Sensex, Nifty Pause Ahead Of Karnataka Poll Outcome
Indian equity benchmarks were little changed as market participants stayed away from taking risky bets a day ahead of Karnataka assembly election results.
The NSE Nifty 50 index was unchanged at 10,806.60 and the S&P BSE Sensex was little changed at 35,557.
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index fell 0.9 percent and the S&P BSE SmallCap index tumbled 1 percent.
Fifteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Consumer Durables index's 2.5 percent drop. On the flipside, the S&P BSE Bankex was the top gainer, up 0.17 percent.
Blue Star Pares Losses After Q4 Profit Beats Estimates
Shares of the Mumbai-based air conditioner maker pared losses after it beat Bloomberg consensus estimates in March quarter.
Key earnings highlights:
- Net profit at Rs 51.23 crore versus estimate of Rs 45.02 crore
- Net profit up 38 percent at Rs 51.23 crore versus Rs 37.17 crore (YoY)
- Revenue at Rs 1,480 crore versus estimate of Rs 1,539 crore
- Revenue up 7 percent at Rs 1,475 crore versus Rs 1,381 crore (YoY)
- EBITDA up 25.5 percent at Rs 90.2 crore versus Rs 72 crore (YoY)
- Margin at 6.1 percent versus 5.3 percent (YoY)
Praj Industries Surges On Heavy Volumes
The Pune-based non-residential construction company rose 7.3 percent to Rs 101 on the back of heavy volumes.
Trading volume was more than double the 20-day average for this time of day.
European Stocks Retreat With Bonds
European stocks retreated with bonds as political strains from Italy to the U.K. outweighed optimism over waning global trade tensions. The euro and pound headed higher as the U.S. dollar came under pressure.
Fab Four Stocks Of The Day
Vinati Organics: The Maharashtra-based chemical maker rose as much as 4.43 percent, the most in over a month, to Rs 966 after it reported March quarter earnings.
key earnings highlights:
- Revenues up 9 percent at Rs 213 crore versus Rs 195 crore
- Net profit up 26 percent at Rs 51.9 crore versus Rs 41 crore
- EBITDA up 5 percent at Rs 65.8 crore versus Rs 62.7 crore
- Margins at 30.8 percent versus 32.1 percent
JBM Auto: The Delhi-based auto parts maker rose as much as 3.55 percent to Rs 440 after it formed a joint venture with Oghihara (Thailand) for manufacturing of press stamping dies.
NRB Bearings: The Mumbai-based industrial machinery maker rose 9.2 percent to Rs 164 after block deals
- UBS Principal Capital Asia bought 27.39 lakh shares or 2.8 percent equity at Rs 150 each.
- California State Teachers' Retirement System sold 28.03 lakh shares or 2.9 percent equity at Rs 150.02 each.
Parag Milk Foods: The Mumbai-based dairy products maker surged 9.5 percent to Rs 337.90. Trading volume was 6.8 times its 20-day average.