Sensex, Nifty end lower; BHEL up 3%, Tata Motors slips 2%

Neaton

Editor

posted on 9 years ago — updated on 1 second ago

31
views

The Sensex was down 112.47 points at 27531.41 and the Nifty ended down 30.90 points at 8339.35.

Mumbai: On a corporate earnings heavy day, the market ended lower. The market was also under pressure ahead of the May F&O expiry on Thursday.

The Sensex was down 112.47 points at 27531.41 and the Nifty ended down 30.90 points at 8339.35. Anish Damania Head-Institutional Equities, IDFC Securities says March quarter earnings season was a disappointment and a cyclical recovery will be seen only from the third quarter of this year. He feels there are pockets of recovery, but not well spread.

It will take another two or three quarters for a broad-based recovery. Investors and analysts are also taking a stock of the Narendra Modi’s one year of government. Maverick Samir Arora believes the Modi government has made a lot of progress and earnings growth picks up in the next few years (which may be more than the 10-12 per cent expected by the market, he said) would take care of the stock market performance.

Meanwhile, among the top gainers were Coal India, Hero Motocorp, Bajaj Auto and Maruti. After being under heavy pressure throughout the day, BHEL somersaulted to gain 3 per cent at closing, boosted by better-than-expected March quarter results.

It posted a net profit of Rs 888.4 crore in January-March quarter, down 52 per cent from Rs 1,844.6 crore in year-ago period. Tata Motors lost 2 per cent. It announced March quarter earnings post market hours. It disappointed street on Tuesday with the fourth quarter profit plunging 56.2 per cent year-on-year to Rs 1,716.5 crore, impacted by higher depreciation.

ONGC, Vedanta, NTPC and Dr Reddy's Labs were other losers in the Sensex. Surprise of the pack was Dish TV which gained 14 per cent, buoyed by its first-ever profitable quarter. Its Q4 profit was at Rs 35 crore against loss of Rs 149 crore in the year-ago period. Better-than-expected subscription revenue drove as it climbed 24.4 per cent on yearly basis to Rs 682.8 crore in Q4FY15.

Meawhile, new kid in the block PNC Infratech listed on the bourses at 2 per cent premium but soon lost steam. It closed at Rs 360.20, down 5 per cent from its opening price at Rs 381 per share. About 1159 shares advanced, 1501 shares declined, and 173 shares were unchanged.