Key benchmark indices staged a mild recovery after hitting fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 441.27 points or 1.6% at 27,076.41. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was down 149.25 points or 1.75% at 8,376.50. The Sensex regained the psychologically important 27,000 mark in volatile trade after hitting an intraday low below that level in intraday trade. A sudden spike in US bond yields to a 10-month high rattled emerging equity markets.
The Sensex lost 524.91 points, or 1.91% at the day's low of 26,992.77 in afternoon trade, its lowest level since 9 November 2016. The index fell 172.83 points, or 0.63% at the day's high of 27,344.85 in early trade. The Nifty fell 172.90 points, or 2.03% at the day's low of 8,352.85 in afternoon trade, its lowest level since 9 November 2016. The index fell 65.15 points, or 0.76% at the day's high of 8,460.60 in early trade.
The broad market depicted weakness. There were more than five losers against every gainer on BSE. 2,104 shares fell and 402 shares rose. A total of 133 shares were unchanged. The BSE Mid-Cap index was currently down 2.82%. The BSE Small-Cap index was currently down 2.66%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
State Bank of India fell 2.34% to Rs 275 after net profit fell 34.56% to Rs 2538.32 crore on 8.29% growth in total income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 11 November 2016. The stock was volatile. The stock rose as much as 2.45% at the day's high of Rs 288.50 so far during the day, which is a 52-week high for the counter. The stock lost as much as 3.87% at the day's low of Rs 270.70 so far during the day.
The bank's gross non-performing assets (NPAs) stood at Rs 1.05 lakh crore as on 30 September 2016 compared with Rs 1.01 lakh crore as on 30 June 2016 and Rs 56834.28 crore as on 30 September 2015. Ratio of gross NPAs to gross advances stood at 7.14% as on 30 September 2016 as against 6.94% as on 30 June 2016 and 4.15% as on 30 September 2015. Ratio of net NPAs to net advances stood at 4.19% as on 30 September 2016 as against 4.05% as on 30 June 2016 and 2.14% as on 30 September 2015. The bank's provisions and contingencies jumped 81.09% to Rs 7896.72 crore in Q2 September 2016 over Q2 September 2015. Of this, provisions for NPAs surged 99.63% to Rs 7669.66 crore in Q2 September 2016 over Q2 September 2015.
FMCG stocks declined. Britannia Industries (down 4.2%), GlaxoSmithkline Consumer Healthcare (down 3.54%), Colgate-Palmolive (India) (down 0.24%), Dabur India (down 3.37%), Godrej Consumer Products (down 4.15%), Hindustan Unilever (down 2.09%), Marico (down 5.91%), Nestle India (down 1.23%), Tata Global Beverages (down 3.75%), Procter & Gamble Hygiene and Health Care (down 1.65%), Jyothy Laboratories (down 4.16%), Bajaj Corp (down 2.09%) fell.
Realty stocks fell. DLF (down 5.17%), Housing Development and Infrastructure (down 2.15%), D B Realty (down 5.55%), Unitech (down 3.31%), Sobha (down 4.12%), Godrej Properties (down 6.11%), Sunteck Realty (down 4.26%), Prestige Estates Projects (down 6.36%), Oberoi Realty (down 5.42%) and Parsvnath Developers (down 1.62%) declined. Indiabulls Real Estate rose 5.97%.
In overseas stock markets, most Asian shares edged lower as US bond yields soared on expectations US President-elect Donald Trump's policies would stoke inflation. Investors fear that a higher interest rates under incoming President Donald Trump will spark capital outflows from the emerging equity markets.
In US, the Dow Jones Industrial Average rallied to a record close yesterday, 10 November 2016, as investors continued to revise their strategies and reposition portfolios in response to Donald Trump's unexpected presidential election victory.
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