Market Live: Sensex, Nifty extend losses, JP Group stocks fall up to 7% | Indian Share Market

Indian Share Market


Market Live: Sensex, Nifty extend losses, JP Group stocks fall up to 7%

Mumbai: The BSE Sensex opened lower on Wednesday against the previous session’s closing. The broader NSE’s Nifty, too, fell in the morning hours. The Indian rupee opened lower against the US dollar. The shares of TCS, Infosys, M&M rose, whereas the shares of ICICI Bank and Sun Pharma fell. Here are the latest updates.

■ 9.35am: BSE Sensex trades lower by 123 points, or 0.38%, to 31,892, while the Nifty 50 falls 36 points, or 0.36%, to 9,942.

■ 9.30am: Tata Motors Ltd fell 0.6% to Rs427.95 ahead of its June quarter earnings. According to 15 Bloomberg analyst estimates, the company may report net profit of Rs1,479.60 crore while net sales will be at Rs59,788.60 crore.

■ 9.25am: Adani Group stocks fell. Adani Enterprises Ltd fell 2%, Adani Transmission Ltd 1%, Adani Power Ltd 2.2%.

■ 9.20am: JP Group stocks fell. Jaiprakash Associates Ltd fell 7%, Jaypee Infratech Ltd fell 5%, Jaiprakash Power Ventures Ltd 6%.

■ 9.15am: The rupee opened at 63.78 a dollar. At 9.15am, the rupee was trading at 63.76 a dollar, down 0.20% from its Tuesday’s close of 63.81.

■ 9.10am: Sun Pharma shares fell 5% to Rs477.65 after its arm Taro Pharmaceuticals reported weaker earnings. Net sales of $161.3 million, decreased $72.5 million, or 31.0%, the result of continuing increased competition and the challenging pricing environment despite an overall increase in volumes. Gross profit of $116.5 million, decreased $66.2 million and as a percentage of net sales, was 72.2% compared to 78.2%.

■ 9.08am: Housing Development & Infrastructure Ltd (HDIL) fell 15% to Rs47.95. The stock fell for fifth sessions and declined over 44% in this period. The stock started declining after National Company Law Tribunal (NCLT) admitted insolvency application against HDIL arm Guruashish Construction Pvt. Ltd filed by the Union Bank of India.

■ 9.05am: The 10-year bond yield was at 6.458%, compared to its previous close of 6.459%. Bond yields and prices move in opposite directions.

■ 9.00am: Asian currencies were trading lower after US President Donald Trump said North Korea will be “met with fire and fury” if Kim Jong Un’s regime keeps making threats. Traders are focusing on US inflation data due Friday given its potential impact on Federal Reserve’s monetary policy

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