Financial Insights

Equity indices tank as market opens down on Monday

Equity indices resumed trading after a long holiday only to face a beating early in the morning. Sensex fell over 1000 points and Nifty fell over 300 points in early trading hours, amounting to over 1% decline in both indices amid lax performance of Asian Markets.

HDFC Bank: The private lender posted impressive Q4 results as it’s profits grew 22.8% to Ra 10,055.2 crores, it’s net interest income grew 10.2% to Rs 18,873 crores and its asset quality improved with Gross NPAs falling to 1.17% and Net NPAs to 0.32%. The stock is one of the biggest losers this morning as it saw a full gap down opening and was down 3.8%.

Infosys: India’s second largest IT Services company published disappointing Q4 results wherein it reported a 2.12% contraction in profits to Rs 5,686 crores and a meagre 1.2% growth in profits. The scrip opened 8.2% below the previous close and saw a low point of -8.95% in early trading hours and is the biggest loser today. The share has recovered a bit and is 7.2% down.

CESC: HDFC Mutual Fund, through its Flexi Cap Fund, sold 4.4 lakh equity shares of the company on 11th April, reducing the company’s holding from 7.10% to 7.07%. The stock isn’t getting much attention as it opened near its previous close.

Windlas Biotech: The company has received permission from South African authorities to manufacture and sell its products in South Africa. Moreover, it has received no critical observations for its plant-IV at Dehradun. This scrip is one of the best performers today as it gained 13.4% in a single day to touch price levels that it hasn’t since over a month ago.

Ultratech Cement: The cement giant’s wholly owned subsidiary acquired 29.39% stake in RAK Cement Co. for $101 million for white cement and construction materials PSC. It is not getting much attention as it opened near its previous close and is down 1%.

TVS Motors: The company has bought 1.81% stake in Roppen Transportation Co., better known as Rapido. The stock had a gap-down opening and is down 0.5%.

Tech Mahindra, Wipro, Apollo Hospital and HDFC are some of the biggest losers for the day having lost over 3% in 3 hours. NTPC is the only company to have gained over 3% in Nifty 50.Banking & Finance, Technology and Oil & Gas are the industries that have lost the most today.

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