10:31 a.m.: The stock markets continue to trade with a negative bias. The Sensex falls 66 points to 25,424 and Nifty was trading below 7,800, down 18 points at 7,797.10:23 a.m.: Allahabad Bank shares fell 2.6 per cent to Rs 51.20 after the bank reported net loss of Rs 581 crore compared to Rs 202.6 crore during the same quarter last year.10:14 a.m.: Oil & gas stocks were facing the heat of selling pressure. The BSE Oil & Gas index was down 0.73 per cent; GAIL India, HPCL, Petronet LNG, Castrol India, BPCL, Oil India, Indian Oil and Reliance Industries were also among the losers.10:11 a.m.: The market breadth was positive as 996 stocks were advancing while 750 were declining.10:05 a.m.: Bank of Baroda led the selling in PSU lenders today, sinking over 7 per cent after posting a Q4 loss of Rs 3,230 crore on Friday. India’s second largest state-run lender (by assets) had reported a net profit of Rs 598 crore a year earlier.Bank of Baroda’s provisions for bad loans more than tripled from a year earlier to Rs 4,880 crore as its gross bad loan ratio widened to 9.99 per cent in March.Market analyst Hemindra Hazari termed Bank of Baroda’s result as “far worse” than what analysts were forecasting.
9:56 a.m.: Bank Nifty was the top sectoral loser, down 0.3 per cent at 16,668. Bank of Baroda was the top loser from this space, down 6.4 per cent to Rs 145.20. Punjab National Bank, Bank of India, State Bank of India, Canara Bank and Federal Bank were also among the losers, down 0.7-2 per cent each.9:50 a.m.: Shares of Taj GVK Hotels advanced as much as 6.23 per cent to hit intraday high of Rs 81.80 after the company on Friday evening reported its first ever profit of Rs 5.8 crore compared with a loss of Rs 40 lakhs in the year ago period.9:37 a.m.: Meanwhile, the broader markets were outperforming the benchmark indices. The BSE Mid-cap index was up 0.24 per cent and the Small-cap index jumped 0.04 per cent. From the mid-cap space, Indiabulls Housing Finance was the top gainer, the stock jumped 2.75 per cent to Rs 733.50. GMR Infra, Piramal Enterprises, Bajaj Finance, JSW Energy, Sun TV Network, Glaxosmithkline and Glenmark were also up 1-2.24 per cent each.9:20 a.m.: The Sensex jumped over 100 points in the opening trades but soon slipped into the red on the back of selling in banking shares. The Sensex fell as much as 56 points to 25,434 and Nifty dipped below its crucial psychological level of 7,800.From the Nifty-50 basket of stocks, 28 were advancing while 23 were declining.Bank of Baroda was the top Nifty loser, the stock fell nearly 6 per cent to Rs 146.20 after the state-run lender post the market hours on Friday reported loss of Rs 3,230 crore for its fiscal quarter to March 31 compared with a profit of Rs 598 crore a year earlier.State Bank of India, Axis Bank, ICICI Bank and HDFC Bank were also among the losers in the Nifty from the banking space.Among other Nifty stocks, Bharti Airtel, ITC, ACC, BPCL, Cipla and HDFC were also among the laggards.
On the other hand, Dr Reddy’s Labs was the top gainer, the stock advanced 2.7 per centr to Rs 2,995. Tech Mahindra, Zee Entertainment, Tata Motors, Bosch and Aurobindo Pharma were also among the gainers.The BSE Sensex and the Nifty are likely to open flat on Monday, according to futures trading on the Singapore Exchange. Asian stock markets were trading higher and are likely to support domestic equities. However, sentiments are likely to stay subdued because of the delay in the onset of monsoon rains. According to Indian Meteorological Department, monsoon rains are expected to arrive on southern Kerala coast by June 7, about a week later than usual. India’s rural sector is in stress on account of back-to-back drought and analysts are counting on a normal monsoon this year for a boost to the economy. Domestic stock markets have come under selling pressure in May after solid gains in April. But analysts expect buying interest to resume if monsoons turn out of be above normal as predicted. Sanjeev Bhasin, executive vice president – markets & corporate affairs with India Infoline, expects the Nifty to hit 8,200 in June. Good monsoon, green shoots in the economy, banking sector reforms will be the trigger for the market rally, he said. Q4 earnings continue to be in focus after a string of public sector banks reported huge losses because of rising provisions for bad loans. Five public sector banks led by Bank of Baroda (BoB) reported a combined loss of Rs 6,751 crore for the three months to March 2016 as bad loans situation worsened further. Meanwhile, Asian stocks rallied today on bargain-hunting. Markets in Japan, Hong Kong and China rose even though US equities finished a volatile day sharply lower on Friday.