Nifty slips below 5,900 on tepid earnings; HUL, PNB drop
A flurry of disappointing earnings amid weak global cues triggered late selling in key shares as the benchmark CNX Nifty lost another 21 points and closed below 5,900 on the National Stock Exchange (NSE) on Friday.
Mumbai: A flurry of disappointing earnings amid weak global cues triggered late selling in key shares as the benchmark CNX Nifty lost another 21 points and closed below 5,900 on the National Stock Exchange (NSE) on Friday.
Financial stocks remained under intense selling following recent RBI measures to curb forex volatility and concerns about public sector lender PNB's sharp rise in non-performing asset, though its net profit increased by 2.3 percent year-on-year to Rs 1,275 crore.
Metal, energy, capital goods, auto and technology counters also saw good amount of profit-taking.
Market commenced on a strong note, rebounding smartly after two-session sharp fall, led by buying in select blue-chips and some short-covering backed by strengthening rupee.
It remained mostly range-bound with the key index holding the 5,900 support level before succumbing to tail-end selling on Hindustan Unilever's tepid earnings.
The FMCG major reported 23.43 percent decline in net profit at Rs 1,019.25 crore in Q1.
However, strong buying in select FMCG and healthcare stocks provided some support and restricted further fall.
Meanwhile, the rest of Asian stocks trimmed early gains and ended mixed with Japan's Nikkei plunging to three-week low on strengthening yen amid caution ahead of next week's FOMC meeting.
The 50-share Nifty fluctuated between a high of 5,944.50 and a low of 5,869.50 before ending at 5,886.20, a fall of 21.30 points, or 0.36 percent, over its last close.
Hindalco, PNB, Sesa Goa, Coal India, HUL, Jindal Steel, Tata Motors, GAIL, JP Associates and Maruti were the top losers from the index.
Key gainers included Ambuja Cement, ITC, Sun Pharma, HeroMoto, M&M, ACC, Bajaj Auto, Cipla, UltraTech and NTPC.
Turnover in the cash segment dropped to Rs 11,522.66 crore from Rs 14,318.12 crore yesterday. A total of 5,844.10 lakh shares changed hands in 60,33,266 trades. The market capitalisation stood at Rs 62,69,113 crore.