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Sensex slips 150 pts, Nifty holds 8250; IT stocks up

13:00

The News International Team

1:55 pm Buzzing: Shares of Snowman Logistics jumped 9 percent intraday on Wednesday as investors are excited about its expansion plans. A media report suggests that the newly-listed cold storage company is in advanced talks to buy out two Bengaluru-based startups.

As part of its expansion plans, Snowman is going to acquire the start-ups which specialises in chopping vegetables, assembling sandwiches and burgers before sending them off to quick service restaurants (QSR).

The largest cold chain solutions provider raised Rs 197 crore through the IPO issue in September, which will be used for setting up new temperature controlled and ambient warehouses, and long term working capital.

1:30 pm Results: Yes Bank’s third quarter (October-December period) profit climbed 30 percent to Rs 540.3 crore, driven by strong net interest income and other income. However, rise in provision limited profits to some extent. Net in the year-ago period was Rs 415.60 crore. Numbers were marginally higher than analysts’ expectations. Profit was expected at Rs 516 crore and net interest income at 887 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Net interest income, the difference between interest earned and interest expended, surged 36.6 percent on yearly basis to Rs 909 crore during October-December quarter. Other income (non-interest income) grew by whopping 38.4 percent to Rs 536.81 crore for the quarter.

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The market is still under selling pressure. The Sensex is down 178.77 points or 0.6 percent at 27246.96 and the Nifty is down 48.30 points or 0.6 percent at 8251.10. About 1075 shares have advanced, 1535 shares declined, and 337 shares are unchanged.

What fails to cheer the market is better than estimated WPI data for December. Lower food and manufacturing products inflation support the data while clamour for a rate cut before the February RBI policy rises.

Hindalco, Sesa Sterlite, ITC, Tata Steel and GAIL are among the laggards while BHEL, HUL, Bajaj Auto, Infosys and Maruti Suzuki.

Commodity rout drags Asian markets lower today. Oil continues to trade near 6-year lows. Copper too slips to levels not seen since mid-2009. Gold slips from 12-week highsas concerns over a supply glut in oil and slowing consumption in China dampens sentiment. 

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