Sensex, Nifty sluggish; SBI down 2%, auto stocks rise

bear-marketThe market is sluggish with the Nifty hovering around 7950. The 50-share index is up 28.25 points or 0.4 percent at 7957.35 and the Sensex is up 56.65 points or 0.2 percent at 25821.79. About 1048 shares have advanced, 1346 shares declined, and 169 shares are unchanged.

Auto stocks are rising with Bajaj Auto, Hero MotoCorp and Maruti leading the pack. HUL and Adani Ports are other gainers in the Sensex. Among losers are BHEL, SBI, L&T, GAIL and NTPC.

The rupee slipped from its initial recovery, dropping 7 paise to Rs 68.23 in late morning deals following bouts of dollar demand from importers despite higher domestic equities.

Overseas, the US dollar took a breather against basket currencies in early Asian trade, as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration.

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Tata Steel in red again; posts Q2 net loss of Rs 49.38 cr

tata-steelTata Steel   today reported a consolidated net loss of Rs 49.38 crore for the second quarter ended September 30, 2016-17.

It had posted net profit of Rs 5,609.43 crore in the same quarter of last fiscal 2015-16.

The total consolidated income of the steel giant rose marginally to Rs 27,471.15 crore in July-September quarter of the current fiscal, from Rs 27,456.30 crore a year ago.

The firm’s total expenses were however lower at Rs 25,968.85 crore, as against Rs 26,988.65 crore.

On a quarter-on-quarter basis, the firm managed to narrow its net loss. Tata Steel had reported consolidated net loss of Rs 3,183.07 crore in the April-June quarter.

Total consolidated income rose 4 per cent sequentially from Rs 26,406.10 crore in June quarter this fiscal to Rs 27,471.15 crore in September quarter.

Tata Steel said it has been directed by promoter, Tata Sons, to convene an extraordinary general meeting (EGM) to remove the steel major’s Chairman Cyrus P Mistry and independent director Nusli N Wadia.

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