Hindustan Unilever fell 7% after profit dropped 3.2%; crude oil declined 2.8% to $85.87. Sensex, Nifty flat as markets await Fed, BoE, BoJ decisions this week.
Indian equities ended Tuesday roughly unchanged as traders looked ahead to policy decisions from the Federal Reserve, Bank of England, and Bank of Japan this week. The Sensex slipped 69.86 points to 76,765.92, and the Nifty edged down 10.60 points to 23,985.35.
The biggest mover on the Sensex was Hindustan Unilever, which fell 6.97% after the consumer goods company reported a 3.17% drop in net profit to Rs 2,680 crore for the June quarter, hurt by exceptional items and higher taxes. Among the gainers were Tata Consultancy Services and Infosys; ICICI Bank also rose.
Crude oil prices offered some relief. Brent crude dropped 2.82% to $85.87 a barrel. Vinod Nair, head of research at Geojit Investments Ltd, said the drop in oil prices eased concerns over inflation and input costs. He added that caution persisted ahead of the central bank meetings.
Foreign institutional investors sold Rs 1,688.23 crore worth of equities on Monday, exchange data showed. Asian markets were mostly lower, with South Korea's KOSPI tumbling 10.84% and Japan's Nikkei 225 falling. Hong Kong's Hang Seng eked out a marginal gain.
Ponmudi R, CEO of Enrich Money, said the broad sell-off across Asia weighed on Indian markets. The domestic indices managed to hold their ground, ending flat.
Among the stocks tracked by AlphaScala, Hindustan Unilever (UL) dropped 7% on the profit miss, while ICICI Bank (IBN) and Infosys (INFY) rose. All three carry an Alpha Score of 57, indicating moderate risk.
The Fed's rate decision is due Wednesday, followed by the BoJ and BoE meetings later in the week.
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