Sensex, Nifty Log Second Worst Week In Two Months
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India's stock benchmarks declined in a volatile session, dragged by losses in banking and auto stocks.
The S&P BSE Sensex and NSE Nifty 50 logged the second worst week in 2022.
PSU Banks advanced during the week with the Nifty PSU Bank index adding nearly 7%. On the flipside, Nifty IT index fell over 6% while Nifty Realty shed over 5% in the week.
For the week, both the benchmarks fell over 3%. Sensex and Nifty have fallen in seven of the last eight sessions.
On Friday's session, The Sensex fell 0.13% to 57,200.23. The 30-stock gauge rose 1.41% to an intraday high of 58,084.23 before shedding nearly 1,000 points in a volatile session. The NSE Nifty closed little changed at 17,101.95. The 50-stock gauge rose over 1.54% to an intraday high of 17,373.50.
Maruti Suzuki India Ltd. had the largest drop, falling 3.1%. Today, 19 of 50 shares fell, while 31 rose.
The broader indices outperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap gaining over 1%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Healthcare, Basic Materials and Information Technology adding 1%.
The market breadth was skewed in the favour of bulls. About 1,988 stocks advanced, 1,365 declined and 105 remained unchanged.
"At present, the Index has support at 16,830 levels while resistance comes at 17,450 levels, crossing either side can suggest further direction. On the other hand, Bank nifty has support at 37,000 levels while resistance at 38,500 levels", said Palak Kothari, Research Associate at Choice Broking.
"All eyes are on the Union Budget now. We expect a growth-friendly budget but also expect the government to lay out a path for fiscal consolidation. Besides, earnings and global cues would remain on participants’ radar. We reiterate our cautious view and suggest continuing with hedged positions", Ajit Mishra, VP - Research, Religare Broking Ltd. wrote in a note
Vedanta Q3 Net Income Misses Estimate
Vedanta reported net income for the third quarter that missed the average analyst estimate.
December Quarter Numbers (Consolidated)
Net income at Rs 4,164 crore vs Rs 4,616 crore QoQ (Bloomberg consensus estimate: Rs 4,832 crore)
Revenue at Rs 33,697 crore vs Rs 30,048 croore QoQ (Estimate: Rs 33,212 crore)
Total costs at Rs 26,845 crore vs Rs 23,222 crore QoQ
Other income at Rs 577 crore vs Rs 673 crore QoQ.
Source: Exchange Filing
Sensex, Nifty At Day's Low
Chambal Fertilisers Sheds Over 5% On Q3 Miss
Shares of Chambal Fertilisers and Chemicals Ltd. fell as much as 5.38%, the steepest intraday decline in three sessions to Rs 430.5 apiece after the company reported net income for the third quarter that missed the average analyst estimate.
December Quarter Results (Consolidated)
Net income down 14% QoQ at 435.17 crore vs Bloomberg consensus estimate of Rs 449 crore
Revenue up 6% QoQ at Rs 4,743.33 crore vs estimate of Rs 4,252 crore
Total costs at Rs 4,260.89 crore vs Rs 3,841.78 crore
Company approved an interim dividend of Rs 4.50 per share.
All the four analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 4.1%.
Source: Exchange Filing, Bloomberg
Dixon Technologies Slips On Q3 Miss
Shares of Dixon Technologies India Ltd. fell 6.22%, the steepest intraday decline in three sessions, to Rs 4,117.5 after the company reported net income for the third quarter that missed the average analyst estimate.
December Quarter Results (Consolidated, QoQ)
Net income down 26% at Rs 46.38 crore vs Rs 62.64 crore ( Bloomberg consensus estimate: Rs 68.3 crore)
Revenue up 10% at Rs 3,073.25 crore vs Rs 2,803.78 crore (Estimate: Rs 3,229 crore)
Total costs at Rs 3,010.43 crore vs Rs 2,724.50 crore
Of the 23 analysts tracking the company, 15 maintained 'buy', five maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 22.2%.
Source: Exchange Filing, Bloomberg
European Markets Open Lower
Dr. Reddy's Q3 Net Income Misses Estimates
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Kotak Mahindra Bank Q3 Net Income Above Estimate
Mid-Market Update: Sensex Jumps 700 Points, Nifty Above 17,300; Dr. Reddy's Q3 Net Income Misses Estimate
Air India Seeks To End $1.2 Billion U.S. Case Filed By Devas Multimedia, Citing New Owner
RIL Has Another 1.22 Million Shares Change Hands In A Large Trade
Adani Wilmar IPO Subscription Status: Day 2 Live Updates
India Yield Curve Steady, Stocks Gain
RBI One Of The Few Central Banks That Has Continued With Accommodative Monetary Policy, Says Michael Patra, Deputy Governor, RBI
Supreme Court Stays Winding Up Order Against SpiceJet
Jubilant FoodWorks Surges After Morgan Stanley Finds Valuation 'Compelling' After Recent Correction
Coforge, L&T Tech, Mindtree Lead The Gains In Information Technology Stocks
Reliance Industries Has 1.2 Million Shares Change Hands In A Large Trade
LIC Housing Finance Surges The Most In A Year On Q3 Beat; ICICI Securities Upgrades Stock To 'Buy'
L&T Jumps After Subsidiary Bags Rs 2,500 Crore-Rs 5,000 Crore Order From ONGC
Bharti Airtel Logs Biggest Intraday Gain In Five Months After Pact With Google
Opening Bell: Sensex, Nifty Open Higher; Banking, Metal Stocks Advance
Google To Invest Up To $1 Billion In A Partnership With Airtel
Blackstone Real Estate Launches Indian Logistics Platform
DHFL Acquisition Remains Unaffected, Says Piramal Enterprises After NCLAT Order On DHFC Resolution Plan
Analyst Actions: United Spirits, Mahindra Logistics
Trade Setup For This Friday
Analyst Actions: Macrotech, RBL Bank, Pidilite Industries
Bond Traders Await Weekly Debt Auction
Vedanta Raised Rs 8,000-Crore Loan From Union Bank of India In December: Economic Times
SGX Nifty Hints At Opening Losses; TVS Motor, Dr. Reddy's, Britannia, L&T In Focus
- Kotak Mahindra Bank Q3 Net Income Above Estimate
- Adani Wilmar IPO Subscription Status: Day 2 Live Updates
- Jubilant FoodWorks Surges After Morgan Stanley Finds Valuation 'Compelling' After Recent Correction
- LIC Housing Finance Surges The Most In A Year On Q3 Beat; ICICI Securities Upgrades Stock To 'Buy'
- Bharti Airtel Logs Biggest Intraday Gain In Five Months After Pact With Google