Nifty Clocks Longest Losing Streak In Over 8 Years; Sun Pharma Recovers From 20% Drop
Closing Bell: Sensex Ends At Over Two-Month Low; Nifty Closes Below 11,150
Indian equity benchmarks ended lower for the ninth consecutive trading session.
The S&P BSE Sensex closed 372 points or 0.99 percent lower at 37,090.82, the lowest in over two months. The NSE Nifty 50 registered its longest losing streak in over eight years and ended below 11,150 after falling 1.16 percent. The broader market index represented by the NSE Nifty 500 Index closed 1.4 percent lower.
The market breadth was tilted in favour of sellers. About 1,429 stocks fell and 352 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 5 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.04 percent.
Delta Corp Says Company Has Not Evaded Any GST
Delta Corp, today, said in a statement that the company has not received any notice against the company or its unit for any alleged evasion of GST.
“We believe we are in compliance with GST laws and have not evaded any GST,” Delta Corp said.
Sun Pharma Recovers From 20% Drop
Shares of Sun Pharmaceutical industries fell as much as 21.3 percent, their biggest intraday fall since its listing. The stock recovered later to trade 7 percent lower.
Trading volume was more than double its 20-day average, Bloomberg data showed. The stock declined 9.7 percent in the past 12 months. The Relative Strength Index was below 30, indicating that the stock may be overbought.
Market Check: Sensex, Nifty At Day’s Low
Indian equity benchmarks were trading at day’s low. Sensex fell over 100 points and Nifty traded at 11,215.
ITC Falls After Q4 Results Announcement
Shares of ITC Ltd. fluctuated between gains and losses to trade 1.5 percent lower at Rs 294 after the company announced its March quarter results.
The company reported a net profit of Rs 3,481 crore, an increase of 19 percent from the year-ago period, according to its stock exchange filing. That surpassed Rs 3,240 crore that analysts tracked by Bloomberg had projected.
Key Earning Highlights (Q4, YoY)
- Revenue up 13 percent to Rs 11,992 crore.
- Net profit up 19 percent to Rs 3,481 crore.
- Ebitda up 10 percent to Rs 4,572 crore.
- Margin at 38.1 percent versus 39.1 percent.