Sensex ends 134 points lower, Nifty below 10,950; Sun Pharma, Wipro major gainers
22 January 2019
Market at Close: It's a negative end for the market, but off the low points as bulls put up a strong fight in the last hour. Shares broke their five-day gaining streak as the Nifty finished below 10,950, while Sensex ended 134 points lower.
The Sensex was down 134.32 points at 36444.64, while Nifty was down 39.10 points at 10922.80. About 941 shares have advanced, 1584 shares declined, and 170 shares are unchanged.
Sun Pharma, Kotak Mahindra Bank, Hero Motocorp, Bajaj Finance and Yes Bank are among major gainers on the Sensex, while top losers are Vedanta, Tata Steel, M&M, Maruti Suzuki and Bharti Airtel.
Among the sector, metal stocks remained under pressure as they ended 2 percent lower, while some buying was witnessed in pharma index led by Sun Pharma, Piramal Enterprises and Aurobindo Pharma.
Rane Madras Q3 result: The company posted net loss at Rs 0.7 crore against profit of Rs 7.5 crore. Revenue was up 6.4 percent at RS 387.2 crore versus Rs 364 crore, YoY.
Asian Paints Q3 result: The company has reported a good growth in consolidated earnings for the quarter ended December 2018 with robust revenue and operational income, but margin performance was subdued due to higher raw material cost.
The bottomline increased by 14 percent year-on-year to Rs 647 crore, driven by strong topline and operational growth in Q3.
Result reaction: Shares of Alembic Pharmaceuticals added 3.5 percent after company posted robust numbers for the quarter ended December 2018.
The company's consolidated Q3 net profit was up 30.4 percent at Rs 169.8 crore against Rs 130.6 crore in a year ago period.
Shree Cement’s net profit for December quarter fell 10 percent to Rs 301.3 crore from Rs 333 crore that the company posted during the same quarter of last year.
The revenue rose 21 percent at Rs 2,781 crore against Rs 2,302.7 crore last year.
The earnings before interest, taxes, depreciation and amortization grew 25 percent at Rs 710 crore against Rs 570 crore last year.
Market Update: Benchmark indices are trading at day's low with Nifty is trading around 10,880 level, while Sensex is down 260 points.
Sun Pharma, Kotak Mahindra Bank and Bajaj Finance are the top gainers on the Sensex, while Vedanta, M&M, Tata Steel, Tata Motors and HCL Tech are the top losers on the Sensex.
Buzzing: Share price of UFO Moviez declined 6 percent after NCLT dismissed the petition for the approval of scheme of amalgamation.
National Company Law Tribunal, Mumbai bench (NCLT) on January 21, 2019, has dismissed the petition filed jointly by the company and PJSA before the NCLT for the approval of the scheme.
Maharashtra Seamless gets NCLT approval: The Hyderabad Bench of National Company Law Tribunal (NCLT), has on January 21, 2019, approved the resolution plan submitted by Maharashtra Seamless for acquisition of United Seamless Tabulaar (USTPL) under the Corporate Insolvency Resolution Process initiated against USTPL under the Insolvency and Bankruptcy Code 2016.
Ashok Leyland hits 52-week low: Shares of Ashok Leyland touched 52-week low of Rs 87.45, down 3.5 percent after brokerage house CLSA reiterated sell on the stock and also cut target to Rs 75 from Rs 85 per share. CLSA sees high likelihood of a downturn after 4 years of up-cycle for truck market and expect competition to intensify in a downturn.
Market opens: It’s a negative start to the market on Tuesday morning, with the Sensex falling around 100 points. The Nifty is below 10,950-mark.
Weakness is visible among automobiles, banks, energy, IT and metal names, while Nifty Pharma index is trading higher. Gains in Sun Pharma are leading the charts for Nifty Pharma. The Nifty Midcap index is down around 0.25 percent.
The Sensex is down 98.12 points or 0.27% at 36480.84, while the Nifty is lower by 35.90 points or 0.33% at 10926.00. The market breadth was narrow as 209 shares advanced, against a decline of 178 shares, while 38 shares were unchanged.
Sun Pharma and Kotak Mahindra Bank are the top gainers, while Axis Bank, M&M, Hindalco and TCS lost the most.
Market at pre-open: Indian indices are trading flat in pre-opening session with Nifty is below 10,950 level.
At 09:02 hrs IST, the Sensex is up 19.51 points at 36598.47, while Nifty is down 14.20 points at 10947.70.
Sun Pharma is down 10 percent, while Kotak Mahindra Bank is up 2 percent in the pre-opening trade.
Dollar update: The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China’s economy to 28-year lows fanned fresh worries over global growth and prompted investors to move into safe-haven currencies.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 6.5 points or 0.06 percent. Nifty futures were trading around 10,956-level on the Singaporean Exchange.
Asian markets trade lower: Asian shares and US stock futures slipped on Tuesday amid signs of pessimism about world growth, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent but was still within striking distance of a seven-week top touched the previous day.