1. Markets live: Sensex tumbles over 200 points, Nifty ends below 9400; pharma, PSU banks, realty stocks dive

Markets live: Sensex tumbles over 200 points, Nifty ends below 9400; pharma, PSU banks, realty stocks dive

Indian markets close at one-weeks low. The benchmark Sensex ends over 200 points lower, down 0.67% or 205 points at 30,365.25 points while the broader Nifty 50 edges below 9,400 to close down 0.55% or 52 points at 9,386.15 points. Pharma, PSU banks and realty sector witness a steep decline on closing.

By: | Updated: May 23, 2017 4:04 PM
The benchmark Sensex ends over 200 points lower, down 0.67% or 205 points at 30,365.25 points while the broader Nifty 50 edges below 9,400 to close down 0.55% or 52 points at 9,386.15 points.

Indian benchmark indices opened flat today as investors remained cautious over the blast in Manchester at a pop concert. The BSE Sensex was down in the opening bell to 30,553.89 points while the NSE Nifty firmed 0.07% to 9,445.05 points. Pound sterling extended losses on Tuesday after the terrorist attack killed at least 19 people and wounded 50, while the euro held gains made after German Chancellor Angela Merkel said the currency was “too weak.”

Meanwhile, Asian shares were mostly higher in early trading Tuesday after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack. Oil prices fell back after Monday’s rally. Japan’s Nikkei 225 edged 0.2 percent lower to 19,648.09 and the Shanghai Composite Index fell 0.4 percent to 3,062.85. But other markets were mostly higher. Hong Kong’s Hang Seng index rose 0.2 percent to 25,431.47 and the S&P ASX 200 of Australia was flat at 5,771.60. South Korea’s Kospi gained 0.3 percent to 2,310.02.

Overnight, Wall Street closed as much as 0.8 percent higher, driven by defense and technology stocks, after US President Donald Trump announced arms deals and other investments with Saudi Arabia over the weekend that Secretary of State Rex Tillerson said could add up to $350 billion.

Here are the live updates:

03:30 pm: Indian markets close at one-weeks low. The benchmark Sensex ends over 200 points lower, down 0.67% or 205 points at 30,365.25 points while the broader Nifty 50 edges below 9,400 to close down 0.55% or 52 points at 9,386.15 points. Pharma, PSU banks and realty sector witness a steep decline on closing.

03:15 pm: Domestic rating agency Icra today said it has downgraded various debt instruments of state-run IDBI Bank on the back of weak profitability and deteriorating asset quality, which have resulted in the erosion of its capital. The agency has also kept the lender’s ratings under watch with negative implications. In the year ended March 31, 2017, the bank posted a net loss of Rs 5,158 crore as against a net loss Rs 3,665 crore in fiscal 2016. As the losses during fiscal 2017 far exceeded the capital infusion by the government, the CET-I was lower at 5.64 per cent as on March 31, 2017, as compared to 7.98 per cent as on March 31, 2016.

02:55 pm: Private equity investment in real estate fell 4.6 per cent to nearly Rs 9,600 crore during the January-March period of this year even as office segment saw the highest inflow since 2009, according to property consultant Cushman & Wakefield. Office segment witnessed private equity (PE) investment worth Rs 5,600 crore in the first quarter of 2017 calendar year as against Rs 2,900 crore in the year-ago period. PE investment in housing also increased but fell sharply in retail and mixed-use developments.

02:35 pm: Indian benchmark indices continue to trade lower, falls again near to mid-morning lows. BSE Sensex down 0.51% or 155 points at 30,415.90 points while NSE Nifty down 0.31% or 29 points at 9,408.95 points. The major laggards on Sensex include Adani ports (down 5.54%), Sun Pharma (down 4.33%), Cipla (down 4.17%), GAIL (down 2.87%), Bajaj Auto (down 2.71%).

02:20 pm: Gold prices plunged Rs 235 to Rs 28,915 per 10 grams at the bullion market today amid a weak trend overseas and fall in demand from local jewellers. However, silver remained in demand and advanced by Rs 315 to Rs 39,815 per kg. Traders said apart from a weak trend overseas, fading demand from local jewellers mainly pulled down gold prices.

02:05 pm: India’s gold imports could plunge in 2017 during the traditional period of peak demand in the second half of the year, after jewellers have aggressively restocked inventory ahead of a national sales tax that takes effect on July 1. Lower imports from the world’s second-biggest consumer during its high-demand season could drag on global gold prices that have gained nearly 10 percent this year as political turmoil in the United States has raised expectations of a slower pace of interest rate hikes this year.

India’s gold imports typically strengthen in the second half of a year as the precious metal is considered an auspicious gift at weddings and festivals such as Diwali and Dussehra.

01:50 pm: Indian markets recovers major losses but still trade lower. BSE Sensex down 0.16% or 50 points 30,520.43 points while NSE Nifty down 0.09% or 8 points at 9,429.45 points. Shares of Maruti Suzuki (up 2.78%), Eicher Motors (up 2.43%), Hindalco (up 2.31%), Tata Steel (up 2.09%), Mahindra & Mahindra (up 1.87%) lead on Nifty 50.

01:30 pm: China’s month-long stock market correction has suppressed investor appetite for risk and pushed margin lending to its lowest level in three months, as players tread cautiously amid concerns about economic growth and policy tightening. Margin lending, wherein investors can multiply their investible funds by using their securities as collateral, dropped 6 percent between mid-April and mid-May in line with a decline of a similar magnitude in China’s main stock indices.

Current margin trading levels are 60 percent lower than their peaks two years ago. Investors said the decline in such margin trading was driven both by expectations that the stock markets will stay weak as well as China’s ongoing tightening of monetary policy to rein in excessive borrowing and speculative investment.

01:10 pm: Automobile major Tata Motors Ltd’s financial results for the fourth fiscal quarter of 2017 (Q4 FY17) due Tuesday are expected to be weighed down by a hit in the Q3 sales even as its luxury unit Jaguar Land Rover is likely to provide ample support. Ahead of quarterly result announcement the shares of Tata Motors were trading up. At 12:55 pm the shares of the company were trading at Rs 453.50 per piece, up 1.14% or Rs 5.10 on the BSE.

12:50 pm: The shares of Maruti Suzuki (up 2.37%), Tata Steel (up 1.67%), Mahindra & Mahindra (up 1.64%), Tata Motors (up 1.19%) and Hindustan Unilever (up 1.17%) lead the index while the pharma sector stocks continue to slump, with Sun Pharma (down 4.93%), Cipla (down 4.56%).

This image shows the 30 stocks of Sensex, of which Maruti Suzuki (up 2.37%), Tata Steel (up 1.67%), Mahindra & Mahindra (up 1.64%), Tata Motors (up 1.19%) lead the index.

12:30 pm: Indian equities continue to trade lower, the benchmark Sensex down 171 points or 0.57% at 30,399.35 points while the broader Nifty 50 edges down 48 points or 0.51% at 9,389.6 points. Auto company’s stocks lead the bourses as Tata Motors is about to announce the Q4 earnings today.

12:15 pm: All the pharma sector stocks trade in red with Sun Pharma (down 5.29%), Aurobindo Pharma (down 5.15%), Cipla (down 4.48%), Cadila Healthcare (down 2.98%), Divi’s Lab (down 2.79%) the major decliners on NSE’s Nifty Pharma index.

This image shows the pharma sector index of NSE, Nifty Pharma. (Image Source: NSE)

12:00 pm: Indian shares edged lower on Tuesday with Sun Pharmaceutical Industries Ltd leading the fall after its US arm reported weak quarterly results, while investors booked profit in recent outperformers such as ITC Ltd. The broader NSE index fell 0.6 percent at 9,381.6 as of 0557 GMT, while the benchmark BSE index was down 0.62 percent at 30,381.7.

11:45 am: Indian markets off to weeks low, BSE Sensex down 178 points or 0.58% at 30,392.61 points while NSE Nifty trade down 50 points or 0.53% at 9,388.15 points. The pharma sector stocks continue to decline.

11:30 am: Gold prices moved up by 0.42 per cent to Rs 28,905 per 10 gram in futures trade as participants created fresh positions, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in June rose by Rs 120, or 0.42 per cent, to Rs 28,905 per 10 gram, in a business turnover of 504 lots. On similar lines, the metal for delivery in far-month August traded higher by Rs 99, or 0.34 per cent, to Rs 29,010 per 10 gram in 62 lots.

11:10 am: Shares of State-run Gail (India) Ltd fell over 6.6% today to Rs 365.30, their lowest level since 14 February 2017, on the back of poor Q4 results announced yesterday. Gail (India) reported its results for the quarter ended March 31, 2017, on Monday. The company reported a 69% year-on-year (YoY) decline in its net profit for the fourth fiscal quarter of FY17 (Q4FY17), to Rs 260 crore from Rs 832 crore.

10:55 am: All the sectoral indices of NSE trade in red except Nifty Auto and Nifty IT. Nifty Pharma (down 3.99%), Nifty Realty (down 2.32%), Nifty PSU Bank (down 1.56%), Nifty Media (down 1.44%) and Nifty Metal (down 0.94%) witness the major fall.

This image shows the sectoral indices of NSE. [Column 1- Index Name, Column 2-Index Value, Column 3- Percentage Change] (Image source: NSE)

10:40 am: Indian markets continue to trade weak, BSE Sensex down 0.5% or 153 points at 30,417.53 points while NSE Nifty down 0.5% or 47 points at 9,391.05 points. The shares of Maruti Suzuki, Wipro, Hindustan Unilever, ICICI Bank and Tata Motors leads on Sensex.

10:25 am: Pharma sector continues to be in turmoil. Shares of Sun Pharma, Lupin, Cipla and Dr Reddy’s trade in red while the PSU banks slump after yesterday’s major fall. Earnings remain the weak factor.

10:10 am: The Shares of FMCG major Hindustan Unilever and the most valuable bank HDFC Bank hit a new lifetime high of Rs 1,031.9 and Rs 1,583.95 while the pharma sector players, Lupin and Aurobindo Pharma trade at their 52-week lows of Rs 1,241 and Rs 540 respectively.

10:00 am: The rupee depreciated by 23 paise to 64.78 against the dollar in early trade today due to increased demand for the US currency from importers. Yesterday, the rupee had firmed up by 9 paise to 64.55 on dollar unwinding amid continued political worries in the US.

09:55 am: Markets continue to trade weak, Sensex falls over 150 points. The shares of Gail (down 6.44%), Sun Pharma (down 5.39%), Adani Ports (3.05%), Cipla (down 2.45%), Power Grid (down 2%), SBI (down 2%) drag the Sensex while Maruti Suzuki (up 2.1%), HDFC (up 1.02%) and Hindustan Unilever (up 0.92%) trade marginally higher.

This image shows the 30 stocks of Sensex which are pulling it up and dragging it down. (Image Source: BSE)

09:40 am: Though the markets trade weak, shares of Maruti Suzuki (up 2.36%), Wipro (up 1.21%), Hero MotoCorp (up 0.93%), Eicher Motors (up 0.87%), TCS (up 0.81%) lead the gains on NSE Nifty 50 while the major laggards include Gail (down 5.56%), Sun Pharma (down 5.21%), Aurobindo pharma (down 4.66%).

09:25 am: Indian markets feel the heat after opening flat. The benchmark Sensex falls down 0.18% or 55 points to 30,515.09 points while the broader Nifty 50 drops 0.19% or 18 points to 9,420.15 points.

09:10 am: Indian markets open cautious on the global cues, with the BSE Sensex down 17 points at 30,553.89 points while the NSE Nifty up 6 points at 9,445.05 points. The stocks of the blue-chip automaker, Tata Motors and the home appliances major Voltas are in focus today on the announcement of the Q4 earnings.

With input from AP, PTI and Reuters. 

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