Sensex, Nifty End Lower As Government Gets No-Confidence Motion
Countdown Live: What's Buzzing In Dealing Rooms?
Closing Bell: Sensex, Nifty End Lower As Government Gets No-Confidence Motion
Indian equity benchmarks ended lower as the central government received a no-confidence motion today.
The S&P BSE Sensex Index closed 0.4 percent lower at 36,373.44 and the NSE Nifty 50 Index closed at 10,980.45, down 0.3 percent.
The market breadth was firmly tilted in favour of sellers. Ten out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty Metal Index's 3.2 percent decline. On the flipside, NSE Nifty IT Index was the only sectoral gainer, up 0.1 percent.
JM Financial Ends Lower After Q1 Results
Shares of the financial services provider ended 2.3 percent lower at Rs 120.10. The company announced its quarterly results for April-June period in a regulatory filing.
Key earnings highlights (Q1 YoY):
- Net profit up 8.8 percent at Rs 199.2 crore.
- Revenue up 23 percent at Rs 827.7 crore.
Ashok Leyland Slumps The Most In Nearly Three Years
Shares of the commercial vehicle maker fell as much as 14.4 percent, the most since August 2015, to hit a eleven-month low at Rs 110.05.
Trading volume was 6.3 times its 20-day average, Bloomberg data showed. The Relative Strength Index was 29, indicating that the stock may be oversold.
Gopal Mahadevan, chief financial officer of Ashok Leyland spoke to BloombergQuint on the company's June quarter's performance.
Here are the key highlights from the interaction:
- See 8-10 percent overall growth.
- We will continue to see growth in profits.
- We have added substantially to market share over the last year.
- Demand is coming from both light and heavy commercial vehicle segments.
- We are going to see growth in intermediate CVs and LCVs.
- You are going to see a move towards heavier tonnage trucks.
- Too early to comment on new axle rules right now.
- Challenges of safety arise if new axle rules are applied retrospectively.
Mastek's Profit Rises 16% In June Quarter, Shares Gain
Shares of the software solutions provider rose as much as 2.9 percent to Rs 523.95 after it announced its results for April-June quarter.
Key earnings highlights (Q1, QoQ):
- Net profit up 16 percent at Rs 22.5 crore.
- Revenue up 9.1 percent at Rs 244 crore.
- EBIT up 11.1 percent at Rs 27 crore.
- EBIT Margins at 11.1 percent versus 10.9 percent.
European Stocks Jump After Upbeat Fed Assessment On U.S. Economy
European equities rose at the open after earnings season started on a high note and upbeat assessment on the U.S. economy from Federal Reserve Chairman Jerome Powell comforted investors wary of a blowout in protectionism.