Sensex, Nifty End 6% Lower For The Week
An employee looks at a computer monitor at a brokerage firm in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)  

Sensex, Nifty End 6% Lower For The Week

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Closing Bell: Stocks Fail To Recover From Monday Slump

Indian equity markets fell off the highest point of the day to end with modest gains. As of closing in India, European markets are trading with gains while futures on the Dow Jones are trading higher by 250 points.

The S&P BSE Sensex fell 500 points from the day's high of 32,088 to end 0.7 percent higher at 31,642. For the week, the 30-stock index was down over 6 percent.

The NSE Nifty 50 index too fell 150 points from its day's high of 9,382 to end at 9,251 which was near the day's low of 9,238. The index ended the week with losses of 6.1 percent.

Among sectoral indices, the PSU banking index was the top laggard, ending 1.9 percent lower. The Nifty Auto and Nifty Metal indices too fell over 1 percent each. The Nifty Pharma index was the top sectoral gainer, ending 2.2 percent higher.

Market breadth turned negative in the second half of the session. About 767 stocks ended with gains while 1,004 stocks ended with losses.

Earnings Reaction: SBI Cards & Payment Services

The company's fourth quarter net profit fell 66 percent to Rs 84 crore. Revenue however was up 21 percent compared to last year to Rs 2,176 crore.

The company has reported an impairment loss of Rs 489 crore due to the Covid-19 pandemic. It has also declared an interim dividend of Re 1 per share.

Shares fell as much as 3.87 percent to Rs 552.20, post the announcement.

Trading Ideas From Gaurav Bissa Of LKP Securities

  • Buy Lupin for target of Rs 865 and stop loss of Rs 818
  • Sell Titan for target of Rs 795 and stop loss of Rs 850

Stock Update: State Bank Of India

  • Trades at the lowest level since March 2016
  • Second worst performer on the Nifty PSU Bank Index
  • Declines as much as 2.6 percent to Rs 166.30
  • Down for four out of the last five days
  • Falls 12.2 percent this week
  • Today's volumes are 0.8 times higher than its 30-day average
  • Down 55 percent from its 52-week high of Rs 373 on July 18, 2019
  • 45 out of the 52 analysts tracking the stock have a buy recommendation; 2 sell calls
  • Return potential of the stock as per Bloomberg data is 73.9 percent

Earnings Reaction: Adani Gas

The company in its fourth quarter has reported a 5.5 percent decline in its revenue to Rs 462.2 crore. Net profit has risen 5.1 percent from the previous quarter to Rs 121.4 crore.

Ebitda has risen 7.6 percent while Ebitda margins expanded to 36.3 percent from 31.9 percent in the previous quarter.

The company has reported a 3 percent growth in volumes this quarter. In its press release, the company has expressed confidence in continuing to generate healthy cash flows and that the current lockdown will impact the CNG and PNG demand going forward.

Shares rose as much as 9.25 percent to Rs 114 post the announcement.

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