Key benchmark indices declined in early trade as a sudden spike in US bond yields to a 10-month high rattled emerging equity markets. At 9:16 IST, the barometer index, the S&P BSE Sensex, was down 284.40 points or 1.03% at 27,233.28. The Nifty 50 index was down 90.45 points or 1.06% at 8,435.30.
The market breadth indicating the overall health of the market was weak. On BSE, 905 shares fell and 231 shares rose. A total of 43 shares were unchanged. The BSE Mid-Cap index was currently down 1.38%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.81%. The decline in this index was lower than the Sensex's decline in percentage terms.
In overseas stock markets, most Asian shares edged lower as US bond yields soared on expectations US President-elect Donald Trump's policies would stoke inflation. Investors fear that a higher interest rates under incoming President Donald Trump will spark capital outflows from the emerging equity markets.
In US, the Dow Jones Industrial Average rallied to a record close yesterday, 10 November 2016, as investors continued to revise their strategies and reposition portfolios in response to Donald Trump's unexpected presidential election victory.
Sun Pharmaceutical Industries was up 4.35%. The company's consolidated net profit surged 117.25% to Rs 2235.14 crore on 19.98% rise in total income to Rs 8384.52 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
Dilip Shanghvi, Managing Director of Sun Pharmaceutical Industries said that the synergies from the Ranbaxy acquisition are gaining momentum and the company is on track to achieve the targeted benefits. These synergies will continue to help in funding emerging specialty businesses. Post the close of Q2 September 2016, the company has further strengthened its branded ophthalmic pipeline through the acquisition of Ocular Technologies.
Also Read
Cipla was down 0.55%. The company said before market hours today, 11 November 2016, that as part of its growth strategy, the board of the company's subsidiary, Cipla Quality Chemicals Industries (CiplaQCIL) is evaluating its initial public offering. The certain shareholders may consider selling down part or all of their stake to enable sufficient free flat and liquidity while Cipla group intends to continue holding the majority stake and control in CiplaQCIL.
Tata Motors was down 1.28%. The company said that its group global wholesales rose 9% to 1.01 lakh units in October 2016 over October 2015. The announcement was made after market hours yesterday, 10 November 2016. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 18% to 36,921 units in October 2016 over October 2015. Global wholesales of all passenger vehicles rose 4% to 64,145 units in October 2016 over October 2015.
NHPC was down 0.95%. The company said that the board of directors of the company in its meeting scheduled to be held on 18 November 2016, will consider the proposal for raising of Rs 2250 crore through issuance of V series corporate bonds on private placement basis. The proposed issue is out of Rs. 4500 crore already approved by the shareholders in their 40th Annual General Meeting held on 22 September 2016. The announcement was made after market hours yesterday, 10 November 2016.
Wockhardt was down 3.94%. The company's consolidated net profit dropped 81.59% to Rs 17.02 crore on 6.53% rise in total income to Rs 1284.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
Wockhardt said that the board of directors of the company, at a meeting held on 10 November 2016, approved the acquisition of 100% stake in Wockhardt France (Holdings) S.A.S. ('WFH') (an existing step down subsidiary of the company) from Wockhardt Bio AG ('WBG'), a subsidiary of the company. By virtue of the said acquisition, WFH shall become a direct wholly owned subsidiary of the company from erstwhile step down subsidiary. WBG continues to be a direct subsidiary of the company.
Tata Chemicals was down 1.94%. The company's consolidated net profit rose 0.08% to Rs 293.04 crore on 17.35% decline in total income to Rs 3522.29 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content