Indian Benchmark indices opened in the negative amid broad selling pressure. BSE Sensex opened 83.83 points lower at 30,944.38 points while NSE Nifty, the broader gauge, opened 45.05 points lower at 9,560.05 points. At 9:25 am, BSE Sensex was trading at 31,020.49 points, down 0.02% while NSE Nifty was trading at 9,585.95 points, down 0.10%.
Due to decline in US sales, Sun Pharma, India’s largest drugmaker, 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. The stock tanked 12.84% on the BSE in the opening minutes of trade to hit an intraday low of Rs 495.55.
Tech Mahindra Ltd, India’s fifth-largest 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. The stock tanked 16.71% on the BSE in the opening minutes of trade to hit an intraday low of Rs 357.60.
Videocon Industries tanked for the fourth consecutive session and hit the lower circuit again on BSE in pre-opening trade. 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.
Current gainers on the BSE include Tata Steel up 1.23% at Rs 518.10; HDFC up 1.45% to Rs 1,570.25; Powergrid up 1.11% to Rs 205.10; while current laggards are Sun Pharma down 10.91% at Rs 506.50; ICICI Bank down 0.81% at Rs 319.05 and Lupin down 1.38% at Rs 1,096.55.
Asian markets are trading mixed and at 9:50 am, Australia ASX All Ordinaries Index was down 0.64% or 37.30 points, Shanghai SE Composite Index was up 0.09% or 2.91 points, Hang Seng was up 0.03% or 6.50 points, Nikkei 225 Index was down 0.33% or 64.97 points while Taiwan TSEC 50 Index was down 0.27% or 26.88 points.
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US stocks ended mixed on Friday ahead of the long holiday weekend. The Dow Jones Industrial Average Index fell 2.67 points, or 0.01 percent, to 21,080.28 points, the S&P 500 index gained 0.75 points, or 0.03 percent, to 2,415.82 points while the NASDAQ Composite Index gained 4.94 points, or 0.08 percent, to 6,210.19 points.
Indian Rupee opened 12 paise lower at 64.56 against the dollar. On Friday Rupee gained against the dollar for the third consecutive day, rising 18 paise to end at Rs 64.44.The domestic currency appreciated 45 paise in the last three days, rebounding from its one and a half month lows.
Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity is expected to be subdued today due to public holidays in China, the United States and Britain. OPEC and some non-OPEC producers agreed last week to extend a pledge to cut production by around 1.8 million barrels per day (BPD) until the end of the first quarter of 2018. But the decision did not go as far as many investors had hoped and led to a heavy sell-off.
Brent crude futures were trading down 15 cents, or 0.3 percent, at $52.00 per barrel at 0253 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3 percent, at $49.63 per barrel.
As many as 699 companies are scheduled to report their results for the quarter ended 31 March. These include Bajaj Electricals, BHEL, BPCL, Coal India, City Union Bank, Escorts, Jaiprakash Associates, L&T, NHPC, NTPC and Oil India.