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Godrej Consumer reported net income for the fourth quarter that missed the average analyst estimate.
COMMENTARY AND CONTEXT
India stocks snapped a four-session winning streak, tracking peers across Asia, on concerns that higher inflation in the U.S. may push up interest rates, which could slow dollar-flows into emerging markets.
The S&P BSE Sensex dropped 0.7% to 49,161.81, while the NSE Nifty 50 Index declined 0.6% to 14,850.75. Housing Development Finance Corp. contributed the most to the index decline, decreasing 2.7%. JSW Steel Ltd. had the largest drop, falling 3.2%.
The broader market outperformed their larger peers with the S&P BSE MidCap gaining 0.6% and S&P BSE SmallCap climbing 0.8% at the close.
Ten of the 19 sector sub-indices compiled by BSE Ltd. advanced, led by a gauge of utilities. The S&P BSE Metal saw some profit-booking after the index hit a record on Monday.
Indian oil refiners advance after news agency The Press Trust of India reported companies have raised prices of petrol and diesel for a sixth time in recent weeks, citing price notifications by state-owned fuel retailers.
Bharat Heavy Electricals Ltd. rose 13% after a bunch of large trades.
The company had 14.2 million shares change hands in five large trades, according to Bloomberg data.
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The Indian rupee declined for the first day in four along with equities as stricter lockdowns by states to curb the spread of coronavirus weighed on sentiment. Sovereign bonds trade steady.
Medi Assist Healthcare Services Ltd., a provider of third-party insurance services, plans to sell up to 28 million shares in an initial public offering, according to a document available on issue manager Edelweiss Financial’s website.
Coromandel International Ltd. rose 4.1%. Trading volume was five times the average for this time of day.
Coal India Ltd. rose 5.3%. Trading volume was 11 times the average for this time of day.
Private equity firm Bay Tree India Holdings has sold a 2.1% stake in India’s Yes Bank, reducing its holding by almost a third.
Bay Tree cut its stake in the embattled lender that was the centre of India’s largest financial bailout last year, it said in a statement on Tuesday. It now holds a 5.4% stake after multiple sales in the open market between Jan. 6 to May 6.
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