Sensex, Nifty End Marginally Lower But Higher For The Week
Indian shares closed marginally lower but managed to notch gains for the week led by gains in lenders.
The S&P BSE Sensex fell 0.2 percent to 28,077 while the NSE Nifty closed little changed at 8,693. However, both the indexes advanced 1.4 percent for the week.
The market breadth was slightly skewed in favour of the buyers at 754 advances, 728 declines and 53 stocks remaining unchanged.
The market recovered from day’s low but is struggling to cross 8700 mark decisively due to lack of support from FIIs. The FIIs were not active in the market due to the surge in US dollar index led by increasing certainty of FED rate hike. As expected ECB maintained status quo and ruled out a possibility of sudden end in QE which provided breather to the market.”Vinod Nair, head of research, Geojit BNP Paribas Financial Services wrote in a note.
ACC Heads for 4-Month Low After Q3 Net Income Falls
Shares of the cement maker dropped as much as 4.1 percent to Rs 1,618 after its third quarter earnings missed street expectations.
It clocked a net profit of Rs 84.1 crore for the July to September period, compared to Rs 117 crore a year earlier. A Bloomberg poll of analysts estimates had anticipated a profit of Rs 188.4 crore.
European Stocks Little Changed
The Stoxx Europe 600 Index gained for a fourth day as the MSCI Asia Pacific Index trimmed its weekly gain, weighed down by declines in Japanese equities after the nation was struck by an earthquake. The euro slid for a fourth day after the European Central Bank signaled an extension of its quantitative-easing program.
GHCL Slides Despite A 79% Growth In Profits
Shares of the chemicals and textiles company fell as much as 4.78 percent to Rs 281 despite the company reporting a 79.2 percent growth in net profit for the second quarter of the financial year.
Net profit came in at Rs 90.3 crore against Rs 50.4 crore in the previous year. The company's EBITDA margins saw a growth to 25.4 percent from 21.2 percent in the year ago period.
Kalyani Steel, Unichem Labs Fall Post Earnings
Shares of the steel maker as well as the pharmaceutical company fell after reporting second quarter earnings.
While Kalyani Steel Ltd. saw their net profit rise to Rs 37.6 crore against Rs 29.4 crore in the year ago period, its income from operations remained flat at Rs 330 crore. Shares of the company fell as much as 5.24 percent to Rs 325.
Unichem Labs Ltd. missed analyst estimates as the company’s net profit fell 11.3 percent to Rs 20.5 crore as compared to Rs 23.1 crore in the same quarter last year. The company’s EBITDA margins too fell from 11.1 percent to 10.8 percent. Shares of the company fell as much as 6.1 percent to Rs 286.25.