Markets have started to recover from the lows of the day, following the State Bank of India's results. A weakening rupee and negative cues from global bourses had taken the Sensex to a low of 15,810 earlier today. The index is now down 95 points at 15,975. Nifty is down 30 points at 4,839.
Banking major - SBI - reported profit after tax (PAT) of Rs 4,050 crore for the quarter ended March 31. Net NPA stood at 1.82% as against 2.2% on a quarter on quarter basis. The board at SBI has decided to pay a dividend of Rs 35 per share. The stock is up 2.3% at Rs 1,891.
Meanwhile, the rupee has continued to depreciate and touched an all time low of 54.82 against the dollar this morning.
Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak US data to the list of risk factors. Nikkei has dipped 3% to 8,611.
BSE auto index has dropped 3% to 9,118. Most of the major auto companies are trading in the negative zone.
Tata Motors has dipped 5% to Rs 257 after the company said its global sales remained flat in April at 87,377 units over the same period last year.
Maruti Suzuki is trading down 3.8% at Rs 1159, its lowest level since January 27 on the BSE. According to media reports, India’s largest car maker have downscaled its proposed investment plans in Mehasana, Gujarat.
BSE capital goods, metal, realty and IT shares are down over 1% each.
Tata Steel is down 2.8% at Rs 394 ahead of its numbers. BHEL, Sterlite, Infosys, Hero MotoCorp, Jindal Steel and Bharti Airtel have shed 1-2% each.
Meanwhile, Hindustan Unilvere has added 1.2% to Rs 434. NTPC is up 1% at Rs 143.
BSE market breadth is fairly negative. Out of 2,505 stocks traded, 1,622 shares have declined while 791 shares have advanced.