Engineering and construction major Larsen and Toubro plunged nearly 8 percent post Q1 earnings. Sesa Sterlite and IDFC declined 2-3 percent on weak earnings in June quarater. HUL, Sun Pharma, BHEL, Ambuja Cements and DLF lost 0.4-1.3 percent.
Experts advise buying on such dips as they continued to be positive on Indian equity market on account of improvement in economic data and hopes of proper implementation of Budget announcements.
Hindustan Unilever surged 4 percent after reporting stellar performance in Q1FY15. HUL surpassed street expectations on every parameter with the first quarter (April-June) net profit growing 3.7 percent year-on-year at Rs 1,056.9 crore driven by strong revenue and operating performance. Profit in the year-ago period was Rs 1,019.3 crore.
Major largecaps like Reliance Industries, ICICI Bank, HDFC, TCS and Tata Motors tumbled more than 1.5 percent followed by ITC, HDFC Bank and ONGC with over 0.5 percent. Coal India kept its top position in the selling list, down 3 percent.
Realty major DLF and top coal mining company Coal India plunged 3.5 percent each followed by Reliance Industries, ICICI Bank, TCS, Kotak Mahindra Bank, Sesa Sterlite and Bajaj Auto with 1-1.6 percent.
Coal India topped the selling list, falling 2.6 percent followed by Reliance Industries, HDFC, TCS and Bajaj Auto with over a percent. ICICI Bank, HDFC Bank, ITC, Sun Pharma, Hindalco, Tata Steel and ONGC declined 0.3-0.9 percent.
Axis Bank rallied 2.5 percent post the stock's face value adjusted for 5:1 ratio. Punjab National Bank and Cairn India gained 2 percent each followed by HCL Technologies, Tata Motors, BHEL, Tata Motors, MM and SBI with 1-1.7 percent.
Asian markets remained positive with the Shanghai rising 2 percent and Nikkei Hang Seng gaining 0.5-1 percent.
Broader markets came under selling pressure as earnings reported by some of the major firms in the space did not match the recently appreciated stock valuations
Experts turned cautious especially post Thursdayâs record high. Hence, they see further profit booking in the market, at least in the beginning of next week followed by some consolidation.
Sun Pharma was up 4 percent while HUL, HDFC, Hero MotoCorp and Dr Reddy's Labs were up 1-2 percent. Tata Motors tanked 6 percent and Wipro slipped 5 percent. BHEL, Hindalco and Tata Power were laggards in the Sensex.
Sun Pharma is up 3 percent while HUL, HDFC, Dr Reddy's Labs and MM are top gainers in the Sensex. Among the losers are BHEL, Wipro, Hindalco, Reliance and Sesa Sterlite.
Hindustan Unilever, Sun Pharma, HDFC, Mahindra Mahindra, Maruti Suzuki and Hero Motocorp bucked the trend, up 1-3 percent.
HUL, Sun Pharma, HDFC, MM and Maruti are top gainers in the Sensex. Among the losers are Wipro, BHEL, Hindalco, Tata Motors and Sesa Sterlite.
Technology stocks remained under pressure with the Wipro falling 6 percent post reporting lower than expected margin and dollar revenue growth. Its rivals TCS and Wipro lost 0.6 percent each.
Asiabridge Fund I LLC sold 5,50,805 shares of Sanghvi Movers.
Lakshon Electronics Pvt Ltd bought 20,49,909 shares of Provogue (India).
Provisions declined at Rs 325.6 crore in first quarter of current financial year compared to Rs 593.9 crore in previous quarter and Rs 368.1 crore in corresponding quarter of last fiscal that helped the bottomline. Provision coverage ratio stood at 57.56 percent as on June 30, said the bank in its filing.
Macquarie maintains outperform with a target of Rs 835 per share. The brokerage expects emerging markets strong growth momentum to continue and is hoping the US markets to pick up in second half, which was subdued due to lack of approvals in Q1FY15.
JP Morgan also maintains neutral with target price at Rs 230 as asset quality has sharply deteriorated on monsoons. It adds that problems in the agriculture sector are likely to accentuate in the near term, given recent crop failures in Maharashtra and MP and errant rainfalls.
The company had reported a net profit of Rs 4.96 crore during the same period last year. Net interest income grew by 41 percent at Rs 89 crore from Rs 63 crore last year, the company said in a release issued today.
Here are a few top buzzing stocks picked by CNBC-TV18's analysts in trade today - Wipro, MM Financial, TVS Motors and a few stocks from the earnings aspect - PI Industries, Bayer Cropscience and Century Enka.
Morgan Stanley is underweight on the stock as it thinks Wipro is pricing in steep recovery in dollar revenue growth over the next two years, despite current growth still below that of peers and the industry. The brokerage expects dollar revenue growth to stay below peersâ at 10 percent/12.5 percent year-on-year in FY15/FY16.
HDFC Mutual Fund bought 2,00,000 shares of Centum Electronics.
On July 24, 2014 SBI Mutual Fund -024 - MBAL bought 5,52,000 shares of Sanghvi Movers at Rs 164.98.
HDFC Mutual Fund bought 8,78,918 shares of Gammon India at Rs 27.50 on the BSE and 76,21,000 shares at Rs 27.30 on the NSE.
Revenue grew 31 percent on yearly basis to Rs 2,305.4 crore during April-June quarter on account of strong sales volumes. Total two-wheeler sales of the company grew by 22 percent to 5.59 lakh units in the quarter ended June 2014, increasing from 4.60 lakh units in the corresponding quarter of the previous year.
Abu Dabhi-based energy company, TAQA has withdrawn from the agreement to acquire company's two hydro power projects in Himachal Pradesh for Rs 10,500 crore.
Macquarie has a neutral rating on the stock with lower target of Rs 865 from Rs 931. "We remain positive on the fundamentals of the company and believe a revival in captive cycle could lift earnings. However we believe the earnings revival is built the current price," it said.
After inspecting the companyâs active pharmaceutical ingredients (APIs) manufacturing unit at Raltam, US Food and Drug Administration (US FDA) has raised some concerns in Form 483. Hence the drug manufacturer will suspend shipments to the US markets till the issue is addressed.