Market Wrap, Jan 23: Sensex falls 336 points, Nifty at 10,831; ITC fell 4%

The benchmark indices settled nearly 1 per cent lower on Wednesday led by a selloff in shares of fast-moving consumer goods (FMCG) major ITC.

The S&P BSE Sensex fell 336 points or 0.92 per cent to settle at 36,108 while NSE's Nifty50 index ended below 10,850 level at 10,831.50, down 91 points or 0.84 per cent.

Among sectors, the Nifty FMCG index was the top loser of the day, falling 1.69 per cent weighed by ITC and United Spirits.

In the broader market, S&P BSE MidCap index fell 42 points or 0.28 per cent at 14,883, while S&P BSE SmallCap index ended at 14,309, down 22 points or 0.16 per cent.

Shares of ITC fell 4.75 per cent lower at Rs 276 on the National Stock Exchange (NSE) even as the company posted a 3.84 per cent year-on-year (YoY) rise in its net profit at Rs 3,209.07 crore for the quarter ended December 31, 2018. It had posted PAT of Rs 3,090.20 crore in the corresponding quarter of last financial year.

For the nine months ended on December 31, 2018, the figures stood at Rs 8982.42 crore.

Total income from operations for the quarter under review came in at Rs 12,267.65 crore, up 15.79 per cent against Rs 10,594.55 crore in the year-ago period.

Shares of Wipro hit a near two-decade high of Rs 355.45 apiece in intra-day trade, gaining 2 per cent on the BSE, as analysts expect the company to post better revenue growth in FY20 led by continued momentum in large deal wins, robust digital growth and continued growth in BFSI (banking, financial services and insurance) and other verticals. The stock of IT services firm was trading at its highest level since March 8, 2000. The stock eventually settled at Rs 351.20, up 1.37 per cent.

In the past seven trading days, Wipro has outperformed the market by surging 12 per cent after the company on January 14, 2019, announced that its board will consider a proposal for issue of bonus shares. In comparison, the S&P BSE Sensex was up 1.6 per cent during the same period.