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Nifty below 8900, Sensex loses over 300 pts; banks drag


The News International Team

11:30 am Market Update

The Sensex lost 353.25 points or 1.19 percent to 29328.52 and the Nifty tanked 99.05 points or 1.11 percent to 8853.30.

About 1129 shares have advanced, 1265 shares declined, and 232 shares are unchanged.

11:15 am Bank of Baroda plunges 13%

Bank Of Baroda disappointed street on Friday by reporting a 68 percent (Y-o-Y) decline in profit at Rs 334 crore for quarter ended December 2014. Higher provisions and tax rate impacted the bottomline.

Profit of the public sector lender was expected at Rs 1,243.6 crore and net interest income at Rs 3,501 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Net interest income grew 7.5 percent to Rs 3,286 crore in the quarter ended Deceber 2014 from Rs 3,057.1 crore in same quarter last fiscal. Net interest income is the difference between interest earned and interest expended.

Other income (non-interest income) increased marginally to Rs 1,090.35 crore from Rs 932 crore during the same period.

11:00am Market Check

The 9000-mark remains elusive for the Nifty that retraces after hitting an intraday high off 8996. The 50-share is down 47.20 points at 8905.15. The Sensex is down 211.80 points at 29469.97. About 1330 shares have advanced, 950 shares declined, and 215 shares are unchanged.

Coal India, Dr Reddy’s Labs, HDFC twins and TCS are losers in the Sensex. Among the gainers are NTPC, BHEL, Hero, Tata Power and SBI.

Brokers said apart from beginning of February series in the derivatives segment, continued buying by foreign funds as well as retail investors supported by improving macro economic data amid optimism over upcoming Budget and encouraging Q3 earnings by some bluechip companies, lifted the key indices to new highs.

Crude prices were mixed in Asia today, after the US Senate approved a bill to build an oil pipeline from Canada to refineries in the US Gulf Coast, adding to concerns over a supply glut.

Gold rises after a slide and is poised to close the best monthly performance in a year. Globally, markets are mostly higher in Asia on firmer oil prices.


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