The BSE Sensex and NSE Nifty ended lower on Tuesday on account of disappointing quarterly numbers from Dr Reddy’s Laboratories. Sensex closed 118.82 points down at 27,976.52, while Nifty 50 index settled 45 points down at 8,590.65.
In the 50-share index, Axis Bank, Power Grid, YES Bank, Tata Steel and HCL Technologies gained between 0.83 per cent and 2.59 per cent. On the other hand, Dr Reddy’s Labs, ICICI Bank, Hindalco, Hero MotoCorp and Aurobindo Pharma slid between 2.20 per cent and 5.11 per cent.
Among the sectoral indices on BSE, Realty index tumbled the most — 1.32 per cent, followed by Auto (down 1.12 per cent), Healthcare (down 1.11 per cent) and Bankex (down 0.73 per cent). On the other hand, IT and TECk index gained 0.38 per cent and 0.26 per cent, respectively.
Anand James, chief market strategist, Geojit BNP Paribas Financial Services said, “With earnings season failing to sizzle so far, and GST poised to face hurdles, stocks faced a confidence crunch and came off the lofty peaks seen on Monday. With a string of firm US economic data and positive surprises on the earnings front, the chances of rate hike, though less likely in July, have also vastly improved, putting global equities under a cloud of caution ahead of FOMC rate decision tomorrow. This is in stark contrast to a month earlier, Brexit uncertainties had all but ruled out further US rate hikes any time soon.”
Asian peers Hang Seng and Shanghai closed 0.62 per cent and 1.14 per cent higher at 22,129.73 and 3,050.17, respectively. Nikkei settled 1.43 per cent down at 16,383.04.
3.11 pm: Dr Reddy’s Laboratories posted 76 per cent fall in net profit at Rs 153.50 crore for the quarter ended June 30, 2016 citing stiff competition in the US markets. The company had posted Rs 647.40 crore in the corresponding quarter a year ago. This is lower than analyst estimates. ICICI Securities was expecting net profit of Rs 452.40 crore from Dr Redd’s Labs for April-June period. Shares of the company were trading 4.64 per cent down at Rs 3313.65. Sensex was trading 133 points down at 27,961.66. Nifty was trading 52.60 points down at 8,583.05 at 3.18 pm.
2.07 pm: Sensex was up 26.51 points at 28,121. Bajaj Finance shares advanced over 10 per cent post Q1 results.
1.40 pm: Amtek Auto share price gained 17 per cent intraday after reports that the company is planning sale of more overseas assets to reduce debt.
1.13 pm: Hindustan Construction Company shares were trading 1.48 per cent up at Rs 24. Sensex was marginally down by 1.88 points at 28,093. Nifty was trading 9.35 points down at 8,626.
12.24 pm: Jindal Steel and Power shares were trading 12.93 per cent up at Rs 79.05.
12.18 pm: Meanwhile, Bajaj Finance reported 53.83 per cent rise in net profit figures at Rs 423.99 crore for the quarter ended June 30, 2016 against Rs 275.63 crore in the corresponding quarter a year ago. Shares of the company were trading 4.56 per cent up at Rs 9,388. The board also approved stocks split. Sensex was up 31 points at 28,127. Read more
11.47 am: KG Denim share gained nearly 20 per cent on reporting robust Q1 result. Read more
11.14 am: Overall market breadth was in favour of gainers, as there were 1,168 shares on the advancing side on BSE against 1,030 shares on the losing side while 144 shares were unchanged.
11.02 am: In the 50-share index, BHEL, Bank of Baroda, Maruti Suzuki, State Bank of India and Asian Paints were trading up between 2.37 per cent and 5 per cent. On the other hand, Dr Reddy’s Labs, Grasim, Bajaj Auto, Tata Steel and Hidalco were up between 0.65 per cent and 3.09 per cent.
10.39 am: Shares of Jindal Steel and Power (JSPL) was trading 5.71 per cent up at Rs 74. Sensex was trading 21.34 points down at 28,074. Nifty was down 10.25 points at 8,625.40.
9.41 am: Indian rupee fell by 7 paise at 67.42 against US dollar in early trade on account of demand of American currency by importers and banks.
9.23 am: Canara Bank wiped off initial losses and was trading over 3 per cent up at Rs 262.20.
9.15 am: Sensex opened the day 26.03 points up at 28,121.37, while Nifty index opened 1.90 points down at 8,633.75.
9.08 am: Real estate firm Sobha on Monday said it had bought back 17.59 lakh shares of the company from existing shareholders for Rs 58 crore.
The BSE Sensex and NSE Nifty are likely to open on flat-to-cautious note on Tuesday tracking Nifty Futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 7.48 am (IST), SGX Nifty was up 1 point, or 0.01 per cent, at 8,638.
Asian peer, Hang Seng and Shanghai were trading higher by 0.03 per cent and 0.48 per cent, respectively. On the other hand, Nikkei was trading down by 1.51 per cent.
On Wall Street, the Dow Jones Industrial Average index closed 0.42 per cent down at 18493.06 on Monday, while the S&P 500 index slid 0.30 per cent to 2168.48 and the Nasdaq closed 0.05 per cent lower at 5,097.63.
Benchmark BSE Sensex reclaimed the psychological 28,000-mark on Monday by gaining 292 points while the 50-share index Nifty settled at its highest level in 15 months, on account of widespread gains on optimism over passage of the GST bill in Parliament.
Shares of Canara Bank, ACC, Ambuja Cement, Maruti Suzuki, Dr Reddy’s Labs will remain in focus on Tuesday. Public-sector lender Canara Bank on Monday after market hours posted 52.1 per cent decline in net profit figures at Rs 228.9 crore for the quarter ended June 30, 2016 as it parked a higher share towards contingencies for bad loans. The bank reported net profit of Rs 478.84 crore in the same quarter last year.
(With agency inputs)