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MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Among sectors, the Nifty FMCG index was the top loser of the day, falling 1.69 per cent weighed by ITC and United Spirits.

SI Reporter  |  New Delhi 

Markets
Markets

The benchmark indices settled nearly 1 per cent lower on Wednesday led by a selloff in shares of fast-moving consumer goods (FMCG) major ITC.

The S&P BSE Sensex fell 336 points or 0.92 per cent to settle at 36,108 while NSE's Nifty50 index ended below 10,850 level at 10,831.50, down 91 points or 0.84 per cent.

Among sectors, the Nifty FMCG index was the top loser of the day, falling 1.69 per cent weighed by ITC and United Spirits.

In the broader market, S&P BSE MidCap index fell 42 points or 0.28 per cent at 14,883, while S&P BSE SmallCap index ended at 14,309, down 22 points or 0.16 per cent.

Buzzing Stocks

Shares of ITC fell 4.75 per cent lower at Rs 276 on the National Stock Exchange (NSE) even as the company posted a 3.84 per cent year-on-year (YoY) rise in its net profit at Rs 3,209.07 crore for the quarter ended December 31, 2018. It had posted PAT of Rs 3,090.20 crore in the corresponding quarter of last financial year.

Shares of Wipro hit a near two-decade high of Rs 355.45 apiece in intra-day trade, gaining 2 per cent on the BSE, as analysts expect the company to post better revenue growth in FY20 led by continued momentum in large deal wins, robust digital growth and continued growth in BFSI (banking, financial services and insurance) and other verticals. The stock of IT services firm was trading at its highest level since March 8, 2000. The stock eventually settled at Rs 351.20, up 1.37 per cent.
 
Global Markets

Asian stocks trod water on Wednesday as concerns over the outlook for global economic growth and the ongoing Sino-US trade war kept investors away from riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent, stalling after climbing to a seven-week high on Monday. The Shanghai Composite Index was last down 0.15 per cent, having flitted in and out of the red. Australian stocks lost 0.25 per cent and Japan's Nikkei shed 0.1 per cent.

Oil Prices

Oil prices were steady on Wednesday on hopes that increased Chinese spending would stem an economic slowdown that is showing signs of spreading and has been weighing on financial markets.

International Brent crude oil futures were at $61.49 per barrel, virtually unchanged from their last close. US West Texas Intermediate (WTI) crude futures were at $52.98 per barrel, 3 cents below their last settlement.

(with Reuters input)

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Sectoral gainers and losers on NSE

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

S&P BSE Sensex: Top gainers and losers

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Market at close   The S&P BSE Sensex falls 336 points or 0.92 per cent to settle at 36,108 while NSE's Nifty50 index ended below 10,850 level at 10,831.50, down 91 points or 0.84 per cent.

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Focus on limiting losses than chasing large gains, CLSA cautions investors Investors should focus on "limiting losses rather than chasing large gains" in the Year of the Pig, which will be a roller-coaster year for Hong Kong's stock market, according to brokerage CLSA.   The Year of the Pig, which symbolises hard work and affection, will be upset by "small quarrels and pesky spirits", CSLA said on Wednesday in its annual Feng Shui Index, a tongue-in-cheek financial forecast. READ MORE

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

ITC Q3 net profit rises 4% YoY to Rs 3,209.07 crore FMCG major ITC posted a 3.84 per cent YoY rise in its net profit at Rs 3,209.07 crore for the quarter ended December 31, 2018. It had posted PAT of Rs 3,090.20 crore in the corresponding quarter of last financial year. For the nine months ended on December 31, 2018, the figures stood at Rs 8982.42 crore. Total income from operations for the quarter under review came in at Rs 12,267.65 crore, up 15.79 per cent against Rs 10,594.55 crore in the year-ago period. Read more  

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

BSE Sensex down over 0.5%. Top gainers and losers:

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Stock impact: ITC falls over 1% post Q3 results

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

COMMENT Kotak Securities sees a rate cut soon We expect the RBI to cut rates by 50 bps in 1HCY19 given the muted growth-inflation outlook. The RBI will probably first change its stance to ‘neutral’ in February and follow it up with rate cuts as inflation is expected to stay below 4% until August 2019. The RBI, however, will be watchful of DM monetary policies and crude price movements. While volatile crude oil prices and concerns on fiscal slippage may warrant some caution, the seemingly structurally benign food inflation along with softening growth (in 2HFY19) should help in capping the upside pressures, thereby creating space for the RBI to cut rates by 50 bps in 1HCY19.

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

NEWS ALERT ITC Q3 net profit at Rs 3,209.07 crores vs Rs 3090.20 crores year ago

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Stocks that touched 52-week low COMPANY PRICE() 52 WK LOW CHG() CHG(%) ADITYA BIRLA CAP 89.15 89.10 -1.80 -1.98 DEEPAK FERT. 115.25 113.10 -4.40 -3.68 DILIP BUILDCON 358.85 358.85 -8.80 -2.39 FDC 165.55 161.85 -5.30 -3.10 FORCE MOTORS 1515.00 1503.00 -8.70 -0.57 » More on 52 Week Low

MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

INTERIM BUDGET EXPECTATIONS Motilal Oswal Institutional Equities Although the full budget later this year will hold more significance (as the numbers may change with the new government), the forthcoming interim budget may well offer a glimpse of what lies ahead as market participants seek answers to some crucial questions: Will the government increase rural spending and turn populist? Will such populist spending be an annual occurrence or a one-time event? Will the salaried class enjoy any relaxation or will the large companies see lower corporate tax rates at 25%? What would happen to the capital spending of the central government? Will politics of the day allow the center to follow the path of fiscal consolidation?

First Published: Wed, January 23 2019. 08:18 IST
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MARKET WRAP: Sensex falls 336 points as ITC slips 5% following Q3 results

Among sectors, the Nifty FMCG index was the top loser of the day, falling 1.69 per cent weighed by ITC and United Spirits.

The benchmark indices settled nearly 1 per cent lower on Wednesday led by a selloff in shares of fast-moving consumer goods (FMCG) major ITC.

The S&P BSE Sensex fell 336 points or 0.92 per cent to settle at 36,108 while NSE's Nifty50 index ended below 10,850 level at 10,831.50, down 91 points or 0.84 per cent.

Among sectors, the Nifty FMCG index was the top loser of the day, falling 1.69 per cent weighed by ITC and United Spirits.

In the broader market, S&P BSE MidCap index fell 42 points or 0.28 per cent at 14,883, while S&P BSE SmallCap index ended at 14,309, down 22 points or 0.16 per cent.

Buzzing Stocks

Shares of ITC fell 4.75 per cent lower at Rs 276 on the National Stock Exchange (NSE) even as the company posted a 3.84 per cent year-on-year (YoY) rise in its net profit at Rs 3,209.07 crore for the quarter ended December 31, 2018. It had posted PAT of Rs 3,090.20 crore in the corresponding quarter of last financial year.

Shares of Wipro hit a near two-decade high of Rs 355.45 apiece in intra-day trade, gaining 2 per cent on the BSE, as analysts expect the company to post better revenue growth in FY20 led by continued momentum in large deal wins, robust digital growth and continued growth in BFSI (banking, financial services and insurance) and other verticals. The stock of IT services firm was trading at its highest level since March 8, 2000. The stock eventually settled at Rs 351.20, up 1.37 per cent.
 
Global Markets

Asian stocks trod water on Wednesday as concerns over the outlook for global economic growth and the ongoing Sino-US trade war kept investors away from riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent, stalling after climbing to a seven-week high on Monday. The Shanghai Composite Index was last down 0.15 per cent, having flitted in and out of the red. Australian stocks lost 0.25 per cent and Japan's Nikkei shed 0.1 per cent.

Oil Prices

Oil prices were steady on Wednesday on hopes that increased Chinese spending would stem an economic slowdown that is showing signs of spreading and has been weighing on financial markets.

International Brent crude oil futures were at $61.49 per barrel, virtually unchanged from their last close. US West Texas Intermediate (WTI) crude futures were at $52.98 per barrel, 3 cents below their last settlement.

(with Reuters input)

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