Sensex, Nifty Clock Worst Week In Over Seven Months
A financial trader reacts as he monitors data on computer screens at the Frankfurt Stock Exchange in Frankfurt, Germany (Photographer: Martin Leissl/Bloomberg)  

Sensex, Nifty Clock Worst Week In Over Seven Months

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Sensex, Nifty Clock Worst Week In Over Seven Months

Indian equity benchmarks ended lower for the third consecutive week, clocking their worst week in over seven months.

The S&P BSE Sensex closed 3.9 percent lower this week to end at 37,462.99 and the NSE Nifty 50 ended at 11,278.90, down 3.7 percent. The broader market index represented by the NSE Nifty 500 Index closed 3.5 percent lower during the period.

The benchmark indices extended fall for the eighth consecutive trading session. Today, the 31-share index and the 50-stock index closed lower by 0.26 percent and 0.2 percent respectively. The 500-share gauge fell 0.1 percent.

The market breadth was tilted in favour of sellers. About 898 stocks fell and 826 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty PSU Bank Index’s 2.6 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.5 percent.

Thyssenkrupp Plans Elevator IPO, Abandons Original Split

The concessions offered by the two companies did not resolve European Commission's concerns, Thyssenkrupp said in a statement.

“After today’s conversation with the European Commission, Thyssenkrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to the Commission’s continuing concerns.”
Thyssenkrupp Statement 

Stocks Reacting To Earnings Announcement

PVR (Q4, YoY)

  • Stock fell as much as 3.5 percent to Rs 1,776.
  • Revenue up 43.2 percent to Rs 838 crore.
  • Net profit up 76.9 percent to Rs 46 crore.
  • Ebitda up 70.5 percent to Rs 162 crore.
  • Margin at 19.3 percent versus 16.2 percent.

NOCIL (Q4, YoY)

  • Stock fell as much as 6.8 percent to Rs 111.65.
  • Net profit at Rs 35.77 crore versus Rs 50.95 crore.
  • Revenue at Rs 241.58 crore versus Rs 275.87 crore.

Kajaria Ceramics (Q4, YoY)

  • Stock rose as much as 2.7 percent to Rs 578.
  • Net profit flat at Rs 66 crore.
  • Revenue at Rs 815.31 versus Rs 750 crore.

Canara Bank (Q4, YoY)

  • Stock rose as much as 4.3 percent to Rs 267.90.
  • Net loss of Rs 551.53 crore versus net loss of Rs 4.859.77 crore.
  • NII up 17.2 percent to Rs 3,500.15 crore.
  • GNPA at 8.83 percent versus 10.25 percent (QoQ).
  • NNPA at 5.37 percent versus 6.37 percent (QoQ).
  • Provisions at Rs 5523.5 crore versus Rs 1,977.34 (QoQ); Rs 9,075 crore (YoY).

SBI Falls After Q4 Results Announcement

Shares of SBI erased gains and fell as much as 2.3 percent to Rs 292.45 after its March quarter’s profit missed estimates.

The PSU bank reported a net profit of Rs 840 crore during January-march period compared to a loss of Rs 7,718 crore clocked during the year ago period, according to its stock exchange filing. The analysts surveyed by Bloomberg expected the lender to report a profit of Rs 4,840 crore.

Key Earnings Highlights (Q4, YoY)

  • Net interest income up 15 percent to Rs 22,954 crore.
  • GNPA at 7.53 percent versus 8.71 percent (QoQ).
  • NNPA at 3.01 percent versus 3.95 percent (QoQ).

Strides Pharma Q4 Profit Falls 91%

Strides Pharma Science Ltd.’s profit in the three months ended March fell 91 percent on a yearly basis to Rs 47.51 crore. Its revenue rose 25.3 percent year-on-year to Rs 839.7 crore.

Shares of the pharmaceutical company rose 2.8 percent to Rs 497.90 after the results announcement.

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