Market drops in early trade

Key benchmark indices edged lower in early trade tracking weakness in Asian bourses and subdued closing on Wall Street overnight. At 9:16 IST, the barometer index, the S&P BSE Sensex, fell 123.66 points or 0.38% at 32,259.64. The Nifty 50 index declined 35.25 points or 0.35% at 9,985.30. The Nifty slipped below the 10,000 mark.

The S&P BSE Mid-Cap index fell 0.24%. The S&P BSE Small-Cap index slipped 0.24%. The decline in both these indices was lower than the Sensex's slide in percentage terms.

Overseas, Asian stocks edged lower amid firmer dollar as investors await corporate earnings. US equities closed mixed yesterday, 27 July 2017 after the technology sector rolled over.

Closer home, the breadth, indicating the overall health of the market, was weak. On the BSE, 707 shares declined and 397 shares rose. A total of 67 shares were unchanged.

ITC advanced 1.37% at Rs 292.60 after net profit rose 7.37% to Rs 2560.50 crore on 4.41% growth in total income to Rs 14277.19 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

ONGC declined 1.9% at Rs 160.35 after net profit fell 8.22% to Rs 3884.73 crore on 6.36% increase in total income to Rs 19927.93 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

ICICI Bank fell 2.74% at Rs 298.65 after net profit fell 8.21% to Rs 2049 crore on 0.52% growth in total income to Rs 16847.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

Idea Cellular fell 3.02% at Rs 89.85 after the company reported consolidated net loss of Rs 814.90 crore in Q1 June 2017 compared with net profit of Rs 220.40 crore in Q1 June 2016. Total income fell 14.34% to Rs 8181.70 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 27 July 2017.

Dr Reddy's Laboratories declined 4.89% at Rs 2,493.15. The company and CHD Bioscience Inc., a privately-held biopharmaceutical company, announced a global licensing agreement for the clinical development and commercialization of Dr. Reddy's phase III clinical trial candidate, DFA-02. The announcement was made after market hours yesterday, 27 July 2017.

It is intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery. Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies.

Under the terms of the agreement, Dr Reddy's would receive equity in CHD valued at $30 million upon an IPO of CHD or a minimum of $30 million in cash within 18 months of execution of the agreement. Dr. Reddy's will also receive additional milestone payments of $40 million upon USFDA approval. In addition, CHD will pay Dr. Reddy's double-digit royalties on sales and commercial milestones.

Powered by Capital Market - Live News