Sensex, Nifty end weak; Tata Power, Tata Steel, SBI up 4-8%

Moneycontrol Bureau

The market remained under pressure to close at lower levels. Corporate earnings of April-June quarter of some companies too were a big led down as the Sensex dragged 87 points  to close  at 18646.30 while Nifty ended at 5519.10 down 23.15 points. About 1242 shares have advanced, 1032 shares declined, and 153 shares are unchanged.

Technology, auto, FMCG stocks dragged during the day while oil & gas, metals and realty stocks were on buyers’ list today.

Smallcap stocks outperformed peers with a gain of over 1 percent from the previous close.

Tata Power, Tata Steel, SBI, Sterlite Industries and Jindal Steel are the top gainers in the Sensex with a surge of 4-8 percent.

Meanwhile, Tata Motors slumped 3 percent. The auto major disappointed street with its standalone performance during April-June quarter, but strong numbers by UK subsidiary Jaguar Land Rover (JLR) salvaged the consolidated performance of the commercial vehicle major.

Consolidated net profit fell 23 percent year-on-year to Rs 1,726 crore while revenues grew by 8 percent on yearly basis to Rs 46,785 crore, despite a weak operating environment in the standalone (domestic) business, growth in volumes, richer product mix and favourable foreign exchange at JLR.

HDFC, TCS, Sun Pharma and ITC were other losers in the Sensex. Lupin ended down 6.50 percent. Its first quarter (April-June) net profit grew higher-than-expected 43 percent year-on-year to Rs 401 crore, but revenues rose lower-than-expected 10 percent on yearly basis to Rs 2,476 crore, sending shares 6 percent lower.

Analysts on an average had expected it to report net profit of Rs 373 crore on revenues of Rs 2,674 crore for the quarter.

Domestic revenues declined to Rs 675.53 crore during the quarter from Rs 681.53 crore in corresponding quarter of last fiscal due to new pricing policy being implemented, but its revenues from international business grew by 14.5 percent Y-o-Y to Rs 1,800.45 crore.