Sensex and Nifty extended losses on Wednesday led by a number of factors including higher inflation data, mixed sentiments over the ongoing second-quarter corporate earnings, foreign portfolio investors’ exit from equities and profit booking. The benchmark Sensex lost 113 points to hit the day’s low of 32,828.87 points while the broader Nifty dropped 36.5 points to mark a day’s low of 10,150.1. Sun Pharma was the biggest loser on Sensex after the drugmaker reported a decline of 59.19% in the consolidated net profit to Rs 912.12 crore for the quarter ended on 30 September 2017 on year basis.
Shares of Sun Pharma, Tata Steel, ONGC, NTPC, M&M, Coal India, ITC lost up to 2.32% whereas L&T, Adani Ports and TCS inched up a little. The stocks of heavyweight companies such as RIL, ITC, HDFC Bank, Sun Pharma, Tata Steel contributed the most to the Sensex gains. Collectively these five stocks alone washed off about 84 points from the index while a little upsurge in HDFC, L&T and TCS helped to trim some losses. BSE Sensex opened 3.07 points or 0.01% higher at 32,944.94 while NSE Nifty shed 14.65 points or 0.14% to begin at 10,171.95.
The major companies which are slated to announce their Q2 earnings are New India Assurance Company, Golden Tobacco, CARE Ratings, Somany Ceramics, TD Power Systems, Wonderla Holidays, Digjam, Automotive Axles, Empee Distilleries, HMT and Universal Cables. Brent Crude lost 1.24% to $61.44 per barrel. With oil prices having slid steadily from 28-month highs scaled last week, commodity currencies came under pressure.
US stock indexes fell on Tuesday as General Electric shares plunged for a second straight day and a drop in crude oil prices hit energy stock, Reuters reported. GE fell 5.9% in the largest daily volume in two years as investors wondered if a massive overhaul of the company by new Chief Executive John Flannery will be enough to revive the industrial conglomerate. The Dow Jones Industrial Average fell 30.23 points or 0.13% to end at 23,409.47, the S&P 500 lost 5.97 points or 0.23% to 2,578.87 and the Nasdaq Composite dropped 19.72 points or 0.29% to 6,737.87.