Sensex, Nifty Snap Two Session Losing Streak
A broker speaks on telephones on the trading floor. (Photographer: Luke MacGregor/Bloomberg)

Sensex, Nifty Snap Two Session Losing Streak

Latest First
  • Oldest First

Sensex, Nifty Snap Two Session Losing Streak

Indian equity benchmarks held on to the comeback in afternoon trade, snapping a two-session losing streak, as investors weighed the benchmark index’s pace of gains against a slew of better-than-expected local earnings.

The S&P BSE Sensex rose 0.4% to 51,531, while the NSE Nifty 50 Index gained 0.4% as well to end the session at 15,173. Both indices had closed the previous to sessions lower after six days of gains, their longest winning streak in a month that took them to new highs.

Among the sectoral indices, the Nifty Metal index was the top performer, ending with gains of 1%. The Nifty FMCG index rose 0.8% higher while the Nifty IT index climbed 0.6%.

The Nifty PSU Bank index was the biggest laggard, ending 1.25% lower.

“Earnings have been very good and most companies have reported numbers that were better than expectations, but I think all of that has already been factored in,” said Gaurav Garg, head of research at Indore-based CapitalVia Global Research Ltd. “We might see the market consolidating around current levels, before further upside.”

Also read: How To Quickly Privatise 300 PSUs Without Selling A Single Share!

Coal India Q3 Net Income Misses Estimates

Coal India reported net income for the third quarter that missed the average analyst estimate.

  • Revenues up 2.1% at Rs 23,686.03 crore vs Rs 23,190.49 crore (Bloomberg estimate: Rs 2461.8 crore)
  • Net profit down 21.4% at Rs 3,085.39 crore vs Rs 3,923.87 crore (Bloomberg estimate: Rs 4,171.5 crore)
  • Ebidta up 3.9% at Rs 5,164.8 crore vs Rs 4,968.8 crore (Bloomberg estimate: Rs 5702.2 cr)
  • Margins at 21.8% vs 21.4%

Arvind Jumps To 19-Month High

Arvind Ltd., an Indian textile maker, jumped as much as 11% to the highest level since June 2019. Trading volume was ~ 3x the 3-month, full-daily average.

“On all parameters, the business is doing better than expected, be it recovery or debt repayment,” said Nihal Jham, an analyst at Edelweiss Securities, who has a buy rating on the stock.

Natco Pharma Q3 Revenue Rs 355 Crore

  • Revenue Rs 355 crore, -26% y/y
  • Net profit Rs 62.7 crore, -37% y/y, estimate Rs 12.8 crore (range 1.01 billion to 1.59 billion) (Bloomberg Consensus)
  • Total costs Rs 310 crore, -19% y/y
  • Other income Rs 30.8 cror
    Dividend per share Re 1
BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.