A man uses a smartphone to photograph the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Halt Three-Day Gains; Mid And Small Caps Underperform

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Closing Bell

Indian equity benchmarks halted their three-day gains dragged by Tata Motors, Sun Pharma, ITC and TCS.

The S&P BSE Sensex fell 0.21 percent or 73 points to 35,246 and the NSE Nifty 50 index slipped 0.23 percent or 25 points to 10,716.

All but three sector gauges compiled by BSE ended lower dragged by the S&P BSE Realty index's 2 percent drop. On the flipside, the S&P BSE Energy index was the top gainer, up 0.6 percent.

The mid- and small-cap shares came under heavy selling pressure as the S&P BSE MidCap index tumbled 1.5 percent and the S&P BSE SmallCap index declined 1.4 percent.

Sensex, Nifty Halt Three-Day Gains; Mid And Small Caps Underperform

Fab Four Stocks of The Day

Fairchem Speciality: The Gujarat-based chemical maker rose as much as 8.2 percent to Rs 455 after its net profit more than tripled in March quarter.

Key earnings highlights:

  • Revenues up 41 percent at Rs 315 crore versus Rs 224 crore
  • Net profit up 237.5 percent at Rs 27 crore versus Rs 8 crore
  • EBITDA up 161.5 percent at Rs 51 crore versus Rs 19.5 crore
  • Margins at 16.2 percent versus 8.7 percent

Future Consumer: The Mumbai-based packaged food maker rose as much as 9.36 percent to Rs 61.95 as after founder Kishore Biyani said the group was looking to sell a minimum of 10 percent stake to a global retailer.

Mukta Arts: The Mumbai-based film maker rose as much as 17.71 percent, the most in nearly six months, to Rs 72.10. Mukta Arts' film training institute Whistling Woods has partnered with Reliance Jio to set up a virtual reality lab named 'Whistling Woods Jio VR Lab'.

Eicher Motors: The Delhi-based Royal Enfield bike maker rose as much as 2.94 percent, the most in two weeks, to Rs 31,207 despite missing Bloomberg consensus estimates in the March quarter as brokerages remain upbeat on demand outlook.

CLSA in a note said:

  • Management was positive on the RE demand outlook on conference call
  • Next phase of capacity expansion corroborates healthy demand outlook

Deutsche Bank in a note said:

  • Volume growth momentum should continue in FY19
  • Forecast RE volume CAGR (FY18-20 at 15 percent which should drive EPS CAGR of 23 percent)
  • Management highlighted that volume growth had started to again pick up in the larger markets

Block Deal Alerts

  • Idea Cellular has 14 lakh shares change hands in a block on BSE. Shares fall4 percent to Rs 58.30
  • Federal Bank has 30 lakh shares change hands in two blocks. Stock down 11.42 percent at Rs 89.60.

Buyers and sellers were not immediately known

Source: Bloomberg

Binani Industries Surges; Top Court Rejects Dalmia’s Plea In Cement Unit Sale Process

Shares of the parent company of Binani Cements surged 7 percent to Rs 94.50 after the Supreme Court rejected Dalmia Bharat's plea on Binani Cements' sales process

  • Top court said that it won't interfere in Binani Cements sales process.

Welspun Enterprises Surges On Four-Fold Jump In Profit

Shares of the Mumbai-based company rose as much as 14 percent to Rs 174.80 after its profit jumped nearly four-fold.

Key earnings highlights:

  • Consolidated margin at 11.2 percent versus 0.4 percent (YoY)
  • Consolidated EBITDA at Rs 45.2 crore versus Rs 80 lakhs (YoY)
  • Consolidated revenue up 2.4 times at Rs 405.3 crore versus Rs 182 crore (YoY)
  • Consolidated net profit up nearly 4 times at Rs 25.2 crore versus Rs 6.7 crore (YoY)

Commenting on March quarter earnings company’s management said:

  • Expect revenue growth to double up for FY19 and 20
  • Profit margin of 11-12 percent for infra to continue for next 2 years
  • New order inflows to be in range of Rs 7,000 crore in FY19 versus Rs 4,000 crore in FY18
  • Expect order book to stand at Rs 12,000 crore for FY19
  • Order backlog stands at Rs 3,500 crore in FY18