Volatility likely to continue
The markets ended on a weak note as profit booking was witnessed in the scrip’s across the sectors. Weak openings were led by subdued global cues. Decision of the government to cut import rates further dragged the benchmark index to hit an intra-day low of 14025.74. All the key indices closed in red as profit booking in the blue chips like Dr Reddy’s Lab, SBI, Tata Steel, Tata Motors, HLL, RIL and Infosys. Finally, the BSE benchmark Sensex lost 168 points to close at 14041. NSE Nifty slipped by 36 points to close at 4066. The bank index was the major loser and lost 2.17%, Consumer Durable, FMCG and Pharma followed suit.
BEML declined 2.5% to Rs1125 after the company announced its Q3 result with profit at Rs529.7mn (down 5%) and revenue at Rs5.59bn (up 5.6%). The scrip touched an intra-day high of Rs1175 and a low of Rs1080 and recorded volumes of over 1,00,000 shares on NSE.
SBI slipped 4.1% to Rs1174 after the company declared its Q3 result with net profit at Rs10.65bn (down 9.5%) and total income at Rs115.47bn (up 1.2%). The scrip touched an intra-day high of Rs1231 and a low of Rs1167 and recorded volumes of over 21,00,000 shares on NSE.
Nalco surged nearly by 4% to Rs221 after the company declared its Q3 result with net profit at Rs5.72bn (up 46%) and sales 14.48bn (up 9.3%). The scrip touched an intra-day high of Rs223 and a low of Rs212 and recorded volumes of over 4,00,000 shares on NSE.
Reliance Industries was down 1% to Rs1360. The company announced that it has no plans to spin off KG basin oil and gas fields. The scrip touched an intra-day high of Rs1380 and a low of Rs1357 and recorded volumes of over 12,00,000 shares on NSE.
Cement stocks slipped heavily as government decision to cut import rates dragged them down. Heavy weight ACC lost.7% to Rs1036, Gujarat Ambuja slipped over 7% to Rs136, Mangalam Cement dropped over 9% to Rs224 and India Cement slipped over 8% to Rs220.
Auto stocks were in reverse gear led by selling pressure. Maruti dropped 2.1% to Rs918, Tata Motors slipped 1.3% to Rs950, Hero Honda lost 1% to Rs717 and M&M edged lower 0.8% to Rs921.
Metal stocks also lost their shine on back of profit booking. Tata Steel fell 1.5% to Rs464, SAIL was down by 1.2% to Rs97, Sterlite Industries dropped 2.3% to Rs516 and Hindustan Zinc was down 1.5% to Rs757