Nifty Ends Lower For A Third Day As Metals Drag
Closing Bell: Sensex, Nifty Decline As Metal Pack Drags
Indian indices ended lower in today’s session led by losses in metal stocks such as Tata Steel and Vedanta Ltd.
The S&P BSE Sensex fell 0.49 percent to 41,323.81 and the NSE Nifty 50 declined 0.45 percent to 12,169.85. The broader markets represented by the NSE Nifty 500 Index fell 0.38 percent.
The market breadth was tilted in favour of sellers. About 1,012 stocks declined and 762 shares advanced on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 1.43 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 2.2 percent.
Fab Four Stocks
- The stock rose 16.8 percent intraday to Rs 109 each.
- Ebitda rose by 61 percent; margins expanded By 370 basis points to 13.2 percent.
LIC Housing Finance
- The stock gained 4.3 percent to Rs 486.75 apiece.
- Fresh longs seen with high open interest of 17 percent.
- Volume at 2.5 times its 20-day average
- Shares advanced 6.7 percent intraday to Rs 859.75 apiece.
- Received approval to increase working capital limit from Rs 7,300 crore to Rs 12,050 crore.
Johnson Control-Hitachi AC India
- Shares advanced 4.1 percent to Rs 2,126.55 apiece.
- Brokerage firm Phillip Capital initiated a ‘Buy’ with a target price of Rs 2,700.
Here’s what else the brokerage house said:
- Strengthening commercial air conditioners line
- Strong manufacturing and R&D will help new launches, moving up the value chain and increasing service revenue
- See robust cash-flow generation while improvement in the returns profile
ICICI Prudential Life Gains After Q3 Results
Shares of the life insurer rose as much as 1.2 percent to Rs 493.90 each. The company posted its third-quarter results on Tuesday. Profit after tax rose 2 percent year on year to Rs 302 crore.
Other Highlights (YoY)
- Gross written premium up 9.2 percent to Rs 8,264 crore.
- Persistency at 80 percent versus 81 percent.
- Annual Premium Equivalent seen up 1.2 percent to Rs 5,343 crore. (for first nine months of this fiscal)
The trading volume was nearly thrice the 20-day average for this time of the day, according to Bloomberg data.
Granules India Rises After Q3 Results
Shares of the speciality pharma firm rose 3.8 percent to a 15-month high of Rs 152.85 apiece.
The company reported its December quarter earnings on Tuesday. Profit rose 6.1 percent year on year to Rs 64 crore.
Other Highlights (YoY)
- Revenue rose 11.4 percent to Rs 704 crore.
- Ebitda rose 44 percent to Rs 163.2 crore.
- Margin at 23.2 percent versus 17.9 percent.
- Exceptional Loss of Rs 32 crore due to impairment.
The stock has advanced 69 percent in the past 12 months compared to a 13 percent gain in the Sensex.
Dish TV Gains On Reports Of Merger Talks Stall
Shares of the cable dish operator rose 6.3 percent intraday to Rs 13.55 apiece.
Dish TV’s talks to merge with Airtel Digital TV have stalled on the difference over the deal’s structure, Bloomberg reported citing unnamed people aware of the matter.
The stock traded 113 times its estimated earnings per share for the coming year, Bloomberg data showed. Bharti Airtel’s shares traded flat at Rs 511.85 each.
Global Markets Update: Stocks Decline
Asian stocks, European and U.S. futures dropped Tuesday, with Hong Kong equities leading the Asia Pacific region lower.
- The MSCI Asia Pacific Index fell 1percent.
- Futures on the S&P 500 Index fell 0.4%.
- Hang Seng Index tumbled 2.7 percent.
- Japan’s Topix Index fell 0.5 percent at the close.
- Kospi Index dropped 1.1 percent.
- S&P/ASX 200 dipped 0.2 percent.
- Shanghai Composite fell 1.3 percent.
- Euro Stoxx 50 futures fell 0.5 percent.
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