Jet Airways India Ltd slumped over 32% to hit 10-year low of ₹165.25 a share
Reliance Industries Ltd rose 2.88% to close at ₹1,384, ahead of its earnings announcement
Indian markets erased intra-day gains and closed marginally lower as investors turned cautious ahead of the key earnings of Reliance Industries due later today. Investors are also awaiting minutes of the Reserve Bank of India’s April meeting due for possible clues on the central bank’s next policy move.
The Sensex fell 135.36 points, or 0.34%, to 39,140.28, while the Nifty 50 declined 0.29% to 11,752.80 points. During the session, Sensex hit a new intra-day high of 39,487 but failed to sustain the gains.
Reliance Industries Ltd rose 2.88% to close at ₹1,384. According to a Bloomberg poll of 14 analysts, RIL’s consolidated net profit is estimated to be ₹9,796 crore. However, 12 analysts estimated RIL's revenue at ₹1.48 trillion. For the March 2018 quarter, RIL had reported a net profit of ₹9,435 crore on total revenue of ₹1.17 trillion at the consolidated level.
"Investors resorted to mild profit booking post the recent rally given truncated week on account of extended holidays and mixed global cues. Investor turned cautious ahead announcement of results from key index heavy weights including large corporate banks. Consolidation was broad-based with PSU banks and metals underperforming. Despite mixed flows from DIIs, downside was capped by positive flows from FIIs given good start to Q4 results," said Vinod Nair, Head of Research, Geojit Financial Services.
Jet Airways India Ltd slumped over 32% to hit 10-year low of ₹165.25 a share - a level last seen on 25 March 2009, as the cash-strapped carrier suspended operations temporarily after failing to secure emergency funds.
Wipro Ltd rose 1.3% to ₹284.80 on BSE after the company announced buyback of shares worth ₹10,500 crore. The company reported a 38% rise in fourth-quarter profit, helped by a strong performance from its banking, financial services and insurance segment. Revenue from its mainstay IT services business grew 11.1%.