Sensex slips for 3rd day, Nifty ends at 7731; Midcap falls too

Moneycontrol Bureau3:30 pm Market Closing: Equity benchmarks fell for third consecutive session today, dragged by technology, oil, infra and select banking & financials stocks.The Sensex declined 71.54 points to 25230.36 and the Nifty fell 18.65 points to 7731.05. The market breadth was negative as about 1501 shares declined against 1077 advancing shares on BSE.The broader markets were also under pressure with the BSE Midcap and Smallcap indices falling 0.3-0.4 percent.3:20 pm Earnings: Direct to home television operator Dish TV's March quarter consolidated profit registered a 14-fold rise at Rs 482.8 crore, driven by tax write-back of Rs 402.9 crore (against tax paid Rs 1.37 crore) and other income.

Total income from operations increased 9.5 percent to Rs 799.3 crore compared to year-ago period while other income surged 36 percent to Rs 21.80 crore in same period.

Earnings matched analysts' expectations on revenue and profit (excluding tax reversal) front but operating profit margin missed analysts' expectations. According to analysts polled by CNBC-TV18, profit was estimated at Rs 80 crore on revenue of Rs 797.4 crore for the quarter.

Operating profit (earnings before interest, tax, depreciation and amortisation) grew by 17.6 percent to Rs 261 crore and margin expanded 320 basis points to 32.6 percent compared to year-ago period, which were expected at Rs 275.3 crore and 34.5 percent, respectively.3:06 pm Market Update: Equity benchmarks erased gains again amid volatility. The Sensex declined 76.56 points to 25225.34 and the Nifty fell 21.30 points to 7728.40.The market breadth was negative as about 1500 shares declined against 1060 advancing shares on BSE.2:30 pm CLSA on Economy: Investor sentiment towards the Indian economy is improving but markets are now looking at the passage of key reform bills like the Goods and Services Tax (GST) to act as "new catalysts", says a Citigroup report.

Expectations on structural reforms however remain low and "could be a positive catalyst if GST gets passed", it said.

According to the global financial services major, both equity and fixed income (FI) investors are portraying a constructive outlook for India, but are waiting for the next 'catalyst' for fresh inflows.

"Positioning on India still remains heavy and relative valuations do not appear to be cheap. This is possibly leading to a lack of substantial fresh inflows as the markets await new catalysts," Citigroup said in a research note.2:15 pm Interview: Mithun Chand, Executive Director of Kaveri Seeds told CNBC-TV18 that he expects consolidation in the seeds industry going ahead.Currently, Kaveri Seeds has a volume of 5.7 million packets for cotton seeds and is targeting a 20 percent growth at about 6.5-7 million packets in FY17.Also read - Modi govt may sweat to push GST law despite poll success: CLSA2:00 pm Market Check

Equity benchmarks gained further with the Sensex rising 109.37 points to 25411.27 and the Nifty climbing 41.30 points to 7791. The broader markets underperformed benchmarks, rising over 0.2 percent.

ITC shares rallied 5.5 percent on further buying interest as brokerages raised target price on the stock after fourth quarter earnings, citing revival in cigarette business.

ICICI Bank, HDFC Bank, Adani Ports, Tata Motors and HUL gained 0.5-1.5 percent while HDFC, TCS, ONGC, Sun Pharma and Asian Paints were losers.

Asia markets closed mixed, with Japan's shares dropping amid renewed strength in yen as fresh data showed the country's exports continued to fall.

The Nikkei 225 closed down 81.75 points, or 0.49 percent, at 16,654.60, retracing earlier losses of more than 1.5 percent, while the dollar-yen pair retreated to levels under 110. In Hong Kong, the Hang Seng index gave up morning gains to trade down 0.38 percent in the afternoon. Chinese mainland markets closed up, with the Shanghai composite adding 18.53 points, or 0.66 percent, to 2,844.01.