Nifty ends flat, Q3 results brings stock specific volatility

By Bharti Navlani
MUMBAI (Makemystocks): Indian stock markets ended flat amid mixed set of quarterly numbers  and as traders awaited  RBI's third quarter monetary policy review tomorrow.

Reliance and Sterlite disappointed the street with less than expected Q3 results while L&T's numbers were above expectations and Maruti's profit was in line with estimates. Even the buyback offer from Reliance supported the market.

The S&P CNX Nifty gave gap down open at 5025 as Reliance Industries delivered the  Q3 results below street expectations but market recovered and Nifty traded in extremely narrow range of just 30 points. Nifty made high of 5060 and low of 5021. Nifty settled flat at 5046.

Reliance Industries settled down by 2.66% on account of dark performance in the Q3. The company's Q3 PAT fell 22% to Rs 4,440 crore QoQ; Board members of the company approved share buyback of Rs 10,440 crore and approved to buy back shares up to Rs 870/sh. Sterlite Industries settled down by 5.39% on lower than bottomline in the Q3. Company reported net profit of Rs 914 crore in Q3 as against expectations of Rs 1,001 crore.

Larsen and Toubro Ltd. (L&T) announced net profit of Rs. 9.92bn for the quarter ended December 31, 2011. The net profit figure beat consensus analyst estimates. Maruti Suzuki India Ltd. has reported a net profit of Rs. 2.06bn for the fiscal third quarter compared to Rs. 5.65bn in the same quarter a year earlier. The net profit figure is more or less in line with estimates.

The market breadth, indicating the health of the market was neutral. On NSE, 708 shares advanced while 735 shares declined. Total of 65 shares remained unchanged.

Out of 50-share S&P CNX Nifty pack, 24 scrips advanced while 26 scrips declined. Maruti was up by 5.75%, BHEL was up by 2.94% and DLF was up by 2.92% were the top gainers from the Nifty pack.

Ster was down by 6.01%, Hindalco was down by 4.91% and Hero Motor Corporation was down by 4.18% were the top losers from the Nifty pack.

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