Sensex, Nifty Snap Two-Day Winning Streak Dragged By Metals, Banking Stocks
Indian equity benchmarks closed lower after fluctuating between gains and losses and snapped a two-day winning streak, dragged by metals, banks and energy stocks.
The S&P BSE Sensex index shed 0.34% to 61,143.33. The NSE Nifty 50 Index fell over 0.3% to 18,210.95. Axis Bank Ltd. contributed the most to the index decline and had the largest move, decreasing 6.5%. Today, 27 of 50 shares fell, while 23 rose.
The broader indexes outperformed their larger peers with the S&P BSE MidCap index little changed and the S&P BSE SmallCap index adding 0.30%. Eleven of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Metal Index shedding nearly 2%.
The market breadth was skewed in favour of bulls. About 1,778 stocks advanced, 1,471 declined and 145 remained unchanged.
Welspun India Q2 Net Income Beats Estimate; Shares Rise
Welspun India Ltd. reported net income for the second quarter that beat the average analyst estimate
September Quarter Results (Consolidated, YoY)
Net income at Rs 199.1 crore vs Rs 179.7 crore (Bloomberg Consensus Estimate: Rs 180 crore)
Revenue at Rs 2,501.4 crore vs Rs 1,992.6 crore (Estimate: Rs 2,168 crore)
Ebitda at Rs 423.7 crore vs Rs 404.8 crore
Ebitda Margin at 16.9% vs 20.3%
Mphasis, L&T Tech Lead The Gains In NSE Nifty IT Index
Vedanta, Nalco Lead The Losses In Metal Stocks
Torrent Pharma Declines After Reporting Q2 Net Income Below Analyst Estimate
Shares of Torrent Pharmaceuticals Ltd. shed over 4.4% in intraday trade, to Rs 2,813.85 apiece, lower than any close since June 9, after the company reported Q2 net income below average analyst estimate.
Torrent Pharma Q2FY22 (Consolidated, QoQ)
Revenue up 0.14% at Rs 2,137 crore Vs Rs 2,134 crore (BBG estimate: Rs 2,172.4 crore)
Net profit down 4% at Rs 316 crore Vs Rs 330 crore (BBG estimate: Rs 328.3 crore profit)
Ebitda down 3% at Rs 660 crore Vs Rs 677 crore (BBG estimate: Rs 683.3 crore)
Margins at 30.9% Vs 31.7% (BBG estimate: 31.5%)
EPS at Rs 18.63 per share Vs Rs 19.53 (BBG estimate: Rs 19.6)
Trading volume was triple the 20-day average volume for this time of the day.
Torrent Pharma trades at 36 times its estimated earnings per share for the coming year.
Analysts have 16 'buy', seven 'hold' and six 'sell' recommendations on the stock.