The Indian equity market ended in deep red on Tuesday following a sudden bout of selling in scrips across the sectors. After opening on a subdued note, indices surged higher. However, the joy ride was short-lived as indices erased all its gains led by sharp sell-off in metals, banking, oil & gas and IT stocks. Even the midcap and small cap stocks were under pressure. On the other hand, only telecom stocks ended with smart gains. Nifty closed with a a loss of 59 points at 7,747. while Sensex ended with a loss of 207 points at 25,230.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 3.11%, while Hong Kong’s Hang Seng is off 1.50% and China’s Shanghai Composite is lower by 0.25%. European markets are trading higher today as French and German shares show gains. The CAC 40 is up 0.31%, while the DAX is up 1.06%. The British FTSE 100 is closed.

ICICI Bank cracked 4% after its net profit plunged 76% in March quarter numbers. The Bank posted a net profit of Rs.7018.90 million for the quarter ended March 31, 2016 compared with Rs.29220 mn for the quarter ended March 31, 2015.

Commenting on the same, Amar Ambani, Head of Research at IIFL, said, “Deposit growth was strong at 17% yoy with CASA deposits growing slightly ahead. Sustained strong traction in savings deposits was impressive and the SA ratio stood at a historic high of 32%. If economic recovery gains momentum from FY18, then RoA delivery could reach 1.6% in FY19 aided by a substantially improved business franchise and improved credit environment. Striping the valuation of subsidiaries, the stand‐alone bank is trading at an undemanding valuation of 1.1x FY18 P/ABV. A highly capitalized balance sheet and headroom to generate profits through divestment of stake in subsidiaries provides high comfort about the bank’s ability to absorb credit shocks.”

Coal India dropped 3% to Rs.280. The stock was the top Nifty loser today. The company said its coal production for the month of April stood at 40.09 mt as compared to target of 44.48 mt.

Sun Pharma slipped 1.6% to Rs.798 after its subsidiary Taro Pharmaceutical ceased commercial sales for Keveyis which is used to treat periodic paralysis.

Rolta India jumped 11% to Rs.84.95 on BSE. The company bagged multi-year GIS contract from UK Power Networks.

Atul Auto tumbled 8% to Rs.483 after the company reported 50.36% drop in sales for the month of April 2016 at 1,242 units as compared to 2,502 units sold in April 2015.

CCL Products rallied 11% to Rs.215. The company’s consolidated revenue stood at Rs. 264.49 crore, up 22.22% yoy and 24.21% qoq.

Vishnu Chemicals plunged 5% to Rs.296.60 on BSE. The company reported its net profit declined by 27.83% to Rs.7.08 crore in the quarter ended March 2016 as against Rs.9.81 crore during the previous quarter ended March 2015.Its sales rose by 5.24% to R.126.55 crore in the quarter ended March 2016 as against R.120.25 crore during the previous quarter ended March 2015.

Ortel Communications slipped 1.1% to Rs.186 on BSE. The company net profit declined by 51.15% to Rs.2.76 crore in the quarter ended March 2016 as against Rs.5.65 crore during the previous quarter ended March 2015.

Tata Power gained 1.3% to Rs. 71.10. The company introduced its digital interface by launching a universal Mobile Application for all its stakeholders along with employees and consumers of Mumbai & Delhi. The Tata Power Mobile App is specially designed to be an exclusive platform to help customers and other stakeholders to connect and directly engage with the company.

BGR Energy Systems soared 11% to Rs. 117.60 on BSE. The company announced that with respect to an Agreement executed by the Company on March 30, 2016 at Tokyo, Japan with Hitachi, Ltd., Japan and Hitachi Power Europe GmbH, Germany (the “Agreement”) to settle their inter se disputes. The Agreement has come into effect and has become legally binding with effect from April 29, 2016 upon fulfillment of the conditions mentioned therein.

Tata Motors closed 0.54% higher at Rs.409.50. The company reported 9.9% growth in sales at 39,763 units in April compared with 36,190 in the same month last year. Domestic sales of Tata Motors’ commercial and passenger vehicles rose 11 per cent at 35,978 units during the month as against 32,404 in April 2015.

The Indian Rupee was trading up 5 paise at 66.39 per US dollar.

Out of 1,451 stocks traded on the NSE, 815 declined and 587 advanced today.

Top 5 Nifty Gainers: HDFC (3.27%) GAIL (1.50%), NTPC (1.50%), HDFC Bank (1.22%), and Hero Motocorp (0.99%).

Top 5 Nifty Losers: Adani Ports & Sez (-.9.60%), Tata Motors (-4.48%), Tata Steel (-4.09%), Bharti Airtel (-1.51), Axis Bank(-1.44%)

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