BSE Sensex down, BHEL extends fall

Reuters Market Eye - The BSE Sensex falls 0.38 percent, and the 50-share NSE index <.NSEI> also down 0.4 percent.

Jain Irrigation Systems Ltd fall 8.6 percent a day after the company reported a net loss of 311.7 million rupees in December quarter.

Jain Irrigation's business model has been "plagued" with two key issues over 12-18 months such as delayed government receivables and increasing leverage, brokerage IDFC said in a note.

Jubilant Foodworks Ltd shares fall 7.8 percent, after its December quarter same store sales grew by 16 percent versus expectations of 20 percent.

Bharat Heavy Electricals shares down 2.6 percent, extending fall after its October-December earnings on Friday disappointed investors.

 

However, Oil and Natural Gas Corp Ltd shares gain 0.6 percent after Morgan Stanley raised its rating to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

(Reporting by Manoj Dharra)