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Sensex down 3% for the week
Fri, 31 Jan Closing

Indian stock markets started the day on a positive note and closed the day marginally above the dotted line. The BSE-Sensex closed with gains of about 16 points or 0.1%, while the NSE-Nifty ended higher by about 16 points or 0.3%. Barring auto, all sectoral indices closed the day in the in the green with stocks from the realty and metal space being the top gainers. During the week, the BSE-Sensex shed nearly 620 points (2.9%) over Fed taper concerns.

Midcap and smallcap stocks ended the day on a positive note with the BSE Mid Cap and BSE Small Cap indices up by 1.6% and 1.3% respectively. The rupee was trading at Rs 62.69 to the dollar at the time of writing.

PSU Bank stocks ended the day mainly in the green with Indian Overseas Bank and Indian Bank leading the gains. Public sector lender Punjab National Bank (PNB) declared its results for the third quarter of the financial year 2013-2014 (3QFY14). The bank's net interest income increased by 13.1% YoY to Rs 109,839 m during the quarter on the back of 9.7% YoY growth in advances. Other income declined by 3.5% YoY to Rs 9,384 m. Net profits declined by 42.1% YoY to Rs 7,554 m during the quarter owing to sharp increase in provisions. At the end of 3QFY14, the bank's capital adequacy ratio stood at 11.02% as per Basel III norms.

Energy stocks ended the day mainly in the green with Mangalore Refinery and Petrochemicals (MRPL) and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. Petronet LNG has announced its results for the third quarter of the financial year 2013-14 (3QFY14). During the quarter, the company's net sales stood at Rs 93,821 m, higher by 12% YoY. Operating profit fell sharply by 53.1% YoY to Rs 2,482 m. Operating profit margins declined from 6.3% in 3QFY13 to 2.6% in 3QFY14. Interest expenses rose sharply by 168.7% YoY to Rs 783 m. At the bottomline level, net profits declined by 57.4% YoY to Rs 1,356 m. Net profit margins declined from 3.8% in 3QFY13 to 1.4% in 3QFY14.

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