Indices extend losses; Nifty holds 18,300 level
Published on Oct 20, 2021 13:33
The benchmark indices further extended losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 309.75 points or 0.50% at 61,406.30. The Nifty 50 index lost 112.20 points or 0.61% at 18,306.55.
Reliance Industries (RIL) (down 1.11%), Housing Development Finance Corporation (HDFC) (down 1.39%) and HDFC Bank (down 0.89%) were major drags.
The broader market tumbled. The S&P BSE Mid-Cap index slipped 1.59%. The S&P BSE Small-Cap index shed 1.98%.
Sellers outnumbered buyers. On the BSE, 919 shares rose and 2,292 shares fell. A total of 137 shares were unchanged.
Gainers & Losers:
Bharti Airtel (up 4.01%), State Bank of India (SBI) (up 2.76%), Axis Bank (up 1.32%), Tech Mahindra (up 1.18%) and Adani Ports & Special Economic Zones (APSEZ) (up 0.98%) were major gainers in Nifty 50 index.
Hindalco Industries (down 3.51%), Bharat Petroleum Corporation (BPCL) (down 2.66%), Indian Oil Corporation (IOCL) (down 2.35%), Coal India (down 2.28%) and Eicher Motors (down 2.11%) were major losers in Nifty 50 index.
Nestle India fell 0.82%. The company`s net profit rose 5.16% to Rs 617.37 crore on 9.63% increase in net sales to Rs 3,864.97 crore in Q3 September 2021 over Q3 September 2020. In overall terms, the third quarter saw strong high single digit volume & mix growth in domestic sales, the company said.
L&T Technology Services declined 2.70%. The company`s consolidated net income rose 6.4% to Rs 230 crore on 5.9% increase in revenue to Rs 1,607.70 crore in Q2 September 2021 over Q1 June 2021. The company raised FY22 USD revenue growth guidance to 19-20%.
ACC lost 0.08%. The cement maker`s consolidated profit after tax rose 24% to Rs 450 crore on 5.33% increase in net sales to Rs 3,653 crore in Q2 September 2021 over Q2 September 2020.
Shares in Europe and Asia were mixed on Wednesday, as investors digested a slew of corporate earnings.
China on Wednesday kept the one-year loan prime rate (LPR) unchanged at 3.85% while the five-year LPR was also held steady at 4.65%.
U.S. stocks climbed on Tuesday as major companies continued to report strong third-quarter earnings, easing concerns that persistent COVID-19 cases and rising costs would derail corporate America`s profit recovery.
The International Monetary Fund (IMF) on Tuesday downgraded its 2021 economic growth forecast for Asia after the highly infectious COVID-19 delta variant caused a spike in cases in parts of the region. The IMF said it expects Asia`s economy to grow by 6.5% in 2021, compared with its April forecast for a 7.6% expansion. The region`s growth will be led by China and India, the fund added.
The IMF expects China to grow 8% this year and India by 9.5% in the fiscal year that ends next March.
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