In listless trading, Sensex today closed three points down as cautious sentiment prevailed in the stock market over corporate earnings amid shares of SBI falling over 4 per cent on worries over rising bad loans.
After moving in a thin range of 17,590.61 and 17,471.37, the 30-share Sensex closed 3.13 points lower at 17,557.74 as a weak global trend triggered profit-booking on every rise. The 50-share National Stock Exchange index ended also lower by 2.55 points to 5,320.40 as buyers remained selective. IT and technology stocks rose today while consumer durable, auto and bank counters saw selling activity. HUL, Sterlite, Maruti and Infosys rose around 1.5-2 per cent range. The BSE benchmark index has lost 41 points in last two trading sessions amid stock-specific activity in the ongoing earnings season, said traders.
During the day, State Bank of India (SBI) reported a 137 per cent jump in net profit at Rs 3,752 crore for the first quarter ended June 30, though rising non-performing loans continue to be a cause of concern. Shares of Sun Pharma ended 0.20 per cent down after it posted a 58.79 per cent rise in consolidated net profit at Rs 795.55 crore for the April-June quarter. Brokers said investors also adopted a cautious stance as they await policy action from Finance Minister P Chidambaram.
“Markets are eagerly awaiting follow-up action on FM’s statements. We maintain that, reforms are a pre-requisite for the markets to move up,” said Dipen Shah, Head of PCG (Private Client Group) Research, Kotak Securities. Experts added that weak signals from Asian and European markets did not provide support to domestic mood. Asian stock markets were down in early trade due to weak Chinese trade data for July, but recovered some ground later. In Europe, Germany’s DAX fell 0.3 per cent while the CAC-40 in France was 0.7 per cent down. The UK’s FTSE was marginally down.
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