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Sensex ends 561 points lower, Nifty at 10,305; PowerGrid, Cipla, BPCL top

June 24, 2020
in oil news
Sensex ends 561 points lower, Nifty at 10,305; PowerGrid, Cipla, BPCL top
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Sensex, Nifty Updates: Sensex and Nifty closed majorly bearish after a volatile session on Wednesday, as traders turned cautious in domestic market amid weakness in Asian indices including Nikkie, Hong Kong and SGX Nifty. Sensex closed 561 points lower at 34,868 and Nifty fell 165 points lower to 10,305. Earlier at opening bell, Sensex rose 250 points higher at 35,679 and Nifty climbed 58 points higher at 10,529. On Tuesday’s trade, Sensex ended 519 points higher to 35,430 and Nifty climbed 159 points higher to 10,471. Meanwhile, companies set to announce their earnings are Indian Oil, Balmer Lawrie, United Breweries, GAIL, Canara Bank, Prestige, Anup Engineering, Rane Holdings among others.

Here’s a look at the updates of the market action on BSE and NSE today

4.00 PM: Expert outlook on IOC Q4 result

Commenting on Q4FY20 results of Indian Oil Corporation, Jyoti Roy, DVP Equity Strategist, Angel Broking said,”Indian Oil Corporation (IOCL) reported a 6.2% YoY de-growth in consolidated revenues to Rs 1,18,439 crore for Q4FY20, due to fall in total sales of products (including exports) by 2.2% YoY to 22.2 million metric tons.

EBITDA for the quarter stood at Rs.215 crore against markets expectations of an EBITDA loss. During the quarter the company posted a consolidated loss before tax of Rs.13,610 cr. against a profit before tax of Rs.8,634 cr in Q4FY19.

Consolidated net loss for the quarter stood at Rs.5,185 crore as compared to profit of Rs.6,099 cr in the corresponding quarter previous year.

While the Q4FY20 numbers have come in ahead of street estimates on revenues and EBITDA front we believe that the Q1FY21 would be keenly watched by the markets given that demand would be adversely impacted for the better part of the quarter as compared to just about a week in Q4FY20.”

3.55 PM: Expert outlook

Ajit Mishra, VP – Research, Religare Broking Ltd.

Markets settled with a cut of over one and a half percent, taking a breather after the recent rally. Initially, the benchmark opened higher, taking cues from firm global cues but profit-taking gradually pushed the index lower as the session progressed. The existence of major hurdle at 10,550(200 EMA) in Nifty combined with caution ahead of the monthly derivatives expiry pushed the bulls slightly on the back foot. Finally, the Nifty index ended near the 10,300 mark. Amongst the sectors, barring FMCG all the other indices ended in losses with Banking, telecom, power and realty being the top losers.

The move was on the expected lines and we may see some consolidation before the next directional move. In the absence of any major event on the local front,  participants should keep a close watch on the global markets for cues. Besides, the performance of the banking and financial pack would be decisive for a further surge in the index. We expect volatility to remain high as traders would square-off and rollover their derivatives positions due to the scheduled expiry of June month contracts.

3. 40 AM: Closing

Sensex and Nifty closed majorly bearish after a volatile session on Wednesday, as traders turned cautious…



Read More: Sensex ends 561 points lower, Nifty at 10,305; PowerGrid, Cipla, BPCL top

Tags: Analysts callAsian marketsBPCLbrokerageCHINACiplaCoronavirusEconomic Growthendsexpert on Sensex Niftyexpert opinionHang SengInfosysmarket analysts on NSENiftyNifty OutlookpointsPowerGridSBISensSensexSensex gainersTech MahindraTopwhat do experts say

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