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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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No respite from selling pressure 
(Fri, 12 Nov Closing) 
 
Continuing from the weak trend witnessed yesterday, Indian indices languished in the red in todays trading session as well on the back of persistent selling pressure across index heavyweights. While the BSE Sensex closed lower by around 432 points (down 2%), the NSE Nifty lost around 123 points (down 2%). The BSE Midcap and the BSE Smallcap were not spared either as they racked losses of 2% each. Selling was witnessed across sectors with stocks from the metals, consumer durables and banking sectors seeing the most losses.

As regards global markets, Asian indices closed in the red today while European indices have also opened weak. The rupee was trading at Rs 44.74 to the dollar at the time of writing.

Power Finance Corp. (PFC) declared its 2QFY11 and 1HFY11 results. Net interest income rose by 27% YoY during 1HFY11 on the back of 28% YoY growth in advances. PFC managed to grow its advances at a healthy pace despite lower average credit growth in the banking sector. The 63% YoY growth in PFCs disbursements were on the back of a 25% YoY growth in sanctions. Bottomline expanded by just 13% YoY in 1HFY11 due to exchange rate losses, lower other income and higher tax outlay (lower tax refunds). Net interest margin decreased marginally to 4.1% in 1HFY11 from 4.2% in 1HFY10. Net NPA to advances remained negligible at 0.01% at the end of 2QFY11. Capital adequacy ratio (CAR) stood at 17.4% at the end of 2QFY11. The stock closed lower today.

Steel stocks closed lower today and the key losers were Tata Steel, SAIL and JSW Steel. As per a leading business daily, steel major SAIL has tied up with Geneva based CBMM for the purpose of developing high strength steel. This is API grade steel and is used in line pipe applications for transportation of oil and natural gas. The international demand for API grades of steel is projected at 8 m tonne (MT) per annum. This has resulted in a large untapped market for Indian steel producers. Not just that, in India itself there is a huge demand for this grade and the annual demand has been estimated at 1 m tonnes (MT) in the coming years. Hence, this development comes as a positive for the company, as it well help it increase its share of special steel products.

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May 26, 2017 (Close)

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