Stock Market

Sensex, Nifty recover amid choppy trade; ICICI Bank, Axis slip


Chillicious Team

2:35 pm Market rebounds:

Equity benchmarks bounced back with the Sensex rising 111.46 points to 25601.03 and the Nifty climbing 30.95 points to 7845.85.

2:20 pm Earnings:

Piramal Enterprises today reported a consolidated net profit of Rs 180.24 crore for the March quarter.

The company had posted a net profit after taxes, minority interest and share of profit of associates of Rs 95.40 crore for the January-March period of 2014-15, Piramal Enterprises said in a BSE filing.

Consolidated total income from operations rose to Rs 1,733.51 crore as against Rs 1,297.50 crore a year ago.

For the full fiscal, the company posted a net profit of Rs 950.60 crore compared with Rs 2,849.95 crore in 2014-15. Consolidated total income stood at Rs 6,609.89 crore for the 2015-16 fiscal as against Rs 5,122.61 last year.

Also read – After 17 months of falling, WPI now in positive zone at 0.34%

2:00 pm Market Check: Equity benchmarks continued to be choppy in afternoon trade, tracking mixed global cues. Asian markets closed higher while European markets were trading lower after soggy China data.

The 30-share BSE Sensex declined 20.51 points to 25469.06 and the 50-share NSE Nifty slipped 9.35 points to 7805.55. The market breadth remained weak as about 1243 shares declined against 1165 advancing shares on Bombay Stock Exchange.

SBI plunged 4.5 percent after disappointing set of earnings by Bank of Baroda. Rising WPI inflation in April indicated that RBI may hold rates in forthcoming policy meet.

ICICI Bank, Axis Bank, L&T, Bharti Airtel, Adani Ports, Hero Motocorp and ONGC were down 1-3 percent while ITC, Infosys, TCS, Dr Reddy’s Labs and Asian Paints gained 1-3 percent.