Equity benchmark indices extended losses and metal, pharma, FMCG and Bank Nifty dragged. Reliance Communications (RCOM) has rallied 36% on news that the company and Ericsson AB are in talks to settle the outstanding debt directly than through the insolvency process.
At 3:12 PM, the BSE Sensex was trading at 35,127, down 260 points, while the Nifty50 index was trading at 10,690, down 51 points.
Escorts stock is trading lower. Net profit during the quarter grew by 89% on yoy basis to Rs112.5cr from Rs59.5cr and revenue increased 40.5% to Rs1,436cr from Rs1,022cr.
Bajaj Finance stock gained 3% after the company's Q4 earnings were strong as profit grew by 61% on yoy basis to Rs 721cr and net interest income rose 40% to Rs2,365cr.
Coal India (+3.2%), Tata Motors (+2.9%), Infratel (+2.6%), Bajaj Finance (+2.6%) and Bajaj Finserv (+2.5%) were the top gainers on Nifty50.
Hindalco (-2.3%), NTPC (-1.9%), Axis Bank (-1.7%), HDFC (-1.7%) and ITC (-1.7%) were the top losers in today’s trade.
Out of 2,045 stocks traded on the NSE, 967 advanced, 732 declined and 346 remained unchanged today.
The rupee trimmed its gains, trading 5 paise higher at 67.74 a dollar against 67.57 a dollar in morning.