3:30 pm Market at Close: Led by a sharp selloff in financials, midcaps and smallcaps, equity market on Friday plunged to fresh lows, marking it the fifth-most steep fall in the past ten years.
The Sensex was down 839.91 points or 2.34% at 35066.75, and the Nifty down 256.30 points or 2.33% at 10760.60. The market breadth was negative as 316 shares advanced against a decline of 2,507 shares, while 209 shares were unchanged.
Bank Nifty fell around 3 percent, while Nifty midcap and BSE smallcap fell 4-5 percent.
BHEL, Bajaj Auto, Bajaj Finance and Tata Power lost the most on both indices, while TCS, Wipro, Tech Mahindra, and HCL Tech were the top gainers.
3:15 Management Speak: In an interview to CNBC-TV18, MV Gowtama, CMD of Bharat Electronics (BEL) spoke about the results and his outlook for the company.
Gowtama said that we implemented revised wages in Q3 of FY18 which hit margin.
He further said that lower other income impacted profitability in December quarter.
3:05 pm Losses: Germany's biggest lender Deutsche Bank said Friday that Donald Trump's tax reforms in the US pushed it into the red in 2017.
The Frankfurt-based bank said in a statement that its net loss amounted to 512 million euros ($640 million) last year, narrower than the loss of 1.4 billion euros in 2016.
Revenues fell to 26.4 billion euros in 2017 from 30 billion euros the year before.
At a pre-tax level, however, Deutsche Bank was back in the black, notching up a profit of almost 1.3 billion euros, compared with a loss of 810 million euros the previous year.
2:55 pm Results: Consumer durables firm Whirlpool of India today reported a 4.14 per cent fall in standalone net profit to Rs 53.14 crore for the December quarter.
The company had posted a net profit of Rs 55.44 crore during the same quarter a year ago.
Its total income during the quarter under review stood at Rs 979.26 crore. It was at Rs 919.89 crore in the corresponding period of the last fiscal, the company said in a regulatory filing.
2:45 pm Management Speak: Info Edge posted a weak set of Q3 earnings. Revenue growth has been rather muted this quarter and margins are also under pressure for the company.
In an interview with CNBC-TV18, Chintan Thakkar, CFO of Info Edge spoke about the results and his outlook for the company.
Speaking about the real estate side of the business, Thakkar said, "we have started investing more on increasing our branding and attract more traffic. So we have been spending more money in anticipation of revenue and we are hopeful that this business would
recover much faster."
2:35 pm Market Update: Benchmark indices extended losses in afternoon as the Sensex fell 699.62 points or 1.95 percent to 35,207.04 and the Nifty was down 219.50 points or 1.99 percent at 10,797.40.
Nifty Midcap index plunged nearly 5 percent while BSE Smallcap index declined 4 percent.
All sectoral indices barring IT traded in the red. Nifty Realty index hit hard, falling 6 percent. Nifty Bank, Auto, Metal and Pharma were down 1-3 percent.
2:29 pm Bidders for Air India: The government is expecting to have the winning bidder for national carrier Air India by the end of June and the "legal closing" of the transaction by year-end, Union Minister Jayant Sinha said today.
To revive the fortune of the debt-laden carrier, the government has decided on a strategic disinvestment and a group of ministers is working on the modalities.
"We expect to have the winning bidder by the end of June," the Minister of State for Civil Aviation said, adding that legal closing of the transaction is expected by the end of this year.
The information memorandum for the proposed disinvestment of the airline would be issued shortly, Sinha told reporters.
2:20 pm Earnings: Two-and three-wheeler major Bajaj Auto reported lower than expected net profit for the December quarter at Rs 952.4 crore against Rs 924.6 crore year on year. A poll of analysts by CNBC-TV18 pegged this to be Rs 1,058 crore.
The company’s revenue rose 26 percent at Rs 6,369.2 crore against Rs 5,067 crore year on ear.
At the operating level, the earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to Rs 1,231.4 crore against Rs 1,043.9 crore.
The operating margin is reported at 19.3 percent against 20.6 percent year on year.
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