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Sensex falls 336 pts, Nifty closes below 10,850; ITC, PowerGrid, Infosys top losers

Shares of ITC slumped 4.16 percent to their worst close since December 26, despite beating analysts' estimates for third-quarter profit. The firm  reported 3.84 per cent increase in standalone net profit at Rs 3,209.07 crore for the third quarter ended December 31, 2018.

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Sensex loses 336 pts, Nifty closes below 10,850; ITC, PowerGrid, Infosys top losers
Sensex loses 336 pts, Nifty closes below 10,850; ITC, PowerGrid, Infosys top losers

The Sensex and Nifty closed lower today, dragged by a sharp fall in ITC after the cigarette-maker reported quarterly results, while IT and financial stocks also contributed to the losses. The broader Nifty ended down 91 pts at 10,831.5, while the benchmark Sensex ended 336 points weaker at 36,108.47.

Shares of ITC slumped 4.16 percent to their worst close since December 26, despite beating analysts' estimates for third-quarter profit. The firm  reported 3.84 per cent increase in standalone net profit at Rs 3,209.07 crore for the third quarter ended December 31, 2018.

The company had posted a net profit of Rs 3,090.20 crore in October-December quarter a year ago, ITC said in a BSE filing.

Gross revenue from sales was up 15.09 per cent to Rs 11,340.15 crore as against Rs 9,852.74 crore in the year-ago period.

HDFC Bank's stock dropped 1.4 percent while that of IT giant Infosys Ltd declined 1.8 percent. Sun Pharma (3.04%), YES Bank (2.71%) and Tata Steel (1.53%) were the top Sensex gainers.

Top Sensex losers were ITC (4.16%), PowerGrid (1.85%) and Infosys (1.72%).

Of 30 Sensex stocks, 22 ended in the red.

Market breadth was negative with 1068 stocks closing higher compared to 1477 ending in the red.

Meanwhile, the BSE mid cap and small cap indices closed 42 points and 22 points lower in trade today

Top sectoral losers were consumer durables stocks and banking stocks.

BSE Consumer durables index lost 244 points to 20,907 and bankex index closed 209 points lower to 30,540.

Global markets

World markets were mostly lower on Wednesday as news of possible hiccups in US-China trade talks ratcheted up growth worries.

Germany's DAX gave up 0.5 percent to 11,036.81 and the CAC 40 in France lost 0.3 percent to 4,833.41. Britain's FTSE 100 was 0.6 percent lower at 6,858.75. Wall Street was set for a flat opening. The future contract for the Dow Jones industrial average was 0.1 percent higher at 24,404.00. The contract for the broader S&P 500 index was flat at 2,631.90.

Japan's Nikkei 225 index shed 0.1 percent to 20,593.72 after the Bank of Japan kept its short and long term interest rates intact as expected but lowered its inflation forecasts. South Korea's Kospi rose 0.5 percent to 2,127.78. Hong Kong's Hang Seng was almost flat at 27,008.20. The Shanghai Composite index gained 0.1 percent to 2,581.00. Australia's S&P ASX 200 slipped 0.3 percent to 5,843.70. Shares fell in Taiwan, Singapore and Indonesia but rose in Malaysia.

Edited by Aseem Thapliyal

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