Sensex extends losses, Midcap sinks over 1%; Nestle in focus

Epic Update Nestle
Epic Update Nestle

The 30-share BSE Sensex slipped 196.80 points or 0.69 percent to 28142.51 and the 50-share NSE Nifty fell 66.60 points or 0.76 percent to 8725.70.

The fall in broader markets was more compared with benchmarks. The BSE Midcap index shed 1.3 percent and Smallcap lost 1.5 percent on weak breadth.

About four shares declined for every share rising on bourses.

Nestle India shares fell nearly a percent ahead of earnings later today. The packaged food maker’s fourth quarter earnings are expected to good year-on-year due to low base but sequential performance may be impacted by demonetisation.

Profit is seen rising 24 percent year-on-year to Rs 227.5 crore and revenue may increase 15.5 percent to Rs 2,263 crore in the quarter ended December 2016, according to average of estimates of analysts polled by CNBC-TV18.

Tata Motors fell further, down nearly 10 percent as hedging losses are likely to continue for next 3-4 quarters. Edelweiss downgraded the stock to hold from buy, with reduced target price at Rs 501 (from Rs 604) after lowering FY17/18 EBIDTA estimates by 35/25 percent to Rs 29,500/38,500 crore to reflect weaker margins.

ICICI Bank, Sun Pharma, Infosys, Maruti Suzuki, Adani Ports and Tata Steel were down 1-4 percent while HDFC Bank, ITC, Reliance Industries and HDFC continued to support the market, up 0.3-0.9 percent.

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