Sensex Logs Longest Losing Streak In Over A Month
A man walks past traffic barriers outside the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex Logs Longest Losing Streak In Over A Month

Latest First
  • Oldest First

Closing Bell: Sensex, Nifty Decline For Third Day In A Row

Indian equity benchmarks fell for the third-straight session, driven by losses in HDFC twins.

The S&P BSE Sensex closed 0.80 percent lower at 38031.13 and the NSE Nifty 50 ended at 11,346.20, down 0.64 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.61 percent lower. Bajaj Finserv, HDFC twins were among the worst performers in the session.

“Time has come that HDFC Bank has come under radar for bad assets which the economy is grappling with,” said Umesh Mehta, head of research at Samco Securities.
“Higher provisions and management commentary of further pain combined with a decade high valuation price-earning multiple leaves enough room for the bears to pounce.”

The market breadth was tilted in favour of sellers. About 1,192 stocks declined and 557 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE closed lower, led by the NSE Nifty Financial Services Index’s 2.57 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.75 percent.

Sensex Logs Longest Losing Streak In Over A Month

GSK Pharma Rises After Q1

Shares of the drugmaker rose as much as 3.5 percent intraday to Rs 1,214.40 each. The company reported its first quarter results today.

Key Highlights (Q1, YoY)

  • Revenue up 7.1 percent to  Rs 788 crore.
  • Net profit up 35 percent to  Rs 113.5 crore.
  • Ebitda up 21.8 percent to  Rs 165.3 crore.
  • Margins at 21 percent versus 18.4 percent.

The shares have fallen 14 percent in the past 12 months compared with a 4 percent gain in the Sensex.

Oriental Bank Of Commerce Swings To Profit In Q1; Provisions Fall

State-run Oriental Bank Of Commerce swung to profit during the three months ended June, according to its stock exchange filing.

Key Highlights (Q1, YoY)

  • Net profit at Rs 112.68 crore versus net loss of Rs 393.21 crore.
  • Net interest income up 39 percent to Rs 1,371.62 crore.
  • Provisions fall 19.9 percent to Rs 842.43 crore (QoQ)
  • Gross NPA at 12.56 percent versus 12.66 percent (QoQ).
  • Net NPA at 5.91 percent versus 5.93 percent (QoQ).

Hindustan Media Ventures Surges After Q1 Results

Shares of New Delhi-based publishing company rose as much as 14 percent to Rs 93.40 each. The company announced its first quarter results today.

Key Highlights (Q1, YoY)

  • Net profit rose 3 times to Rs 39.7 crore.
  • Revenue fell 4 percent to Rs 217.9 crore.

The trading volume was nearly 40 times the 20-day average for this time of the day, according to Bloomberg data.

Sensex Falls 400 Points; Nifty Tests 11,300

Indian equity benchmarks witnessed a sharp fall in the afternoon trade.

The S&P BSE Sensex fell as much as 1.07 percent to 37,927 and the NSE Nifty 50 declined close to a percent to 11,312.85. The broader market index represented by the NSE NIfty 500 Index fell nearly 0.90 percent.

The market breadth was tilted in favour of sellers in the ratio of 3:1. Six out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty Financial Service Index’s 2.75 percent fall. On the flipside, the NSE Nifty Pharma Index was the top sectoral gainer, up 1.30 percent.

Sensex Logs Longest Losing Streak In Over A Month
BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.