Indian equity market continued its loosing streak for the 7th straight trading session on the back of exit polls showing that AAP would form the government in Delhi. Weak Q3 earnings also weighed on sentiments. NSE’s Nifty plunged 134.70 points, over 1.5% to end the day at 8,526.35 while Sensex fell down by 490 points to end 28,227.39, down by 1.71%.
Tata Steel shares fell on Monday after the steel major reported a 69% drop in its December quarter profits. Its consolidated net profit fell to Rs 157 crore in the three months through December 31, the lowest since the second quarter of 2013, from Rs 503 crore a year earlier. Its revenues declined 8% to Rs 33,633 crore in the October-December quarter of 2014.
Larsen and Toubro (L&T) third quarter profit fell 14.6% year-on-year to Rs 1,060 crore on standalone basis. Profit was expected at Rs 1,255 crore on revenue of Rs 15,973 crore for the quarter, according to the average of estimates of analysts polled. Net sales grew 4.2% to Rs 14,995 crore during October-December quarter from Rs 14,388 crore in same quarter last year. Consolidated net profit increased 9% to Rs 867 crore and revenue rose 9.7% to Rs 23,878 crore during the quarter. Analysts had expected profit of Rs 1,075 crore on revenue of Rs 22,850 crore.
The rupee plunged past 62 a dollar due to fresh demand for the dollar from importers, falling 47 paise to end 62.16 a dollar.
Among the NSE’s Sectorial indices, all the indices ended in negative terrain. CNX PSU Bank (-3.48%), CNX Metal (-2.65%) and CNX Realty (-2.55%) were top laggards.
Top 5 Nifty Gainers: Bajaj Auto (2.06%), HCL (2.03%), Dr. Reddy (1.80%), Sun Pharma (1.58%) and ONGC (1.52%)
Top 5 Nifty Losers: L&T (-6.60%), Tata Steel (-5.75%), Sesa Sterlite (-4.65%), Gail (-4.6%) and CIPLA (-3.88%)
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