Sensex, Nifty Close Flat Driven By Late Spurt In RIL; Rupee Extends Losing Streak
The Nifty 50 index managed to close flat, powered by gains in Reliance Industries Ltd.
Weakness in heavyweights like ITC Ltd. and HDFC Bank Ltd. kept the benchmark in the red for most of the day. But the late surge in RIL shares helped lift the markets higher.
UPL Ltd., Tata Steel Ltd. and JSW Steel Ltd. were among the other top contributors to the Nifty's performance. 28 Nifty stocks rose, while the remaining 22 fell.
S&P BSE Sensex index closed 0.16% lower, with 13 stocks advancing and 17 stocks declining.
The rupee declined for a third day as higher oil prices fuelled worries about inflation and government finances, according to Bloomberg. A stronger dollar also weighed on emerging Asian currencies.
Broader Markets Outperform Sensex, Nifty
Broader market gauges that track mid- and small-cap stocks outperformed the frontline indices today.
S&P BSE 500 index rose 0.5% compared with the S&P BSE Sensex's minor losses. Motherson Sumi and Sumitomo Chemicals were among the top gainers in the broader index.
Muthoot Finance Shares Rally 10%
Muthoot Finance Ltd. shares surged nearly 10% even as the company's March-quarter performance fell short of expectations.
Net profit rose 2% quarter-on-quarter to Rs 996 crore, according to its exchange filing. That compares with the Rs 1,120-crore consensus estimate of analysts tracked by Bloomberg.
The non-bank financier's total income rose 2% sequentially to Rs 2,820 crore.
Muthoot Finance's board approved fund raising to the tune of Rs 5,000 crore by way of public issue of redeemable non-convertible debentures in one or more tranches.
PSU Bank Shares Surge
Shares of smaller, government-owned banks perked up in trade today.
Bank of Maharashtra shares rose as much as 10.4%, the most in seven weeks.
Central Bank of India shared jumped as much as 7.8% to the highest in 15 weeks.
Indian Overseas Bank stock rose as much as 6%, the most in two weeks.
Motherson Sumi Shares Jump As Q4 Profit Beats Estimates
Motherson Sumi Systems Ltd. shares surged after the company reported better-than-expected March quarter earnings.
Net profit fell 11% quarter-on-quarter to Rs 714 crore, according to an exchange filing. That compares with the Rs 536-crore consensus estimate of analysts tracked by Bloomberg.
Other Q4 Highlights (QoQ)
Revenue down 1% to Rs 16,972 crore. (Bloomberg estimate: Rs 16,757 crore)
Ebitda down 4% to Rs 1,626 crore. (Bloomberg estimate: Rs 1,782 crore)
Ebitda margin at 9.6% Vs 9.9%. (Bloomberg Estimate: 10.6%)
Shares of Motherson Sumi jumped as much as 10% to Rs 261 apiece.
Watch the interview with Motherson Sumi Chairman Vivek Chaand Sehgal: