Pedestrians look up at an electronic ticker board outside the Bombay Stock Exchange. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Halt Two-Day Gains; Rupee Slips To 13-Month Low

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Indian equity benchmarks snapped their two-day winning streak dragged by banks and metal stocks amid weakening rupee which fell to fresh 13-month low raising concerns about macros.

The S&P BSE Sensex fell 0.3 percent or 115.37 points to 34,501.27 and the NSE Nifty 50 index declined 0.4 percent or 43.80 points to 10,570.55.

Nine out of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty PSU Bank index's 1.6 percent drop. On the flipside, the Nifty IT index rose 1.15 percent tracking weak rupee against the U.S. dollar.

 Sensex, Nifty Halt Two-Day Gains; Rupee Slips To 13-Month Low

UltraTech Cement Q4 Net Profit Falls 38%

Shares of the Mumbai-based cement maker rose 0.46 percent to Rs 4,138 after it reported March quarter earnings.

Key earnings highlights:

  • Consolidated net profit at Rs 446 crore versus Rs 725.90 crore (YoY)
  • One time exceptional stamp duty expense of Rs 226 crore
  • Consolidated revenue at Rs 9,420.76 crore versus Rs 7,293.80 crore (YoY)
  • Total sales volume growth of 31 percent
  • Standalone revenue at Rs 9,002 crore versus Rs 7,499 crore (YoY)

Bajaj Corp Falls After Q4 Earnings Miss Estimates

The Mumbai-based hair care product maker fell as much as 4.36 percent to Rs 471 after it missed consensus Bloomberg earnings estimates in March quarter.

Key earnings highlights:

  • Net profit at Rs 55.41 crore versus estimate of Rs 60.20 crore
  • Revenue at Rs 214 crore versus estimate of Rs 223 crore
  • Total cost at Rs 152 crore

Market Check: Sensex, Nifty Extend Losses Dragged By Banks

  • Indian equity benchmarks extended losses dragged by banking heavyweights like HDFC Bank and ICICI Bank and the rupee also fell to its lowest level in over 13 months.
  • The S&P BSE Sensex fell 0.5 percent or 170 points to 34,446 and the NSE Nifty 50 index declined 0.6 percent or 67 points to 10,546.
  • Market breadth was negative as two shares were declining for one advancing share on the BSE.
  • Fifteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal index's 1.6 percent fall. It was followed by the gauge of banking shares which fell 1 percent.
 Sensex, Nifty Halt Two-Day Gains; Rupee Slips To 13-Month Low

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Mumbai Based Realty Companies Surge In Trade, DB Realty Soars As Much As 20%

Shares of the Mumbai-based real estate companies were witnessing good buying interest.

Maharashtra government will release 3,355 hectares of land previously designated as no-development zone for building apartments and commercial complexes in Mumbai, the world’s second most crowded city.

Here are the key highlights from the press conference, also addressed by Nitin Karir, secretary at the state’s Urban Development Department:

  • 1 million affordable homes targeted.
  • Open spaces marked as no-construction areas.
  • No suggestion to delete open spaces accepted.
  • Theme gardens, pay and park parking, old-age homes, walking provision, farmers market earmarked.
  • 12,859 hectares marked as natural areas—hills, slopes, mangroves, eco sensitive areas—where no development can take place.
  • Fly ash to be allowed as a building material.
  • Floor space index -- the extent of development allowed on a piece of land -- for commercial development increased to 5.
  • FSI in the island city raised to 3.
  • FSI for suburbs unchanged at 2.5.

Gauge of realty stocks on the BSE — S&P BSE Realty index rose 0.3 percent outperforming the Sensex which was down 0.4 percent.

  • DB Realty rose as much as 20 percent
  • Indiabulls Real Estate up 4.7 percent
  • Marathon Nextgen Realty up 5 percent
  • HDIL up 4 percent
  • DLF up 3.5 percent