Sensex, Nifty Off Record Highs As RIL, Private Banks Drag
Nifty futures on Singapore Exchange was little changed indicating a quiet start for Indian shares.
Closing Bell
Indian equity benchmarks came off record highs weighed down by losses in Kotak Mahindra Bank, Reliance Industries, HDFC and Infosys. Meanwhile, investors also lightened their positions going into big events like Union Budget 2018-19 and last Federal Reserve policy decision with Janet Yellen at the helm.
"There are two events - Fed meet and Budget and that is why investors are lightening their positions," said AK Prabahkar, head of research at IDBI Capital Markets.
The S&P BSE Sensex fell 0.69 percent or 249.52 points to 36,033.73 and the NSE Nifty 50 Index declined 0.73 percent or 80.75 points to 11,049.65.
The mid-cap and small-cap indies also moved lower as the S&P BSE MidCap Index declined 0.67 percent and the S&P BSE SmallCap Index fell 1.3 percent.
Seventeen out of 19 sector gauges compiled by BSE ended lower weighed down by the S&P BSE Consumer Durables Index's 1.7 percent drop. On the other hand, the S&P BSE Oil & Gas Index was the top sectoral gainer, up 1.16 percent.
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Reliance Power Posts Marginal Rise In Q3 Net Profit
Shares of the Mumbai-based power generation company were trading 0.85 percent higher at Rs 47.20 after it reported October-December quarter earnings.
Key earnings highlights:
- Net profit at Rs 280 crore versus Bloomberg estimate of Rs 336 crore (YoY).
- Net profit up 1.6 percent at Rs 280 crore versus Rs 275.70 crore (YoY).
- Revenue at Rs 2,490 crore versus Bloomberg estimate of Rs 2,670 crore (YoY).
- EBITDA up 3.6 percent at Rs 1,195.8 crore versus Rs 1,154.5 crore (YoY).
- Margin at 47.9 percent versus 41.6 percent (YoY).
eClerx Services Falls As Profit Misses Estimates In Q3
Shares of the Mumbai-based data analytics service provider fell as much as 3.28 percent to Rs 1,535 after its profit missed consensus estimates compiled by Bloomberg.
Key earnings highlights:
- Net profit at Rs 57.5 crore versus Bloomberg estimate of Rs 75.8 crore.
- Net profit down 33 percent at Rs 57.5 crore versus Rs 86 crore (YoY).
- Revenue at Rs 340 crore versus Bloomberg estimate of Rs 331 crore (YoY).
Indian Oil Surges Most In Over Three Months On Q3 Beat
Shares of the country's largest oil marketer rose over 5 percent, the most in over three months, to Rs 419.80, also its highest level since Nov. 2 after it beat consensus estimates compiled by Bloomberg.
Key earnings highlights:
- Revenue up 22.19 percent at Rs 1,10,667 crore versus Rs 90,567 crore (QoQ).
- Net profit up 113 percent at Rs 7,883 crore versus Rs 3,696 crore (QoQ).
- EBITDA up 80 percent at Rs 13,269 crore versus Rs 7,373 crore (QoQ).
- Other income up 68 percent to Rs 1,353 crore.
- EBITDA margin at 11.99 percent versus 8.14 percent (QoQ).
- Gross refining margin at $12.3 per barrel versus $8 per barrel (QoQ).
- Inventory gains of Rs 6,301 crore versus Rs 783 crore (QoQ).
