Sensex, Nifty Extend Losses On Mixed Earnings, Karnataka Uncertainty
Closing Bell: Sensex, Nifty End Lower For The Second Straight Day
Indian equity benchmarks extended declined for the second straight trading session, led by mix earnings reaction and the political uncertainty in Karnataka
The S&P BSE Sensex closed 0.4 percent lower at 35,387.88, while the NSE Nifty 50 Index closed at 10,741.10 , down 0.6 percent.
The market breadth tilted in favour of sellers. Seven out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty PSU Bank Index's 3.1 percent decline. On the flipside, NSE Nifty Realty Index was the top sectoral gainer, up 2.1 percent.
TeamLease Services Swings After Q4 Results Announcement
Shares of the human resource service provider swung between gains and losses and traded at Rs 2,754. The company announced its results for March quarter.
Key earnings highlights (Q4, QoQ):
- Net Profit up 15.3 percent Rs 21.2 crore.
- Revenue up 6.5 percent Rs 977.5 crore.
- Ebitda down 9.2 percent at Rs 22.8 crore.
- Margin at 2.3 percent versus 2.7 percent.
Century Plyboard Extends Decline After Q4 Profit Declines
Shares of the plyboard maker extended decline for the second straight trading session and fell as much as 8 percent, the most since November 2016 to a six-month low at Rs 279.45. The company’s profit declined 36 percent on a yearly basis.
Key earnings highlights (Q4, YoY):
- Net Profit down 36 percent at Rs 35.7 crore.
- Revenue up 11.4 percent at Rs 544 crore.
- Ebitda down 0.6 percent at Rs 83.1 crore.
- Margin at 15.3 percent versus 17.1 percent.
Pranjul Bhandari, Chief India Economist At HSBC Speaks To BloombergQuint
Key highlights from the conversation:
- Oil price hike, widening dollar liquidity require RBI action now.
- Core normalisation will lead to inflation this year.
- Food inflation a story to look for in second half of the current financial year.
- See inflation higher at 5.1 percent this year.
- Estimate current account deficit at 2.3 percent of GDP due to higher oil prices
- Elections, higher oil prices, uncertainty in GST collections risk to attain fiscal deficit target of 6 percent.