Sensex Ends 129 Points Lower; Banking and Finance Stocks Witness Selling

Thu, 4 Jun Closing

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Indian share markets witnessed volatile trading activity throughout the day and ended their trading session marginally lower.

Benchmark indices snapped their 6-day winning streak and edged lower, tracking mixed global cues.

Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing most of the selling pressure.

Telecom stocks and IT stocks on the other hand witnessed buying interest.

At the closing bell, the BSE Sensex slipped below the 34,000-mark and ended down by 129 points.

Meanwhile, the NSE Nifty ended down by 32 points.

SGX Nifty was trading at 10,015, down by 56 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended their day on a flat note.

Asian stock markets finished on a mixed note today as investors assessed the prospects of economic recovery from the coronavirus pandemic.

The Hang Seng and the Shanghai Composite ended down by 0.1%. Meanwhile, the Nikkei ended higher by 0.4%.

European share markets edged lower today after a strong rally this week, as investors focused on a European Central Bank meeting where policymakers are expected to provide more aid for the battered euro zone economy.

Gold prices are currently trading up by 0.2% at Rs 46,124.

The rupee was trading at 75.56 against the US$.

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In news from the finance sector, shares of MAS Financial Services declined 5% intraday today after the company reported a 14% drop in consolidated net profit to Rs 357.1 million Q4FY20.

The NBFC major's consolidated profit before tax stood at Rs 480.2 million in Q4FY20, declining 26% from Rs 650 million in Q4FY19.

The company's sales for the quarter rose 10.74% year-on-year (YoY) to Rs 1,824.1 million in Q4FY20. Sales stood at Rs 1,647.2 million in the year-ago period.

Total tax expenses slipped 47.4% to Rs 123 million in the quarter under review.

The company has made special contingent provision of Rs 203.3 million due to Covid-19 for the total on book assets of Rs 33,254.9 million.

The company's assets under management (AUM) rose 11.76% to Rs 59.7 billion in the March quarter.

MAS Financial Services share price ended the day down by 3.6%.

Moving on to news from the energy sector, shares of Bharat Petroleum Corporation (BPCL) slipped 3% in early trade today after the company reported a consolidated pre-tax loss of Rs 29.6 billion for the March quarter of FY20.

In the year-ago quarter, the company had reported a profit before tax of Rs 49.6 billion.

On a standalone basis, the pre-tax loss was Rs 20.7 billion compared to a profit of Rs 45.9 billion in Q4FY19.

BPCL's consolidated loss after tax for the period was reported at Rs 18.2 billion against a profit of Rs 31.3 billion a year ago.

BPCL's average gross refining margin (GRM) for the full year of FY20 was at US$ 2.50 per barrel, against US$ 4.58 per barrel in FY19.

In an exchange filing, the company said the whole of oil industry witnessed a significant drop in crude oil prices and general fall in demand for products in the aftermath of Covid-19.

BPCL's crude throughput declined 0.23% sequentially to 8.39 million metric tonnes. Sales volume, too, fell 9% in the same period to 11.24 million metric tonnes.

The company further said that there was a significant fall of 55% in demand for petroleum products during April. Even with relaxations in May, sales were lower by 30%, YoY.

BPCL reported an exceptional loss of Rs 10.8 billion due to crude oil prices sliding drastically during the quarter. The fall in prices meant refiners who bought the existing stock at a higher rate ended up selling it cheaper, resulting in inventory losses for oil retailers.

BPCL share price ended the day up by 2.3%.

To know more, you can read BPCL's latest result analysis on our website.

Speaking of crude oil, on a year-to-date (YTD) basis, crude oil prices are down about 38%.

Crude Oil Prices Fall Sharply

Crude oil witnessed selling during the start of the year due to oversupply concerns amid subdued demand.

Prices crashed further in March in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

In April, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.

Crude oil witnessed selling pressure today, after jumping above US$ 40 a barrel in the previous session, the highest since March, as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.

What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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