Sensex extends losses, down 261 points

The domestic equity market remained overpowered by bears throughout the day and extended its losing streak for the third consecutive trading session. The key benchmark indices S&P BSE Sensex and CNX Nifty plunged 0.95 per cent and 1.10 per cent to 27,176.99 and 8,213.80, respectively.

Among the sectoral indices on the Bombay Stock Exchange (BSE),  the S&P BSE Realty index tumbled the most 3.96 per cent to 1,510.77. It was followed by the S&P BSE Healthcare index (down 3.21 per cent to 15953.12), S&P BSE Oil & Gas index (down 2.48 per cent to 9,153.46), S&P BSE Consumer Durables (down 2.17 per cent to 10,313.39). Rest all other indices also ended the day in red.
Amar Ambani, head of research, IIFL, says, "Indices shut in deep red yet again after index heavyweight ICICI Bank announced its quarterly numbers. ICICI Bank's Q4 FY15 performance was a mixed bag with net interest income growth coming ahead of our expectation and asset quality deteriorating further. Earnings slowdown, global uncertainties and FIIs retrospective tax overhang also continued to weigh on the investor's sentiment."

Ajay jaiswal, president, investment strategies, head of research, Microsec Financial Services seconds Ambani and says, "Nifty was holding around 8,250 levels but after the quarterly result of ICICI Bank which was below expectations in terms of gross non-performing assets (GNPA) dampened the market sentiments." ICICI Bank posted GNPA of 3.78 per cent for the quarter ended March 2015 against 3.03 per cent in the same quarter last year.

For the quarter ended, March 2015, ICICI bank posted net profit of Rs 2,922 crore, up 10.2 per cent, against Rs 2,652 crore in the corresponding quarter a year ago.

In another quarterly result, Indian automobile major Maruti Suzuki India booked net profit of Rs 1,284.24 crore, up 60.5 per cent, for the quarter ended March 2015 against Rs 800.05 crore in the corresponding quarter a year ago. According to the company's statement in its filing to exchanges, higher volumes, material cost reduction, lower sales promotion expenses are some of the crucial factors that contributed to the bottom line during the quarter.

Among Nifty stocks, Maruti, Sesa Sterlite and Punjab National Bank were the top performers for the day with an intraday gain of 3.08 per cent, 2.56 per cent and 1.71 per cent, respectively. However, BPCL, Cairn India and Asian Paint stood at the bottom of the performance chart with a fall of 6.98 per cent, 5.19 per cent and 3.71 per cent, respectively.

According to the website of NSDL, FIIs stood net sellers in the capital markets segment, sold shares worth Rs 722.32 crore.
For the further movement, Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services, says, "Market has consolidated further below the last immediate support seen at 8250-8300. The F&O expiry (on April 30) and FED meet on April 28-29 are concerning the market. While no rate hike is expected from FED, market would be cautious on the policy statement. In the meantime, Budget session could provide some support to the market, as key bills like GST (Goods and Service Tax) will be discussed this week."

Asian peer markets, Nikkei 225 was down by 0.19 per cent while Hang Seng and Shanghai were up by 1.33 per cent and 3.03 per cent, respectively.