A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, provisionally settled with small losses while the Nifty 50 index registered tiny gains. The barometer index, the S&P BSE Sensex, fell 26.09 points or 0.07% at 37,665.80, as per the provisional closing data. The Nifty 50 index rose 2.35 points or 0.02% at 11,389.45, as per the provisional closing data. Intraday volatility was high.
Stocks trimmed initial gains amid mild volatility in early trade. The Sensex and the Nifty, both, scaled record high in early trade. Indices hovered with small gains in a tidy range in morning trade. Key benchmark indices reversed gains and hit intraday low in negative zone in mid-morning trade. Volatility ruled the roost in early afternoon trade as key benchmark indices once again regained positive zone . Key benchmarks were trading with small gains in afternoon and mid-afternoon trade.
The S&P BSE Mid-Cap index fell 0.18%. The S&P BSE Small-Cap index fell 0.22%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1264 shares rose and 1464 shares fell. A total of 147 shares were unchanged.
Adani Ports and Special Economic Zone lost 6.22% after consolidated net profit fell 9.14% to Rs 697.40 crore on 12.17% decline in net sales to Rs 2411.03 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 6 August 2018.
Karan Adani, chief executive officer and whole time director of Adani Ports and Special Economic Zone said that the company clocked highest quarterly throughput with a growth of 9% in Q1FY19. This has been possible due to its continued efforts to diversify cargo at all its ports. Port earnings before interest, taxes, depreciation and amortization (EBITDA) margins have expanded by 100 BPS to 70% and the company expects EBITDA to continue to expand due to its focus on higher capacity utilization, automation and mechanisation through use of technology. The company's focus will be to further strengthen its balance sheet and to continue best practices in health, safety and environment processes.
Auto major Mahindra & Mahindra (M&M) fell 0.86%. The company announced Q1 results during trading hours today, 7 August 2018. The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers Limited (MVML), which is a manufacturing unit of M&M.
Combined profit from ordinary activities after tax (after El) rose 67% to Rs 1257 crore in Q1 June 2018 over Q1 June 2017. Combined revenues and other income rose 23% to 13551 crore in Q1 June 2018 over Q1 June 2017. Combined operating profit margin (OPM) was reported at 15.8% in Q1 June 2018, higher than 13.2% in Q1 June 2017.
Sun Pharmaceutical Industries lost 1.13%. The company announced that it launched Kapspargo Sprinkle (metoprolol succinate) extended release capsules in the US, for the treatment of hypertension (to lower blood pressure), angina pectoris (chest pain), and heart failure (to reduce the risk of cardiovascular mortality and heart-failure hospitalization in patients with heart failure). The announcement was made after market hours yesterday, 6 August 2018.
Cipla fell 1.34%. Cipla announced before trading hours today, 7 August 2018 that it has received final approval on 3 August 2018, for its Abbreviated New Drug Application (ANDA) for Diclofenac Sodium Topical Gel, 1% from the United States Food and Drug Administration (US FDA).
Cipla's Diclofenac Sodium Topical Gel, 1% is AB-rated generic therapeutic equivalent to the reference listed drug (RLD), Voltaren Gel, 1% of GlaxoSmithKline Consumer Health. It is a non-steroidal anti-inflammatory drug indicated for the relief of the pain of osteoarthritis of joints amenable to topical treatment, such as the knees and those of the hands.
According to IQVIA (IMS Health), Voltaren Gel and its generic equivalents had US sales of approximately $353 million for the 12-month period ending June 2018. The product will be available for shipping in the US in the upcoming week.
Larsen & Toubro rose 0.51% after the company said that its construction arm Larsen & Toubro Construction has won orders worth Rs 1904 crore across various business segments. The power transmission & distribution (PT&D) business of L&T Construction has bagged EPC orders worth Rs 1723 crore. The smart world & communication business has secured an order worth Rs 181 crore for the implementation of Goa Intelligent City Management System for Panaji City as the master system integrator (MSI). The announcement was made during market hours today, 7 August 2018.
Overseas, European stocks were trading higher Tuesday, as investors monitored global trade tensions and the latest batch of corporate earnings. Most Asian stocks rose on positive leads from earnings-led gains on Wall Street. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq after a report it was planning new services.
Meanwhile, the Trump administration moved to restore some US sanctions on Iran and reaffirmed plans to impose tougher penalties on the country's oil sales in November. President Donald Trump signed an executive order on Monday restricting purchases of dollar banknotes by Iran, preventing the government from trading gold and other precious metals and blocking the nation from selling or acquiring various industrial metals. The measures, which take effect from today, also target the auto industry, and will ban imports of Persian carpets and pistachios to the U.S.
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