Sensex drops 371 points over the week: Slump in Tata Motors, RIL offsets jump in SBI, L&T

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Published: November 10, 2017 4:57:24 PM

The benchmark Sensex washed off 371 points from the last week. A turbulent trading was witnessed in Sensex today as the sharp slump in Tata Motors and RIL pared the gains provided by SBI and L&T.

A man looking at the stock ticker of Bombay Stock Exchange. (Image: Reuters)

Indian stock markets ended little higher on Friday posting a weekly loss. BSE Sensex closed up 63.63 points or 0.19% at 33,314.56 whereas NSE Nifty settled 12.8 points or 0.12% higher at 10,321.75. The benchmark Sensex washed off 371 points from the last week. After the Monday record closing, a choppy trade in domestic markets was observed through the week led by the mixed sentiments over second-quarter corporate earnings. Among other factors which buoyed on the markets include GST Council meeting, fluctuations in US markets.

A turbulent trading was witnessed in Sensex. A sharp slump in heavyweight shares of Tata Motors and Reliance Industries offset the major gains attained by the jump in shares of SBI and L&T. Collectively State Bank of India, L&T, ICICI Bank added about 183 points while a decline in RIL, Tata Motors, HDFC shaved off about 128 points.

Shares of State Bank of India gained as much as 6.2% to Rs 333.2 after India’s largest bank reported a little improvement in the asset quality. The gross NPAs (non-performing assets) as a percentage of total loans and advanced for the July-September quarter was at 9.83% as compared to 9.97% at the end of April-June quarter of FY 2018, however, a year ago it was at 7.14%. State Bank of India registered a 37.7% drop in net profit to Rs 1,581.55 crore for the quarter ended 30 September 2017 as against Rs 2,538.32 crore in the corresponding quarter last year.

M&M shares jumped 2.34% to Rs 1,393.4 after the utility vehicles major Mahindra and Mahindra today reported a 24.79% rise in standalone net profit to Rs 1,331.57 crore for the July-September. The company had posted a standalone net profit of Rs 1,067.03 crore in the year-ago quarter. L&T ended up 3.9% at Rs 1,264.05 after the company said that its construction arm has won orders worth Rs 4,023 crore across business segments.

Shares of HUL, ICICI Bank, Bajaj Auto, Power Grid and Axis Bank gained up to 3% while Tata Motors fell 4% to Rs 422.65; Reliance Industries dropped 2% to Rs 883.5. Asian Paints, Sun Pharma, Kotak Mahindra Bank, HDFC, Dr Reddy’s lost up to 1.57%.

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