Sensex ends 266 points lower, Nifty below 9,850; auto, pharma, realty drag

Catch all that happened in the market here

2:15 PM

Motherson Sumi Systems fell over 3% after it missed analysts' expectations on bottomline as well as operational front for April-June quarter as profit fell 21% year-on-year to Rs 347.3 crore. Profitability was impacted by one-time loss of Rs 150.15 crore and weak operational performance by SMP that makes exteriors and interiors of cars.

1:47 PM

State-run power equipment maker Bharat Heavy Electricals (BHEL) fell 4% after the company reported a below-expectation profit for Q1. Profit for the April-June quarter stood at Rs 81 crore, higher by 3.9% over Rs 77.7 crore reported in year-ago quarter.

Bhel

1:33 PM

Financial stocks continued their decline, with the Nifty Bank index dipping 0.5% and the Nifty PSU bank index losing 1.2%. Canara Bank, Bank of Baroda, Punjab National Bank and IndusInd bank dragged the indices

1:08 PM

New India Assurance set to raise Rs 6,000 cr via IPO

The government-owned general insurer, New India Assurance Company Ltd, has filed the draft red herring prospectus with the Securities and Exchange Board of India to list its business through an initial public offering (IPO). READ FULL REPORT HERE 

12:30 PM

Nifty Auto leading sectoral loser

 

The Nifty Auto index fell as much as 2.2% its biggest percentage loss in over two-and-a-half months. Tata Motors, Eicher Motors and Motherson Sumi Systems pulled the index down, which has risen about 20% this year as of Wednesday's close.

Source: NSE

11:57 AM

IIFL cuts estimates but maintains 'buy' on Tata Motors

 

We have cut our estimates to factor in the weaker than expected performance in Q1 FY18. However, we believe that worst would be behind for both JLR and standalone operations. JLR in particular should see revival in margins as gains of the currency movement should start offsetting the losses on the hedge book in higher proportions. We find the valuations attractive at FY19E P/E of 11.2x. We maintain BUY with a revised price target of Rs 510.

11:30 AM

Markets check

At 11:30 am, the Sensex was trading at 31,722, down 75 points, while the broader Nifty50 was ruling at 9,885, down 22 points. 

11:09 AM

Natco Pharma bucks trend among pharma stocks 

 

Natco Pharma extended losses for the third straight session and tanked over 15% to Rs 671 even as the company’s net profit nearly doubled at Rs 93.7 crore for the quarter ended June, 2017 (Q1FY18). The company had posted a profit of Rs 47.5 crore in the corresponding period previous year. 

 

10:51 AM

Broader markets underperform 

 

The BSE Midcap and the BSE Smallcap indices underperformed benchmarks to trade over 1% lower.

10:34 AM

Tata Motors, Tata Motors DVR extend losses, hit 52-week lows

 

Tata Motors (down 6% to Rs 393) and Tata Motors DVR (down 7% to Rs 226) have hit their respective fresh 52-week lows after Tata Motors reported disappointing April-June quarter (Q1FY18) performance with sharp fall in operational performance of  Jaguar Land Rover (JLR). READ MORE HERE

10:27 AM

Hindustan Unilever, Asian Paints in Forbes' top 10 innovative firms list

 

Three Indian firms — Hindustan Unilever, Asian Paints and Bharti Airtel — are among Forbes' list of the world's 100 most innovative companies, where Salesforce.Com has replaced Tesla Motors on the top position. CLICK HERE TO READ MORE

10:24 AM

SIS IPO lists

Security and Intelligence Services (India) Ltd (SIS) made a decent debut, listing at Rs 879 on the National Stock Exchange (NSE), 8% premium against its initial public offer (IPO) price of Rs 815 per share. 

 

On BSE, the stock opened at Rs 875, 7.4% higher against its issue price.

Click here for more details

9:43 AM

PPF or debt MFs? Where to invest in a falling interest rate scenario CLICK HERE FOR THE BS SPECIAL

9:42 AM

Sebi ban on shell firms

 

Legal and corporate governance experts are having a tough time fleshing out the ambiguities in the definition of a shell company, following the Securities and Exchange Board of India’s (Sebi’s) decision to restrict trading in 331 of them. READ FULL REPORT HERE 

9:35 AM

Nifty Pharma snaps six-session long losing streak

Source: NSE