Market Live: Sensex, Nifty trade lower, metal stocks fall

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Mumbai: The BSE benchmark Sensex dropped by 113 points in early session on Wednesday, weighed down by metal stocks, as trade deficit widened to an almost 3-year high. Moreover, disappointing quarterly earnings by some blue- chip companies and weak global cues made mood gloomy. The 30-share index was trading lower by 113 points, or 0.34%, at 32,828.87 in the opening session. All the sectoral indices led by metal, power and FMCG were trading in the red. The NSE Nifty fell 30.85 points, or 0.30%, to 10,155.75 in early trade.

Exports entered negative terrain after over an year, contracting 1.12% in October. Trade deficit widened to almost a 3-year high of $14 billion last month as imports surged. Metal stocks suffered the most following the decline in metal prices in the global market, traders said. Sun Pharma suffered the most among Sensex components by tumbling 2.54% after the pharma major on Tuesday reported a big drop in consolidated net profit. Other prominent losers included Tata Steel, ONGC, NTPC, M&M and ITC Ltd. Here are the latest updates from the markets:

■ 12.18pm: BSE Sensex traded lower by 106.07 points, or 0.32%, to 32,835.80, while the Nifty 50 fell 36.15 points, or 0.35%, to 10,150.45.

■ 12.15pm: GMR Infrastructure reported net loss for the September quarter of Rs276.41 crore compared to a loss of Rs700.34 crore in the year-ago period. Its total revenue declined to Rs206 crore in the September quarter. GMR Infra shares fell 5.32% to Rs16.90.

■ 12.10pm: Divi’s Laboratories Ltd said the US Food and Drug Administration (FDA) has lifted import alert imposed on its unit at Visakhapatnam. “The FDA’s website has now been updated on 14 November 2017, and the import alert 66-40 on the company’s unit-II has been removed,” the company said in a BSE filing. The stock was trading 0.61% higher at Rs1,030.55 on the BSE.

■ 11.30am: Fortis Healthcare rose 9.81% to Rs143.25 after the company said its board has approved the proposed acquisition of an entire portfolio of Singapore-listed RHT Health Trust for an enterprise value of around Rs4,650 crore.

■ 10.48am: BSE Sensex traded lower by 112.09 points, or 0.34%, to 32,829.78, while the Nifty 50 fell 43.70 points, or 0.43%, to 10,142.90.

■ 10.45am: Godrej Industries Ltd shares fell 2.21% to Rs544.90. The company on Tuesday said that its consolidated net profit in the September quarter rose 53% from a year ago to Rs95 crore on the back of growth in the agriculture, consumer and property business.

■ 10.10am: BSE Sensex traded lower by 75.06 points, or 0.23%, to 32,866.81, while the Nifty 50 fell 24.65 points, or 0.24%, to 10,161.95.

■ 10.03am: Jindal Steel & Power Ltd fell 3%, Hindalco Industries Ltd 2.9%, Tata Steel Ltd 1.9%, National Aluminum Corp Ltd 3.3%, Vedanta Ltd 2.7%, Steel Authority Of India 2.7%, Hindustan Zinc Ltd 2.2%, JSW Steel Ltd 1.9%.

■ 10am: GMR Infrastructure Ltd fell 2% to Rs 17.50 after the company reported a net loss of Rs 276.41 crore against Rs 700.34 crore a year ago

■ 9.31am: BSE Sensex traded lower by 69.86 points, or 0.21%, to 32,872, while the Nifty 50 fell 30.55 points, or 0.30%, to 10,156.05.

■ 9.25am: Metal stocks trading lower after global commodity prices slumped. A Bloomberg gauge of commodity prices slumped the most in six months after Chinese data Tuesday pointed to slowing industrial output, fixed-asset investment and retail sales.

■ 9.23am: Sun Pharmaceuticals Industries Ltd fell 2% to Rs516.70 after the company reported a 59.7% decline in fiscal-second quarter profit because of weak US sales. Net profit declined to Rs1,001.79 crore in the three months ended 30 September from Rs2,487.89 crore a year ago. Sales fell 15% to Rs6,590.06 crore.

■ 9.18am: Religare Enterprises Ltd rose 10% to Rs46.20 while Fortis Healthcare Ltd rose 4% to Rs135. Malvinder Singh Quits as Religare Chairman Amid Management Rejig. Religare Enterprises appointed S. Lakshminarayanan as chairman, effective 14 November, the company said in an exchange filing.

■ 9.15am: The rupee opened at 65.41 a dollar. At 9.15am, the home currency was trading at 65.38 against the dollar, up 0.06% from its Tuesday’s close of 65.42.

■ 9.13am: The 10-year bond yield was at 7.031% compared to its previous close of 7.052%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading higher. South Korean won was up 0.41%, Japanese yen 0.22%, Malaysian ringgit 0.22%, Philippines peso 0.21%, Taiwan dollar 0.1% and Indonesian rupiah 0.07%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.845, up 0.02% from its previous close of 93.827.

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