Sensex Dives Over 1,050 Points; ITC, ICICI Bank Weak

Edited by Peter Noronha

28 Oct 2021, 02:54 PM IST

The private sector banking space is trading weak.

The equity benchmarks have extended their intra-day losses and are hovering near the lows of the day on Thursday in late deals, ahead of October F&O expiry. The BSE Sensex is trading at 60,090.95, lower by 1,052 points or 1.72 per cent and the NSE Nifty is at 17,880.60, down 330 points or 1.81 per cent. The broader markets are also trading weak, with the BSE Midcap index losing 1.48 per cent and the BSE Smallcap index losing 1.51 per cent.

On the stock-specific front, ITC has nosedived more than 5 per cent to Rs 225.45 to top the losers list on the BSE. Post market hours on Wednesday, the FMCG-to-hotel major reported a net profit of Rs 3,697 crore for the September quarter compared to Rs 3,252.62 crore in the corresponding period last year, marking a growth of 14 per cent on a year-on-year basis. The cigarette segment reported a 10.2 per cent growth in revenue at Rs 5,642 crore compared to Rs 5,121 crore in the corresponding quarter last year.

Titan has lost 3.29 per cent at 2,379.05 post its September quarter results. Titan, one of the largest fashion accessories brands in India, reported net profit of Rs 641 crore for the quarter ended September 2021 compared to Rs 173 crore in the same quarter last year.

The private sector banking space is trading weak, with Kotak Bank, ICICI Bank and Axis Bank shedding 3.23 per cent, 3.29 per cent and 2.63 per cent respectively on the BSE.

On the other hand, IndusInd Bank has gained 4.46 per cent to top the gainers list on the BSE in wake of its September quarter results. The bank's net profit advanced 73 per cent to Rs 1,146.73 crore in the second quarter of current financial year from Rs 663 crore in the same quarter last year on the back of higher income and lower provisions. The net interest income increased 11.6 per cent to Rs 3,658 crore and net interest margin rose one basis point (bps) sequentially to 4.07 per cent.

L&T, Maruti Suzuki and UltraTech Cement are the other significant gainers in the BSE pack.

And IRCTC has galloped more than 19 per cent to hit an intraday high of Rs 983.60 after going ex-split. IRCTC shares have been split in the ratio of 1:5, i.e. the shares have been sub-divided from the face value of Rs 10 per share to Rs 2 per share.