Stock Market Highlights: Indian equity benchmarks ended a volatile session sharply lower on Friday, extending losses to the fourth day in a row.
Nestle, Hindalco, TCS and Britannia were also among the gainers.
The 30-scrip index ended 427.4 points or 0.7 percent at 59,037.2 and the broader Nifty50 benchmark settled at 17,617.2, down 139.9 points or 0.8 percent from its previous close.
The Indian equity benchmark indices closed over half a percent lower but off Friday’s intra-day lows, extending the sell-off for the fourth day.
And that’s something which you would probably bank on, for some sort of a revival, but otherwise, it’s best to stay out, wait for your time and buy into the names that you want to look at it from a longer-term perspective at seriously good valuations.
Oil prices pulled back too as another bout of risk aversion spread across markets and sent traders looking for safety in government bonds.
Gold prices on Friday rose Rs 30 to Rs 48,410 per 10 gram in the futures trade as speculators created fresh positions amid a firm spot demand.
The company December quarter net profit was at Rs 39.6 crore versus Rs 15.7 crore and revenue was up 45 percent at Rs 117 crore versus Rs 80.7 crore, YoY.
The government is taking significant steps such as resolving the angel tax issue, simplification of tax procedures, and self-certification, in a bid to boost the startup ecosystem of the country, Commerce and Industry Minister Piyush Goyal said on Friday.
SBI Cards and Payment Services shares fell nearly two percent to a fresh 52-week low on Friday, adding to investors’ concerns as the stock entered a sixth session of losses in a row.
Cyient Limited shares declined a percent from the previous close to trade in the red territory on Friday after gaining more than 3 percent earlier in the session.
The coming days would be critical, as the market sentiment shows anxiety among the participants,” Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.
Mphasis Ltd’s share price recovered 9.5 percent from its intraday low of Rs 2,920.05 on Friday, a day after the information technology company posted its financial results for the quarter ended December 31, 2021.
“You will see some differentiation and not the entire type will do well; you should stick with the high growth ones and companies that are still able to maintain margins,” he said.
The company reported Rs 361.6 crore in earnings before interest, taxes, depreciation and ammortisation, up 3.3 percent on a year-on-year basis.
IDBI Bank reported a net profit of Rs 578.2 crore for the December quarter, up 52.8 percent on a year-on-year basis.
UBS has initiated coverage on TVS Motor Company with a ‘buy’ rating and a target price of Rs 1,000.
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After market hours on Thursday, HUL reported a net profit of Rs 2,243 crore for the October-December period, up 16.8 percent on a year-on-year basis.
Arulselvan D, CFO of Cholamandalam Investment, said in an interview to CNBC-TV18 that the company expects its disbursals to be strong in FY23.
Analysts in a CNBC-TV18 poll had estimated the company’s quarterly net profit at Rs 169 crore over revenue of Rs 1,487 crore.