Employees work at their desks in a brokerage firm in Mumbai. (Photographer: Prashanth Vishwanathan /Bloomberg)

Sensex, Nifty Resume Decline After A Day’s Breather As Earnings Disappoint

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Closing Bell

Indian equity benchmarks resumed decline after taking a breather in the previous session as quarterly earnings of most Indian companies trailed analyst estimates.

The S&P BSE Sensex fell 0.88 percent or 306 points to 34,345 and the NSE Nifty 50 index tumbled 1 percent or 106 points to 10,430.

Profits at more than half the Nifty companies that have reported earnings so far have trailed estimates, with profits in March quarter rising an average 13 percent from a year earlier. Profits of Nifty companies rose an average 26 percent in the previous quarter, according to Bloomberg.

Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 3.9 percent drop. On the flipside, the S&P BSE Consumer Durables index was the top gainer, up 0.3 percent.

The mid- and small-cap shares also ended lower as the S&P BSE MidCap index fell 0.2 percent and the S&P BSE SmallCap index declined 0.5 percent.

Sensex, Nifty Resume Decline After A Day’s Breather As Earnings Disappoint

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Rupee Extends Decline, Falls To Fresh 16-Month Low

  • Indian rupee weakened further and fell as much as 0.51 percent to 68.39, its fresh low since Jan. 11, 2017.
Sensex, Nifty Resume Decline After A Day’s Breather As Earnings Disappoint

Market Check: Sensex Falls Over 300 Points, Nifty Breaches 10,450

  • Indian equity benchmarks extended losses led by decline in bluechips like HDFC Bank, Reliance Industries and ITC.
  • The S&P BSE Sensex fell 0.9 percent or 326 points to 34,325 and the NSE Nifty 50 index plunged 1.08 percent or 113 points to 10,425.
  • The overall market breadth was extremely negative as 1,500 shares were declining while 1,107 were advancing on the BSE.
Sensex, Nifty Resume Decline After A Day’s Breather As Earnings Disappoint

Fab Four Stocks Of The Day

Minda Industries: The Delhi-based auto parts maker rose as much as 16.5 percent, the most in over two years, to Rs 1,310 after its profit more than doubled in March quarter.

  • Revenue up 53 percent at Rs 1,371 crore.
  • Net profit up 122 percent at Rs 140 crore.
  • Profit higher due to exceptional gain of Rs 38 crore in current quarter.
  • Ebitda up 62 percent at Rs 170 crore.
  • Margin at 12.4 percent.

Ruchi Soya: The debt-ridden cooking oil maker rose as much as 10.3 percent, the most in over a fortnight, to Rs 11.80 after Ramdev’s Patanjali Ayurveda and Adani group pitched their bids for the company, news agency PTI reported on Tuesday.

MM Forgings: The Chennai-based steel forgings maker surged as much as 14.44 percent, the most in over a year, to record high of Rs 1,259 as its board will meet on May 28 to consider bonus issue.

Gravita India: The Jaipur-based lead manufacturer rose as much as 5 percent to Rs 170.95 after it signed a contract with Amara Raja Batteries to supply pure lead and its alloys.