Indian benchmark indices extended their intraday losses for the third consecutive trading session as engineering and construction major Larsen & Toubro posted below estimates profits for the March quarter. Nifty closed 20 points lower at 6094 while Sensex closed at 20062 plunged almost 50 points.
Shares of Larsen & Toubro tanked following lower than expected quarterly results. The company posted 6.8 per cent drop in net profit at Rs 1,787.94 crore for the fourth quarter ended March 31, 2013 against net profit of Rs 1,920.41 crore in the same period of previous fiscal. Oil stocks are under selling pressure due to concerns of fuel pricing mechanism. Tech Mahindra’s fourth quarter consolidated net profit rose 25 percent Y-O-Y to Rs 377 crore.
Among the sectoral indices CNX FMCG gained 0.95% followed by CNX Pharma (0.78%) and CNX Consumption (0.18%). CNX Realty was the biggest loser’s sheds -3.62%.
Out of 50 stocks of Nifty 20 stocks ended in positive territory while 30 stocks ended in negative.
Top 5 Nifty gainers: Sun Pharma (2.88%), Bharti Airtel (2.48%), NTPC (1.97%), Dr Reddy (1.68%) and ITC (1.62%) were top index gainers.
Top 5 Nifty losers: L&T (-6.05%), DLF (-5.92%), JP Associate (-4.23%), BPCL (-3.32%) and BOB (-3.28%) were top index losers.
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