Business · Markets · 2 hrs ago
Indian shares fall as earnings and company updates put stocks in focus
Indian shares reversed early gains and ended lower on Wednesday, with selling in banking stocks weighing on the market despite strength in information technology shares.
The Nifty 50 fell 77.60 points, or 0.34%, to close at 22,811.35.
Several companies are in focus as investors assess results and business updates, including Eternal, Reliance Industries and Bharat Electronics, in India.
Eternal, which owns Zomato and Blinkit, reported a 92.3% year-on-year rise in second-quarter net profit to Rs 125 crore, while revenue rose 77.6% to Rs 24,138 crore.
The Indian Army awarded BEL a Rs 770 crore radar contract to improve surveillance and help detect aerial threats, including small drones.
Reliance Industries had its credit ratings reaffirmed, while Persistent Systems launched a plan to raise up to $450 million through a share sale.
Investors are set to track these developments on Thursday, alongside September-quarter earnings and other company updates.
The Nifty 50 fell 77.60 points, or 0.34%, to close at 22,811.35 as selling in banking stocks and the broader market outweighed gains in information technology shares.
Investors were watching company updates and September-quarter results, including earnings from Eternal, Indian Hotels Company, Mahindra & Mahindra Financial Services and KEI Industries.
Reliance Industries said ICRA reaffirmed its top credit ratings on debt and commercial paper programmes, while Bharat Electronics secured a defence contract worth Rs 770 crore.
Persistent Systems opened a share sale to institutional investors, seeking to raise up to $450 million.
- Who
- Indian equity investors, with shares in several companies in focus.
- What
- The Nifty 50 fell as banking and broader-market selling outweighed gains in information technology shares. Company earnings and other business updates drew investor attention.
- When
- Wednesday; the article says the stocks would remain in focus on Thursday, October 22.
- Where
- India.
- Why
- Selling pressure in banking stocks and the broader market dragged benchmarks lower. Investors were also tracking quarterly earnings and company updates.
This story does not have two clearly opposing sides.
Reliance Industries received ICRA’s rating letter, and a Persistent Systems committee approved opening its institutional share sale.
Indian equities reversed early gains and the Nifty 50 closed down 77.60 points.
The article said several stocks would remain in focus as investors tracked earnings and company updates.
- Nifty 50 close
- 22,811.35, down 77.60 points or 0.34%
- Eternal net profit
- Rs 125 crore, up 92.3% year on year
- Indian Hotels Company net profit
- Rs 380 crore, up 19.5% year on year
- BEL defence contract
- Rs 770 crore for radar systems for the Indian Army
- Persistent Systems fundraising
- Up to $450 million, or approximately Rs 4,265 crore