Sensex ends 266 points lower, Nifty below 9,850; auto, pharma, realty drag

Catch all that happened in the market here

3:55 PM

Analyst View:

 

Anand James, Chief Market Strategist, Geojit Financial Services says: Markets continue to appear guarded against any further regulatory measures, and persisted with profit booking. High beta stocks withdrew sharply and bear grip was especially strong on realty sector in which SEBI list found many companies. Global cues have also remained subdued due to geopolitical tensions. The corrections however may have helped address valuation concerns raised while Nifty was well above 10,000.

 

3:49 PM

Realty sector fell over 5% in todays trade: DLF fell over 6% followed by India Bulls Real Estate (down 5.7%), Prestige Realty (down 4%), Sobha (down 2.6%) and Unitech (down 1.9%)

3:45 PM

Nifty IT index was the only sectoral index that ended in green. 

Source: NSE

3:43 PM

Tata Motor's shares ended over 8% lower to their lowest in over a year after the company's 42% rise in June-quarter profit, helped by a one-off gain related to changes to Jaguar Land Rover's pension plans, failed to please investors.

3:42 PM

Top gainers and losers on Sensex

Source: BSE

3:39 PM

Broader markets underperformed the enchmark indices with BSE Midcap and BSE Smallcap down 2.6% ans 2.9% respectively

3:38 PM

Extending losses for the fourth straight session, the benchmark indices ended pared some intra-day losses but still ended lower led by losses in pharma, auto and banking stocks. Individual stocks also dragged the sentiment on poor June-quarter result show. 

The S&P BSE Sensex ended the day at 31,531, down 266 points while the broader Nifty50 index settled at 9,820, down 88 points

3:27 PM

Four companies – Bharat Forge, Bharat Heavy Electricals Limited (BHEL), Bharat Electronics and Manpasand Beverages – have announced bonus shares on Thursday.

 

The board of directors of Bharat Forge and Manpasand Beverages have recommended issuing bonus shares to holders of equity shares of the companies in the ratio of 1:1 i.e. one bonus equity share for every one fully paid-up equity shares held.

Click here for more details

3:17 PM

Broader markets

Midcap index sees biggest intra-day fall since November 2016 while Smallcap witnesses biggest fall in 11 months

3:16 PM

The broader markets underperformed the benchmark indices with the BSE Midcap and BSE Smallcap indices falling 2.8% and 3.7% respectively

3:12 PM

Dr Reddy's Labs plunged 5% after it said Bachupally manufacturing unit (in Hyderabad) is not renewed by German regulator post inspection.

 

The unit won't be able to despatch to European Union until next inspection, it added.

3:08 PM

ADAG stocks crack

ADAG stocks cracked in  todays trade with Reliance Infra dropping almost 9%, Reliance Defence down over 7%, Reliance Communication losing 6% and Reliance Capital shedding 4.5% 

3:02 PM

Market Check

The benchmark indices extended fall in the last leg of trade with Nifty50 breaching 9,800 levels and Sensex falling over 350 points led by drop in pharma, auto and banking stocks.

At 3:00 pm, the BSE Sensex was trading at 31,516, down 280 points while the broader Nifty50 index was ruling at 9,789, down 118 points

2:51 PM

Adani Power fell 9% after the company's consolidated net loss widened to Rs 454 crore in Q1, from Rs 232.6 crore in year-ago quarter.

 

Revenue growth was tepid, rising 3.8% to Rs 5,590 crore from Rs 5,386 crore on year-on-year basis.

adani

2:34 PM

European shares slipped in early deals on Thursday, extending losses as shares in cyclical sectors fell and some large firms went ex-dividend, while earnings spurred some large individual company moves.

 

The pan-European STOXX 600 index was down 0.2% as basic resources and banks fell, while euro zone blue chips also declined 0.2%.

 

Britain's FTSE 100 dropped 0.6% as heavyweights Anglo American, BT Group, Rio Tinto and Lloyds fell after going ex-dividend, while Germany's DAX retreated 0.1%. 

2:15 PM

Motherson Sumi Systems fell over 3% after it missed analysts' expectations on bottomline as well as operational front for April-June quarter as profit fell 21% year-on-year to Rs 347.3 crore. Profitability was impacted by one-time loss of Rs 150.15 crore and weak operational performance by SMP that makes exteriors and interiors of cars.

1:47 PM

State-run power equipment maker Bharat Heavy Electricals (BHEL) fell 4% after the company reported a below-expectation profit for Q1. Profit for the April-June quarter stood at Rs 81 crore, higher by 3.9% over Rs 77.7 crore reported in year-ago quarter.

Bhel

1:33 PM

Financial stocks continued their decline, with the Nifty Bank index dipping 0.5% and the Nifty PSU bank index losing 1.2%. Canara Bank, Bank of Baroda, Punjab National Bank and IndusInd bank dragged the indices

1:08 PM

New India Assurance set to raise Rs 6,000 cr via IPO

The government-owned general insurer, New India Assurance Company Ltd, has filed the draft red herring prospectus with the Securities and Exchange Board of India to list its business through an initial public offering (IPO). READ FULL REPORT HERE 

12:30 PM

Nifty Auto leading sectoral loser

 

The Nifty Auto index fell as much as 2.2% its biggest percentage loss in over two-and-a-half months. Tata Motors, Eicher Motors and Motherson Sumi Systems pulled the index down, which has risen about 20% this year as of Wednesday's close.

Source: NSE

11:57 AM

IIFL cuts estimates but maintains 'buy' on Tata Motors

 

We have cut our estimates to factor in the weaker than expected performance in Q1 FY18. However, we believe that worst would be behind for both JLR and standalone operations. JLR in particular should see revival in margins as gains of the currency movement should start offsetting the losses on the hedge book in higher proportions. We find the valuations attractive at FY19E P/E of 11.2x. We maintain BUY with a revised price target of Rs 510.

11:30 AM

Markets check

At 11:30 am, the Sensex was trading at 31,722, down 75 points, while the broader Nifty50 was ruling at 9,885, down 22 points. 

11:09 AM

Natco Pharma bucks trend among pharma stocks 

 

Natco Pharma extended losses for the third straight session and tanked over 15% to Rs 671 even as the company’s net profit nearly doubled at Rs 93.7 crore for the quarter ended June, 2017 (Q1FY18). The company had posted a profit of Rs 47.5 crore in the corresponding period previous year. 

 

10:51 AM

Broader markets underperform 

 

The BSE Midcap and the BSE Smallcap indices underperformed benchmarks to trade over 1% lower.

10:34 AM

Tata Motors, Tata Motors DVR extend losses, hit 52-week lows

 

Tata Motors (down 6% to Rs 393) and Tata Motors DVR (down 7% to Rs 226) have hit their respective fresh 52-week lows after Tata Motors reported disappointing April-June quarter (Q1FY18) performance with sharp fall in operational performance of  Jaguar Land Rover (JLR). READ MORE HERE

10:27 AM

Hindustan Unilever, Asian Paints in Forbes' top 10 innovative firms list

 

Three Indian firms — Hindustan Unilever, Asian Paints and Bharti Airtel — are among Forbes' list of the world's 100 most innovative companies, where Salesforce.Com has replaced Tesla Motors on the top position. CLICK HERE TO READ MORE

10:24 AM

SIS IPO lists

Security and Intelligence Services (India) Ltd (SIS) made a decent debut, listing at Rs 879 on the National Stock Exchange (NSE), 8% premium against its initial public offer (IPO) price of Rs 815 per share. 

 

On BSE, the stock opened at Rs 875, 7.4% higher against its issue price.

Click here for more details

9:43 AM

PPF or debt MFs? Where to invest in a falling interest rate scenario CLICK HERE FOR THE BS SPECIAL

9:42 AM

Sebi ban on shell firms

 

Legal and corporate governance experts are having a tough time fleshing out the ambiguities in the definition of a shell company, following the Securities and Exchange Board of India’s (Sebi’s) decision to restrict trading in 331 of them. READ FULL REPORT HERE 

9:35 AM

Nifty Pharma snaps six-session long losing streak

Source: NSE