Sensex Trades With Negative Bias; IT, Pharma Stocks Drag


11:49 a,m,: Stock markets continue to trade with a negative bias. The Sensex trades 71 points lower at 26,654 and Nifty slips 16 points to 8,163.

11:31 a.m.: Aurobindo Pharma Ltd, India’s fourth-largest drugmaker by sales, said higher sales in the United States and emerging markets helped its fourth-quarter net profit grow 40 per cent, above estimates, sending shares up as much as 4 per cent.

Net profit for the January-March quarter rose to Rs 563 crore ($83.9 million) from Rs 403 crore a year earlier, Aurobindo said in a statement late on Monday. Analysts had forecast profit of Rs 555 crore, according to an average of nine estimates polled by Thomson Reuters. (Read)

11:08 a.m.: Shares of jewellery makers such as Shree Ganesh Jewellery House, TBZ, Tara Jewels and Gitanjali Gems jumped as much as 2.7-6 per cent each on reports that the government has rolled back its decision to deduct 1 per cent on sales of jewellery in cash upto Rs 2 lakh and has increased the limit of tax deduction to Rs 5 lakh.

10:50 a.m.: The market breadth remains negative as 1,291 stocks advance while 738 decline.

10:41 a.m.: Sun Pharmaceutical Industries shares slumped over 5 per cent on Tuesday, following the drugmaker’s fourth quarter earnings announcement. Sun Pharmaceutical, India’s largest drugmaker, was the top Nifty50 loser today.

Here are five reasons why Sun Pharma shares are under pressure. (Read)

10:15 a.m.: Sun Pharma remains the top Nifty loser, falls over 5 per cent to Rs 771. GAIL India, Infosys, Tata Power, Bharti Airtel, Adani Ports, ICICI Bank, TCS, Larsen & Toubro and Coal India are also among the laggards, down 1-2.25 per cent each.

10:10 a.m.: Selling pressure visible across the sectors. IT, meatl, pharma, capital goods, power and realty indices fall 1-0.35 per cent each.

9:55 a.m.: Sensex edges lower in morning trades on the back of selling pressure in heavyweights like Sun Pharma, Infosys, Larsen & Toubro and ICICI Bank, slips 35 points to 26,690 and Nifty declines 13 points to 8,165.

9:47 a.m.: A break above 8,000 on the Nifty has led to a change in outlook for domestic stock markets, says Aditya Agarwal, head of technical research at Way2Wealth. Fresh long positions are getting built and overall structure for markets is looking bullish, he added. Mr Agarwal expects the Nifty to face some pressure around current levels, but says the index will break above 8,350-8,400 in the June series.(Watch full interview)

9:41 a.m.: The stock markets turned flat after a positive start on the back of selling pressure in metal, pharma and IT stocks. The Sensex was up 30 points at 26,756 and Nifty was at 8,183, up 4 points.

9:32 a.m.: Sensex Rises Over 100 Points, Nifty Above 8,200; Tata Motors Rallies On Q4 Earnings

The Sensex rose over 100 points and the 50-share Nifty moved above its crucial psychological level of 8,200 in the opening trades on Tuesday on the back of strong gains in index heavyweight Tata Motors.

As of 9:30 a.m., the Sensex traded 103 points higher at 26,829 and Nifty advanced 28 points to 8,206.

Tata Motors and Tata Motors DVR were among the top gainers in the Nifty. Both the shares rallied 9 per cent each after the company reported that its net profit tripled in the March quarter on the back of strong sales by luxury vehicle maker Jaguar Land Rover and higher demand for trucks in its home market.

Consolidated net profit at Tata Motors for the three months ended March 31 rose to Rs 5,170 crore compared with Rs 1,717 crore in the year-ago quarter. Net sales rose 19 per cent to Rs 79,930 crore.

Aurobindo Pharma jumped 3.3 per cent to Rs 455 after the drug maker reported better than expected March quarter numbers post the market hours on Monday. Company’s consolidated net profit came in at Rs 562.85 crore for the fiscal fourth quarter that ended on March 31, 2016.

The company had registered a net profit of Rs 403.8 crore for the corresponding period a year ago.

ICICI Bank, Idea Cellular, Ambuja Cements, BHEL, Adani Ports and Mahindra & Mahindra were also among the gainers.

On the other hand, Sun Pharma was the top Nifty loser, the stock fell 3.2 per cent to Rs 785.80 after India’s largest drug maker reported a near-doubling in fourth-quarter profit, although that missed analysts’ estimates as weakness in emerging markets outweighed higher sales in India and the United States.

Net profit for the world’s fifth-largest generic drugs maker in the January-March quarter jumped to Rs 1,710 crore from Rs 890 crore in the same period a year earlier. But that was below a Thomson Reuters StarMine SmartEstimate of Rs 1,914 crore.

Bharti Airtel, GAIL India, Infosys, Larsen & Toubro, Tata Power and Bharti Infratel were also among the prominent laggards in Nifty.

The broader markets were underperforming the benchmark indices. The BSE mid-cap and small-cap indices advanced 0.25 and 0.15 per cent each respectively.

7:45 a.m.: The Sensex is set for a positive start as indicated by the Nifty futures traded on the Singapore Stock Exchange amid positive global cues.

The Nifty futures traded on the Singapore Stock Exchange also known as the SGX Nifty traded 0.25 per cent or 20.50 points higher at 8,215.50.

Meanwhile, other Asian stock markets were trading on a positive note. China’s Shanghai Composite and Shanghai Shenzen indices surged over 2.2 per cent, Japan’s Nikkei was up 0.56 per cent and South Korea’s KOSPI advanced 0.37 per cent.

Overnight, the US stock markets also ended on a positive note with S&P 500 advancing 0.4 per cent and Nasdaq jumping 0.65 per cent.

Back home, foreign institutional investors bought shares worth Rs 355.54 crore while domestic institutional investors sold shares worth Rs 211 crore on Monday.

Tata Motors will be in focus today after the company post the market hours on Monday reported better than expected net profit in March quarter.

Strong sales by luxury vehicle maker Jaguar Land Rover and higher demand for trucks in its home market powered a tripling of net profit at Tata Motors Ltd in the latest quarter.

Consolidated net profit at Tata Motors for the three months ended March 31 rose to Rs 5,170 crore ($771 million) compared with Rs 1,717 crore in the year-ago quarter. Net sales rose 19 per cent to Rs 79,930 crore.

India’s largest drug maker, Sun Pharma also reported its March quarter numbers post the market close on Monday. Sun Pharma reported a consolidated net profit of Rs 1,713.69 crore for the fourth quarter ended March 31, 2016.  The results were not in-line with what analysts were expecting.