Nifty below 6100; Zee Ent down 2% despite good Q4 nos
Equity benchmarks extended losses in late trade. Country's largest private sector lender ICICI Bank and software services exporter Infosys lose steam in afternoon trade.
Live Market Commentary
03:00pm Tech Mahindra came off day's high, gaining 3 percent on profit booking. Shares rallied nearly 8 percent due to strong Q4 earnings.
02:55pm Zee Entertainment shares fell more than 2% despite strong fourth quarter results. Consolidated net profit rose by 12.25 percent year-on-year to Rs 179.6 crore and operating profit margin grew by 670 basis points Y-o-Y to 25.1 percent during the quarter.
The company expects good growth in subscription revenue going forward and sees margins to remain at 25 percent level going ahead.
02:48pm The BSE Sensex shed more than 100 points to 20,008.77 and the Nifty lost 37 points to 6,076.
02:45pm Country's largest private sector lender ICICI Bank and software services exporter Infosys lose steam in afternoon trade.
02:40pm After declaring fourth quarter and full year numbers, Larsen & Toubro's non-executive chairman AM Naik says he expects 20 percent growth in order inflows for FY14.
He also expects a growth of 15-17 percent in revenues and sees margins in the range of 11.5 percent for financial year 2013-14. (Also Read - L&T Q4 disappoints, net down 7% to Rs 1,788cr)
02:32pm Redington's fourth quarter (January-March) consolidated net profit grew by 28 percent quarter-on-quarter to Rs 105 crore and net sales rose by 11 percent Q-o-Q to Rs 6,808 crore. Shares gained more than 1 percent amid large volumes on Bombay Stock Exchange.
02:25pm DLF is the biggest loser among Nifty 50 stocks, declining 6 percent to Rs 226.25.
Larsen and Toubro showed a bit of recovery, falling 4.5 percent. Jaiprakash Associates dropped 4.62 percent.
India Cements and Punj Lloyd are top midcap losers, down 7-8 percent.
02:20pm Telecom major Bharti Airtel extended gains, rising more than 2 percent.
Cigarette firm ITC too is supportive, advancing over one percent.
Oil marketing companies namely BPCL, HPCL and IOC are down between 4 percent and 5 percent.
02:15pm The NSE Nifty fell below the 6100 level, losing 26 points to 6088.
Larsen & Toubro is the leading loser, falling more than 6 percent after disappointing results in fourth quarter.
The BSE Sensex is down 73.48 points to 20,038.13.
02:10pm Sun Pharma surpassed the Rs 1000 level for the first time since listing. It touched a record high of Rs 1,013.70 on National Stock Exchange, gaining more than 3 percent.
02:06pm Oil&gas stocks recover from day's low after the news of export parity pricing scheme will not to be implemented for Q4FY13 under-recoveries.
02:03pm L&T said in a press conference, "The international order inflow constituted 17 percent of total inflow in FY13. The environment remains fairly challenging."
Indian shares retraced from day’s high after the mood was dampened by capital goods major L&T’s quarterly results. The company missed street expectations on all parameters.
At 13.59 hrs IST, the Sensex is up 29.18 points or 0.15% at 20140.79, and the Nifty up 4.75 points or 0.08% at 6118.85. About 941 shares have advanced, 1246 shares declined, and 141 shares are unchanged.
Engineering major Larsen and Toubro (L&T) disappointed the street with the fourth quarter (January-March) net profit falling 6.88 percent year-on-year to Rs 1,788 crore (much lower than expectations), impacted by finance cost. The stock was down over 4 percent.