 "Markets end lower; Nifty holds 7,900")
Markets ended lower on Monday on concerns that the defeat of the ruling NDA government in Bihar Assembly elections would stall further reforms.
The 30-share Sensex ended down 144 points at 26,121 and the 50-share Nifty ended down 39 points at 7,915.
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(updated at 2:35pm)
Benchmark share indices came off their day's lows in late noon trades as gains in FMCG and auto majors helped offset losses in private banking majors and select pharma shares.
Earlier, markets had slumped in early trades after the ruling NDA lost to the Grand Alliance in the Bihar Assembly polls. Investors feared that the NDA would now find it difficult to push reforms.
At 2:35pm, the 30-share Sensex was down 177 points at 26,088 after hitting an intra-day low of 25,657 and the 50-share Nifty was down 55 points at 7,900 after touching an intra-day low of 7,772.
In the broader markets, the BSE MidCap and SmallCap indices were up 0.3-0.6% each. Market breadth was marginally positive with 1,254 gainers and 1,222 losers on the BSE.
The Indian rupee was trading lower by 62 paise at 66.37 against the US dollar amid robust demand for the US currency from importers and banks while the weakness in domestic equities also dampened sentiment.
SECTORS & STOCKS
BSE Realty index was the top loser down 2% followed by Healthcare, Bankex, Capital Goods and Power indices.
Sun Pharma was the top Sensex loser down over 5% after the company reported a 46% year on year (YoY) dip in its consolidated net profit at Rs 1,107 crore for the quarter ended September 30, 2015 (Q2) due to lower sales growth, volatile currency movements and supply constraints. The drug maker had posted a net profit of Rs 2,050 crore for the corresponding period of the previous fiscal.
Dr Reddy’s Laboratories has dipped over 4%, extending its Friday’s 15% fall on the BSE, after the company has received a warning letter issued by the US Food and Drug Administration (USFDA), relating to its three plants Srikakulam, and Miryalaguda, Telegana along with the oncology formulation business at Duvvada. Among other pharma shares, Cipla was down nearly 2%.
Among the private banking majors Axis Bank, HDFC Bank and ICICI Bank were down 0.6-2.2% each.
IT majors also witnessed profit booking after recent gains. TCS, Infosys and Wipro were down 0.6-2.2% each.
Capital goods majors were also trading lower with L&T and BHEL down 1.4-3.6% each. Larsen & Toubro has entered into an in-principle agreement with Adani Kattupalli Ports for strategic sale of Kattupalli Port in Tamil Nadu. Acquisition cost was not disclosed.
Tata Motors gained 2.6% in an otherwise weak market after Tata Motors-owned Jaguar Land Rover launched a new 4.5 billion pounds cost-cutting plan to offset rising emissions cost and the slowdown in China.
Among other shares, Tata Power was up nearly 2% after the company today reported a consolidated net profit of Rs 247.31 crore for the second quarter ended September 30, on increase in revenue.
Eveready Industries is up 3% on the BSE after the foreign institutional investors (FIIs) bought more than one percentage point stake in the company through open market.
The 30-share Sensex ended down 144 points at 26,121 and the 50-share Nifty ended down 39 points at 7,915.
___________________________
(updated at 2:35pm)
Benchmark share indices came off their day's lows in late noon trades as gains in FMCG and auto majors helped offset losses in private banking majors and select pharma shares.
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Earlier, markets had slumped in early trades after the ruling NDA lost to the Grand Alliance in the Bihar Assembly polls. Investors feared that the NDA would now find it difficult to push reforms.
At 2:35pm, the 30-share Sensex was down 177 points at 26,088 after hitting an intra-day low of 25,657 and the 50-share Nifty was down 55 points at 7,900 after touching an intra-day low of 7,772.
In the broader markets, the BSE MidCap and SmallCap indices were up 0.3-0.6% each. Market breadth was marginally positive with 1,254 gainers and 1,222 losers on the BSE.
The Indian rupee was trading lower by 62 paise at 66.37 against the US dollar amid robust demand for the US currency from importers and banks while the weakness in domestic equities also dampened sentiment.
SECTORS & STOCKS
BSE Realty index was the top loser down 2% followed by Healthcare, Bankex, Capital Goods and Power indices.
Sun Pharma was the top Sensex loser down over 5% after the company reported a 46% year on year (YoY) dip in its consolidated net profit at Rs 1,107 crore for the quarter ended September 30, 2015 (Q2) due to lower sales growth, volatile currency movements and supply constraints. The drug maker had posted a net profit of Rs 2,050 crore for the corresponding period of the previous fiscal.
Dr Reddy’s Laboratories has dipped over 4%, extending its Friday’s 15% fall on the BSE, after the company has received a warning letter issued by the US Food and Drug Administration (USFDA), relating to its three plants Srikakulam, and Miryalaguda, Telegana along with the oncology formulation business at Duvvada. Among other pharma shares, Cipla was down nearly 2%.
Among the private banking majors Axis Bank, HDFC Bank and ICICI Bank were down 0.6-2.2% each.
IT majors also witnessed profit booking after recent gains. TCS, Infosys and Wipro were down 0.6-2.2% each.
Capital goods majors were also trading lower with L&T and BHEL down 1.4-3.6% each. Larsen & Toubro has entered into an in-principle agreement with Adani Kattupalli Ports for strategic sale of Kattupalli Port in Tamil Nadu. Acquisition cost was not disclosed.
Tata Motors gained 2.6% in an otherwise weak market after Tata Motors-owned Jaguar Land Rover launched a new 4.5 billion pounds cost-cutting plan to offset rising emissions cost and the slowdown in China.
Among other shares, Tata Power was up nearly 2% after the company today reported a consolidated net profit of Rs 247.31 crore for the second quarter ended September 30, on increase in revenue.
Eveready Industries is up 3% on the BSE after the foreign institutional investors (FIIs) bought more than one percentage point stake in the company through open market.