Sensex falls 200 points, IRCTC surges to new high on strong Q3 earnings

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Indian markets moved lower today, tracking mixed global markets. The Sensex was down about 200 points while Nifty was lower at 12,147. Among the Sensex stocks, HDFC Bank, Bharti Airtel, Axis Bank, Tata Steel, Maruti Suzuki, NTPC, Kotak Mahindra Bank, ICICI Bank and ONGC and IndusInd Bank were down between 1% and 2%.

Shares of IRCTC surged as much as 13.5% to ₹1,609.30 today after the company announced a big jump in its Q3 profit to ₹206 crore, from ₹73 crore in the same period of the previous year. It also announced a ₹10 interim dividend per share.

Elsewhere, Yes Bank gained over 5% after the private sector lender said it has received non-binding expressions of interest from companies including JC Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); and Silver Point Capital.

The bank delayed financial results for the third quarter ended December 2019 and said it is expected by mid-March as the management is “deeply engaged” in fundraising exercise.

Nifty has support at 12,100 while resistance at 12,276, HDFC Securities said in a note.

The brokerage however remains positive on the market, saying that technical patterns project a target of 12,600 for the Nifty and 32,740 for the Bank Nifty. “Today is the weekly derivative settlement for the traded indices. Today’s profit taking, if it happens for any reason, will still not spoil the charts” it added.

Data released on Wednesday showed annual retail inflation accelerated to its highest level in nearly six years, while industrial output unexpectedly contracted. Annual retail inflation rose to 7.59% in January, partly driven by rising vegetable prices. December industrial output contracted 0.3%, after rising for the first time in three months in November.

Asian markets were mixed today despite a record finish on Wall Street after a dramatic spike in the number of coronavirus deaths and cases in China. Chinese authorities have changed the way they count infections from the virus and according to latest reports the nationwide death toll rose to 1,355 and the infection count to nearly 60,000. (With Agency Inputs)