May 22, 2013, 03.03 PM IST
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.
02:40pm 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.
02:20pm Telecom major Bharti Airtel extended gains, rising more than 2 percent.
Cigarette firm ITC too is supportive, advancing over one 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.
Oil saw a downtick after five sessions of holding up with brent at USD103.5. Precious metals were in focus again with gold falling 1.3 percent and silver down 2.7 percent.
Equity benchmarks remained firm since early trade. The NSE Nifty gained 10 points to 6,124. Housing finance major HDFC and private oil & gas company Reliance Industries declined 0.5 percent each.
BSE Sensex was trading firm tracking positive regional equities. Asian shares were trading in green while US markets ended at fresh record highs ahead of the Fed meet today. Bank of Japan kept policy rates unchanged.
The Sensex is up 105.02 points at 20216.63, and the Nifty is up 32.50 points at 6146.60.
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