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Sensex tanks over 200pts, Nifty ends at 8171; Axis Bank dip


TheNewsInternational Team3:30 pm Market closing: The market ended with severe losses. The Sensex wass down 213.68 points or 0.8 percent at 27039.76 and the Nifty slipped 61.70 points or 0.7 percent at 8171.20. About 1161 shares advanced, 1489 shares declined, and 186 shares were unchanged.

Axis Bank, ICICI Bank, SBI, NTPC and Lupin were laggards while Cipla, Bharti, ONGC, Tata Motors and HUL.

3:15 pm Divestment: State-owned companies account for 71 percent of the Rs 17,000 crore that has been mopped up through equity issuances during the first half of the current financial year.

During April-September, government has raised Rs 12,600 crore through stake sale in four companies. This is also the highest amount raised through disinvestment in the first half of a fiscal in past seven years, according to market data.

The government, say market experts, has done “exceedingly well” in PSU stake sale, especially against the backdrop of volatile market conditions. “It has stretched itself to the maximum while offloading PSU equity,” said one expert.

2:50 pm Market Update: Equity benchmarks extended losses in late trade. The Sensex plunged 315.89 points or 1.16 percent to 26937.55 and the Nifty fell 96.35 points or 1.17 percent to 8136.55.

About 1020 shares have advanced, 1549 shares declined, and 181 shares are unchanged on the BSE.

2:40 pm Earnings: Amara Raja Batteries today posted 23 percent rise in consolidated net profit at Rs 123 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 100 crore during the same period of previous fiscal.

Net sales of the company rose to Rs 1,158 crore for the second quarter as compared to Rs 1,060 crore during the same period of 2014-15, Amara Raja Batteries said in a statement.

“We are delighted to report the highest revenue and profit for a quarter. The capacities in various plants of the company are operating effectively and supporting the growth and expansion in market share,” Amara Raja Batteries Vice Chairman & Managing Director Jayadev Galla said.

The company is geared up to expand the capacities further and introduce new products depending on market conditions, he added.

2:20 pm Indigo IPO: IndiGo’s parent InterGlobe Aviation’s Rs 3,018-crore initial public offer, the biggest in nearly three years, was over-subscribed by 1.06 times till afternoon on the second day of the issue today.

The IPO received bids for 3,20,48,760 shares against the total issue size of 3,01,22,088 shares, data available with the NSE till 1300 hrs showed. The quota reserved for qualified institutional buyers (QIBs) was over-subscribed 3.59 times, sources said.

The portion reserved for retail investors saw 9 percent subscription and non-institutional investors category was subscribed 2 percent. InterGlobe Aviation has already raised Rs 832 crore from anchor investors by allotting shares at the upper price band of Rs 765 apiece. The offer has been fixed at Rs 700-765 per share.

Also read – Cobra maker SH Kelkar IPO opens today: Subscribe or avoid?

2:00 pm Market Check

The market remained under selling pressure, dragged by banking & financials, pharma and infra stocks. The Sensex fell 239.39 points or 0.88 percent to 27014.05 and the Nifty slipped 70.05 points or 0.85 percent to 8162.85.

The market breadth was also weak as about 1438 shares declined against 1094 advancing shares on the Bombay Stock Exchange.

Axis Bank tanked more than 7 percent today on asset quality concerns. Stressed assets in second quarter were at nearly Rs 3.900 crore, which is significantly higher than Q1.

ICICI Bank plunged 4 percent followed by SBI with over 2 percent loss. Both major lenders are yet to announce their earnings. Bank Nifty lost 2 percent.

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