Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season
A trader monitors financial data on computer screens at ETX Capital, a broker of contracts-for-difference, in this arranged photograph in London. Photographer: Chris Ratcliffe/Bloomberg

Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season

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Sensex, Nifty At Two-Week Low

Indian equity indices ended lower for the sixth-straight day dragged down by losses in Bharat Petroleum and metal stocks.

The S&P BSE Sensex fell 0.38 percent to 37,531.98 and the NSE Nifty 50 declined 0.43 percent to 11,126.40. The broader markets represented by the NSE Nifty 500 Index fell 0.56 percent. The September quarter earnings season of Nifty firms kicks off on Thursday with IndusInd Bank Ltd. and Tata Consultancy Services Ltd. Infosys Ltd. will announce results on Friday.

An investor must turn sector-specific in order to tackle the second-quarter earnings. That’s according to Gaurang Shah, head investment strategist, Geojit Financial Services.

"An investor should channelise all his investments towards long-term view at the fallback of earnings," said Shah in an interview to BloombergQuint. "Stick to quality and buy quality," he said.

The market breadth was tilted in favour of sellers. About 1,179 stocks declined and 608 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Pharma Index’s 3.35 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.37 percent.

Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season

Private Banks: Top 5 Gainers On Sensex

The top five gainers on Sensex were all private banks.The rally was led by 11 percent gain in Yes Bank.

Yes Bank is in talks with three top technology companies, including Microsoft Corp. to bring one of them on board as a strategic investor, according to a Livemint article.

However, the bank said it was not aware of the source which resulted in the abovementioned news item, in an exchange filing. The Bank would not like to comment on such news, it added.

Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season

Zee Entertainment Reverses Day's Losses; Up 5%

Shares of the media conglomerate recover nearly 20 percent from day’s low to trade at Rs 248.90 each.

Earlier, the stock fell over 14 percent intraday as promoter Essel Media created encumbrance of 10.71 percent stake or 10.29 crrore shares with VTB Bank, according to an exchange filing. Also, over 90 percent of promoter stake in Zee Entertainment Enterprises has been pledged to raise debt, the company revealed in an analyst call on Saturday.

The company intends to repay the debt in the next three months, said its Managing Director Punit Goenka in an interview to Economic Times . The stock traded 11 times its estimated earnings per share for the coming year, Bloomberg data showed.

Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season

Don't Try To Catch The Falling Knives During Q2 Earnings Season, Says Geojit Financial

An investor must turn sector-specific as September quarter earnings season kicks off on Wednesday. That’s according to Gaurang Shah, head investment strategist, Geojit Financial Services

"An investor should channelise all his investments towards long-term view at the fallback of earnings," said Shah in an interview to BloombergQuint. "Stick to quality and buy quality," he said.

Whirlpool Hits Lifetime High

Shares of the consumer appliances maker rose 5.2 percent intraday to a record high of Rs 2,028.50 apiece.

Whirlpool of India Ltd. was the only stock on NSE Nifty 500 index trading at a lifetime high. The stock advanced 50 percent in the last 12 months compared to a 10 percent gain in the Sensex.

Sensex, Nifty Clock Two-Week Low Ahead Of Earnings Season

Yes Bank Jumps On Report Of Capital Infusion Talks

Shares of the private lender jumped 9 percent intraday to Rs 45.95 apiece.

Yes Bank is in talks with three top technology companies, including Microsoft Corp. to bring one of them on board as a strategic investor, according to a Livemint article. The new investor may bring in fresh capital infusion and augment the bank’s digital ambitions, the report added,

However, the bank said it was not aware of the source which resulted in the abovementioned news item, in an exchange filing. The bank would not like to comment on such news, it added.

The stock traded 85 percent below the Bloomberg one-year consensus target price.

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