 "Markets continue to trade weak; Dr Reddy's Labs up 2%")
Markets continued to trade with negative bias in late noon trades on Tuesday weighed down by Tata group shares and IT major. However, gains in Dr Reddy's Labs post its second quarter earnings helped cap further downside.
At 2pm, the S&P BSE Sensex was down 99 points at 28,080 and the Nifty50 was down 22 points at 8,687. In the broader market, the BSE Midcap was down 0.3% and Smallcap index was trading flat.
Dr Reddy's Labs was up nearly 2% on the back of improvement across business on a sequential basis. "All major businesses have shown sequential improvement over the previous quarter with revenues up 11 per cent and EBITDA 61 per cent. We have made progress on remediation efforts and continue to work on addressing concerns of the regulator," DRL's Co-chairman and CEO G V Prasad said.
Among other shares, Arvind has moved higher by 11% to Rs 401, its fresh 52-week high on BSE, after the company announced dilution of 10% stake in Arvind Fashions to private equity (PE) firm founded by Renuka Ramnath for Rs 740 crore.
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(Updated at 12pm)
Markets continued to trade lower in noon trade on Tuesday weighed down by Tata Group shares while profit taking in HDFC twins also weighed on sentiment.
By 12:00 pm, the S&P BSE Sensex was down 92 points, or 0.31%, at 28,086 levels and the Nifty50 dipped 17 points at 8,692 levels. Among broader markets, BSE Midcap was down 0.31% while Smallcap indices were up 0.05%.
Axis Bank, Cipla and Dr Reddy posted marginal gain on Sensex, edging up by 1%, while Tata Steel, Gail and Hindustan Unilever slipped between 1%-3%.
Tata Steel, Tata Chemicals, Tata Communications, Indian Hotels, Tata Power, Tata Coffee, Tata Global Beverages, Tata Investment Corporation, Tata Elxsi, Tata Consultancy Services (TCS), Tata Metaliks and Tata Sponge are down between 1% and 4% on the BSE.
Nifty Bank, Nifty Auto and Nifty Realty were down by nearly 1%.
Global Markets
Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far.
There were also tentative hopes rising prices for steel and some industrial commodities — zinc surged to a five-year peak and iron ore reached its highest since mid-2014 — could pick up the pulse of inflation globally.
Japan's Nikkei rose 0.7% to levels last seen in April as a softening yen burnished the outlook for the country's exporters. Australian stocks added 0.6% and Taiwan 0.7%.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked 0.1% firmer, as did EMini futures for the S&P 500 ESc1. Spread betters tipped moderate opening gains for European bourses.
South Korea's main index slipped 0.5% after data showed Samsung Electronics' decision to scrap its Galaxy Note 7 dragged on the entire economy in the third quarter, though growth still pipped forecasts.
Oil
Oil prices dipped on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.
The dollar, which held near nine-month highs against a basket of major currencies, also weighed on prices. A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.
International Brent crude oil futures fell 8 cents to $51.38 per barrel as of 0528 GMT from their last close.
US West Texas Intermediate (WTI) crude futures were down 1 cent at $50.51 a barrel.
Gold
Gold prices edged up on Tuesday, underpinned by healthy demand, but an increasing probability of a US interest rate hike and a firm US dollar kept prices range-bound.
Spot gold was up 0.1% at $1,265.82 an ounce at 0431 GMT, while US gold futures were up 0.2% at $1,266.10 an ounce.
At 2pm, the S&P BSE Sensex was down 99 points at 28,080 and the Nifty50 was down 22 points at 8,687. In the broader market, the BSE Midcap was down 0.3% and Smallcap index was trading flat.
Dr Reddy's Labs was up nearly 2% on the back of improvement across business on a sequential basis. "All major businesses have shown sequential improvement over the previous quarter with revenues up 11 per cent and EBITDA 61 per cent. We have made progress on remediation efforts and continue to work on addressing concerns of the regulator," DRL's Co-chairman and CEO G V Prasad said.
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However, the pharma major reported a decline of 60.12 per cent in consolidated net profit for the September quarter at Rs 30.89 crore, mainly because of drop in sales in Venezuela and North America.
Among other shares, Arvind has moved higher by 11% to Rs 401, its fresh 52-week high on BSE, after the company announced dilution of 10% stake in Arvind Fashions to private equity (PE) firm founded by Renuka Ramnath for Rs 740 crore.
_______________________
(Updated at 12pm)
Markets continued to trade lower in noon trade on Tuesday weighed down by Tata Group shares while profit taking in HDFC twins also weighed on sentiment.
By 12:00 pm, the S&P BSE Sensex was down 92 points, or 0.31%, at 28,086 levels and the Nifty50 dipped 17 points at 8,692 levels. Among broader markets, BSE Midcap was down 0.31% while Smallcap indices were up 0.05%.
Axis Bank, Cipla and Dr Reddy posted marginal gain on Sensex, edging up by 1%, while Tata Steel, Gail and Hindustan Unilever slipped between 1%-3%.
Tata Steel, Tata Chemicals, Tata Communications, Indian Hotels, Tata Power, Tata Coffee, Tata Global Beverages, Tata Investment Corporation, Tata Elxsi, Tata Consultancy Services (TCS), Tata Metaliks and Tata Sponge are down between 1% and 4% on the BSE.
Nifty Bank, Nifty Auto and Nifty Realty were down by nearly 1%.
Global Markets
Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far.
There were also tentative hopes rising prices for steel and some industrial commodities — zinc surged to a five-year peak and iron ore reached its highest since mid-2014 — could pick up the pulse of inflation globally.
Japan's Nikkei rose 0.7% to levels last seen in April as a softening yen burnished the outlook for the country's exporters. Australian stocks added 0.6% and Taiwan 0.7%.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked 0.1% firmer, as did EMini futures for the S&P 500 ESc1. Spread betters tipped moderate opening gains for European bourses.
South Korea's main index slipped 0.5% after data showed Samsung Electronics' decision to scrap its Galaxy Note 7 dragged on the entire economy in the third quarter, though growth still pipped forecasts.
Oil
Oil prices dipped on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices.
The dollar, which held near nine-month highs against a basket of major currencies, also weighed on prices. A strong dollar makes greenback-denominated commodities including oil more expensive for holders of other currencies.
International Brent crude oil futures fell 8 cents to $51.38 per barrel as of 0528 GMT from their last close.
US West Texas Intermediate (WTI) crude futures were down 1 cent at $50.51 a barrel.
Gold
Gold prices edged up on Tuesday, underpinned by healthy demand, but an increasing probability of a US interest rate hike and a firm US dollar kept prices range-bound.
Spot gold was up 0.1% at $1,265.82 an ounce at 0431 GMT, while US gold futures were up 0.2% at $1,266.10 an ounce.