NIFTY SENSEX CLOSING REPORT FOR TODAY 25-OCT

Nifty closes below 6150; HUL falls 2% ahead of Q2 nos

 ITC's net profit rose 21.5 percent higher-than-expected compared to a year ago period to Rs 2,230 crore during September quarter, but net sales increased 8.9 percent (lower than analysts' expectations) Y-o-Y to Rs 7,780 crore for the quarter. The stock fell 0.7 percent.

Benchmark indices continued to struggle for direction Friday as buyers are beginning to feel that the market may have got ahead of itself. The sluggish trend in global markets too added to the cautious mood. The Sensex closed at 20683.52, down 41.91 points over its previous close while the Nifty fell 19.45 points to 6144.90. Better-than-expected quarterly earnings from key companies have helped the market sustain its recent gains, but players fret that most of the positive news may have already been factored in. ICICI Bank ’s second quarter earnings met analyst estimates , but CEO Chanda Kocchar warned that asset quality would continue to be under pressure. The bank wrote off Rs 560 crore of loans during the quarter, restructured Rs 1076 crore of loans, and said that the sector may not yet have seen the worst of bad loan pile up.

 ICICI Bank stock closed flat at Rs 1,021.65 a share. ITC's net profit rose 21.5 percent higher-than-expected compared to a year ago period to Rs 2,230 crore during September quarter, but net sales increased 8.9 percent (lower than analysts' expectations) Y-o-Y to Rs 7,780 crore for the quarter. The stock fell 0.7 percent. Hindustan Unilever dropped over 2 percent ahead of its second quarter earnings on Saturday. Earlier, brokerage house Deutsche Equities raised its year-end target for the Sensex to 22,000 from 21,000, on hopes of the local economy stabilizing and of a longer period of easy monetary policy in the US. “We replace IT services with banks as our biggest portfolio overweight. Three key themes investors should focus on (1) currency stabilzation (2) rural demand recovery and (3) global growth,” the Deutsche Bank note said. Capital goods, metals, healthcare and telecom stocks were under pressure while technology stocks bucked the trend with TCS gaining 3 percent.

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