The market continued to see profit booking after three-day of gains. The Sensex dropped 59.24 points to 28404.07 and the Nifty declined 27.15 points to 8582.70. About 1141 shares have advanced, 718 shares declined, and 97 shares are unchanged on the Bombay Stock Exchange.
Infosys, HDFC, ITC, Axis Bank, Tata Motors, SBI, BHEL and ICICI Bank dropped 0.2-1 percent.
Federal Bank crashed 7 percent as the bank reported a 35 percent fall in profits Y-o-Y with provisions up over 5 times Y-o-Y. Gross non-performing assets worsened 55 basis points Q-o-Q primarily due to one account of over Rs 100 crore from the steel sector slipping.
Karnataka Bank also lost nearly 6 percent as profit in Q1 fell by 10 percent. Oberoi Realty and CRISIL gained 1.5 percent each while CARE Ratings fell 3 percent post earnings.
Buy And Sell Levels:
‘Idea Cellular Ltd. is a ‘BUY’ call with a target of Rs 191 and a stop loss of Rs 182′
‘DLF Ltd. is a ‘SELL’ call with a target of Rs 106 and a stop loss of Rs 114′
‘UCO Bank Ltd. is a ‘SELL’ call with a target of Rs 55 and a stop loss of Rs 60′