Indian stocks extend losses, Sensex down 1.2%

Indian stocks extend losses, Sensex down 1.2%

New Delhi: Weak global cues and concerns about the impact of high interest rates on corporate earnings continued to take their toll on Indian stocks. While stock markets in Asia closed lower, European stocks fell for the fourth day as US lawmakers showed no signs of an agreement on the debt limit.

Sensex: 18,209 –1.21%

Nifty: 5,487 –1.06%

Nikkei: 9,901 –1.45%

Stoxx 50: 2,662 –1.15%

Reliance Infrastructure, JP Associates, IDFC, Reliance Captial and Jindal Steel led the losses in the Nifty. Maruti Suzuki stock lost 1.8% after the workers at the company’s Manesar plant went on strike halting production.

Reliance Infrastructure: 539 –4.4%

JP Associates: 69 –4.2%

IDFC: 129 –3.1%

Reliance Capital: 570 –3.1%

Jindal Steel: 611 –3.1%

Maruti Suzuki: 1,187 –1.8%

Meanwhile, ITC, ACC, Ranbaxy Laboratories and Grasim Industries finished the day with notable gains of over 1.5% each. ITC surged 2.8% after the company reported earnings that were better than analysts’ expectations. ITC reported a 24% rise in first quarter net profit to 1,333 crore. Analysts on an average were expecting the company to report a net profit of 1,270 crore.

Welspun Corp: 152 –6.1%

JSW Steel: 819 –4.9%

Bhushan Steel: 399 –4.8%

NALCO: 75 –3.4%

Meanwhile, stocks of Gujarat Pipavav and Titan Industries rose after the companies reported robust June quarter earnings. Gujarat Pipavav surged 2.5% after the company swung back to profits in the April-June quarter. The company reported a profit 10.9 crore in quarter ending June against a loss of 24.2 crore in the same period last year. Shares of Titan Industries also rose after the company reported a 76% growth in June quarter profits.

Gujarat Pipavav: 69 +2.5%

Titan Industries: 227 +1.1%

Overall, 62.74% of the stocks traded on the BSE closed the day with losses.