1. Sensex, Nifty open flat; Sun Pharma, Tech Mahindra start recovery, Videocon continues slump

Sensex, Nifty open flat; Sun Pharma, Tech Mahindra start recovery, Videocon continues slump

Indian Benchmark indices opened flat today. BSE Sensex opened 2.45 points higher at 31,111.73 points while NSE Nifty, the broader gauge, opened 14.25 points lower at 9,590.65 points.

By: | Updated: May 30, 2017 10:02 AM
At 9:22 am, BSE Sensex was trading at 31,074.92 points, down 0.11% while NSE Nifty was trading at 9,585.70 points, down 0.20%.

Indian Benchmark indices opened flat today. BSE Sensex opened 2.45 points higher at 31,111.73 points while NSE Nifty, the broader gauge, opened 14.25 points lower at 9,590.65 points. At 9:22 am, BSE Sensex was trading at 31,074.92 points, down 0.11% while NSE Nifty was trading at 9,585.70 points, down 0.20%.

Sun Pharma was up 1.08% at Rs 508.30 after sinking over 12% on the BSE yesterday. The company on Friday reported a net profit of Rs 1,223.71 crore in Q4 FY17 against Rs 1,416.13 crore a year ago, a fall of 13.6 percent on-year basis. Sun Pharma’s sales in the US, which accounts for 37 percent of the total sales, dropped 34 percent to USD 381 million in Q4, largely due to loss of exclusivity of Imatinib and fall in sales at its subsidiary, the company said. Yesterday, the stock had hit an intraday low of Rs 495.55.

Tech Mahindra Ltd was up 1.58% at Rs 385.30 after slipping over 16% yesterday. The IT firm on Friday reported a 30.2% sequential drop in net profit at Rs 589.6 crore for the quarter ended 31st March 2017, down 32.6% on-year basis as compared to Rs 876.1 crore. The company also announced its annual results for FY17, reporting a 6% drop in net profit at Rs 2,813 crore.  Yesterday, the stock had hit an intraday low of Rs 357.60.

Videocon Industries tanked for the fifth consecutive session and hit the lower circuit once again on BSE within moments of trade opening. Investors have been continuously dumping the stock after Dena Bank and Central Bank of India declared the debt given to the company as a non-performing asset.

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Current gainers on the BSE include ICICI Bank up 2.69% at Rs 323.15; Lupin up 1.90% to Rs 1,130.40; Cipla up 1.66% to Rs 512.50; while current laggards are PowerGrid down 1.44% at Rs 205.40; TCS down 1.43% at Rs 2534.60 and Coal India down 1.16% at Rs 264.55.

Yesterday, the US markets were closed on account of Memorial day holiday. On Friday the US markets had stocks ended mixed with the Dow Jones Industrial Average Index falling 2.67 points, or 0.01 percent, to 21,080.28 points, the S&P 500 index gaining 0.75 points, or 0.03 percent, to 2,415.82 points and the NASDAQ Composite Index rising 4.94 points, or 0.08 percent, to 6,210.19 points.

Shares indexes in Asia traded mixed, following a directionless session yesterday as major markets around the world were closed for various holidays.

The Indian Rupee opened at 64.63 to the dollar, down 0.2 percent from its previous close. On Monday, the rupee closed marginally weaker against the dollar at 64.50, ending its three-day spectacular run. In the previous three sessions, the rupee had gained 45 paise to close at 64.44 on Friday.

As many as 699 companies are scheduled to report their results for the quarter ended 31 March. These include big names like Apollo Hospitals, Berger Paints, IRB Infra and Natco Pharma.

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