Sensex, Nifty weak; Reliance gains ahead of Q3 earnings

14:27

Moneycontrol Bureau
The market continued to see selling pressure in afternoon trade weighed down by banks, telecom, metals and select technology stocks.

The Sensex declined 114.75 points to 21,150.43, and the Nifty slipped 26 points to 6,292.90. About two shares declined for every share advancing on the BSE.

HDFC Bank fell 0.7 percent. Country's second largest private sector lender matched street expectations on net profit front supported by other income but net interest income was below the forecast in the quarter ended December 2013.

Net profit of the bank grew 25 percent to Rs 2,326 crore from Rs 1,859 crore while net interest income, the difference between interest earned and interest earned, rose 22 percent to Rs 4,635 crore from Rs 3,799 crore year-on-year.

Reliance Industries gained more than a percent ahead of its third quarter earnings. Wipro too is going to announce its December quarter earnings after market hours; the stock dropped over 3 percent.

Net profit of Reliance Industries is seen edging lower to Rs 5,300 crore versus Rs 5,490 crore quarter-on-quarter, despite a boost from other income. Revenues for the firm are seen coming in flat, at Rs 1.04 lakh crore.

A CNBC-TV18 poll of analysts expects Wipro's operating profits to rise 5.7 percent to Rs 2,393 crore compared to Rs 2,264 crore in the previous quarter. Revenues are expected to go up to Rs 10,332 crore versus Rs 10,068 crore, an increase of 2.6 percent.

Coal India fell more than 9 percent as the stock goes ex-dividend today. The company declared an interim dividend of Rs 29 per share.

TCS shares crashed 5 percent post lower-than-expected revenues and margin in the quarter ended December 2013 while its rival Infosys gained 0.5 percent.

ICICI Bank , HDFC, Bharti Airtel , Axis Bank and Tata Steel lost 1-2 percent while HUL and Bajaj Auto climbed over 1.5 percent.

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