Home / Business / Money / Profit booking drags Sensex, Nifty; metals melt, TCS leads

Profit booking drags Sensex, Nifty; metals melt, TCS leads

Oct 20, 2015, 05.20 PM | Source: Moneycontrol.com

Bajaj Auto, Wipro and HDFC Bank fell 0.3-1 percent ahead of September quarter earnings due on Wednesday. A CNBC-TV18 poll expects muted quarterly performance for Bajaj Auto while HDFC Bank is expected to post 20 percent year-on-year growth in net profit and Net interest income for the quarter.

Like this story, share it with millions of investors on M3

Profit booking drags Sensex, Nifty; metals melt, TCS leads

Bajaj Auto, Wipro and HDFC Bank fell 0.3-1 percent ahead of September quarter earnings due on Wednesday. A CNBC-TV18 poll expects muted quarterly performance for Bajaj Auto while HDFC Bank is expected to post 20 percent year-on-year growth in net profit and Net interest income for the quarter.

16:30

TheNewsInternational Team

The market saw mild profit booking amid consolidation on Tuesday after nearly a 600-point rally on Sensex in previous three consecutive sessions. Oil, metals, capital goods and select banking & financials stocks pushed market lower.

The 30-share BSE Sensex fell 58.09 points to 27306.83 and the 50-share NSE Nifty declined 13.40 points to 8261.65. However, the broader markets outperformed benchmarks with BSE Midcap and Smallcap indices rising 0.5 percent and 0.2 percent, respectively.

Experts see more upside from current levels only if earnings improve that may happen next year.

Mahantesh Sabarad, Deputy Vice President – Research at SBICap Securities is of the view that although downside for market currently seems to be capped at 7800-8000 levels, upside would depend on earnings upgrades. Earnings are likely to be upgraded only after the December quarter, he says.

Bajaj Auto, Wipro and HDFC Bank fell 0.3-1 percent ahead of September quarter earnings due on Wednesday. A CNBC-TV18 poll expects muted quarterly performance for Bajaj Auto while HDFC Bank is expected to post 20 percent year-on-year growth in net profit and Net interest income for the quarter. Wipro may report 2 percent sequential dollar revenue growth in Q2 .

Reliance Industries fell 0.8 percent on profit booking post a 5.6 percent rally on strong earnings in previous session. ONGC and Cairn India lost 2-3 percent on sharp fall in crude oil prices yesterday.

Metals stocks saw sharp selling pressure in late trade. Vedanta tanked 6.4 percent followed by Tata Steel and Hindalco with 2-3 percent loss.

Drug firm Cipla was down more than 2 percent after media reports indicated that company’s Indore SEZ plant received Form 483 or observations from USFDA.

Infosys, TCS, Tata Motors and Maruti Suzuki bucked the trend, up more than 2 percent.

In earnings, Adani Transmission was locked at 20 percent upper circuit after steller performance in Q2. The Adani Group company has reported a 5-fold sequential jump in consolidated profit at Rs 152.9 crore for July-September quarter, boosted by operational performance and other income.

State Bank of Bikaner and Jaipur climbed 6.6 percent on reporting a massive 52.3 percent year-on-year growth in profit at Rs 180.6 crore for July-September quarter, aided by other income and lower provisions.

Bajaj Finance spiked 6 percent as its profit and net interest income jumped more than 40 percent during the quarter. Hatsun Agro Products was up 10 percent after a 3-fold increase in September quarter profit year-on-year.

SREI Infrastructure Finance was up 5 percent as sources told CNBC-TV18 that American Tower Corp will acquire 51 percent stake in Viom Networks.

Global cues were mixed. In Asia, Shanghai Composite was up 1.1 percent and Nikkei rose 0.4 percent while Hang Seng lost 0.4 percent. European markets like FTSE, CAC and DAX declined 0.5-1 percent (at 16 hours IST).

14:00

Nifty ends at 8262, Sensex down; Vedanta dips 7%, Maruti up

Vedanta, Tata Steel, Hindalco, ONGC and Cipla were among losers in the Sensex. Top gainers were TCS, Maruti, Tata Motors, Infosys and Axis Bank.

Read More »

13:00

Nifty eyes 8300, Sensex steady; HUL, Vedanta drag 1-2%%Read More »

Tata Motors, NTPC, TCS, Infosys and SBI are top gainers in the Sensex while Cipla, Vedanta, OnGC, HUL and Hindalco are among losers.

Read More »

12:11

Sensex, Nifty rangebound; Tata Motors up 3%, Cipla fallsRead More »

Tata Motors topped buying list on Sensex, up 3 percent followed by TCS, Infosys, Axis Bank, NTPC, Maruti Suzuki and L&T with 0.5-1.5 percent.

Read More »

11:00

Midcaps outperfom Sensex, Nifty; Hero down ahead of Q2 nosRead More »

Both midcap and smallcap indices are up 0.7 percent each. Tata Motors, TCS, NTPC, L&T and BHEL are top gainers in the Sensex. Among the losers are Cipla, Vedanta, Hindalco, ONGC and Hero.

Read More »

10:00

Nifty holds 8250; TCS, BHEL, Infosys, NTPC gain 1%Read More »

Tata Motors, TCS, NTPC, BHEL and Infosys are top gainers while Cipla, Bharti Airtel, ONGC, Hindalco, Vedanta are among losers in the Sensex.

Read More »

09:15

Sensex, Nifty open flat; Lupin early gainer, SREI surgesRead More »

Lupin, Dr Reddy’s Labs, TCS, Wipro, HDFC Bank, UltraTech Cement, BPCL and Asian Paints were early gainers, up 0.5-1.5 percent. ONGC, Vedanta, Bharti Airtel, Hero Motocorp, Tata Steel, ACC and Hindalco declined 0.6-1 percent.

Read More »

RELATED NEWS

  • TCS announces global alliance partnership with Tableau
  • SBBJ Q2 profit up 52% to Rs 181 cr, asset quality improves
READ MORE ON  BSE Sensex, Nifty, Market, Metals, TCS, Bajaj Auto, Wipro, HDFC Bank
Previous When deferment of tax is a beneficial move
Next Royal Enfield one bright spot in gloomy motorcycle market

  • Look before you fly! 10 key things to know about IndiGo IPO

  • Market has lower risk-reward ratio; upside limited: Kotak

  • Bull’s Eye: Buy Dish TV, NIIT, UPL, Maruti, PVR, IRB Infra

  • IndiGo lowers IPO size to Rs 3kcr;one promoter to sell less

  • ATC to acquire 51% in Viom Networks in Rs 20k cr deal: Srcs

  • Flipkart vs Amazon: Who won the Diwali online sale battle?

  • ACC Q3 net seen down 36%, volume & realisation may drag rev

  • Stocks in news: SREI, Hero, Nestle, Lupin, SKS, HZL, Sasken

  • India’s rating constrained by low per capita income: S&P

  • ‘IndiGo promoters have to be consistent on dividend policy’

  • Volvo inks LOI to sell external IT business to HCL Tech

  • SKS Micro revises FY16 profit guidance by 23% to Rs 290cr

  • US, China reach ‘understanding’ on cyber theft

  • Nestle up 3% on hopes of Maggi’s return; analysts positive

  • FY16 revenue will be flat, PAT to grow: BSIL

  • CIL stake sale: Foreign bankers wary, deadline extended

  • See NIMs at 2.75-2.8% by year-end: South Indian Bk

  • Essar Steel gets lenders’ nod for 5/25 refinance

  • PCB under pressure to review cricketing ties with India

video of the day

Market has lower risk-reward ratio; upside limited: Kotak

news videos

  • Fed rate hike more a 2016 story; positive on India: JPM AMC

  • ‘IndiGo promoters have to be consistent on dividend policy’

  • Market has lower risk-reward ratio; upside limited: Kotak

  • India’s rating constrained by low per capita income: S&P

Leave a Reply

Scroll To Top