Don’t miss the latest developments in business and finance.

Sensex ends down 229 pts

Image
SI Reporter Mumbai
Last Updated : Mar 05 2013 | 8:48 PM IST

The Sensex has ended (provisional) at 17,340 - down 229 points. Nifty ends down 74 points at 5,215.
________________________________
(updated at 1430 hrs)

Markets continued to trade in a lacklustre fashion as selling continued in banking shares. The Sensex, after moving between the positive and negative zones, is now down 13 points at 17,557. Nifty is down nine points at 5,280.

BSE bankex dropped 1.1% to 11,190 after after the rating agency downgraded the outlook for the Indian banking system. Moody's Investor Service downgraded its outlook for India's banking system to "negative" from "stable", as it warned of slowing growth at home and overseas hitting asset quality, capitalisation and profitability.

Banking major, State Bank of India reported 12% year-on-year (y-o-y) growth in standalone net profit at Rs 2,180 crore. India’s largest public sector bank had reported a net profit of Rs 2,501 crore in a year ago period. Net interest income grew 28% to Rs 10,422 crore on y-o-y basis. The stock was the biggest dragger in the Sensex - down 4.5% at Rs 1,907.

Maruti Suzuki dropped 2% to Rs 1,100 as records showed a dissapointing sales growth in October. Sun Pharma and Cipla from the pharma pack dropped 1% each, as did metal stocks - Sterlite and Tata Steel.

Oil marketing companies are soft after IOC chairman R.S. Butola told television network NDTV that Indian state run oil marketing companies may cut gasoline prices by November 16. HPCL, BPCL and IOC have slipped 3-4% each.

Aurobindo Pharma reported a consolidated net loss of 80.16 crore for the quarter ended September 30, 2011, as both domestic and export sales dwindled among other factors. The stock slipped 2% to Rs 121.

Meanwhile, BSE FMCG index rose 2% to 4,269 as Hindustan Unilever touched a new high and was trading up 4% Rs 395. ITC added 1.3% to Rs 213. IT shares also went up in late noon deals. TCS and Wipro advanced 2.5% each. Hero Motocorp, Jindal Steel, Bharti Airtel and Jaiprakash Associates advanced in trades as well.

BSE market breadth has turned negative. Out of 2,847 stocks traded, 1,534 have declined while 1,195 have advanced in trades.

Also Read

First Published: Nov 09 2011 | 3:30 PM IST

Next Story