NEW DELHI: Weak global cues and profit booking ahead of April series F&O expiry halted the position momentum on Dalal Street on Wednesday
Heres a look at the key market movers:-
Spike in Bharti Airtel stock
Telecom major Bharti Airtel ended over 3 per cent higher at Rs 419.80 after it posted better-than-expected results for March quarter. The company on Tuesday reported a 77.79 per cent fall in consolidated net profit at Rs 82.90 crore. The company was expected to report a loss for the quarter under review. The telecom player had posted Rs 373.40 crore profit for the corresponding quarter last year and Rs 305.80 crore for December quarter.
Axis Bank Q4 PAT may fall 88%
The bank, mired in controversies owing to a surge in bad loans and over CEO Shikha Sharmas tenure, is likely to put up a dismal show, said analysts. Brokerage Centrum Wealth expects Axis Bank to report a sharp per cent annual decline in net profit at Rs 143.8 crore. Shares of the bank on Wednesday ended over 1 per cent lower at Rs 498.40. READ MORE
Rupee hits 14-month low
Extending its losses, the rupee on Wednesday plunged 50 paise to 66.88 against the US dollar. The rupee has been the second-worst performing currency in Asia this year. This is in contrast to 2017 when the currency was among the biggest gainers.
Govt hikes raw jute MSP
The government on Wednesday increased the minimum support price (MSP) of raw jute by Rs 200 per quintal to Rs 3,700 per quintal for the 2018-19 crop season. Shares of the jute companies Ludlow Jute rallied 7 per cent to Rs 93.20 while those of AI Champdany climbed nearly 5 per cent to settle at Rs 32.20 apiece. Cheviot soared 8 per cent in intraday trade but closed 1.58 per cent lower at Rs 1499.50 apiece on BSE.
IT firm Wipro on Wednesday reported a 20.5 per cent YoY fall in consolidated net profit at Rs 1,800.80 crore for the March quarter against Rs 2,267 crore last year. The numbers were below the ETNow poll of Rs 2,140 crore. The stock closed 0.15% up at Rs 287.20. READ MORE
Spurt in open interest
NBCC witnessed the biggest spike in open interest at 141.59 per cent, followed by Shriram Transport Finance (63.12 per cent) and Shree Cement (57.03 per cent).
Block deal in Hathway
Hathway Cable tumbled 9 per cent to Rs 32.45 after 124 lakh shares (1.5% equity) traded on NSE and BSE at Rs 34.10 per share. This apart, as many as 20 lakh shares worth Rs 119 crore of Future Retail changed hand at Rs 595 per share on the BSE. The stock ended 1.62 per cent lower at Rs 602.65 apiece on BSE.
Tweet of the Day
Crude setting up for a sharp downside. Should happen after April Contract expiry. https://t.co/OdjKmIxr7A
— sandip sabharwal (@sandipsabharwal) 1524641366000
TeamlLease on a high
Shares of TeamLease Services rallied 19 per cent to hit a 52-week high of Rs 2,948 apiece after Edelweiss Capital initiated coverage on the stock with a 'buy'. The stock eventually closed at Rs 2,730 apiece, up 10.34 per cent.
Religare Enterprises rises
Shares of the company rallied nearly 5 per cent on Wednesday on reports that the Burman family of the Dabur group has picked 9.9 per cent stake in the company. Anand C Burman and Mohit Burman have acquired stake in Religare because of private equity firm Bay Capitals involvement in the company, two industrialists told ET. The stock closed the day 4.99 per cent higher at Rs 58.95 on Wednesday.