15:56
Indian shares closed lower on the first day of the November series following weakness in global markets, rising concerns over asset quality of public sector banks and disappointing volume growth by HUL.The 50-share NSE Nifty fell 41 points to close at 5,664.30 after hitting an intraday low of 5,641.75, weighed down by FMCG, banking & financials, healthcare, technology and oil & gas exploration shares.
Experts feel the consolidation, which the market saw in October, may end in November.
UR Bhat of Dalton Capital Advisors thinks November will be an interesting month, especially after the US elections that will be held on November 6.
In terms of domestic cues in November, Bhat says, there is the Parliament opening up again and with the sort of dysfunctional politics, governance issues coming to the fore, it is a space needs to be closely watched. "We do not expect huge amount of legislative business will happen. Therefore, whatever administrative measures the government could take they have had a go at it," he said.
The 30-share BSE Sensex declined 133.29 points to 18,625.34.
Investors also looked cautious ahead of the Reserve Bank of India's monetary policy review for the first six months of FY13 on October 30.
Portfolio manager PN Vijay says market is expecting some sort of monetary loosening from the Reserve Bank of India, given the fact that inflation has not risen dramatically for quite sometime now.
"The government has shown its intention to cut the fiscal deficit quite strongly. It is a great opportunity for RBI to do monetary loosening," he told CNBC-TV18 in an interview.
Country's largest private sector lender ICICI Bank declined 0.7 percent due to weakness in entire banking sector. Its quarterly numbers were largely in-line with expectations with the net profit growing 30 percent year-on-year to Rs 1,956 crore in Q2FY13, helped by robust loan growth and other income.
Rikesh Parikh, VP-Markets Strategy and Equities of Motilal Oswal Securities said ICICI Bank numbers were broadly in line with estimates. "Going forward we expect net interest margin to be maintained around 3 percent as cost of funds reduces, with no deterioration in assets quality," he said.
But the performance of public sector banks was quite bad in the September quarter due to asset quality concerns, pushing BSE Bankex down by 0.92 percent.
Punjab National Bank and Indian Overseas Bank dropped 7 percent following disappointing numbers in Q2FY13. IOB's net profit fell 24 percent YoY to Rs 158 crore and PNB's net went down by 11.6 percent to Rs 1,065 crore due to rising non-performing assets.
FMCG major Hindustan Unilever tanked 2 percent after tepid volume growth in the September quarter. Net profit grew higher-than-expected 17 percent YoY to Rs 807 crore but its volumes growth was 7 percent as against 9 percent in Q1FY13 and expectations of 8-8.5 percent.
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