MarketExpress Live: Sensex crashes 360 points as pharma shares nosedive, RIL tumbles

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Updated: November 7, 2017 4:44:02 PM

Indian stock markets opened marginally higher on Tuesday led by the global positive cues and an expectation of better-than-expected second-quarter earnings. HDFC group's third public offering -- HDFC Standard Life Insurance IPO (initial public offering) opens today for subscription.

Bombay Stock Exchange building. (Image: Reuters)

Indian stock markets opened marginally higher on Tuesday led by the global positive cues and an expectation of better-than-expected second-quarter earnings. Meanwhile, Asian shares touched their highest in a decade in the early trade on Tuesday, while oil prices edged down after surging to a more than two-year peak as Saudi Arabia’s crown prince cracked down on corruption. US stocks climbed to record highs on Monday, helped by optimism about the merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings. In the IPO market, HDFC group’s third public offering — HDFC Standard Life Insurance IPO (initial public offering) opens today for subscription. Sensex and Nifty lost up to 1%, ended down after the slump in the shares of Reliance Industries, Lupin and State Bank of India.

4.28 pm: ICICI Securities IPO to hit the markets soon as ICICI Bank board approves stake sale: The financial conglomerate ICICI group is coming up with the IPO (initial public offering) of its fully owned subsidiary ICICI Securities.

3.53 pm: Sensex loses 360 points, Nifty ends at 10,350; RIL leads the plunge, Lupin, Cipla worst losers: The sell-off in the stocks of heavyweight companies such as Lupin, Cipla, Bharti Airtel, State Bank of India, RIL, Tata Motors and Sun Pharma led the key indices Sensex and Nifty to end in red.

2.55 pm: Cipla shares tank over 8% even after Q2 profit rises 19%: Shares of Cipla tumbled more than 8% on Tuesday even after the pharmaceutical company reported a rise of 19% in the consolidated net profit.

2.17 pm: Lupin stock slumps 18% after USFDA issues double whammy: Shares of the Mumbai-based pharmaceutical company Lupin dived nearly 18% to hit the 52-week low on Tuesday after the US drug regulator issued warnings for company’s two sites.

1.32 pm: Buy these 5 stocks and gain up to 31%: Indian stock markets hit yet another lifetime high on Tuesday but soon trimmed the gains and fell into red. In such as volatile market, we bring you five stocks in a range of Rs 100-600 that may return up to 31%.

1.30 pmIndia’s best passive mutual funds since January

With the equity benchmark indices trading at life-high levels, a few passive mutual funds in India have returned more than 40% since January. We take a closer look at two best performing passive mutual funds since January this year.

12.30 pm: Target stock price upgrades in Q2 much higher than earlier quarters: Emkay Global

Amid the equity benchmark indices trading at record levels, and companies reporting better than expected earnings in the September quarter so far, Krishna Kumar Karwa of Emkay Global says that the quarter has also seen greater target stock price upgrades.

12.00 am: RIL slump steers Sensex to loose 150 points despite a rally in Infosys, TCS, Wipro: A contrary trade has been witnessed between the shares of heavyweight companies such as Reliance Industries, ICICI Bank, providing the major drop in the index and Infosys, TCS, Wipro helping to trim the losses.

11.45 amRakesh Jhunjhunwala made Rs 900 crore in 1 day on 1 share; still wants more

Rakesh Jhunjhunwala’s favourite scrip has made him richer by more than Rs 875 crore in a single trading session, after Titian shares surged yesterday on the back of stellar Q2 results.

10.45 am: Phillip Capital bullish on Indian Bank shares after strong Q2 results

Research and brokerage firm Phillip Capital has reiterated its bullishness on the shares of Indian Bank, after the public sector lender reported a 11.4% growth in profit for the quarter ended September 2017.

10.00 am: HDFC Life Rs 8,700 crore IPO kicks off today: Should you subscribe?

India’s third largest private sector life insurance company, HDFC Standard Life Insurance’s initial public offering kicks off today. Here’s what brokerages have to say about the issue.

9.48 am: Sensex crosses 33,850 for the first time, Nifty nears 10,500; TCS, Infosys lead, Cipla Q2 earnings ahead: Indian stock markets opened marginally higher on Tuesday following the mixed sentiments led by a number of factors such as record closing on Wall Street, optimism about the better-than-expected Q2 earnings and upcoming disclosures in the ‘Paradise Papers’ report.

9.17 am: HDFC Life IPO opens today; 9 key things to know about HDFC group’s 1st public offer in 22 years before you subscribe: HDFC Life Insurance IPO is all set to hit the stock market on Tuesday and has expected to raise up to Rs 8,695.01 crore at the upper end of the price band. Have a look at 9 key things about third IPO of HDFC group before you go for the subscription.

8.52 am: Stocks of Cipla, BHEL, Aditya Birla Capital, RCom, Tata Steel, PNB, REC, Just Dial will be in focus today: Indian stock markets are likely to open higher following the record closing in US markets overnight and the earnings optimism.

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