Sensex drops 61 points on negative global cues, weak rupee

Mumbai, Nov 5 (PTI) The benchmark BSE Sensex dropped 61 points and settled below the 35,000 mark Monday, tracking weak Asian stocks amid uncertainty around the China-US trade war, fall in rupee and unabated foreign fund outflows.

The Sensex fell below the 35,000-level to touch a low of 34,811.60 due to heavy selling pressure in view of foreign capital outflows and weak global cues.

However, fag-end buying helped trimming losses and the index closed at 34,950.92 with a fall of 60.73 points, or 0.17 per cent.

The gauge had rallied almost 580 points on Friday.

The broader NSE Nifty, after slipping below the 10,500-mark to hit a low of 10,477, finally concluded 29 points, or 0.27 per cent, down at 10,524.

The rupee depreciated 67 paise, to 73.12 (intra-day) against the dollar too had a negative influence.

Market was volatile in a narrow range due to weak global cues and selling pressure in pharma, FMCG and auto, analysts said.

“Rupee weakened on account of crunch in domestic liquidity while gradual decline in yield may ease the concern. Investors’ were bit conservative in the holiday shortened week due to uncertainty regarding US china trade deal and Fed policy,” they added.

Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 196.90 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 852.99 crore.

SBI net profit slips 69% to Rs 576 crore in Q2

New Delhi, Nov 5 (PTI) The country’s largest lender SBI Monday reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30.

The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal.

The bank had reported a net loss of Rs 4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans.

Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

On asset quality, the gross non-performing assets (NPA) of the bank rose to 9.95 per cent of the gross advances as on September 30, 2018 from 9.83 per cent a year ago.

Net NPAs or bad loans stood at 4.84 per cent of the net advances, down from 4.53 per cent.

The provisions for bad loans came down to Rs 10,381.31 crore during the quarter, from Rs 16,842.18 crore in the same period a year ago.

On standalone basis, the bank’s net profit was down at Rs 944.87 crore as against Rs 1,581.55 crore

The lender’s income was Rs 66,607.98 crore in the July-September quarter, up from Rs 65,429.63 crore.

Shares of the bank closed 3.45 per cent higher at Rs 295.30 on BSE.

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