maker pared gains and fell 1.3 percent to Rs 780 despite its profit beating estimates in September quarter.
Key earnings highlights (Q2 M&M + MVML):
- Revenue up six percent at Rs 12,790 crore versus Rs 12,017 crore; Estimate of Rs 12,700 crore.
- Net profit up 26 percent at Rs 1,779 crore versus Rs 1,411 crore; Estimate of Rs 1,325 crore.
- Operating margin at 14.5 percent versus 16.0 percent; Estimate of 14.6 percent.
SpiceJet Pares Gains After Loss Widens In Q2
Shares of the Gurugram-based budget airline operator pared gains to trade 3.7 percent higher at Rs 84.40 after it reported wider than expected loss in September quarter on the back of rupee depreciation and higher fuel cost.
Key earnings highlights:
- Revenue at Rs 1,880 crore versus Rs 1,794.57 crore (YoY); Bloomberg estimate of Rs 1,960 crore.
- Net loss at Rs 389 crore versus Bloomberg estimate of loss of Rs 260 crore.