The Indian equity market ended the day with losses on Friday after the rupee hit over five week low against the US Dollar. The US dollar faded marginally after a mixed bag of US economic data.
Today’s decline was led by selling pressure in the IT, telecom, banking and the realty stocks. Among the other major laggards were consumer durables, metals, power and capital goods stocks.
Even the mid-cap and the small-cap stocks were under immense selling pressure. Bucking the negative trend were the oil and gas, FMCG and auto stocks.
Banking heavyweight HDFC Bank came out with its quarterly numbers which came in better than market expectation. The bank posted a 25% increase in net profit to Rs. 23.26bn from Rs. 18.59bn a year ago. Net interest income gained nearly 16% to Rs. 46.35bn. Asset quality at the bank remained mostly stable during the quarter. Non-performing loans as a percentage of total assets were at 0.3%.
Shares of ITC were under pressure and gave up early gains to close flat at Rs. 325 per share. Commenting on the FMCG major’s results, Amar Ambani, Head of Research at IIFL said, “ITC’s third quarter revenues beat our expectations of Rs84bn by recording healthy 13.1% yoy growth at Rs86.2bn led by strong growth in cigarettes and other-FMCG segment. Cigarette revenues grew by 12.5% yoy to Rs41.2bn while EBIT margins expanded by 180bps to 34.6%. Other-FMCG segment registered a profit Rs104mn at EBIT level against a loss of Rs240mn in Q3 FY13. Net profit matched our expectations by recording 16.3% yoy growth at ~Rs24bn. We remain bullish on ITC.”
Finally, BSE Sensex closed at 21,063 down 202 points, while NSE Nifty closed at 6,262 down 57 points over the previous close.
Today’s decline was led by selling pressure in the IT, telecom, banking and the realty stocks. Among the other major laggards were consumer durables, metals, power and capital goods stocks.
Even the mid-cap and the small-cap stocks were under immense selling pressure. Bucking the negative trend were the oil and gas, FMCG and auto stocks.
Banking heavyweight HDFC Bank came out with its quarterly numbers which came in better than market expectation. The bank posted a 25% increase in net profit to Rs. 23.26bn from Rs. 18.59bn a year ago. Net interest income gained nearly 16% to Rs. 46.35bn. Asset quality at the bank remained mostly stable during the quarter. Non-performing loans as a percentage of total assets were at 0.3%.
Shares of ITC were under pressure and gave up early gains to close flat at Rs. 325 per share. Commenting on the FMCG major’s results, Amar Ambani, Head of Research at IIFL said, “ITC’s third quarter revenues beat our expectations of Rs84bn by recording healthy 13.1% yoy growth at Rs86.2bn led by strong growth in cigarettes and other-FMCG segment. Cigarette revenues grew by 12.5% yoy to Rs41.2bn while EBIT margins expanded by 180bps to 34.6%. Other-FMCG segment registered a profit Rs104mn at EBIT level against a loss of Rs240mn in Q3 FY13. Net profit matched our expectations by recording 16.3% yoy growth at ~Rs24bn. We remain bullish on ITC.”
Finally, BSE Sensex closed at 21,063 down 202 points, while NSE Nifty closed at 6,262 down 57 points over the previous close.
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