Sensex ends the day on a flat note, Nifty below 11,000; IT, pharma crack

The Sensex is down 22.21 points or 0.06% at 36351.23, while the Nifty is down 23.40 points or 0.21% at 10957.10. The market breadth is negative as 822 shares advanced, against a decline of 1731 shares, while 170 shares are unchanged.

Among stocks, Airtel, Vedanta, Titan and Yes Bank are the top gainers, while Kotak Mahindra Bank, L&T, Bharti Infratel and Hindalco have lost the most. Shares of Mindtree have ended down 8 percent on the back of poor results and CFO resignation. 

Lupin gets tentative USFDA nod: Lupin received tentative approval from the US health regulator for its Tadalafil tablets, indicated for treating erectile dysfunction and prostate gland enlargement.

The clearance from the United States Food and Drug Administration (USFDA) is for marketing Tadalafil tablets in strengths of 2.5 mg, 5 mg, 10 mg, and 20 mg, in the US, Lupin said in a statement.

The product is a generic version of Eli Lilly and the company's Cialis tablets in the same strengths, it added.

Result: GNA Axles' Q1FY19 net profit rose 26.4 percent at Rs 14 crore against Rs 11.1 crore in the same quarter last fiscal.

Revenue was up 46.5 percent at Rs 212.6 crore against Rs 145.1 crore.

Operating profit or EBITDA was up 38 percent at Rs 31.6 crore and margin was at 14.9 percent.

At 14:54 hrs GNA Axles was quoting at Rs 412.20, down Rs 27.15, or 6.18 percent.  

Buzzing: Shares of Sterlite Technologies fell 5.5 percent despite better numbers declared by the company in the quarter ended June 2018.

The company's consolidated Q1FY19 net profit was up 7 percent at Rs 121.71 crore against Rs 112.42 crore in Q4FY18.

Revenue of the company rose 3.5 percent at Rs 877 crore against Rs 847 crore.

Operating profit or EBITDA was up 11 percent at Rs 245 crore and margin was at 27.9 percent.

Rupee Update: Indian rupee fell further in the afternoon trade as it crossed 69 per dollar mark, currently trading at 69.03.

It has opened lower by 8 paise at 68.70 per dollar.

The rupee weakened by 40 paise to 69.03  against previous close of Rs 68.62, hurt by fresh demand for the American currency from importers.

Traders said besides fresh demand of the US currency from importers, dollar's firmness against some currencies overseas weighed on the domestic unit.

Buzzing stock: Shares of Hindalco lost around 8 percent on Thursday afternoon after reports emerged that it is likely to acquire Aleris for USD 2.5 billion.

According to sources to CNBC-TV18, the company and its Canadian arm, Novelis, is in process of raising debt for the said deal. Investors may have taken note of this point as the firm already has a consolidated net debt of Rs 40,000 crore.

Further, the report added that the companies agreed on terms of the deal last week.

Hindalco is said to be exploring an option of American Depository Receipts (ADRs). 

Market Update: Weakness has crept in on D-Street in the past hour, with the Sensex losing almost 80 points, while the Nifty is trading below 10,950. Selling has extended in midcaps space, with the Nifty Midcap index down almost one percent, while sectoral indices such as IT are trading in the red. The Indian currency is trading weak as well, breaching 69 to the dollar mark for the first time since July 6. RBL Bank share price fell 3 percent intraday after provisions during the June quarter. Kotak Bank’s share price declined 2 percent after its provisions for bad loans shot up 130 percent to Rs 469.6 crore for the June quarter.

Market Update: Rangebound trades have continued on the market, with the Nifty continuing to hover below 11,000.

The Sensex is up 59.48 points or 0.16% at 36432.92, while the Nifty is down 0.80 points or 0.01% at 10979.70. The market breadth is negative as 757 shares advanced, against a decline of 1,371 shares, while 118 shares were unchanged.

Among sectors, gains are visible among financials and metals, while pharmaceuticals and IT are trading in the red. Midcaps too are trading weak, down over half a percent. 

Vedanta, Bharti Airtel, and Titan are the top gainers, while Coal India, HDFC, Bharti Infratel and Hindalco have lost the most. 

Results reaction: Share price of Gujarat Heavy Chemicals (GHCL) declined 4.5 percent on the back of poor June quarter numbers.

The company's June quarter (Q1FY19) profit was down 18 percent at Rs 62 crore against profit of Rs 76 crore in last year.

Revenue was up by 1 percent to Rs 757 crore against to Rs 748 crore. 

Buzzing: Shares of NIIT Technologies down nearly 3 percent on Thursday. The company's consolidated Q1FY19 net profit was down at Rs 85.8 crore against Rs 86.1 crore in Q4FY18.

Revenue of the company was up 4.6 percent at Rs 825 crore versus Rs 788.9 crore.

Market Update: Flat moves have continued on the market on Thursday morning with the Sensex trading in the green, but the Nifty is still below 11,000.

At 10:36 hrs IST, the Sensex is up 47.53 points or 0.13% at 36420.97, while the Nifty down 8.70 points or 0.08% at 10971.80. The market breadth is negative as 648 shares have advanced, 1280 shares have declined, while 92 shares are unchanged.

Vedanta, Bharti Airtel, and Titan are the top gainers, while HDFC, Coal India, HPCL and Bharti Infratel have lost the most.   

Market Update: After beginning the session on a positive note, equity benchmarks are currently trading off their high points and are trading flat. The Nifty is well below 11,000-mark. Cuts are visible among all sectoral indices, with midcaps contributing the most to indices’ fall. The Nifty Midcap index is down over 1 percent.

Financials, pharmaceuticals, metals and IT stocks are trading in the red.  Shares of Mindtree fell over 6 percent in the morning trade after its profit for Q1 fell 13 percent and its CFO resigned. Slower revenue growth guidance for Q2 could have also weighed on the stock. ONGC is the top gainer on the Sensex, up over 2 percent, after the Cabinet cut tax burden on the firm. 

Rupee update: The Indian rupee slipped in the early trade on Thursday. It has opened lower by 8 paise at 68.70 per dollar versus 68.62 yesterday.

Rupee fell against the US dollar in yesterday’s session following uptick in global crude oil prices and after the greenback strengthened against its major crosses, said Motilal Oswal.

Following the Fed Chairman testimony the US dollar rose to the highest level in a year. In his testimony, the Fed Chair said he believed the US economy was on course for years more of steady growth, and played down the risks to the US economy of the escalating trade conflict.

Market opens: Equity benchmarks have begun the day on a positive note, with the Sensex gaining over 100 points, while the Nifty has reclaimed 11,000 in the opening tick. 

The Sensex is up 106.61 points or 0.29% at 36480.05, while the Nifty is up 24.40 points or 0.22% at 11004.90. The market breadth is positive as 261 shares advanced, against a decline of 105 shares, while 40 shares are unchanged.

All sectoral indices are trading in the green, with maximum gains seen among metals, and automobiles. Midcaps, meanwhile, are trading absolutely flat. 

Jhunjhunwala hikes stakes: Rakesh Jhunjhunwala, popularly known as the big bull of D-Street, increased his stake in Lupin by 0.03 percent to 1.95 percent as per the latest shareholding data for the quarter-ended June.

He also raised his stake in Jaiprakash Associates by 0.83 percent to 2.06 percent. The billionaire investor now holds 5 crore shares in the company. Jhunjhunwala had re-entered the counter in March quarter after having sold off his entire holding in 2017.

He also reduced his stake in five companies: Aptech, CRISIL, Edelweiss Financial Services, Firstsource Solutions and Titan Company.

Jhunjhunwala buys shares through his company Rare Enterprises or in his own or wife Rekha’s name. Companies in which Jhunjhunwala or persons acting in concert held over a percent stake are disclosed in the shareholding data released by the BSE as of July 17.

Only 15 of nearly 30 companies in Jhunjhunwala’s portfolio released their shareholding data for the quarter-ended June till now. Of the 14 companies, only two have delivered positive returns.

The 57-year-old billionaire kept his stake constant in eight companies, which fell up to 60 percent in 2018 till date. These companies include: Geojit Financial Services, Ion Exchange (India), Man Infraconstruction, Multi Commodity Exchange of India, Orient Cement, Mandhana Retail Ventures and VIP Industries.

Market at pre-open: Pre-opening rates indicate a higher opening for the market, with the Nifty reclaiming 11,000, while the Sensex is up over 100 points. 

The Sensex is up 110.49 points or 0.30% at 36483.93, while the Nifty is up 51.40 points or 0.47% at 11031.90. About 3 shares have advanced, 0 shares declined, and 2718 shares are unchanged.