Nifty slips below 10,000 mark, Sensex sheds 110 points, pharma stocks fall | Indian Share Market

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Nifty slips below 10,000 mark, Sensex sheds 110 points, pharma stocks fall

Mumbai: Banking, healthcare and FMCG stocks weighed heavy on markets today as the Sensex faltered and the Nifty, too, fell. Asian shares were a mixed bag. The 30-share Sensex had lost 337 points in the previous two sessions. Healthcare, FMCG, banking, power and auto indices were all in the loss zone, down by up to 1.67%.

The indices were pulled lower mostly by Sun Pharma, Lupin, Dr Reddy’s, Cipla, ONGC and Reliance Industries. In contrast, Coal India, Maruti Suzuki and Hero MotoCorp, were up on selective buying support, chiefly on strong fundamentals. Traders said persistent selling by investors after recent gains amid muted earnings numbers by some companies and weak global leads dampened sentiment.Japan’s Nikkei was down 0.36% and Hong Kong’s Hang Seng shed 0.01% while Shanghai Composite rose 0.11%. The Dow Jones Industrial Average ended at a record high by rising 0.04% yesterday. Here are the latest updates:

■ 11.20am: Biocon Ltd fell 6.7% to Rs350.15 after its Bengaluru plant got US drug regulator observation following an inspection from 25 May-3 June.

■ 11.15am: Ceat Ltd fell 5% to Rs 1815.40 after the company reported a 98.6% decline in its consolidated net profit at Rs1.38 crore for the June quarter due to de-stocking by trade partners ahead of the goods and services tax (GST) rollout and higher expenses.

■ 11.10am: Sun Pharma fell 3.3% to Rs499.40 after its arm Teva Pharmaceutical reported weaker than expected earnings.

■ 11.05am: Titan Ltd rose 7% to Rs595 after its first quarter net profit almost doubled, helped by a significant jump in jewellery demand that more than offset subdued sales of the company’s watches and eye wear segments. Net profit increased to Rs237.97 crore in the 3 months ending 30 June 2017, from Rs120.89 crore a year ago, the company said on Thursday.

■ 11.00am: Ujjivan Financial Services Ltd fell 6.2% to Rs289.85 after it reported a net loss of Rs75 crore during the first quarter of financial year 2017-2018 against a profit of Rs17.37 crore for the same period last year.

10.50am: BSE Sensex trades lower by 94 points, or 0.29%, to 32,144, while the Nifty 50 falls 18 points, or 0.18%, to 9,995.

10.08am: BSE Sensex trades lower by 28 points, or 0.09%, to 32,210, while the Nifty 50 rises 6 points, or 0.05%, to 10,019. Nifty pharma index falls 1.59%. Nifty PSU bank index soars by 0.81%.

■ 9.34am: BSE Sensex trades lower by 21 points, or 0.07%, to 32,217, while the Nifty 50 falls 0 points to 10,014.

■ 9.25am: Housing Development & Infrastructure Ltd (HDIL) fell 1% to Rs82.60 after the National Company Law Tribunal (NCLT) admitted petition of insolvency proceedings against the company.

■ 9.20am: Indian Oil Corp. (IOC) rose 2% to Rs393.40. The company said its June quarter profit declined 45% to Rs4,549 crore from a year ago despite handsome gains in operating revenue as expenses including of crude oil rose and refining margin narrowed sharply.

■ 9.15am: The rupee opened at 63.67 a dollar. At 9.15am, the rupee was trading at 63.66 a dollar, up 0.05% from its Thursday’s close of 63.69.

■ 9.10am: The 10-year bond yield was at 6.436%, compared to its previous close of 6.43%. Bond yields and prices move in opposite directions.

■ 9.05am: Auto stocks gained. Hero MotoCorp Ltd shares rise 1%, Tata Motors Ltd shares rise 1%, Maruti Suzuki India Ltd rises 0.8%.

■ 9.00am: Asian currencies were trading higher. South Korean won was up 0.3%, Philippines peso 0.18%, Taiwan dollar 0.14%, China offshore 0.1%, Singapore dollar 0.06% and Thai baht 0.05%. However, Japanese yen was down 0.08%.

Source:livemint.com

Categories:   Stock Market

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