Sensex, Nifty Post Longest Losing Streak In Over Two Months
Indian equity benchmarks fell for fifth day in a row, posting their longest losing streak in over two months, amid concerns that rising crude oil prices will hurt economic and profit growth.
The S&P BSE Sensex fell 0.67 percent or 232 points to 34,616 and the NSE Nifty 50 index tumbled 0.75 percent or 80 points to 10,517.
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index plunged 1.6 percent and the S&P BSE SmallCap index dived 2.2 percent.
Sixteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty index's 3.1 percent drop. On the other hand, the S&P BSE IT index was the top gainer, up 0.14 percent.
DB Corp Gains On Share Buyback Proposal
Shares of the Gujarat-based newspaper publishing company rose 3 percent to Rs 258.60.
The company's board will meet on May 26 to consider a proposal to buy-back shares of the company, DB Corp said in an exchange filing.
Petronet LNG Extends Losses After March Quarter Profit Misses Estimates
Shares of the Delhi-based LNG terminal operator extended losses after its profit missed Bloomberg consensus estimates in March quarter.
The stock fell as much as 7.2 percent to Rs 203.
Key earnings highlights:
- Net profit at Rs 523 crore versus estimate of Rs 542 crore
- Revenue at Rs 8,640 crore versus estimate of Rs 8,160 crore
CCL Products Falls After March Quarter Earnings
Shares of the Andhra-based coffee exporter fell as much as 7 percent to Rs 296 after it reported March quarter earnings.
Key earnings highlights:
- Margin at 22.2 percent versus 21.5 percent (YoY)
- Consolidated EBITDA up 10.9 percent at Rs 71.1 crore versus Rs 64.1 crore (YoY)
- Consolidated revenue up 7.4 percent at Rs 320.9 crore versus Rs 298.8 crore (YoY)
- Consolidated net profit up 32.6 percent at Rs 47.2 crore versus Rs 35.6 crore (YoY)
Fab Four Stocks Of The Day
Sheela Foam: The Ghaziabad-based mattress maker rose as much as 13 percent, the most in over six months, to Rs 1,467 after its net profit nearly doubled in March quarter.
CMI: The Delhi-based electrical components maker rose as much as 7 percent, the most in a month, to Rs 312.80 after it emerged as HDFC Securities’ pick of the week for target price of Rs 361.
- Higher infra spends
- Make in India and GST to push organised domestic players
- Recent acquisition could lead to margin expansion
Indoco Remedies: The Mumbai-based drugmaker rose as much as 8.4 percent to Rs 191.80 after it received three observations under Form 483 for API plant at Patalganga. None of the observations was critical or pertaining to data integrity.
AU Small Finance Bank: The Jaipur-based private sector lender rose as much as 4.34 percent to Rs 720.70 as it plans to raise Rs 1,000 crore from Temasek unit via share sale.