Volatile US Markets; SBI And Tata Steel Q3 Performance And Other Top Cues To Sway The Markets Today

Indian stock markets ended over 1% lower on Friday as stock markets around the world continued to be under pressure.

Losses were seen across most sectors with stocks in the banking sector and stocks in the auto sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 407 points (down 1.2%) and the NSE Nifty closed down by 122 points (down 1.2%). The BSE Mid Cap index ended the day flat, while the BSE Small Cap index ended the day up by 0.2%.

Results Corner

SBI share price is expected to be in limelight today after the bank reported a net loss of Rs 24.16 billion for the fiscal third quarter after setting aside funds to cover rising bad loans and losses on its bond portfolio. It had reported a net profit of Rs 15.82 billion in the September quarter. This was the lender’s first quarter under the chairmanship of Rajnish Kumar, who took over in October.

Tata steel share price continues to gather momentum and is expected to be in action today as well after the company said third-quarter earnings jumped more than fivefold, replenishing the company’s coffers as it plans to double production capacity in India. The company’s profit rose to Rs 12.9 billion for the three months through December, from Rs 2.43 billion a year earlier.

HPCL share price finished the previous trading session down by 1.5% on the BSE. HPCL reported a 22.6% increase in profit from a year earlier to Rs 19.49 billion for the quarter ended 31 December. HPCL had posted a profit of Rs 15.9 billion in the December quarter a year earlier.

Top Stocks to Watch Out

Mahindra & Mahindra share price is expected to see momentum after the company said it will sell 22% of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs 1.46 billion. MSSSPL is a joint venture (JV) between M&M (51%) India, Sanyo Special Steel Co Ltd (29%) Japan and Mitsui & Co Ltd (20%) Japan.

As per an article in The Economic Times, it is estimated that Electric Vehicles could emerge as a key segment in the overall automobile sector. Assuming a market share of 15% by 2030, EVs can result in incremental power demand of nearly 160 billion units by 2030. Coal India Limited (CIL) has commissioned this study to assess the future demand scenarios for the coal sector up to 2030.