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Sensex Plunges 700 Points, SBI Slumps 2.7% on Weak Q2 Result

Fri, 11 Nov Closing

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Indian share markets fell more than 2.4% in today's trading session tracking losses in global markets as US bond yields surged on expectations that newly elected US President Donald Trump's policies would stoke inflation. At the closing bell, the BSE Sensex stood lower by 699 points, while the NSE Nifty finished down by 229 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 3.6% and 3.4% respectively. Losses were largely seen in auto, consumer durables and realty stocks.

The Nifty IT index fell 2%, its biggest weekly fall since mid-February, on worries about what Trump's election would mean for the export-dependent sector.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.78% and the Nikkei 225 rose 0.18%. The Hang Seng lost 1.49%. European markets are also mixed. The DAX is higher by 0.40%, while the FTSE 100 & the CAC 40 are down 0.73% and 0.07% respectively.

The rupee was trading at 67.03 against the US$ in the afternoon session. Oil prices were trading at US$ 44.39 at the time of writing.

According to an article in The Economic Times, sugar production in India, the world's second largest producer after Brazil, is estimated to decline by 10.27% to 22.52 million tonnes in ongoing season, but stock availability will be sufficient to meet the domestic demand. The country's sugar production had declined to 25.1 million tonnes in the 2015-16 season (October-September) due to drought in major growing states.

The government's sugar production estimates for this year are lower than 23.26 million tonnes pegged by Indian Sugar Mills Association (ISMA). The sugar estimates for this year have been finalized after a recent meeting with sugar commissioners of cane growing states.

While the domestic sugar consumption is estimated at about 25.5 million tonnes, the stock position at the close of the 2016-17 season is likely to be at 4.73 million tonnes, which will be carried forward for the next season.

Moreover, the government has taken necessary steps to maintain sufficient stocks in the country and keep the sugar prices under check. Sugar production is estimated to fall in 2016-17 season because of likely decline in sugarcane output on account of drought in key growing states including Maharashtra.

However in the next 2017-18 season, sugar production is reportedly expected to be good and is likely to start early and therefore there will be no shortage of domestically produced sugar in India. By November 2017, another 2 million tonnes would be available from early crushing.

Sugar stocks languished in red today with Rajshree Sugar and Triveni Engineering & Industries leading the losses.

Moving on to news from stocks in public banking sector. SBI's share price fell 2.7% in the afternoon session after the bank reported a 34.6% slide in its second quarter net profit as provisions against bad loans doubled from last year.

The bank reported a net profit of Rs 25.38 billion from Rs 38.79 billion in the year-ago period. Provisions and contingencies rose 21% to Rs76.69 billion in the quarter from Rs 63.39 billion a quarter ago. On a year-on-year basis, provisions jumped 99.64% from Rs 38.41 billion.

Net NPAs were at 4.19% in the September quarter compared to 4.05% in the previous quarter and 2.14% in the same quarter last year.

Gross non-performing assets (NPAs) at SBI rose 4.18% to Rs 1057.82 billion at the end of the September quarter from Rs 1015.41 billion in the June quarter. On a year-on-year basis, gross NPAs jumped 86.13% from Rs 568.34 billion.

As a percentage of total loans, gross NPAs stood at 7.14% at the end of the September quarter as compared to 6.94% in the previous quarter and 4.15% in the year-ago quarter.

Capital adequacy ratio for the quarter stood at 13.94%, up from 12.17% a year ago.

Selling activity was seen across majority of the PSU banks with Indian Bank and Andhra Bank leading the losses.

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