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Sensex, Nifty Close Lower For Sixth Straight Session

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Closing Bell: Sensex, Nifty End Lower For Sixth Session In A Row

Indian equity benchmarks closed lower in today’s trade, dragged down by losses in Zee Entertainment, Reliance Industries and auto stocks.

The S&P BSE Sensex ended 1.27 percent lower at 37,789.13 and the NSE Nifty 50 ended at 11,359.45 down 1.20 percent. The broader market index represented by the NSE Nifty 500 Index ended 1.17 percent lower.

The market breadth was tilted in favour of sellers. About 1,309 stocks declined and 449 shares advanced on National Stock Exchange. All sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Media Index’s 4.53 percent fall.

Sensex, Nifty Close Lower For Sixth Straight Session

Edelweiss Gains Over 7%; Volumes Triple

Shares of the financial services company gained as much as 7.4 percent to Rs 150.25 apiece.

The trading volume was almost three times the 20-day average for the time of the day, according to Bloomberg data. The stock traded 41 percent below the Bloomberg consensus one-year target price.

Audit By Deloitte 'Very Much In Progress', Clarifies Zee Entertainment

The company, in an exchange filing, clarified that news developments regarding the audit of the financial statements as rumours and said audit of accounts for the financial year 2018-19 was in progress.

Shares of the company pared losses as it traded at 3.7 percent lower at Rs 323.35 apiece. The stock fell as much as 12.4 percent in today’s trade.

Audit of the stand-alone and consolidated financial statements for FY 18-19 is very much in progress by Deloitte Haskins & Sells, the statutory auditors of the company and the company has already scheduled a board meeting on May 27 to consider the said financial results.
Zee Entertainment in a press statement

Eveready Industries Locked In Lower Circuit

Shares of the battery maker hit the lower circuit after it declined 10 percent intraday to Rs 90.35.

The market value of Kolkata-headquartered company plunged by two-thirds in 15 months as India’s largest maker of dry and flashlight batteries struggled to fend off competition from cheaper imports and its debt rose.

Sensex, Nifty Close Lower For Sixth Straight Session

Also read: Why Eveready Lost 75% Of Its Market Cap In 15 Months

Ceat Gains After Q4 Results

Shares of the tyremaker pared opening opening losses and rose nearly 2.7 percent to Rs 1,065 apiece. The company announced its fourth quarter earnings on Tuesday.

Key Highlights (YoY)

  • Revenue up 4.4 percent to Rs 1,760.5 crore.
  • Net profit down 16.6 percent to Rs 64.3 crore.
  • Ebitda down 17.8 percent to Rs 162.4 crore.
  • Margin at 9.2 percent versus 11.7 percent.
  • Exceptional loss of Rs 40.5 crore versus exceptional loss of Rs 24.6 crore.
  • Other income up 4.4 times to Rs 30.6 crore.
  • Declares dividend of Rs 12 per share.

Fifteen out of the 25 analysts tracked by Bloomberg had a ‘Buy’ rating on the stock while five had recommended ‘Hold’ and five analysts recommended ‘Sell’.