Key benchmark indices dropped sharply on last trading of the week on weak global stocks. The barometer index, the S&P BSE Sensex, lost 340.78 points or 1.01% at 33,349.31, as per the provisional closing data. The Nifty 50 index lost 94.90 points or 0.94% at 10,030. Intraday volatility was high. Weak global stocks weighed adversely on the domestic bourses.
Trading for the day began on a weak note as the key benchmark indices drifted lower in early trade as most Asian stocks fell. Key benchmark indices cut losses in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices resumed decline in mid-morning trade. After a mild recovery in early afternoon trade, the key equity benchmarks once again succumbed to selling pressure in afternoon trade. Stocks extended fall in mid-afternoon trade. Fresh selling in index pivotals dragged the key benchmark indices to intraday low in late trade.
The S&P BSE Mid-Cap index fell 0.11%. The S&P BSE Small-Cap index slipped 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1100 shares rose and 1449 shares fell. A total of 154 shares were unchanged.
Axis Bank (down 4.04%), TCS (down 2.86%) and ONGC (down 2.47%) were the major Sensex losers.
Yes Bank fell 8.62% after net profit fell 3.79% to Rs 964.70 crore on 43.91% rise in total income to Rs 8704.68 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 25 October 2018.
The bank's gross non-performing assets (NPAs) stood at Rs 3,866.08 crore as on 30 September 2018 as against Rs 2,824.46 crore as on 30 June 2018 and Rs 2,720.34 crore as on 30 September 2017. The ratio of gross NPAs to gross advances stood at 1.60% as on 30 September 2018 as against 1.31% as on 30 June 2018 and 1.82% as on 30 September 2017.
The ratio of net NPAs to net advances stood at 0.84% as on 30 September 2018 as against 0.59% as on 30 June 2018 and 1.04% as on 30 September 2017. The bank's provisions and contingencies rose 110.26% to Rs 939.98 crore in Q2 September 2018 over Q2 September 2017.
ITC lost 2.77%. The company's net profit rose 11.93% to Rs 2,954.67 crore on 14.80% increase in total income to Rs 11,776.63 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 26 October 2018.
Bharti Airtel rose 1.06%. Consolidated net profit fell 57.48% to Rs 249.20 crore on 6.22% decline in net sales to Rs 20422.50 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 25 October 2018.
Consolidated EBITDA fell 20.7% to Rs 6343 crore in Q2 September 2018 over Q2 September 2017. Consolidated EBITDA margin decreased to 31.1% in the quarter as compared to 36.8% in the corresponding quarter last year.
Consolidated mobile data traffic at 2,758 billion MBs in the quarter has registered a healthy year-on-year growth of 225%. Average revenue per user (ARPU) of the company declined 28.80% to Rs 101 for the quarter ended 30 September 2018. The figure stood at Rs 142 in the same period last year.
On the macro front, the fiscal deficit of the Central government has widened in the first half of 2018-19 to 95.3% of the Budget Estimate (BE), mainly on account of slow growth in revenue collections. The deficit was at 91.3% of BE at September-end of the last financial year.
The Government of India has received Rs 7,09,483 crore (39.03% of corresponding BE 18-19 of Total Receipts) upto September 2018 comprising Rs 5,82,783 crore Tax Revenue (Net to Centre), Rs 1,08,969 crore of Non-Tax Revenue and Rs 17,731 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans (Rs 7,786 crore) and Disinvestment of PSUs (Rs 9,945 crore).
Overseas, European stocks were trading lower while most Asian stocks finished lower after disappointing results from Alphabet Inc and Amazon.com heightened concerns over the outlook for US corporate earnings, global trade and economic growth.
The European Central Bank (ECB) reaffirmed its plan to end the asset-buying program at the heart of its quantitative-easing strategy in December provided data show inflation remains on track to eventually meet its target. The ECB left interest rates unchanged and repeated that they will remain at present levels at least through the summer of 2019.
US stock benchmarks staged a comeback yesterday, 25 October 2018, on bargain hunting, with traders picking up stocks at reduced levels after the sell-off in the previous session. In economic data, the US pending home sales edged up 0.5% to a reading of 104.6 in September from 104.1 in August, the National Association of Realtors said Thursday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
