3:30 pm Market closing:
The market has posted biggest weekly losses since July 2009. The Sensex ended up 34.29 points or 0.1 percent at 22986.12 and the Nifty was up 4.60 points at 6980.95. About 898 shares have advanced, 1684 shares declined, and 133 shares are unchanged. Tata Motors, Bharti Airtel, M&M, Axis Bank and NTPC are top gainers while BHEL, Adani Ports, ONGC, Hindalco and L&T were losers in the Sensex.
3:00 pm FM’s balms: Attributing the recent crash in stock market to global factors, Finance Minister Arun Jaitley today said there was no need for “exaggerated panic” and investors should keep the economy’s inherent strength in mind while investing.
The Finance Minister said the government will continue to pursue policies to support growth amid global slowdown.
“… it would be a part of prudent investment reaction that the inherent strengthen of Indian economy is kept in mind by investors rather than react disproportionately to what the global developments are,” Jaitley said.
2:30 pm Earnings: Andhra Bank today reported a 82.91 percent plunge in net profit at Rs 34.46 crore for the third quarter ended December 31, on higher bad loans. The bank’s net profit was Rs 201.71 crore in the corresponding October-December quarter of 2014-15.
Total income increased to Rs 4,801.4 crore for the quarter from Rs 4,540.61 crore for the quarter ended December 31, 2014, it said in a BSE filing.
Provisions for bad loans were raised to Rs 905.56 crore for the quarter ended December, up from Rs 541.52 crore kept aside in the same quarter of the previous fiscal. The gross non-performing assets (NPAs) or bad loans stood at 7 per cent of the gross advances during the quarter as against 5.99 per cent a year ago.
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2:00 pm Market Check
The market recouped losses in afternoon trade with the Sensex gaining nearly 350 points from day’s low. FMCG and select auto stocks gained strength while infra, pharma and oil stocks were under pressure.
The Sensex declined 6.57 points to 22945.26 and the Nifty slipped 5.40 points to 6970.95. The broader markets also trimmed losses with the BSE Midcap and Smallcap indices down over 1 percent.
The market breadth also improved as three shares declined for every share advancing on the BSE.
Tata Motors extended rally, up nearly 8 percent followed by HDFC (up 1.5 percent) and Axis Bank (up 3.6 percent) and ITC (up 1 percent). Mahindra & Mahindra rose 3 percent despite lower-than-expected earnings in Q3.
BHEL remained top loser on Sensex, down 14 percent post bad earnings. L&T, Lupin, ONGC, Adani Ports, Tata Steel and Hindalco Industries were down 2-5 percent.