The BSE Sensex fell for the second day on Friday led by declines in Bharti Airtel after its December quarter results missed estimates by a wide margin, while ICICI Bank fell on profit booking, after rising 4.65 percent in January.
Bharti Airtel ended down 3 percent, while ICICI Bank ended 1.7 percent lower.
The BSE Sensex closed down 0.57 percent, while the 50-share Nifty ended down 0.59 percent.
Jet Airways was very active in trade, after India's second biggest carrier swung to a quarterly profit on rising fares in an under-serviced market and on lower costs.
Sources say the much-awaited Jet-Etihad deal is likely to be announced today. Top officials from the companies met the finance minister to apprise him on the deal.
Jet fuel prices are hiked by 2 percent, reversing the two month declining trend in rates.
Mumbai-headquartered Marico's consolidated net profit rose by 21.4 percent year-on-year, slightly lower-than-expected and consolidated net sales grew by 10 percent. The stock closed trade up 1.21 percent.
It was a mixed bag so far for auto companies January sales numbers. Maruti total sales dip 1.1 percent to 1.14 lakh units, but M&M sees total sales accelerate 11 percent. Maruti ended up 1.65 percent, while M&M closed up 0.48 percent.
Two-wheeler maker TVS Motor's third quarter net profit slipped 9 percent year-on-year to Rs 52 crore, as costs rose and sales remained sluggish. It’s revenue rose 1.4 percent from a year ago. The stock was up 2.52 percent.
Tata Motors and UltraTech Cement shares briefly dropped as much as 10 percent each, before sharply cutting losses, after a series of shares were sold at lower prices, traders told Reuters.
The block sales took place in the National Stock Exchange (NSE) at much lower prices than either company was trading at at the time, sending the shares crashing and sparking speculation of a freak trade.
An NSE official said the falls appeared to have come from a single broker and the exchange was looking into the matter. The official declined to be identified.
The falls were within the exchange's limits, the official also said.
The pace of fall picked up in the late afternoon trade with benchmarks threatening to topple key psychological levels.
Key equity benchmarks are trading flat giving up gains seen in the morning. At 12.04 hrs IST, the Sensex is down 4.65 points or 0.02% at 19890.33, and the Nifty down 3.00 points or 0.05% at 6031.75.
Mirroring the trend of last few sessions, and led by poor global cues, equity benchmarks opened flat on the last day of the week and first day of a new series. At 09.22 AM, the Sensex gained 48.47 points to trade at 19943.45, and the Nifty rose 11.00 points at 6045.75.
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