A volatile market ended with the Sensex gaining 84 points at 17,707 while Nifty closed 33 points higher at 5368.
Anil Ambani group companies saw a good rally in the last last hour of the day. Reliance Capital closed the day 9.7 percent higher at Rs 411.40, Reliance Communication closed 2.6 percent higher at Rs 93.30, Reliance Infra was up 7.7 percent at Rs 593.95 while Reliance Power closed the day 3 percent higher at Rs 101.65.
Bharti Airtel announced its results earlier in the day which were sharply lower than market expectation. The stock closed the day 6.5 percent lower at Rs 354.
ONGC also announced its results which were higher than market estimates on account of a higher than expected reversal of royalties, the stock closed the day 1.3 percent lower at Rs 282.95.
Thomas Cook closed the day frozen at the 20 percent upper circuit at Rs 53.85 after the company confirmed that there has been inquiries for its sale.
ICICI Bank closed the day 2 percent lower as Temasek sold 1.4 percent of its holding in the company.
Manappuram Finance closed the day 9.5 percent higher at Rs 49.40 after the management acknowledged its mistakes in taking public deposits in the sole proprietary company owned by its Vice Chairman.
ONGC profit at Rs 6,741 crore beats estimates, stock down 1.5%
2.50 p.m: ONGC announced a net profit of Rs 6,741 crore against market expectation of Rs 6,150 crore. However, the higher profit was on account of a royalty reversal of Rs 3,142 crore against market expectation of Rs 2,500 crore. The stock has reacted by falling by nearly 1.5 percent.
Meanwhile markets are trading near the day’s low with Sensex trading at 17,641 up 19 points while Nifty trades at 5345 up 10 points.
Bharti continues to be the biggest loser among frontline stocks falling by 6.2 percent to Rs 355, ICICI Bank trades 2 percent lower after a stake sale by Temasek while Tata Steel is down 1.6 percent at Rs 444 after BHP Billiton announced poor results.
Bharti Airtel falls 7% on poor results
2.15 p.m: Market fell sharply led by Tata Steel as BHP Billiton announced a poor set of numbers. The mining giant maintains that offtake remain low and volatility will continue in metal prices. Tata Steel has slipped by 1.6 percent to Rs 445.
Bharti Airtel meanwhile has fallen by 7 percent to Rs 353 as analyst voice their surprise on lower than expected numbers. Analysts have lowered their estimates for the company’s profit for the current fiscal.
Sensex gains 175 pts as Europe opens higher
1.45 p.m: Markets have moved sharply higher after European markets opened over 1 percent higher on hopes of the Greeks agreeing to further austerity measures.
Sensex presently trades at 17783 up 160 points while Nifty is at 5388 up 53 points.
Metals stocks have moved further up with Hindalco trading at Rs 158.70 a gain of 3.25 percent, JSW Steel is up 2.5 percent at Rs 761.05.
TCS is up 2 percent ahead of a press conference at 3.00 p.m where the company will be announcing a joint venture with a Japanese firm.
Thomas Cook up for sale, stock hits upper circuit
1.00 p.m: Markets have slipped from the high of the day with Sensex trading at 17716 a gain of 94 points, while Nifty trades at 5366 up 30 points.
Bharti Airtel has slipped further and trades near the day’s low at Rs 355 down 6.15 percent after posting a poor set of numbers.
Metal stocks continue to trade higher with Hindalco trading at Rs 157.70 a gain of 2.6 percent, JSW Steel has gained 2 percent at Rs 757.70 while Tata Steel is up 1 percent at Rs 455.5. Metal stocks have gained on account of higher international prices on hopes of a global recovery.
Thomas Cook has hit the upper circuit at Rs 53.85 up 20 percent on news of the company getting inquiries for sale of the Indian business operations.
Reliance 2% gain pushes Sensex up 150 pts
11.30 p.m: Markets have moved higher with Sensex rising by almost 150 points to 17,773 while Nifty trades at 5382 at gain of 47 points.
Reliance has moved up smartly by 2 percent on news of the company’s infrastructure being used by airline company Kingfisher to import aviation fuel. On Tuesday Goldman Sachs, had upgraded the company on hopes of rising refining margins. The stock presently trades at 860.
Among the other bigger gainers are metal stocks with Hindalco gaining 3.5 percent at Rs 159, Tata Steel gaining 2.20 percent at Rs 461.25 while Sterlite is up 1.5 percent at Rs 124.25. Metal as a commodity has been rising in the international markets on hopes of a global recovery.
Manappuram Finance gains 6% as it rectifies mistakes
10.30 a.m: Manappuram Finance has gained 5.5 percent after the company management accepted its fault of raising public deposits through a sole proprietary company and agreed to take remedial action by returning the deposits. The stock which hit the 20 percent lower circuit on Tuesday is presently trading at Rs 48.
Bharti Airtel has slipped further after announcing its results which were substantially lower than market expectation. The stock trades at Rs 360.40 down nearly 5 percent.
Sensex meanwhile has shot up and presently trades at 17,716 a gain of 94 points while Nifty trades at 5363 up 28 points.
ICICI Bank trades 1.4 percent lower at Rs 924 as Temasek has announced selling a stake in the company.
Airtel down nearly 4% on lower-than-expected Q3 results
9.30 a.m: Markets have opened flat in line with global markets with BSE Sensex trading at 17,658 up by 36 points while NSE Nifty trades at 5337 up 2 points.
Bharti Airtel announced a surprisingly lower than expected profit numbers. Against an expectation of Rs 1360 crore the company announced a profit of Rs 1,011 crore. Lower than expected numbers are on account of higher tax provision. The stock trades 3.6 percent lower at Rs 365. The company has also said that it is through with most of the capital expenditure in Africa.
Reuters
Manappuram Finance trades 8.5 percent higher after the stock hit the lower circuit on Tuesday. Presently the stock trades at Rs 49.
TCS trades 2.2 percent higher on news of the company tying up with a Japanese firm for accessing business in the country. The stock currently trades at Rs 1225.
M&M trades 1 percent lower after the company announced its results. It currently trades at Rs 681 down 1.2 percent.
ICICI Bank trades 2.2 percent lower on news of Temasek Holding’s arm selling 1.3 percent stake in the bank.
Airline stocks are trading lwoer a day after the Empowered group of ministers allowed import of ATF by the airline companies. Jet Airways trades 1.16 percent lower at Rs 336.50 and Kingfisher trades 1.3 percent lower at Rs 28.75.