INSUBCONTINENT EXCLUSIVE:
Authors: TheIndianSubcontinent News AgencyNEW DELHI: Weak Asian cues and uninspiring March quarter earnings from some bluechip courtiers
weighed on domestic equity benchmarks on Wednesday
Both the key indices Nifty and Sensex closed on a flat note, with gains in Kotak Mahindra Bank, HDFC Bank and ITC offset by losses in ICICI
Bank, Hindustan Unilever and State Bank of India.
Asian cues remained subdued as investors restricted their bets ahead of the US Fed policy
meet outcome, expected tonight
In March, the Fed had signalled steeper rate hikes amid steady economic growth.
The 50-share Nifty pack closed 21 points, or 0.20 per cent,
down at 10,718, while the BSE Sensex clocked nominal gains of 16 points, or 0.05 per cent, ending at 35,176.
The overall breadth of the
choppy session dragged by losses in the metal and IT indices
HCL Technologies dipped 4.9 per cent after the IT company posted a 9.9 per cent fall in its fourth quarter net profit, hurt by higher
Head - Advisory, Sharekhan by BNP Paribas.
In the Sensex pack, 10 stocks closed the day in the green, while 21 in the red.
The pack of
Sensex gainers was led by Kotak Mahindra Bank
The stocks hit its fresh 52-week high of 1287.75 on Wednesday
The bank on Monday reported a 15.16 per cent yearly rise in standalone net profit at Rs 1,124 crore for the March quarter.
On the other
hand, HCL Technologies stood among the top losers of the day after the company reported a decline in its consolidated net profit for the
HCL Technologies on Wednesday reported a 4.3 per cent YoY drop in consolidated net profit at Rs 2,227 crore for March quarter
The scrip fell over 5 per cent intraday, eventually closing at 1,001.05, down 4.79 per cent
Metal stocks dragged most on Wednesday
The BSE Metal index fell over 3 per cent on Wednesday with Hindustan Zinc cracking up to 6 per cent
The company on Monday reported a 18 per cent fall in March quarter net profit.
Realty, consumer durables, auto, pharma and technology stocks
also remained among the big losers of the day.
European stocks were trading up, buoyed by decent earnings
However, major Asian markets closed the day in the red.
