Traders monitor financial data on computer screens on the trading floor. (Photographer: Luke MacGregor/Bloomberg)

Last 30 Minute Selloff Wipes Out Most Of Sensex, Nifty Weekly Gains

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Closing Bell: Sensex, Nifty Wipes Out Most Weekly Gains

Indian equity benchmarks wiped out most of their weekly gains with just today’s last 30-minute selloff.

The S&P BSE Sensex Index, today, ended 1.15 percent lower at 36,546.48 and the NSE Nifty 50 Index ended below 10,950, down 1.14 percent. The declines were mostly led by the 17.58 percent slump in Tata Motors.

The market breadth was tilted in favour of sellers. About 1,153 stocks declined and 593 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty Auto Index’s 3.6 percent fall. On the flipside, the NSE Nifty Realty Index was the only sectoral gainer, up 0.76 percent.

Last 30 Minute Selloff Wipes Out Most Of Sensex, Nifty Weekly Gains

Stocks Moving On Heavy Volumes

Timken India

  • Stock rose as much as 3.9 percent to Rs 585.05
  • Trading volume was more than seven times its 20-day average.

Varroc Engineering

  • Stock fell as much as 3.2 percent.
  • Trading volume was more than double its 20-day average.

Excel Crop Care

  • Stock fell as much as 9.7 percent to Rs 2,950.
  • Trading volume was more than 10 times its 20-day average.

Gujarat Fluorochemicals

  • Stock rose as much as 2.2 percent to Rs 895.
  • Trading volume was more than triple its 20-day average.

Reliance Group Stocks Extend Gains

Reliance Group stocks extended gains after the Anil Ambani group accused L&T Finance and Edelweiss Group of invoking and subsequently selling pledged shares.

Last 30 Minute Selloff Wipes Out Most Of Sensex, Nifty Weekly Gains

Stocks Reacting To Earnings Announcement

Dilip Buildcon (Q3, YoY)

  • Stock rose as much as 6.8 percent to Rs 343.50 crore.
  • Revenue up 53.2 percent to Rs 2487.2 crore.
  • Net profit up 2.5 times to Rs 206.9 crore.
  • Ebitda up 56.6 percent to Rs 440.8 crore.
  • Margin to 17.7 percent versus 17.3 percent.

Abbott India (Q3, YoY)

  • Stock rose as much as 2.5 percent to Rs 8,325.
  • Revenue up 7.5 percent to Rs 947.7 crore.
  • Net profit up 15 percent to Rs 117.1 crore.
  • Ebitda down 10.3 percent to Rs 146.5 crore.
  • Margin to 15.5 percent versus 18.5 percent.
  • Decrease in Inventory of Rs 141.1 crore in the base quarter.

Engineers India (Q3, YoY)

  • Stock rose as much as 1.4 percent to Rs 115.25.
  • Revenue up 21.9 percent to Rs 577 crore.
  • Net profit down 16.2 percent to Rs 90.8 crore.
  • Ebitda down 29.6 percent to Rs 94.9 crore.
  • Margin to 16.5 percent versus 28.5 percent.
  • Technical Assistance expenses up 85 percent to Rs 101.8 crore.
  • Construction materials and equipment cost up 5.2 times to Rs 128.2 crore.

UCO Bank (Q3, YoY)

  • Stock fell as much as 6.6 percent to Rs 16.90.
  • Net Interest Income up 0.8 percent to Rs 826.6 crore.
  • Net Loss of Rs 998.7 crore versus net loss of Rs 1,016.4 crore.
  • Provisions at Rs 2243.9 crore versus Rs 1682.4 crore (Rs 1410.9 crore QoQ).
  • GNPA at 27.39 percent versus 25.37 percent (QoQ).
  • NNPA at 12.48 percent versus 11.97 percent (QoQ).

Alkem Lab (Q3, YoY)

  • Stock rose as much as 1.5 percent to Rs 1,915.
  • Revenue up 10.6 percent to Rs 1925 crore.
  • Net profit up 18 percent at Rs 202.5 crore.
  • Ebitda down 13.5 percent to Rs 311.8 crore.
  • Margin at 16.2 percent versus 20.7 percent.
  • Other Income of Rs 24 crore in the base quarter.
  • Inventory write off of Rs 165.9 crore In the base quarter.

Greenply Industries (Q3, YoY)

  • Stock fluctuated between gains and losses to trade 0.6 percent lower at Rs 130.25.
  • Revenue up 15.9 percent to Rs 462.9 crore.
  • Net profit down 1.1 percent to Rs 35.7 crore.
  • Ebitda down 7 percent to Rs 58.3 crore.
  • Margin at 12.6 percent versus 15.7 percent.
  • Inventory write-off of Rs 20.6 crore in the current quarter.

M&M Q3 Profit Beats Estimates, But Margin Contracts

Mahindra & Mahindra Ltd. reported a 7 percent increase in its quarterly profit on a yearly basis to Rs 1,396 crore during October-December period. That compares with Rs 988 crore that analysts tracked by Bloomberg had projected. The financials include numbers of its commercial vehicle unit—Mahindra Vehicle Manufacturers Ltd.

Key Earnings Highlights (Q3, YoY)

  • Revenue up 12 percent to Rs 1,2892 crore.
  • Net profit up 7 percent to Rs 1,396 crore.
  • Ebitda up 0.7 percent to Rs 1,702 crore.
  • Margin at 13.2 percent versus 14.7 percent.

Shares of the automaker fell as much as 2.9 percent to Rs 680.65.