Indian equity benchmark indices witnessed selling pressure for the second consecutive session on Thursday due to a bearish trend in global markets amid escalating geopolitical uncertainties.
In addition, disappointing quarterly results and revenue forecast from IT services company Wipro also impacted investor sentiments, according to analysts. Except auto, FMCG and consumer durable segment, all other sectors including metal, energy, and power stocks witnessed significant selling pressure.
The BSE Sensex fell 247.78 points or 0.38 per cent to close at 65,629.24 points. The NSE Nifty declined 46.40 points or 0.24 per cent to end at 19,624.70 points.
“US Fed chair Jerome Powell’s speech late Thursday would be key trigger for the market as it will provide some clarity over future interest rate hike. This along with the escalating situation in middle east, would keep market sentiments subdued. Thus we advise investors to stay cautious in near term. On the result front, Dalmia Bharat and ultratech reported healthy numbers. Even in 2W space Bajaj Auto posted good set of number. Thus, we expect Cement and Auto sectors to remain in focus,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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FMCG major Hindustan Unilever reported a 4 per cent year-on-year (YoY) surge in its standalone net profit to Rs 2,717 crore for the July-September quarter of FY24. The revenue from operations jumped 3.6 per cent to Rs 15,276 crore. According to company’s exchange filings earnings before interest, taxes, depreciation, and amortization (EBITDA) margin for the quarter stood at 24.6 per cent, up by 130 basis points on year. The company declared an interim dividend of Rs 18 per share at face value of Rs 1 each for the financial year ending 31 March 2024.
The FMCG major reported standalone net profit of Rs 4,927 crore, up by 10.3 per cent from Rs 4,466 crore in the corresponding quarter last year. Revenue from operations stood at 2.6 per cent higher to Rs 16,550 crore. The cigarette-to-hotel conglomerate's EBITDA came in at Rs 6,041.5 crore, reporting a 3 per cent growth against Rs 5,864 crore in the year-ago period.
Softbank-owned SVF Growth (Singapore) Pte Ltd is likely to sell a stake worth around Rs 1,000 crore in Zomato. Softbank is planning to sell a 1.1 per cent stake through block deals. SVF Growth owns a 2.22 per cent stake in Zomato as of September 2023, valued at Rs 2,090 crore at a closing price of Rs 111.7 per share on October 19.
The steel company reported a 74 per cent year-on-year growth in standalone profit at Rs 609 crore for the July-September quarter. The revenue grew 14 per cent to Rs 9,720 crore. The EBITDA increased 54 per cent to Rs 1,070 crore during the reported quarter. The standalone sales volume rose around 26 per cent YoY to 5,43,619 metric tonnes (MT) on the back of robust domestic demand.
The United States Food and Drug Administration (USFDA) has conducted an inspection of the company’s pharma division in Kothur, Hyderabad during October 9-18. The company received eight observations and is working with USFDA to close them at the earliest.