Sensex, Nifty End Lower In Seesaw Trade; Midcaps Outperform
Indian stocks swing after posting five consecutive weekly advances as IT firms dragged.
- Oldest First
Market Wrap
Closing Bell
Indian stocks fell after posting five straight weekly advances as a decline in software exporters countered a rally in metals companies.
The S&P BSE Sensex declined 0.16 percent to 32,273 while the NSE Nifty 50 was little changed to 10,057. The market breadth was encouraging with buyers outnumbering the sellers by at least 3:1.
Tata Steel Ltd. led gainers, climbing 4.2 percent, as rebar surged in Chinese trading. Bharti Infratel Ltd., Infosys Ltd. and Tata Motors Ltd. DVR weighed the most on the benchmarks
Sixteen of the 19 sector gauges compiled by BSE Ltd. advanced, led by the S&P BSE Metal Index’s 1.15 percent gain to a record The S&P BSE Information Technology Index dropped 0.94 percent, the worst performer.
Natco Pharma’s Q1 Net Profit Almost Doubles
Shares of the pharmaceutical company rose as much as 3.9 percent, the most in over a month, to Rs 986. The drug maker’s net profit almost doubled year-on-year to Rs 93.7 crore in the April-June period, surpassing the analyst consensus estimate of Rs 89 crore.
Other Earnings Highlights
- Revenue up 30.9 percent to Rs 445.3 crore
- EBITDA up 77.3 percent to Rs 137 crore
- EBITDA margin expanded to 31.9 percent from 23.7 percent
Amara Raja Holds Gains After Mixed Set Of Earnings
Shares of the battery maker recovered after an initial knee-jerk reaction to its first quarter earnings.
The company reported a net profit of Rs 99.85 crore for the April-June period, compared to Rs 123 crore estimate of analysts tracked by Bloomberg. It clocked sales of Rs 1,670 crore versus an estimate of Rs 1,440 crore.
Sintex Industries Gains Ahead Of Demerged Plastics Unit Listing
Shares of the water tank maker rose as much as 8.5 percent, the most since July 20, ahead of the listing of its demerged plastics unit listing.
Shares of Sintex Plastics Technology will be listed from August 8, BSE said in a notice on Friday. Sintex Plastics had issued 1 equity share for every 2 held in Sintex Industries, as part of demerger, the note said.