• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney Invest Now master your money
Moneycontrol

Home » News » Markets » Local Markets

Feb 15, 2017, 02.04 PM | Source: Moneycontrol.com

Sensex extends losses, Midcap sinks over 1%; Nestle in focus

Nestle India shares fell nearly a percent ahead of earnings. The packaged food maker's fourth quarter earnings are expected to good year-on-year due to low base but sequential performance may be impacted by demonetisation.

Like this story, share it with millions of investors on M3

Sensex extends losses, Midcap sinks over 1%; Nestle in focus

Nestle India shares fell nearly a percent ahead of earnings. The packaged food maker's fourth quarter earnings are expected to good year-on-year due to low base but sequential performance may be impacted by demonetisation.

Post Your Comments

Share Cancel

13:00
Moneycontrol Bureau

1:40 pm Nomura on inflation:
WPI inflation is expected to rise in the next three months and is likely to average around 4.4 percent in 2017, much higher than 2 percent in 2016, says a Nomura report.

India's WPI inflation rose to a 30-month high of 5.2 percent in January from 3.4 percent in December. WPI inflation, which reflects the annual rate of price rise, has risen for the second straight month, notwithstanding the cash crunch following demonetisation.

"The (WPI) acceleration was entirely supply-push led by higher commodity prices rather than demand-pull; but it also suggests rising pressure on profit margins," Nomura India chief economist Sonal Varma said in the note.

1:20 pm Mining auction: Government has chalked out a plan to put as many as 280 mines with a mineral wealth of over Rs 10 lakh crore to auction in the next fiscal, a senior official said.

"The 280 mines planned for auction next fiscal have the mineral wealth of over Rs 10 lakh crore. Besides, there are 83 mines under litigation," Mines Secretary Balvinder Kumar told reporters here.

He said that the auction of the 83 mines under litigation depend upon the outcome of legal process.

Kumar also told that soon the drone technology will be used for preparing topography maps and inspection of mines.

Also read - When Jhunjhunwala grilled Tata Motors on its hedging policy

1:00 pm Market check

The market extended losses in afternoon trade, weighed by auto, metals, infra and select banks stocks after pricing in quarterly earnings.

Market valuations are slightly beyond comfort and with no big macro events lined up, a runaway rally is unlikely, says Mahesh Patil of Birla Sun Life AMC. He feels it is better to wait-and-watch on investments as earnings recovery is likely to be slow and the implementation of Goods and Services Tax (GST) is round the corner.

The 30-share BSE Sensex slipped 196.80 points or 0.69 percent to 28142.51 and the 50-share NSE Nifty fell 66.60 points or 0.76 percent to 8725.70.

The fall in broader markets was more compared with benchmarks. The BSE Midcap index shed 1.3 percent and Smallcap lost 1.5 percent on weak breadth.

About four shares declined for every share rising on bourses.

Nestle India shares fell nearly a percent ahead of earnings later today. The packaged food maker's fourth quarter earnings are expected to good year-on-year due to low base but sequential performance may be impacted by demonetisation. Profit is seen rising 24 percent year-on-year to Rs 227.5 crore and revenue may increase 15.5 percent to Rs 2,263 crore in the quarter ended December 2016, according to average of estimates of analysts polled by CNBC-TV18.

Tata Motors fell further, down nearly 10 percent as hedging losses are likely to continue for next 3-4 quarters. Edelweiss downgraded the stock to hold from buy, with reduced target price at Rs 501 (from Rs 604) after lowering FY17/18 EBIDTA estimates by 35/25 percent to Rs 29,500/38,500 crore to reflect weaker margins.

ICICI Bank, Sun Pharma, Infosys, Maruti Suzuki, Adani Ports and Tata Steel were down 1-4 percent while HDFC Bank, ITC, Reliance Industries and HDFC continued to support the market, up 0.3-0.9 percent.

12:00
The BSE Midcap and Smallcap indices plunged 1 percent each on weak breadth. About three shares declined for every share rising on the exchange.

Read More »

11:00
The broader markets also lost ground, with the BSE Midcap and Smallcap indices falling 0.4 percent and 0.6 percent, respectively. More than two shares declined for every share rising on the exchange.

Read More »

10:00
Sun Pharma was also down more than 3 percent after earnings missed analysts' expectations. Nomura cut FY17 earnings estimates for the company by 9 percent, FY18 by 5 percent & FY19 by 3 percent. It sees 11 percent revenue growth & 10 percent earnings growth over next 2 years.

Read More »

09:15
Adani Ports, ITC, Infosys, Larsen & Toubro, ONGC, Tech Mahindra and Grasim were early gainers while Tata Motors tanked 7.5 percent after CLSA downgraded the stock to sell from buy due to weak earnings.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Sensex extends losses, Midcap sinks over 1%; Nestle in focus

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login