Wednesday, October 26, 2016
Equity benchmarks continued to fall in afternoon trade with the Sensex declining 217.42 points to 27874 and the Nifty down 56.05 points at 8635.25. Banking & financials and technology stocks remained under pressure whereas FMCG and auto stocks gained.
Axis Bank retained its top position in the selling list, down 8 percent on disappointing earnings. ICICI Bank, Tata Motors, HDFC Bank, Asian Paints and Adani Ports were down 1-3 percent.
ITC shares rebounded after reporting better-than-expected cigarette volume growth of 7 percent in Q2. Bharti Airtel gained 2.6 percent after strong margin performance while Maruti Suzuki and Hero Motocorp climbed around 2 percent ahead of earnings.
Bharti Airtel, Hero MotoCorp, Maruti, Bajaj Auto and M&M are top gainers while Axis Bank, ICICI Bank, Adani Ports, Tata Motors and Wipro are losers in the Sensex.
Equity benchmarks fell further with the Sensex shedding more than 200 points on global weakness. Banking & financials drove the market lower whereas telecom and select auto stocks gained.
The 30-share BSE Sensex was down 208.90 points at 27882.52 and the 50-share NSE Nifty declined 56.20 points to 8635.10.
Bharti Airtel was the biggest gainer, up nearly 3 percent after its profit in Q2 beat analysts’ expectations at Rs 1,461 crore and margin expansion continued for fourth consecutive quarter.
Hero Motocorp rose 2 percent ahead of quarterly earnings. A CNBC-TV18 poll expects second quarter to be strong one with profit rising 20 percent on strong operational and volume growth.
Axis Bank retained its top position in the selling list, down more than 7 percent on a 83 percent fall in profit in Q2 YoY due to big clean up bad loans. ICICI Bank was down 3 percent.