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Sensex falls 133 pts, Nifty below 8700; autos banks drag

14:00

The News International Team

03:30 Market closing

 The market ended in red as autos, oil and banks dragged. The Sensex is down 133.06 points at 28717.91 and the Nifty slips 50.65 points at 8661.05. About 877 shares have advanced, 1991 shares declined, and 224 shares are unchanged.

HDFC, Sesa Sterlite, Infosys, ITC and TCS are top gainers in the Sensex. Among the losers are Tata Motors, BHEL, Tata Steel, Sun Pharma and HDFC Bank.

03:15 pm Air traffic

Air passenger traffic in India saw an 8 percent growth last year compared to 2013, the highest after China and Russia, even as global traffic rose by 5.9 percent, according to data released by International Air Transport Association (IATA). Also, the passenger carrying capacity in India rose by 5.7 percent in 2014 with a 76.3 percent load factor or capacity utilisation. According to IATA, the global industry out-performed the 10-year average growth rate of 5.6 percent.

Air passenger traffic in China rose by 11 percent, helping to drive global air travel performance upward while travel demand in Russia grew by 9.8 percent during this period. Besides, the Asia Pacific carriers recorded an increase of 5.8 percent in traffic, which was the largest increase among the three biggest regions compared to 2013, IATA said. Overall, a record 3.3 billion passengers boarded aircraft globally last year, an increase of 170 million from 2013, it said.

03:00 pm International markets

World shares were heading for their strongest week since October as markets awaited U.S. jobs data on Friday, while oil was shooting for a near 20 percent rebound and the euro was on track for its biggest weekly rise since late 2013.

European stocks dipped at the open and the region’s bonds made ground as investors, who have faced fluctuating sentiment over Greece’s problems this week, began to square up positions ahead of the monthly US jobs data.

02:30pm Dena Bank in News

Dena Bank’s third quarter net profit increased 13 percent year-on-year to Rs 76.6 crore, driven by strong other income and lower provisions. However, the profit was impacted by fall in operating profit and net interest income.

Net interest income (the difference between interest earned and interest expended) fell 8.9 percent to Rs 602.3 crore whereas other income (non-interest income) jumped 52 percent to Rs 196.21 crore during the same period.

Operating profit of the public sector lender declined 13.7 percent to Rs 319.9 crore in December quarter from Rs 370.74 crore in same quarter last fiscal. The bank paid tax of Rs 2 crore during the quarter against tax writeback of Rs 79.5 crore in the year-ago period.

Provisions for bad loans slipped 36.8 percent year-on-year (down 23.4 percent sequentially) to Rs 241.3 crore with provision coverage ratio at 50.94 percent as on December 31, 2014.

Asset quality weakened during the quarter as gross non-performing assets (NPA) climbed 265 basis points Y-o-Y (up 49 bps Q-o-Q) to 5.61 percent. Net NPA spiked up 197 basis points on yearly basis (up 38 sequentially) to 3.97 percent in the quarter gone by.

02:00pm Market Check

The market remained under pressure amid consolidation in afternoon trade as the Nifty continued to struggle at 8700 level due to selling in auto, oil & gas and private banks stocks.

The index slipped 33.30 points to 8678.40 and the Sensex declined 83.46 points to 28767.51 while the BSE Midcap and Smallcap indices lost 1-1.5 percent.

More than two shares declined for every share advancing on the Bombay Stock Exchange.

Tata Motors topped the selling list on Sensex, down more than 5 percent on disappointing numbers in Q3. JLR margins came in below estimates while the standalone business too was hit by one-off provisions. Barclays, however, reiterated its overweight rating with a lower target, saying the third quarter missed does not deter their FY16 outlook.

Shares of HDFC Bank, Reliance Industries, Sun Pharma, ICICI Bank, ONGC, M&M, BHEL, Hero Motocorp, Coal India and Tata Power were down 1-4 percent.

Tata Steel fell over 2 percent ahead of its third quarter numbers. A CNBC-TV18 poll expects the steel major’s total turnover to fall by 4 percent Y-o-Y to Rs 35,400 crore. Analysts expect the profits to plunge by 58 percent. GAIL also lost over 2 percent ahead of earnings today.

However, Cipla gained 0.7 percent as Cyrus Poonawalla told CNBC-TV18 that there are possible exploratory talks of a merger between Cipla and Serum Institute. Any further development, however, will be based on the success of their recent collaboration.

Technology stocks outperformed market again as TCS, Infosys and Wipro climbed over a percent each. Index heavyweights like HDFC, ITC gained 2.5 percent, 1 percent, respectively. Bharti Airtel was up 1 percent.

State Bank of India, ICICI Bank, Axis Bank, Tata Motors, Infosys, Jet Airways and HDIL were most active shares on exchanges.

The rupee traded marginally lower around 61.77 a barrel as large state-run banks bought dollars. Benchmark bond yields traded steady at 7.70 percent, ahead of weekly debt auction results.

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