6:00 PM Mumbai – Market staged a technical rebound on short covering and weaker-than-expected earnings from Punjab National, Hero MotoCorp and Titan. BASF India quarterly net swung to a loss. Blue Dart net and revenues jumped 13%. Hindustan Unilever profit climbed 17%.
Market indexes rebounded sharply after falling to a six-month low after traders covered short positions, oil declined 3% and rupee rebounded from a 20-month low.
Rupee gained 46 paisa 63.95 after falling to 64.23 on Thursday.
The Sensex Index climbed 506.28 or 1.9% to close at 27,105.39. The CNX Nifty advanced 134.20 or 1.7% to 8,191.50.
For the week, Sensex Index rose 0.3% and CNX Nifty increased 0.1%.
Markets also took a positive tone after finance minister Arun Jaitley appointed a panel decide on the contentious issue of Minimum Alternative Tax regime.
Foreign investors have been selling stocks in Japan and in India and in the last three weeks of trading lowered exposure to stocks in Mumbai by nearly $2 billion or ₹13,000 crore.
Market indexes in Mumbai have struggled in the last week and latest quarterly earnings from Punjab National Bank, Hero MotoCorp and Titan were lower than expected.
Gainers & Losers
BASF India Limited
dropped 3.3% to ₹1,013.95 after the chemical maker said net in the fourth-quarter swung to a loss of ₹59.33 crore compared to profit of ₹6.56 crore.
Net sales in the quarter increased 0.1% to ₹1,068.88 crore.
Blue Dart Express Limited
advanced 3.5% to ₹5,744 after the courier services provider said net in the fourth-quarter jumped 13.3% to ₹34.74 crore.
Total sales in the quarter advanced 13.5% to ₹571 crore.
Eicher Motors Limited
soared 6.7% to ₹15,789 after the tractor and heavy duty vehicles maker said net in the fourth-quarter surged 40.4% to ₹195.28 crore.
Total revenues in the quarter soared 33% to ₹2,568 crore.
Goodyear India Limited
plunged 7.2% to ₹538.75 after the tire maker said net in the first-quarter tumbled 44.4% to ₹15.62 crore.
Net sales in the quarter plunged 29.2% to ₹274.60 crore.
Hero MotoCorp Limited
slipped 2.2% to ₹2,301.55 after the largest motorcycle maker said net in the fourth-quarter declined 14.1% to ₹476.53 crore.
Total revenues in the quarter rose 4.3% to ₹6,793.87 crore.
Hindustan Unilever Limited
jumped 3.3% to ₹894.60 after the personal products maker said net in the fourth-quarter climbed 16.7% to ₹1,018.08 crore.
Total revenues in the quarter jumped 7.3% to ₹7,774.04 crore.
Indian Overseas Bank
slipped 1.6% to ₹40.55 after the net profit in the fourth-quarter plummeted 87% to ₹35.5 crore. Total revenues in the quarter increased 3.5% to ₹6,704.03 crore.
Gross non-performing assets in the quarter jumped to 8.33% compared with 4.98% in the same quarter last year.
National Buildings Construction Corporation Ltd
climbed 5.1% to ₹757.55 after the construction services provider received orders worth ₹1,529 crore in April.
Punjab National Bank
declined 6.7% to ₹145.65 after the financial services provider said net in the fourth-quarter plunged 62% to ₹306.56 crore. Total revenues in the quarter jumped 7.7% ₹13,455.65 crore.
The bank added ratio of net non-performing assets in the quarter increased to 4.06% compared with 3.82% in the same period last year.
The Great Eastern Shipping Co. Ltd
increased 1% to ₹354.65 after the offshore services provider said net the fourth-quarter swung to profit of ₹52.47 crore compared to a loss of ₹12.74 crore.
Total revenues in the quarter soared 25.9% to ₹491.88 crore.
Talwalkars Better Value Fitness Limited
gained 3.1% to ₹334.30 after the fitness facility operator said net in the fourth-quarter surged 20.1% to ₹17.88 crore.
Net sales in the quarter climbed 16.6% to ₹76.84 crore.
Titan Company Limited
plunged 4.5% to ₹353.60 after the watches and accessories maker said net in the fourth-quarter increased 4.2% to ₹215.09 crore.
Total revenues in the quarter jumped 11.2% to ₹2,512.05 crore.