Nifty ends the week below 8,350 on poor Q3 results
Benchmark indices continued trading under pressure as investors remained cautious ahead of inauguration speech of Donald Trump as US President and after disappointing Axis Bank’s earnings.
Nifty 50 breached its 8,400 level dragged by Axis Bank, Bank of Baroda, Adani Ports and ACC while BSE Sensex fell as much as 296 points at intra-day.
S&P BSE Sensex settled the day at 27,034, down 274 points, while the broader Nifty50 ended at 8,349, down 85 points.
Among broader markets, BSE Midcap index fell 1.5% while BSE Smallcap index fell 0.1.2%.
Bharti Airtel, Asian Paints, ITC and HDFC Bank were the top gainers while Axis Bank, Adani Ports, Tata Steel, SBI and ICICI Bank were the biggest laggards in the Sensex.
Banking sector fell close to 2% dragged by Axis bank. The stock tanked over 6% after the private lender reported a 73% decline in net profit at Rs 580 crore in the December quarter on account of rise in bad loans.
ITC Ltd rose up to 0.6% to its highest since Nov. 8, while Hindustan Unilever Ltd was up 0.5%.
Among other losers, ICICI Bank was down 1.9% while Infosys Ltd fell as much as 1.3% to its lowest since Nov. 25, 2016.
Among individual stocks, MindTree slipped nearly 3% at intraday to end the day 1.9% lower after it reported 26% drop in its net profit at Rs 103 crore due to poor performance of its US and Europe subsidiaries.
Motherson Sumi rose over 3% during early-morning trade in an otherwise lower market after reports that the company will buy truck wire maker PKC Group for 571 million euros ($ 609 million). The stock ended 0.5% higher
Ruchi Soya Industries ended 14% 1 after reports that the company is expected to enter into a marketing deal with Baba Ramdev promoted Patanjali Ayurved.
Adani Power ended 12% lower after reporting a consolidated net loss of Rs 325 crore for the quarter ended December 31, 2016 (Q3FY17). The company had net profit of Rs 104 crore in the same quarter last fiscal and a net loss of Rs 114 crore in September quarter.
Here are some picks from the week gone by.