The headlines first -
>> Sensex slides 220 pts ahead of CPI inflation nos; Nifty ends below 11,850-mark;
>> Indian GDP growth may slip further to 5% in FY20, says CLSA;
>> Soon, the burden of dividend tax may shift from companies to investors; reports Bloomberg &
>> Britannia surges 5% as Q2 net profit rises 33% YoY to Rs 403 crore.
News in detail -
Disappointing IIP figures for September, cautiousness ahead of the release of CPI inflation data for October and growing worries over US-China trade deal talks sent the benchmark indices over half a per cent lower on Wednesday. Besides, CLSA's statement that India's GDP may slip to 5 per cent in FY20, too, added to the investors' woes.
The S&P BSE Sensex slid 229 points or 0.57 per cent to end at 40,116 levels while NSE's Nifty50 index slipped below 11,850-mark to end at 11,840, down 73 points or 0.61 per cent.
IT major TCS (up around 4 per cent) emerged as the top gainer on the Sensex while YES Bank (down over 6.50 per cent) was the biggest loser. ICICI Bank, Axis Bank, Infosys, ITC, and SBI were the top contributors to the index's fall.
Sectorally, all the indices on the NSE ended in the red. Media stocks bled the most with the Nifty Media index slipping over 4.53 per cent to 1,793.85 levels. Metal stocks came second on the list.
In the broader market, the S&P BSE MidCap index lost 0.77 per cent to end at 14,660 levels while the S&P BSE SmallCap index closed at 13,344.69, down 153 points or 1.13 per cent.
The buzzing stocks -
Shares of Indian Hotels Company soared 6 per cent to Rs 156 on the BSE on Wednesday after the company reported EBITDA (earnings before interest, tax, depreciation and amortisation) margin improvement of 590 basis points (bps) at 17.7 per cent in September quarter (Q2FY20). EBITDA jumped 57 per cent year-on-year (YoY) to Rs 182 crore during the quarter. Both absolute EBITDA and EBITDA margin was highest in the last 10 years.
Britannia Industries stock surged nearly 6 per cent to Rs 3,298 apiece on the BSE on Wednesday after the company on Monday posted a profit before tax (PBT) of Rs 498 crore for the second quarter ended September 30, 2019 (Q2FY19), up 8.5 per cent when compared with the corresponding period of the previous fiscal. The stock ended around 5 per cent higher at Rs 3,270.25 on the BSE.
Shares of AU Small Finance Bank advanced over 13 per cent to Rs 811 on the BSE, hitting a new high of Rs 814.90 on the BSE on Wednesday on the back of heavy volumes.
Sun TV ended over 11 per cent lower at Rs 470 on the BSE after higher operational expenses dragged the company's consolidated profit before tax (PBT) 26 per cent lower at Rs 400 crore, in September quarter (Q2FY20) on YoY basis.'
In the global markets, Asian stocks and Wall Street futures fell as confusing signals over the extent of progress made in US-China trade talks and concern about intensifying unrest in Hong Kong hurt demand for risky assets.