Mumbai: BSE Sensex edged lower on Tuesday with Sun Pharmaceutical Industries Ltd leading the fall after its US arm reported weak quarterly results, while investors booked profit in recent outperformers such as ITC Ltd. The broader NSE Nifty fell 0.50% as of 12.20pm, while the benchmark BSE Sensex was down 0.52% at 30,412. “There is some profit-booking taking place in the market at the moment after the substantial rally we saw recently,” said K. K. Mittal, vice-president at Venus India Asset Finance. “If earnings pick up further, the NSE index may move towards 10,000 level,” Mittal added.
The country’s largest truck-and-bus maker, Tata Motors, is slated to post its quarterly results later in the day. Pharma stocks were the biggest losers and the Nifty Pharma Index was on track to post its sixth consecutive session of loss, with Sun Pharma hitting a six-month low after Taro Pharmaceutical Industries reported weak March quarter results.
Consumer staples snapped two sessions of gains, with the Nifty FMCG index dropping as much as 1%. Both ITC Ltd and Dabur India Ltd, down as much as 1.7% and 1.2% respectively, were on track to post their first loss in three sessions. Shares of state-run GAIL (India) Ltd fell as much as 6.3% to their lowest in three months after the company posted a 69% fall in fourth-quarter profit on Monday. Bucking the broader trend, IT stocks and consumer discretionary stocks gained. Tata Consultancy Services rose as much as 1.3%, while Maruti Suzuki India Ltd rose as much as 2.8%.
Also Read: Sun Pharma shares fall 8% after overseas arm Taro reports weak earnings
2.05pm: BSE Sensex trades lower by 65 points, or 0.21%, to 30,506, while the Nifty 50 falls 16 points, or 0.17%, to 9,422.
1.20pm: BSE Sensex trades lower by 101 points, or 0.33%, to 30,470, while the Nifty 50 falls 26 points, or 0.28%, to 9,412.
1.00pm: BSE Sensex trades lower by 142 points, or 0.46%, to 30,429, while the Nifty 50 falls 37 points, or 0.39%, to 9,402.
12.20pm: BSE Sensex trades lower by 159 points, or 0.52%, to 30,412, while the Nifty 50 falls 47 points, or 0.50%, to 9,391.
11.46am: BSE Sensex trades lower by 174 points, or 0.57%, to 30,397, while the Nifty 50 falls 44 points, or 0.46%, to 9,395.
11.00am: BSE Sensex trades lower by 170 points, or 0.56%, to 30,401, while the Nifty 50 falls 52 points, or 0.55%, to 9,386.
10.45am: Non-banking finance companies trade lower. Bharat Financial Inclusion Ltd fell 5.1%, Ujjivan Financial Services Ltd 1.2%, Equitas Holdings Ltd 1.6%, Manappuram Finance Ltd 2.5%, Muthoot Finance Ltd 0.7%, Shriram City Union Finance 1%, Bajaj Finance 1.5% and Bajaj Finserv Ltd 2.5%.
10.30am: Auto stocks trade higher. Maruti Suzuki India Ltd rose 2.5%, Eicher Motors Ltd 1.6%, Mahindra & Mahindra Ltd 0.3% and Tata Motors Ltd 0.1%.
10.25am: IT stocks trade higher. Wipro Ltd rose 1%, Tech Mahindra was up 0.7%, Tata Consultancy Services 0.3%, Infosys Ltd 0.3% and HCL Technologies Ltd 0.6%.
10.18am: BSE Sensex trades lower by 154 points, or 0.50%, to 30,417, while the Nifty 50 falls 45 points, or 0.47%, to 9,394.
10.10am: Banking stocks trade lower. Bank of India fell 6%, Indian Bank falls 5.4%, Allahabad Bank falls 4.6%, Federal Bank falls 4.5%, Andhra Bank falls 4.3%, Karnataka Bank falls 4.3%, DCB Bank falls 4%, Corporation Bank falls 4%, Indian Overseas Bank falls 3.7%, Syndicate Bank falls 3.7%, Uco Bank falls 3.5%, Canara Bank falls 3.4% and Central Bank of India falls 3.3%.
10.05am: Reliance Communications Ltd fell 5% to Rs28.45. Credit Rating agency Credit Analysis & Research (CARE) has revised rating of Reliance Communications’ long term bank facility to ‘BB’ from ‘A-’. The rating agency has also revised the company’s short term bank facility to ‘A4’ from ‘A2+’.
10.00am: The companies which have higher debts were trading lower. Videocon Industries fell 20%, Adani Enterprises Ltd 7.5%, Adani Power 4.1%, Jaiprakash Associates Ltd 6%, Reliance Communications Ltd 5%, RattanIndia Power Ltd 5%, HCC 3.7%, GMR Infrastructure Ltd 3.3%, Amtek Auto Ltd 3%, Reliance Defence 3% and Adani Ports 2.8%.
9.50am: State Bank of India fell 2.2% to Rs288.20.after strong performance in the fourth quarter has failed to cheer investors because of the large stock of bad loans of its associate banks that the bank inherited after their merger with it.
9.40am: Pharma stocks trade lower. Sun Pharma 5.8%, Aurobindo Pharma 5.2%, Biocon 3.9%, Divi’s Laboratories Ltd 3.1%, Wockhardt Ltd 3%, Dishman Pharma 2.5%, Cipla Ltd 2.1%, Marksans Pharma 2.1% and Glenmark Pharma 2%.
9.30am: BSE Sensex trades lower by 72 points, or 0.24%, to 30,499, while the Nifty 50 falls 31 points, or 0.33%, to 9,408.
9.28am: Videocon Industries Ltd hits 20% lower circuit for the second sessions. Dena Bank has declared Videocon Industries account as non-performing asset (NPA) in the fourth quarter ended March 2017. The total exposure of lenders to the electronic goods maker is pegged at Rs 45,000 crore.
9.25am: Sun Pharmaceuticals Industries Ltd fell 4% to Rs614.50 after its arm Taro’s fourth quarter EPS from continuing operations stood at $2.05 against $2.68 year on year.
9.23am: Gail India Ltd fell 4.4% to Rs373.80 after the company reported a 69% decline in its net profit in March quarter on account of an impairment charge on an investment. Net profit fell to Rs260 crore in the quarter to March from Rs832 crore a year ago, the firm said in a statement to BSE on Monday.
9.20am: Den Networks Ltd fell 7.6% to Rs90 after the company posted a loss of Rs60.55 crore in March quarter against Rs210.30 crore a year ago.
9.18am: Adani Enterprises Ltd fell 7.3% to Rs112.25 after the company has deferred a final investment decision (FID) on its long-delayed Australian Carmichael coal project, as the Queensland state government has yet to sign off on a royalty agreement for the mine, an Adani spokesman said on Monday.
9.15am: The rupee opened at 64.65 a dollar. At 9.15am, the rupee was trading at 64.70, down 0.2% from its previous close of 64.55.
9.10am: The 10-year bond yield was trading at 6.679% compared to its previous close of 6.667%. Bond yields and prices move in opposite directions.
9.00am: Asian currencies were trading lower. South Korean won was down 0.25%, Taiwan dollar down 0.23%, Thai baht down 0.22%, Singapore dollar down 0.05%, China renminbi down 0.05% and Philippines peso down 0.05%. However, Malaysian ringgit was up 0.18% and Japanese yen 0.1%.
8.55am: Asian markets traded sideways on Tuesday, after major indices on the Wall Street closed in the green and on headlines out of the UK of a deadly explosion at a concert venue in Manchester.
With inputs from Reuters