Sensex and Nifty were trading on a flat note as selling pressure on account of profit booking in FMCG, capital goods, power and realty shares was offset by gains in banking and auto shares. Analysts say after running up to record highs, the Nifty is close to its resistance zone. Imtiyaz Qureshi, co-founder & director at Investeria Financial Services, says markets have been rallying since quite some time now and the Nifty is close to its resistance zone of 9,640-9,650. Fresh long positions should not be created and if anyone wants to go long then that should be done only if the Nifty crosses its resistance zone, adds Mr Qureshi.
Here are the live stock market updates:
11:15 am: Shares of Aurobindo Pharma rallied as much as 11 per cent to hit intraday high of Rs. 568.25 despite reporting weak set of March quarter earnings. Aurobindo Pharma post market hours on Monday reported that its net profit in the March quarter fell 4 per cent to Rs. 532 crore from Rs. 554.77 crore in the same period a year ago. Analysts on an average had expected Aurobindo Pharma to report net profit of Rs. 588 crore on sales of Rs. 4,014 crore.
10:31 am: Shares of Tech Mahindra rose as much as 1.84 per cent to hit intraday high of Rs. 386.30 in today’s session after Monday’s sharp selloff. At day’s lowest level, in yesterday’s session, shares of Tech Mahindra fell 17 per cent eroding investor’s wealth by nearly Rs. 7,000 crore as it reported lower-than-expected fourth-quarter profit. Tech Mahindra shares closed with over 11 per cent losses yesterday.
10:12 am: Banking shares were witnessing good buying interest. The BSE banking index Bankex was up 0.6 per cent; ICICI Bank was the top gainer from this space, up 2.7 per cent at Rs. 323. Federal Bank, Axis Bank, Bank of Baroda, State Bank of India, Yes Bank and Punjab National Bank were also among the gainers.
9:44 am: Reliance Communications shares fall for third day in a row, plunge 27 per cent to Rs. 18.95.
9:36 am: NALCO was the top loser from the mid-cap space, down 2.7 per cent at Rs. 66.80. Oberoi Realty, JSW Energy, GMR Infra, OFSS, UPL, SAIL, Bharat Electronics, Berger Paints, ABB, Biocon and Kensai Nerolac were also among the losers.
9:31 am: Jubilant FoodWorks was the top loser from the small-cap space, down 10 per cent at Rs. 848 after the company disappointed the Street by announcing dismal set of March quarter earnings. Nitin Fire, Royal Orchid Hotels, IL&FS Investment Managers, Ujaas Energy, MMTC, KCP Sugar and Lovable Lingerie were also among the losers from this space.
9:26 am: From the Nifty basket of shares, 28 were declining while 23 were advancing. BPCL was the top Nifty loser, down 2.63 per cent at Rs. 735 after the company reported that its net profit in the March quarter declined to Rs. 1,842 crore from Rs. 2,116 crore during the same period a year ago. Coal India also reacted to its earnings which came in lower than estimates and the stock fell 1.6 per cent. Bharti Infratel, TCS, ACC, Vedanta, Ambuja Cements, Power Grid and ITC were also among the losers. On the other hand, Aurobindo Pharma, Cipla, Tech Mahindra, Indian Oil, Lupin, Larsen & Toubro and Dr Reddy’s Labs were among the gainers.
8:06 am: Shares of Larsen & Toubro may react to its earnings which came in post market hours on Monday. L&T reported a jump of 28 per cent in the consolidated net profit at Rs. 3,180 crore in the March quarter compared with net profit of Rs. 2,482 crore during the same period year ago. The earnings were better-than-estimates as analysts expected L&T to report net profit of Rs. 2,592 crore.
BHEL also reported its earnings yesterday. The capital goods major’s earnings were below the Street estimates. BHEL’s net profit fell to Rs. 216 crore in March quarter compared with Rs. 506 crore a year earlier. Analysts expected the company to report net profit of Rs. 582 crore.
Shares of Jubilant FoodWorks which operates popular pizza chain Domino’s may stage a gap down opening after the company reported that its adjusted net profit in March quarter fell to Rs. 18.9 crore from Rs. 27.8 crore, a year earlier. Analysts had expected the company to report net profit of Rs. 24.7 crore.
In yesterday’s session, foreign institutional investors sold shares worth Rs. 710 crore on Monday while domestic institutional investors bought shares worth Rs. 290 crore.