Sensex Slips Over 600 Points; ITC, ICICI Bank Weak

ITC has nosedived more than 4 per cent after reporting a net profit of Rs 3,697 crore for the September quarter compared to Rs 3,252.62 crore in the corresponding period last year

The equity benchmarks have extended their intra-day losses and are hovering near the lows of the day on Thursday afternoon, ahead of October F&O expiry. The BSE Sensex is trading at 60,606.66, lower by 535 points or 0.87 per cent and the NSE Nifty is at 18,033.55, down 179 points or 0.99 per cent. The broader markets are also trading weak, with the BSE Midcap index losing 0.7 per cent and the BSE Smallcap index losing 1 per cent.

On the stock-specific front, ITC has nosedived more than 4 per cent to Rs 227 to top the losers list on the BSE. Post market hours on Wednesday, the FMCG-to-hotel major reported a net profit of Rs 3,697 crore for the September quarter compared to Rs 3,252.62 crore in the corresponding period last year, marking a growth of 14 per cent on a year-on-year basis. The cigarette segment reported a 10.2 per cent growth in revenue at Rs 5,642 crore compared to Rs 5,121 crore in the corresponding quarter last year.

Titan has lost 2.1 per cent at Rs 2408 post its September quarter results. Titan, one of the largest fashion accessories brands in India, reported net profit of Rs 641 crore for the quarter ended September 2021 compared to Rs 173 crore in the same quarter last year.

The private sector banking space is trading weak, with Kotak Bank, ICICI Bank and Axis Bank shedding 1-2 per cent each on the BSE.