Sensex today: Bharti Airtel, TCS shine; index slips 115 points on profit-booking
Sensex today: Bharti Airtel, TCS shine; index slips 115 points on profit-booking
Sensex today: The benchmark indices settled lower on Wednesday , paring gains of nearly 5 per cent so far this month, as investors booked profits amid weakened global sentiment. Asian markets came under pressure after on Wall Street Dow Jones tanked over 400 points overnight. A rise in US bond yields above the 3 per cent threshold and warnings from bellwether US companies of higher costs are driving fears that corporate earnings growth may peak soon.
The Sensex ended at 34,501 down 115.37 points, while the broader Nifty50 settled at 10,570, down 43.80 points. In the broader market, the BSE Midcap and the BSE Smallcap indices remained little changed.
Overseas, world shares were on their longest losing streak of the year on Wednesday, as a rise in US bond yields above 3 per cent and warnings from top global firms about rising costs fed fears a boom in earnings may have peaked.
The pan-European STOXX 600 equity index was last down 0.6 per cent, as worries over rising bond yields trumped a slew of well-received earnings updates from Kering and Credit Suisse.
S&P E-mini futures ESc1 slipped 0.2 per cent too. Wall Street shares had skidded on Wednesday, with the S&P 500 slumping 1.34 per cent, the most in two-and-a-half weeks.
Meanwhile, oil prices slipped back from near 3-1/2-year highs as talks between US President Donald Trump and French President Emmanuel Macron eased concerns Washington may reinstate sanctions against Iran. Brent fetched $73.77 a barrel, little changed on the day. On Tuesday it rose to $75.47, its highest since November 2014. West Texas Intermediate (WTI) crude traded flat at $67.66.
On Tuesday, Sensex rallied 165.87 to settle at 34,616.64 and the Nifty ended 29.65 points higher at 10,614.35. Foreign institutional investors sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore, provisional data with the exchanges showed.
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Anand James, Chief Market Strategist, Geojit Financial Services
Global volatility led by high bond yields in the US attracted some profit booking in the domestic markets, a day prior to the F&O expiry. Rupee hitting a 14 month low against the backdrop of persistent selling by the FIIs and the rollover numbers languishing at an eight month low figure added to the weakness in the domestic indices. But, healthier Q4 earnings numbers, continuing buying interest seen in the IT sector and marginal easing in oil prices guarded the key support levels in the benchmark indices.
Sensex Heatmap at Open
Source: BSE
5 Rakesh Jhunjhunwala stocks that gave over 100% returns
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Markets at Close
The Sensex ended at 34,501 down 115.37 points, while the broader Nifty50 settled at 10,570, down 43.80 points. In the broader market, the BSE Midcap and the BSE Smallcap indices remained little changed.
NBCC share price soars 6% on 1:1 stock split; all details here
The NBCC share price of this state-owned company jumped by nearly 6% on exchanges, after the company adjusted it’s stock price for sub-division of face value. The company’s stock touched an intra-day high of Rs 109.25 crore in early opening on Wednesday following the development. At around 1241 hours, NBCC share price was trading at 106.80 per piece on BSE, higher by 3.49%.
NBCC on February 13, had recommended splitting of their equity shares of Rs 2 each into two having face value of Rs 1 each. The date for 1:1 stock split was held on April 26 which is today.
Wipro Q4 FY18 results preview: Announcement post market hours; key things to watch out for
Wipro Q4 FY18 results preview: IT major is scheduled to report its March quarter results later in the day post market hours with analysts expecting 1 per cent to 2 per cent growth in revenues in constant currency (CC) terms. In the previous quarter, Wipro guidance was for 1 per cent to 3 per cent QoQ constant currency growth for Q4 FY18. Street will keep an eye on client-specific issues, growth in digital business, and the guidance that the management provides for the June quarter of financial year 2018-19. Wipro results will come in the wake of the big 2 making their results announcements earlier, namely Infosys and TCS.
Wipro had posted 11.85 per cent quarter-on-quarter fall in consolidated net profit at Rs 1930.10 crore for the quarter ended December 31, 2017. Meanwhile, Wipro share price was trading 2 per cent higher at Rs 293.95 in Wednesday's trade ahead of Q4 FY18 results. According to Motilal Oswal Securities, the stock is trading at 15.1 tims its FY19E and 13.4 times FY20E earnings.
Hot Stocks! Five stocks that buzzed in today's trade
Bharti Airtel share price rallied over 5 per cent after the company's March quarter earnings came in better than expected. The telecom major may have reported its lowest quarterly net profit in at least 15 years, losses were not as steep as were expected as analysts estimated the company to report net loss for first time ever. Reacting to the results, the stock gained as much as 5.14 per cent to hit its intraday high of Rs 427 on the BSE. Global brokerage Nomura maintained its buy rating on the stock with a target price of Rs 505 per share.
Nifty Metal Index
The Nifty metal index fell 1 per cent, after gaining 7.8 per cent in the past month on rising global prices. Vedanta and Hindalco Industries declined over 1.5 per cent each.
Sectoral trend
All but two sectors were trading in red.
Source: NSE
Bharti Airtel Q4FY18: 5 key takeaways from financial performance
Bharti Airtel posted yet another disappointing quarter by reporting nearly 78% decline in consolidated net income to Rs 83 crore as on March 2018, compared to net income of Rs 373 crore a year ago same period. This down trend was seen in top-line also, with consolidated revenue coming at Rs 19,634 crore de-grew 5.4% Y-o-Y.
Gopal Vittal, MD and CEO, India & South Asia said, “Airtel continued to consolidate its leadership position this quarter. Our strategic investments in data capacities, innovative digital content through Airtel TV, customer friendly bundles and upgrade programs led to the highest ever mobile data customer additions of 15 Mn during the quarter. Usage parameters remained robust– on a YOY basis, we saw data and voice traffic grow 584% and 55% respectively.”
Bharti Airtel top gainer
Bharti Airtel share price rallied over 2 per cent to Rs 419.70 on the BSE after the telecom major reported its lowest quarterly net profit in at least 14 years, as competition with free voice calls and dirt-cheap data tariffs from new entrant Reliance Jio ate into its margins. Losses were not as steep as was expected by analysts that reflected on the stock price.
Sensex Heatmap at Open
Source: BSE
Markets at Open
At 9:18 am, the Sensex was trading at 34,569 down 47.03 points, while the broader Nifty50 was ruling at 10,597, down 16.80 points. In the broader market, the BSE Midcap and the BSE Smallcap indices remained little changed.
Stocks in News
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- ZensarTech: 4Q net income 726.5m rupees vs estimate 697.3m estimate, stock split
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The benchmark indices traded strong on Tuesday thanks to smart gains in index heavyweights Reliance Industries and YES Bank, which rallied 3 per cent each. Positive trade in European markets also contributed to the gains. The Sensex ended at 34,616, up 165.87 points, while the broader Nifty50 closed at 10,614, up 29.65 points.
In the broader market, the BSE Midcap remained unchanged, while BSE Smallcap indices gained 0.1 per cent. Market breadth, indicating the overall health of the market turned negative. On the BSE, 1,483 stocks declined, 1,188 stocks rallied, while 146 stocks remained unchanged.
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