A weak set of third quarter numbers from heavyweight ITC unsettled stock investors and triggered all-round selling, pushing benchmarks Sensex and Nifty down on Wednesday.
Sentiment turned more fragile after ITC reported an uninspiring 3.85 per cent year-on-year (YoY) rise in net profit for the quarter to December 2018.
Global markets showed no resolve as they reeled under renewed doubts over US-China trade talks while global economic growth remained a constant element of worry.
The Sensex fell swiftly towards the end and closed down 336 points, or 0.92 per cent, at 36,108. The Nifty suffered a loss of 91 points, or 0.84 per cent, to settle at 10,832.
Midcaps and smallcaps indices closed 0.28 per cent and 0.16 per cent down, respectively.
Here are Wednesday’s market highlights.
Rs 1.10 lakh crore gone in two days!
The two-day fall in market wiped off over Rs 1.10 lakh crore wealth as the cumulative market capitalisation of BSE-listed firms plunged to Rs 1,42,04,842.87 crore on Wednesday from Rs 1,43,15,583.11 crore on Monday. On Wednesday alone, the market’s loss read nearly Rs 74,199 crore.
ITC plunges post Q3 numbers
Shares of ITC closed the day 4.16 per cent down at Rs 277.70 on the BSE after it reported a 3.85 per cent year-on-year (YoY) rise in standalone profit at Rs 3,209.07 crore for the December quarter. Earnings before interest tax depreciation and amortisation (Ebitda) increased 11.23 per cent YoY to Rs 4,326 crore against Rs 3,889 crore in the same period last year. At first glance, Street appeared dissatisfied with the numbers as the stock tanked aft ……