Mumbai: Indian stocks fell for a fourth consecutive day. After opening with gains, the benchmark indices turned volatile as traders tried to square off their positions in the F&O segment. By noon the trend turned negative after data released by the government pointed to a continuance of high food inflation. India’s food inflation for the week ended 16 April came in at 8.76%. In the previous week the number stood at 8.74%.
Sensex: 19,292 –0.81%
Nifty: 5,785 –0.83%
ICICI Bank reported a 44% growth in fourth-quarter net profit to Rs 1,452 crore, which is slightly lower than analysts’ expectations. According to Reuters, analysts were expecting the bank to report a net profit of Rs 1,489 crore. (Read more) However, better-than-expected margins helped the stock close with gains. Sun Pharma, ONGC and BPCL are the other stocks that closed with notable gains.
Sun Pharma: Rs 450 +1.81%
ONGC: Rs 316 +1.53%
BPCL: Rs 635 +0.64%
ICICI Bank: Rs 1,112 0.48%
Losses in shares of Reliance Communications, Kotak Mahindra Bank, SAIL and Ranbaxy Laboratories weighed on the benchmark indices. Concerns about the fallout of the ongoing 2G-spectrum probe led to selling in the Reliance Communications stock. Ranbaxy Laboratories lost ground after an American pharmaceutical company filed a suit to prevent it from selling a generic version of a pain-relieving drug in the US.
Reliance Communications: Rs 99 –5.04%
Kotak Mahindra Bank: Rs 441 –3.59%
SAIL: Rs 161 –3.53%
All BSE sectoral indices closed with losses. BSE Realty, Metals and IT indices lost the most.
BSE Realty: 2,239 –3.03%
BSE Metal: 16,388 –1.20%
BSE IT: 6,161 –1.12%
Share of Unitech and DB Realty slumped after the Enforcement Directorate told the Supreme Court that it would attach properties of two telecom firms for their allegedly involvement in the 2G spectrum scam.
Unitech: Rs 37 –7.54%
Orbit Corp: Rs 48 –4.32%
DB Realty: Rs 98 –4.22%