Sensex, Nifty  End Lower As Metals Drag
A broker speaks on telephones on the trading floor. (Photographer: Luke MacGregor/Bloomberg)

Sensex, Nifty End Lower As Metals Drag

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Closing Bell: Sensex, Nifty End Lower As Metals Drag

Indian equities indices closed lower dragged down by losses in metal stocks such as Tata Steel Ltd. and Vedanta Ltd.

The S&P BSE Sensex declined as much as 0.39 percent to 40,979.60 and the NSE Nifty 50 declined close to 0.55 percent to 12,031.50. The broader markets represented by the NSE Nifty 500 Index, too, ended 0.55 percent lower at 9,945.65.

The Nifty is not expected to go below 11,950 in the near term and there may be another attempt to rally towards 12,150. That’s according to Hemen Kapadia, technical research analyst, KR Choksey.

We are set for another 150-point rally once the market reaches 12,150. However, we running into historically strong resistance levels beyond that and market is not set for a big-bang breakout from these levels.
Hemen Kapadia, Technical Research Analyst, KR Choksey

The market breadth was tilted in favour of sellers. About 1,140 stocks declined and 684 shares advanced on National Stock Exchange.

All 11 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Metal Index’s 3 percent fall.

 Sensex, Nifty  End Lower As Metals Drag

F&O Check: Nifty 12,100 Put Option Premium Jumps 74%

Nifty’s 12,100 call option contract was among the most active Nifty option contracts on National Stock Exchange.

The premium on the contract, which is set to expire on Feb. 13, rose 73.98 percent to Rs 59.80. About 6.46 lakh shares were added to the open interest which stood at over 23.46 lakh shares.

Nifty Is Not Expected To Go Below 11,950, Says Hemen Kapadia

The Nifty is not expected to go below 11,950 in the near term and there may be another attempt to rally towards 12,150. That’s according to Hemen Kapadia, technical research analyst, KR Chouksey.

“We are set for another 150-point rally once the market reaches 12,150,” said Kapadia in an interview to BloombergQuint. “However, we running into historically strong resistance levels beyond that and market is not set for a big-bang breakout from these levels.”

GAIL Declines After Q3 Results

Shares of the state-run gas distributor fell close to 3.1 percent to Rs 119.25 apiece.

The company reported its third-quarter results on Monday. Net profit rose 17.5 percent to Rs 1,250.70 crore.

Other Highlights:

  • Revenue fell 1.5 percent to Rs 17,767.3 crore.
  • Ebitda rose 32.6 percent to Rs 2,072.4 crore.
  • Operating margin at 11.7 percent versus 8.7 percent.

The stock traded at nine times its estimated earnings per share for the coming year, Bloomberg data showed.

Grasim Falls After Q3 Results

Shares of the cement maker declined 3.7 percent, biggest fall in over nearly a month, to Rs 758.65 each.

The company reported its earnings on Monday. Net profit fell 27 percent to Rs 680.3 crore.

Other Highlights:

  • Revenue fell 1.4 percent to Rs 19,205 crore.
  • Ebitda declined 4.8 percent to Rs 2,968 crore.
  • Ebitda margin stood at 15.5 percent versus 16 percent.

The stock advanced 7.4 percent compared to 12 percent gain in the Sensex Index.

GAIL Falls Ahead Of Q3 Results

Shares of the state-run gas distributor fell close to 2 percent to Rs 120.55 apiece.

The company is scheduled to announce its December quarter results on Monday. Net profit is expected to rise 9 percent to Rs 1,161 crore, according to estimates compiled by BloombergQuint.

Other Highlights (QoQ)

  • Revenue is expected to rise 4 percent to Rs 18,766 crore.
  • Ebitda seen up 19.2 percent to Rs 1,863 crore.
  • Ebitda margin at 9.9 percent versus 8.7 percent.

The stock traded at nine times its estimated earnings per share for the coming year, Bloomberg data showed.

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