Market Movers: IndiaMart, ZEE soar; Maruti, Alembic hit hard; 132 stocks flash ‘sell’ signals

IndiaMart Intermesh shares skyrocketed 14 per cent after the company more than doubled its December quarter profit to Rs 62 crore from Rs 23 crore in the same quarter last year. Zee Entertainment gained 6 per cent, even though quarterly profit dropped by one-third. ZEE gains helped Nifty Media index emerge the biggest sectoral gainer on NSE.

BSE flagship Sensex closed 208 points lower at 41,115 while Nifty shed 62.95 points to 12,106.

“Bank, auto stocks and midcaps are consolidating due to marginal slippage in NPAs and earnings growth than what was anticipated. A lot will depend on the Budget outcome for further market direction. Investors are turning cautious before the big event,” said Vinod Nair, Head of Research, Geojit Financial Services.

Here is a lowdown of the movers and shakers of Wednesday’s session on Dalal Street:

Alembic Pharma skids on Q3 nos
Alembic Pharmaceuticals reported a 37.89 per cent rise in consolidated net profit at Rs 234.19 crore for the quarter ended December 31, mainly on account of robust growth in international markets. The stock, however, skidded 1.04 per cent to Rs 592.

Big ambitions of Adani Group
Billionaire Gautam Adani said his group is aiming to become the world's largest solar power company by 2025 and the biggest renewable energy firm by 2030. Shares of Adani Green Energy, however, skidded 2.3 per cent to Rs 197.55.

Piramal to invest in Telangana
Healthcare major Piramal Group has agreed to invest Rs 500 crore over the next three years in Telangana for setting up new facilities and warehousing expansion. The shares of its holding company Piramal Enterprises closed the day 0.48 per cent lower at Rs 1,603.

IndiaMart soars post earnings
Shares of IndiaMart closed up 14.34 per cent at Rs 2,386 after the company reported over 100 per cent growth in December quarter profit. The B2B online marketplace said consolidated net profit jumped 124 per cent to Rs 62 crore from Rs 23 crore in the year-ago quarter. The profit growth was aided by a tax credit of Rs 8.8 crore.

GAIL to invest Rs 45k cr
GAIL India, the country's largest gas utility, plans to invest over Rs 45,000 crore over the next five years to expand the national gas pipeline grid and city gas distribution network to help push for greater use of the environment-friendly fuel, Chairman Ashutosh Karnatak said. The stock fell 0.39 per cent to Rs 126.25.

Maruti sells 5 lakh BS-VI cars
The country's largest carmaker Maruti Suzuki India said its BS-VI compliant vehicles have reached cumulative sales of 5 lakh units ahead of the implementation of stricter emission norms from April 1. The stock fell 2.28 per cent to Rs 7,136.

Edelweiss to raise Rs 250 cr
Edelweiss Finance & Investments said it is looking to raise up to Rs 250 crore through a fresh NCD issue. The base size of the issue is Rs 125 crore with the option to retain over-subscription up to Rs 125 crore. The stock ended 0.44 per cent down at Rs 102.25 on BSE.

ZEE surges 6% post Q3
Shares of Zee Entertainment jumped 5.74 per cent even as the company posted a 37.9 per cent drop in December quarter profit, as advertising revenue dropped, while costs went up.

IT, Media indices gain
Nifty IT and Nifty Media indices were among three sectoral gainers on NSE. The media index jumped 1.73 per cent to 1,909 thanks to gains in Zee Entertainment, while Nifty IT added 0.99 per cent to 16,334.

Broader indices fare better
Broader market indices fared better than their headline peers and closed near the flatline. Nifty Smallcap index shed 0.09 per cent to 6,242 while Nifty Midcap index drifted 0.12 per cent lower to 17,931. Nifty500 fell 0.41 per cent to 9,947.

Financials push Sensex lower
HDFC made the biggest dent in Sensex, as it shed 77 points during Wednesday’s trade. ICICI Bank and Kotak Mahindra Bank were other major drags as they collectively bled 94 points. IT majors Infosys and TCS provided some support, adding 64 points.

132 stocks flash ‘sell’ signals
As many as 132 stocks fell below the signal line of MACD indicator, giving ‘sell’ signals. They included SAIL, JSPL, National Aluminum, RIL, ITI, Rail Vikas Nigam, L&T, Tin Plate Company, Manappuram Finance, Pidilite Industries and HCL Tech, among others.