)
Markets have trimmed gains in the morning trades owing to weakness in healthcare with Sun Pharma contributing the most to the losses after the drug maker said its profit might be adversely impacted in financial year 2015-16. Also, FMCG shares are declining on the exchanges with HUL declining 2.5% ahead of the Q1 results.
Meanwhile, the monsoon session has commenced in the Parliament, investors will look out for the key developments concerning the rollout of GST and the passage of the land acquisition bill.
At 11:30am, the Sensex was at 28,430 lower by 12 points and the Nifty was at 8,614, up 10 points
__________________
__________________
(updated at 11:30 AM)
The markets have been choppy this morning in wake of the mixed cues from the global front and the mildly negative close in the previous session.
The Sensex has traded in a narrow range of around 150 points since opening bell. At 10.20am, the BSE benchmark index was at 28,496, higher by 75 points or 0.2% and Nifty was at 8,627, up 24 points.
In the broader markets, the midcap and smallcap indices were trading flat at 11,232 and 11,779 respectively.
However, there is a lot of action on the stock-specific front. Infosys has galloped by 9.6% to Rs 1,098 after reporting a better-than-expected consolidated net profit at Rs 3,030 crore for the first quarter ended June 30, 2015 (Q1), against an average analyst estimates of Rs 2,993 crore. The IT company had posted a profit of Rs 3,097 crore in March quarter and Rs 2,886 crore in the previous year quarter.
On the other hand, Sun Pharma has plunged 12% to Rs 833 after the drug maker said its profit might be "adversely impacted" IN this financial year 2015-16 (FY16) owing to expenses related to its integration with Ranbaxy, as well as remedial action at plants under the scanner.
RUPEE
The rupee has opened lower at 63.70 per dollar on Tuesday against previous day's closing value of 63.66 a dollar.
GOLD
Spot gold edged up about 0.2% to $1,099.05 an ounce after the mini flash crash in the previous session. The price of gold in global markets had fallen to a five-year low in early trade on Monday to below $1,100 an ounce.
SECTOR AND STOCKS
The BSE IT index has surged by 4% at 6326 on the back of the Infy numbers. Infosys has galloped by 9.6% to Rs 1,098, while HCL Tech, Wipro and Tech Mahindra have gained 1-3% each. TCS is, however, trading flat at Rs 2,582
On the other hand, select pharma and FMCG stocks are seeing some p[rofit-booking after recent gains.
Sun Pharma has plunged 12% to Rs 833 and among other pharma stocks, Lupin and Dr Reddy's have lost about 1% each.
In the FMCG space, Hindustan Unilever and ITC have shed about 2% each.
Among other companies scheduled to announce their April-June quarter results during the day, Hindustan Unilever has shed 2% and Cairn India has lost 1%, while HDFC Bank has gained 1% ahead of their numbers.
The market breadth is positive. Out of 2,135 stocks traded on the BSE, there are 1,152 advancing stocks as against 900 declines.
