Market closes in the red amid political uncertainty, PNB loses 12% in trade.
The market closed in the red with the BSE Sensex closing at 35,369 points, recovering by 150 points, and the NSE Nifty closing at 10,743 points amid the political uncertainty over the Karnataka verdict. The market remained volatile throughout the session. The PNB stock sunk more than 12% in trade after posting a massive loss of more than Rs 13,417 crore in its Q4 results.
Shahina Mukadam recommends holding Tata Steel ahead of Q4 earnings.
Ashwani Gujral recommends: Buy Titan, Jubilant FoodWorks and Bajaj Finance.
Market trades lower; PNB sinks 11% in trade.
The market is trading lower amid political uncertainty over the Karnataka verdict with the BSE Sensex trading at 35,436 points and the NSE Nifty is trading at 10,757 points. PNB continues to lose more than 11% in trade after posting a massive loss of 13,417 crore in its Q4 results.
ITC's Q4 net profit stands at Rs 2,933 crore, higher than last financial's numbers. ##ITC's Q4 net profit stands at Rs 2,933 crore, higher than last financial's numbers.
ITC, hotel, retail and cigarette major, posted a net profit at Rs 2,933 crore as against the Rs 2,669 crore posted in the same period in the last financial year. The company's cigarette EBIT stands at Rs 3,506 crore, around Rs 200 crore higher than the last financial year's fourth quarter. The EBITDA margin stands at 39.1% and the EBITDA stands at Rs 4,144 crore, lower than the estimate of Rs 4,204 crore.
The company's revenue stands at Rs 10,587 crore compared to the estimate of Rs 11,433 crore.
Hindalco's Q4 net profit at Rs 616 crore, beats estimates. ##Hindalco's Q4 net profit at Rs 616 crore, beats estimates.
Hindalco, an aluminium major, posted a net profit at Rs 616 crore, beating the estimate of the CNBC-TV18 poll estimate of Rs 461 crore. The company posted a revenue of Rs 11,681 crore versus the estimate of Rs 11,200 crore.
Sandeep Wagle recommends: Sell Bank of Baroda and buy Granules.
Global markets: Asian shares edge down as US yields climb, North Korea suspends talks.##Global markets: Asian shares edge down as US yields climb, North Korea suspends talks.
Asian stock markets dipped on Wednesday after Pyongyang abruptly called off talks with Seoul, throwing a US-North Korean summit into doubt, while surging bond yields revived worries about faster US interest rate hikes that could curb global demand.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent as Pyongyang's move appeared to mark a break in months of warming ties between North and South Korea and with Washington.
European shares looked set to open flat to marginally higher on Wednesday and U.S. S&P futures were little changed.
Financial spread-betters expect London's FTSE to open 3 points higher at 7,725, Frankfurt's DAX to open 19 points higher at 12,989 and Paris' CAC to open unchanged at 5,533.