Sensex Clocks Longest Losing Streak In Nearly Five Months; Nifty Ends Below 10,800
Countdown Live: Trading Ideas Before Markets Close
Closing Bell: Sensex, Nifty End Lower After A Volatile Trade
Indian equity benchmarks ended lower after a topsy-turvy trade.
The S&P BSE Sensex Index registered its longest losing streak since Sept. 24, 2018. The 31-share index closed at 36,034.11, down 0.33 percent. The NSE Nifty 50 Index ended below 10,800, declining 0.35 percent.
The market breadth was tilted in favour of sellers. About 1,094 stocks declined and 643 shares advanced on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index’s 2.1 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.65 percent.
CG Power Clocks Worst Single-Day Fall
Shares of CG Power and Industrial Solutions fell as much as 30.9 percent, its worst ever intraday fall to Rs 23.20.
The Mumbai-based company’s losses expanded to Rs 150 crore due to an exceptional loss of Rs 117 crore during October-December period.
Most of the exceptional loss was related to write-offs against receivables worth Rs 108 crore, where the management believes that the recoveries were uncertain.
Besides, the company expects further potential write-offs of about Rs 35-50 crore in coming quarters.
Stocks Reacting To Earnings Announcement
Adani Transmission (Q3, YoY)
- Stock rose as much as Rs 2.9 percent to Rs 217.85.
- Net profit down 78 percent to Rs 189.22 crore.
- Revenue up 67.9 percent to Rs 2,583.67 crore.
Take Solutions (Q3, YoY)
- Stock fell as much as 4.7 percent to Rs 120.
- Net profit at Rs 35.76 crore versus Rs 41.11 crore.
- Revenue at Rs 521.64 crore versus Rs 408.02 crore.
Adani Gas (Q3, YoY)
- Stock rose as much as 5.4 percent to Rs 99.05 crore.
- Net profit up 12.9 percent to Rs 47.21 crore.
- Revenue up 39 percent to Rs 484.84 crore.
Greenlam Industries (Q3, YoY)
- Stock fell as much as 4.3 percent to Rs 495.45.
- Net profit up 14 percent to Rs 20 crore.
- Revenue up 12 percent to Rs 314 crore.
Goodyear India (Q3, YoY)
- Stock fell as much as 5.3 percent to Rs 5.3 percent.
- Net profit down 42.3 percent to Rs 21.7 crore.
- Revenue up 16.3 percent to Rs 464 crore.
Force Motors (Q3, YoY)
- Stock rose as much as 5.1 percent to Rs 1,420.
- Net profit at Rs 27.34 crore versus Rs 14.65 crore.
- Revenue at Rs 826 crore versus Rs 749.5 crore.
Adani Group Stocks Rally
Shares of Adani Group companies rally. Adani Power jumped over 8 percent and Adani Enterprises gained over 6 percent.
Bloomberg Exclusive | Munich Re’s Partner Said To Mull Selling India Insurance Stake
The Reddy family is seeking to sell its entire 41 percent holding in Apollo Munich Health Insurance for about Rs 1,200 crore, according to Bloomberg report.
“Prathap C. Reddy and his family, founders of India’s Apollo Hospitals Enterprise, plan to sell their holdings in an insurance venture with Munich Re to repay debt,” the report said, quoting people with knowledge of the matter.