The market remained rangebound with the Nifty moving in a tight range of 7770-7800 after a sharp cut in previous session priced in Fed rate hike fears. The 30-share BSE Sensex rose 37.66 points to 25437.38 and the 50-share NSE Nifty gained 8.35 points at 7791.75.

SpiceJet, the most active stock, crashed nearly 7 percent after fourth quarter earnings. Profit increased 3-fold year-on-year to Rs 73 crore during the quarter, largely led by one-time gain of Rs 63.7 crore. Its other income halved to Rs 40.3 crore from Rs 87.1 crore, though revenue increased 86.5 percent to Rs 1,475 crore in same period. Even it had one-time expenses of Rs 173 crore on stabilising & improving fleet reliability.

Lupin lost 7 percent as brokerages are worried about earnings due to resolution to Goa plant and higher R&D spend despite strong fourth quarter results. The company reduced its sales guidance for FY18 to USD 3.5 billion from USD 5 billion.


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