Sensex volatile; Bharti falls 3% post Q3 results

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The Sensex gained more than 50 points in the early trade and turned choppy. Technology, FMCG, capital goods and index heavyweight Reliance Industries were supporting the market. However, Bharti, ICICI Bank, ONGC and Tata Group companies' shares were under pressure.

The Sensex rose 38 points to 17,660.34 and the Nifty gained 8 points to 5,342.90, supported by a bit of positive Asian cues. Asian markets gained 0.4-1.5%.

Frontliners like TCS, Infosys, HUL, ITC, NTPC, SAIL, Jindal Steel, JP Associates, BHEL, Reliance Power, DLF, Cairn India and IDFC were supporting the market. 

However, shares of India's largest telecom player Bharti tanked 3.5% after reporting less than expected numbers in Q3. Its consolidated net profit fell 1.5% to Rs 1011 crore QoQ and EBITDA margin declined at 32.2% versus 33.7% during the same period.

ICICI Bank fell 1.5% after 1.59 crore shares of the bank changed hands at Rs 924/share via block deal today.

M&M and Reliance Communications too were under pressure.

The CNX Midcap moved up 30 points to 7,385. The market breadth was 3:1 on the National Stock Exchange.

In the second line shares, Bank of Maharashtra shot up 9%. The company is looking to raise funds.

Dena Bank and Syndicate Bank too gained 2.5%. Karnataka Bank was up 1.5%.

JSW Holdings jumped 9% and SKS Microfinance jumped 4.5%.

Shree Renuka and Bajaj Hindusthan were up 3% after sources claimed that EGoM approved additional 1 million tonne of sugar exports.

EGoM cut basmati rice export floor price to USD 700/tonne yesterday. KRBL was up 4% and Kohinoor Foods rose 7%.

Results Reactions - JK Lakshmi Cement moved up 7% on buyback news. GMR Infra lost 2.5%. BILT was down 2.5% and Triveni Engg was down 1%. Manappuram Finance was up 3% and VIP Industries was up 2.5%.