Sensex, Nifty flat after opening weak; Titan, PNB Housing Finance shares soar after Q1 results

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Updated: August 4, 2017 11:31:39 AM

Indian stock markets opened in negative territory, slipped further within minutes of trading following the yesterday's slump after the Reserve Bank of India slashed the repo rate cut, which hammered rate sensitive stocks.

As on 9.55 am the wider Nifty 50 was little changed at 10,017.85 points (up 0.04%) and the 30-share barometer was at 32,221,31 points (down 0.05%). (Image: BSE)

Indian stock markets opened in negative territory on Friday and slipped further within minutes of trading following the yesterday’s slump after the RBI’s repo rate cut. BSE Sensex opened 46 points down at 32,191.12 points and NSE Nifty opened 5 points lower at 10,008.6 points. Meanwhile, Asian stocks inched up on Friday morning after technology shares dropped on Wall Street. Out of 51 scrips on the broader Nifty index, 22 shares declined in the opening trade.

The major uplifters which contributed to trip the losses on benchmark Sensex were ITC, Tata Motors, HUL, TCS and ICICI Bank. While the shares of HDFC, Reliance Industries, Sun Pharma, Dr Reddy’s Bharti Airtel pulled the index down. As on 9.55 am the wider Nifty 50 was little changed at 10,017.85 points (up 0.04%) and the 30-share barometer was at 32,221,31 points (down 0.05%).

Shares of PNB Housing Finance surged 6.39% to Rs 1,535 after the company reported a 93% jump in net profit to Rs 184.80 crore for the first quarter of the current fiscal, mainly driven by robust earnings in the core business. BSE Shares rose 1.16% after the Asia’s oldest stock exchange, today reported a 12-fold jump in net profit to Rs 523.7 crore for the June quarter of the current financial year. In comparison, the exchange had a net profit of Rs 43.70 crore in the first quarter of last fiscal, 2016-17, BSE said in a statement.

Shares of Titan Company rose as much as 10.44% after the Tata group firm yesterday reported a 96.84% increase in consolidated net profit to Rs 237.97 crore for the first quarter ended June 30 led by robust sales in its jewellery division. IOC shares continued the gains over yesterday’s rise, rose 3.38% to Rs 400.15. Today around 60 companies are lined up to announce their first quarter earnings for the FY 2018.

The rupee appreciated by 9 paise to 63.60 against the US dollar today on continued foreign capital inflows. The Nifty, which stayed above the 10,000 mark for seven straight sessions, slipped below the psychological level, down 0.22%, at 9,991.10. The indices were pulled lower mostly by Sun Pharma, Lupin, Dr Reddy’s, Cipla, ONGC and Reliance Industries. In contrast, Coal India, Maruti Suzuki and Hero MotoCorp, were up on selective buying support, chiefly on strong fundamentals.

On Thursday rate sensitive stocks like banking, realty and auto continued their fall for the second straight session, plunging by up to 9% after the RBI policy announcement failed to enthuse investors. Services sector plunged into contraction mode in July with the sharpest fall in about four years as confusion caused by the GST rollout triggered a dip in new business orders, a monthly survey showed today. The data follows a similar downtrend seen in the manufacturing sector, which also contracted in July following the implementation of Goods and Services Tax (GST) resulting into a significant drop in new orders and output.

The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com, Apple and other top-shelf technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high. The Dow Jones Industrial Average edged up 0.04 percent, or 9.86 points, to end at 22,026.1, an all-time high. On Wednesday, the Dow rose above 22,000 for the first time.

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