ETMarkets After Hours: Realty, auto top losers; Tata Motors down 15% in 4 days
NEW DELHI: Lower-than-expected third quarter earnings continued to dampen market sentiment on Wednesday. The 30-share BSE Sensex closed 183.75 points, or 0.65 per cent, down at 28,155, while the 50-share NSE Nifty index shed 67.60 points, or 0.77 per cent, to end at 8,724.
Overall, brisk selling on the real estate, auto, healthcare and consumer durables counters dragged the market.
Here’s a look at the stocks and sectors that hogged limelight in Wednesday’s session.
Rough patch: Shares of Tata Motors tanked nearly 15 per cent in four sessions. The auto major on Tuesday reported a 96 per cent year-on-year fall in consolidated net profit for the quarter ended December 31, 2016. Global brokerage CLSA has downgraded the stock from ‘buy’ to ‘sell’. Management commentary on JLR margins has weakened significantly, with hedging losses projected to continue at high levels for longer duration and incentives rising amid demand pressures. “We cut FY18-19CL EPS by 25-31 per cent, factoring in lower margins in JLR and India. We believe Tata’s valuation multiples could contract given rising earnings volatility,” says CLSA.
Bad diagnosis: Shares of Sun Pharma fell 4.16 per cent on Wednesday after the pharma major on Tuesday reported a 4.72 per cent drop in consolidated net profit to Rs 1,471 crore for the December quarter. It had posted a net profit of Rs 1,544.85 crore for the corresponding quarter last year.
Sectorwise: Among the sectoral indices on BSE, the BSE Realty index declined 3.53 per cent, followed by Auto (down 3.03 per cent) and Healthcare (down 1.90 per cent) indices. The BSE FMCG index closed 0.08 per cent up at 8,882.
Fresh 52-week highs & lows: Over 25 stocks hit fresh 52-week highs on NSE in Wednesday’s trade. The list includes stocks such as Alkem Laboratories, Coromandel International, Escorts, Gruh Finance and Indraprastha Gas.
Spurt in OI: Stock futures of Tata Motors saw the biggest jump in open interest (OI) at 36.04 per cent. It was followed by Tata Motors DVR (up 25.17 per cent) and HDIL (up 24.88 per cent).
Most active stocks: Tata Motors emerged was the most active stock in terms of traded volume on NSE. It was followed by Suzlon Energy, JP Associates, Tata Motors and Jindal Steel.
Overall, brisk selling on the real estate, auto, healthcare and consumer durables counters dragged the market.
Here’s a look at the stocks and sectors that hogged limelight in Wednesday’s session.
Rough patch: Shares of Tata Motors tanked nearly 15 per cent in four sessions. The auto major on Tuesday reported a 96 per cent year-on-year fall in consolidated net profit for the quarter ended December 31, 2016. Global brokerage CLSA has downgraded the stock from ‘buy’ to ‘sell’. Management commentary on JLR margins has weakened significantly, with hedging losses projected to continue at high levels for longer duration and incentives rising amid demand pressures. “We cut FY18-19CL EPS by 25-31 per cent, factoring in lower margins in JLR and India. We believe Tata’s valuation multiples could contract given rising earnings volatility,” says CLSA.
Bad diagnosis: Shares of Sun Pharma fell 4.16 per cent on Wednesday after the pharma major on Tuesday reported a 4.72 per cent drop in consolidated net profit to Rs 1,471 crore for the December quarter. It had posted a net profit of Rs 1,544.85 crore for the corresponding quarter last year.
Sectorwise: Among the sectoral indices on BSE, the BSE Realty index declined 3.53 per cent, followed by Auto (down 3.03 per cent) and Healthcare (down 1.90 per cent) indices. The BSE FMCG index closed 0.08 per cent up at 8,882.
Fresh 52-week highs & lows: Over 25 stocks hit fresh 52-week highs on NSE in Wednesday’s trade. The list includes stocks such as Alkem Laboratories, Coromandel International, Escorts, Gruh Finance and Indraprastha Gas.
Spurt in OI: Stock futures of Tata Motors saw the biggest jump in open interest (OI) at 36.04 per cent. It was followed by Tata Motors DVR (up 25.17 per cent) and HDIL (up 24.88 per cent).
Most active stocks: Tata Motors emerged was the most active stock in terms of traded volume on NSE. It was followed by Suzlon Energy, JP Associates, Tata Motors and Jindal Steel.
