Indices reverse initial gains; Sensex slips below 60,000

Key indices are currently trading with small losses in early trade, erasing initial gains amid volatility. The Sensex slipped below the psychological 60,000 mark. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 79.08 points or 0.13% to 59,988.54. The Nifty 50 index fell 27.30 points or 0.15% to 17,889.50.

In the broader market, the S&P BSE Mid-Cap index gained 0.13% while the S&P BSE Small-Cap index fell 0.22%.

The market breadth was just about positive. On the BSE, 1282 shares rose and 1225 shares fell. A total of 171 shares were unchanged.

Stocks in Spotlight:

Divi's Laboratories tumbled 7.15%. The drug maker posted a 17% rise in consolidated net profit to Rs 606 crores in Q2 FY22 from Rs 520 crore posted in the corresponding quarter last year. The drug major reported a 13.6% increase in revenue from operations to Rs 1,987.51 crore in Q2 FY22 from Rs 1749.30 posted in Q2 FY21. Profit before Tax (PBT) for the quarter amounted to Rs 760 crore in Q2 FY22, 9.6% higher than Rs 693 crore registered in Q2 FY21.

Suven Pharmaceuticals fell 0.66%. The pharma company reported a 76.3% rise in standalone net profit to Rs 115.19 crore in Q2 FY22 from Rs 65.33 crore in Q2 FY21. Revenue during the quarter increased by 42.7% YoY to Rs 339.32 crore. EBITDA improved by 63% to Rs 160.10 crore in the second quarter from Rs 98.23 crore reported in the same period last year. EBITDA margin was 47.19% in Q2 FY22 as against 41.32% in Q2 FY21.

Sun TV Network slipped 4.95%. The company reported a 13.71% rise in standalone net profit to Rs 393.32 crore on a 9.59% increase in revenues to Rs 828.67 crore in Q2 FY22 over Q2 FY21. Advertisement revenues jumped 39.84% YoY to Rs 341. 77 during the quarter. EBITDA for the quarter ended 30 September 2021 was higher by 3.69 % at Rs 520.58 crore as against Rs 502.03 crore for the previous quarter ended 30 September 2020. Profit before tax in Q2 FY22 stood at Rs 527.58 crore, up by 14.51% from Rs 460.74 crore in Q2 FY21.

Global Markets:

Asian markets are trading mostly lower on Monday as investors react to China's trade data released over the weekend.

Official data released over the weekend showed China's exports surging 27.1% in October as compared with a year ago.

US stocks ended higher in a broad-based rally on Friday as data showing strong jobs growth in October, coupled with Pfizer's COVID-19 pill update, boosted sentiment about economic growth. The Dow rose 203.72 points, or nearly 0.6%, in its sixth-straight position day. The S&P 500 gained 0.4% for its seventh winning session in a row while the Nasdaq Composite added 0.2% to post its tenth consecutive positive session.

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