The market is slipping away, as the Sensex is down 295.90 points or 1 percent at 26930.03. The Nifty is down 85.35 points or 1 percent at 8154.40.
Bharti, Tata Power, HDFC, Coal India and Dr Reddy's Labs are among major laggards while Axis Bank, Vedanta, Cipla, Reliance and ONGC are top gainers in the Sensex.
The rupee pared its initial losses, but was still down by 17 paise at 63.47 against the American currency in late morning trade on sustained bouts of month-end dollar demand from banks and importers amid weak equities. The dollar was lower against its major rivals in early trade over the doubts about the strength of the US economic recovery.
HDFC standalone profit increased 8% year-on-year to Rs 1,862.43 crore in March quarter, impacted by deferred tax liability. The stock is down 2.6%.
Bharti Airtel continues to lose sheen on the bourses after the consolidated net profit fell 12.6% to Rs 1255.3 crore in the March quarter compared with Rs 1436.5 crore in the December quarter. The stock dropped 3.5%
Axis Bank was the top Sensex gainer up over 4% on robust March quarter earnings. The private lender reported an 18% increase in the March quarter net profit at Rs 2,181 crore, driven by a jump in core income.
Shares of Vedanta ( Sesa Sterlite) pared early losses and are up 0.9%. The company posted a steep fall of 72.5% in adjusted profit at Rs 491 crore for the quarter ended March 2015 as compared to profit of Rs 1,788.65 crore in the corresponding period previous year.
IT exporters were trading with losses after lower-than-expected first quarter US GDP data. Most of these companies earn a majority of their revenues from exports to the US. Infosys, TCS and Wipro were down 0.5-0.8% each.
Auto shares were also subdued ahead of their April sales numbers which are due for release from tomorrrow. Tata Motors, M&M, Hero MotoCorp and Bajaj Auto were down 0.7-2% each.
Bharti, Tata Power, HDFC, Coal India and Dr Reddy's Labs are among major laggards while Axis Bank, Vedanta, Cipla, Reliance and ONGC are top gainers in the Sensex.
The rupee pared its initial losses, but was still down by 17 paise at 63.47 against the American currency in late morning trade on sustained bouts of month-end dollar demand from banks and importers amid weak equities. The dollar was lower against its major rivals in early trade over the doubts about the strength of the US economic recovery.
HDFC standalone profit increased 8% year-on-year to Rs 1,862.43 crore in March quarter, impacted by deferred tax liability. The stock is down 2.6%.
Bharti Airtel continues to lose sheen on the bourses after the consolidated net profit fell 12.6% to Rs 1255.3 crore in the March quarter compared with Rs 1436.5 crore in the December quarter. The stock dropped 3.5%
Axis Bank was the top Sensex gainer up over 4% on robust March quarter earnings. The private lender reported an 18% increase in the March quarter net profit at Rs 2,181 crore, driven by a jump in core income.
Shares of Vedanta ( Sesa Sterlite) pared early losses and are up 0.9%. The company posted a steep fall of 72.5% in adjusted profit at Rs 491 crore for the quarter ended March 2015 as compared to profit of Rs 1,788.65 crore in the corresponding period previous year.
IT exporters were trading with losses after lower-than-expected first quarter US GDP data. Most of these companies earn a majority of their revenues from exports to the US. Infosys, TCS and Wipro were down 0.5-0.8% each.
Auto shares were also subdued ahead of their April sales numbers which are due for release from tomorrrow. Tata Motors, M&M, Hero MotoCorp and Bajaj Auto were down 0.7-2% each.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStras also ave liable on linkedin and facebook. Get real time advice for Share Tips , Trading Strategies , Best Intraday Stocks , Stock Tips Free, MCX Trading Tips and all market updates. For 2 Days Free Trial ,Please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
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