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This article is more than 2 year old.

Closing Bell: Nifty ends below 10,700, Sensex dips over 250 points, HDFC twins, RIL, metal, auto names drag, Infosys, TCS support

Mini

Indian shares ended lower on Monday, slipping for the third session as weak global sentiments weighed down benchmark indexes. IT and pharma shares along with ITC batted for the bulls, while HDFC Bank, HDFC and Hero MotoCorp drag indexes. Midcap index has shrugged off selling pressure and was marginally up in early afternoon trade. Equity market is expected to be influenced by global cues such as the US government shutdown, the rupee's volatility and derivatives expiry this week. Additionally, investor sentiments will be swayed by developments in the ongoing winter session of Parliament and global crude oil price movement. Here are the main highlights from the stock markets today:

Closing Bell: Nifty ends below 10,700, Sensex dips over 250 points, HDFC twins, RIL, metal, auto names drag, Infosys, TCS support
  • Market fails to hold recovery, slips for 3rd day in a row##Market fails to hold recovery, slips for 3rd day in a row

  • Closing Bell: Sensex, Nifty fall sharply ahead of Christmas break##Closing Bell: Sensex, Nifty fall sharply ahead of Christmas break

    The Nifty50 ended below 10,700, slipping more than 90 points, or 0.84 percent, to settle at 10,663. The Sensex plunged 272 points, or 0.76 percent, to close at 35,470. Wipro and TCS were the top gainers, while Hero MotoCorp, Bajaj Auto, and JSW Steel lost the most. The market will be shut on Tuesday on account of Christmas. 

  • Jubilant Food tanks on worries over online competition##Jubilant Food tanks on worries over online competition

    Shares of Jubilant Foodworks plunged 8% today after brokerage firm JP Morgan raised concern over high competition from online food aggregator Swiggy. The brokerage is of the view that Swiggy's recent $1 billion fund-raising drive will accelerate the footprint of online delivery in India. JP Morgan is of the view that in order to stave off competition from Swiggy, Jubilant Foodworks may have to push up its expenditure on marketing. At 3.08 am, shares of Jubilant Foodworks were down 6.9 percent at Rs 1,223.60. 

  • European markets weak on global growth worries##European markets weak on global growth worries

    European indices were down on concerns over slowing economic growth. Investor sentiment was weak also because of partial shutdown of the US government. Shares of retail companies and banks were the biggest losers. France's CAC 40 was down 0.8 percent, while Germany's DAX was up 0.2 percent.

  • Zydus Cadila gets USFDA nod for 2 drugs##Zydus Cadila gets USFDA nod for 2 drugs

    Zydus Cadila has received final approval from the US health regulator to market Doxycycline Hyclate delayed-release tablets, used to treat bacterial infections. Zydus Cadila has received the final approval from the United States Food and Drug Administration (USFDA) to market the drug in the strengths of 75 mg, 100 mg and 150 mg, the company said in a BSE filing. Shares of Cadila Healthcare, the listed entity of the group, were trading 0.13 per cent lower at Rs 342.35 per scrip on the NSE.

  • Sensex heatmap at 2.45 pm: TCS, M&M, Infosys, ITC gain, Hero MotoCorp, Bajaj Auto top losers##Sensex heatmap at 2.45 pm: TCS, M&M, Infosys, ITC gain, Hero MotoCorp, Bajaj Auto top losers

    Closing Bell: Nifty ends below 10,700, Sensex dips over 250 points, HDFC twins, RIL, metal, auto names drag, Infosys, TCS support
  • Market update: Nifty falls below 10,700, Sensex dips over 200 points##Market update: Nifty falls below 10,700, Sensex dips over 200 points


    The Sensex plunged 217 points, or 0.61 percent, to trade at 35,524 at 2.40 pm, while the slipped below 10,700, trading at 0,684, down by nearly 70 points, or 0.65 percent. HDFC twins, Reliance Industries, L&T, Hero MotoCorp, Asian Paints, HUL, dragged indexes, while TCS, Infosys, ITC provided support to the bulls.

  • Aurobindo Pharma gets USFDA nod for anaesthesia drug##Aurobindo Pharma gets USFDA nod for anaesthesia drug

    Aurobindo Pharma on Monday said it has received final approval from the US health regulator to market anaesthesia drug Vecuronium Bromide Injection. The company has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Vecuronium Bromide Injection in the strengths of 10mg and 20mg, Aurobindo Pharma said in a BSE filing. The approved product is a generic equivalent of Organon's Norcuron Injection. Aurobindo now has a total of 397 ANDA approvals (369 final approvals including 20 from Aurolife Pharma LLC and 28 tentative approvals) from USFDA. Shares quoted at Rs 721.60, mildly up 0.13 percent on the NSE.

  • Bandhan Bank reverses losses to trade at day's high##Bandhan Bank reverses losses to trade at day's high

  • NDTV extends gains on Rs 3 billion deal with Taboola##NDTV extends gains on Rs 3 billion deal with Taboola

    Shares of New Delhi Television extended gains and traded 10 percent higher after its digital arm NDTV Convergence signed a five-year deal with Taboola, a digital content discovery platform. The company expects that the deal will bring more than Rs 3 billion in revenues from web traffic. Under the deal, content produced by NDTV Convergence, which manages all the websites of NDTV, will be offered exclusively to Taboola. At 1.10 pm, shares of the company traded 7 percent higher at Rs 41.90. 

  • Market update: Sensex, Nifty reduce losses, midcaps mildly up##Market update: Sensex, Nifty reduce losses, midcaps mildly up

    The Sensex traded at 35,733, down by 9 points, or 0.03 percent, while the Nifty was lower by 10 points, or 0.09 percent, to trade at 10,743 at 1 pm. Broader markets turned positive although both the Nifty MidCap and BSE MidCap were mildlly up by 0.01 percent and 0.03 percent, respectively.

  • Dr Reddy's launches anti-coagulant drug in US market##Dr Reddy's launches anti-coagulant drug in US market

    Drug major Dr Reddy's Laboratories on Monday announced the launch of anti-coagulant drug Aspirin and extended-release dipyridamole capsules in the US market. The product is a therapeutic equivalent to generic version of Aggrenox (aspirin and extended-release dipyridamole) capsules, the company said in a BSE filing. Quoting IMS Health data, Dr Reddy's Laboratories said the Aggrenox brand and generic had US sales of approximately $182 million for the most recent 12 months ending in October 2018. Dr Reddy's Aspirin and extended-release Dipyridamole capsules is available in 25 mg/200 mg strength with 60 count bottle size. Aggrenox is a trademark of Boehringer lngelheim. Stock of Dr Reddy's Laboratories was trading 0.40 percent lower at Rs 2,597.70 apiece on NSE at 12.45 pm. 

  • VA Tech Wabag down after Goldman Sachs sells 1.6% stake##VA Tech Wabag down after Goldman Sachs sells 1.6% stake

    Shares of VA Tech Wabag fell 4 percent after Goldman Sachs India Fund sold 1.58 percent stake, or 867,665 shares, in the company at Rs 270.1 apiece. As of September 30, Goldman Sachs India held 1.9 percent stake. At 12.03 pm, shares of the company traded 2.8 percent lower at Rs 262.10. So far in 2018, the stock has lost as much as 57 percent.

  • Hero MotoCorp falls over 3% after Goldman Sachs downgrade##Hero MotoCorp falls over 3% after Goldman Sachs downgrade

    Hero MotoCorp shares fell 3.4 percent in morning on Monday after global brokerage house Goldman Sachs downgraded the stock to sell from neutral. The research firm also slashed its target price sharply by 12.66 percent from Rs 3,175 to Rs 2,773, implying 16.5 percent potential downside from December 21 closing levels. Goldman Sachs believes near term volumes & results will be muted.

  • Auto companies fall, CLSA says EPS view to be cut for sector##Auto companies fall, CLSA says EPS view to be cut for sector

    Shares of automobile companies fell as brokerage CLSA Asia Pacific Markets has reportedly said consensus earnings per share estimates for most automobile makers will be cut as domestic demand is slowing. The brokerage said truck and passenger vehicle sales are slowing while two-wheelers are faring relatively better. Shares of Hero MotoCorp, Bajaj Auto, Eicher Motors, Tata Motors, TVS Motor Co and Ashok Leyland were down 1-3 percent, while the Nifty Auto index fell 1 percent.

  • Vedanta down 2% as high court restrains reopening copper unit##Vedanta down 2% as high court restrains reopening copper unit


     
    Shares of Vedanta fell over 2 percent, following a Madras High Court order that restrained reopening of the companys copper plant in Thoothukudi. The high court on Friday directed the state pollution control board to retain status quo as existed before the National Green Tribunal set aside a Tamil Nadu government order for closure of the copper plant. The tribunal in its order uploaded on December 15 had set aside the closure order of the Tamil Nadu government. Vedanta's copper smelting plant in Thoothukudi was shut on May 28 by the state government after the Tamil Nadu Pollution Control Board said the unit was polluting soil and water in the area.

  • Sun Pharma gains as arm gets US FDA nod for Elepsia XR##Sun Pharma gains as arm gets US FDA nod for Elepsia XR

    Shares of Sun Pharmaceutical Industries rose 2% today after the company on Friday said the US Food and Drug Administration has approved its arm's specialty drug Elepsia XR. The licence for the drug, used for treatment of epilepsy, was acquired by the company from Sun Pharma Advanced Research Co Ltd, in 2015. Sun Pharma, however, could not sell Elepsia as its Halol facility in Gujarat soon came under restrictions by the US FDA. The Halol facility makes active pharmaceutical ingredients for the drug.

  • Satin Creditcare up on plan to demerge SME finance operations##Satin Creditcare up on plan to demerge SME finance operations


    Shares of Satin Creditcare Network gained 5 percent after the company reportedly said it plans to demerge its small and medium finance vertical into a separate non-banking finance company. The company has applied with the Reserve Bank of India for a non-banking finance company licence for small and medium enterprise lending business, the reports said. At 10.38 am, shares of the company traded 0.05 percent higher at Rs 274.55. So far in 2018, the stock has shed 39 percent.

  • Oil marketing companies under pressure as crude gains in Asian trade##Oil marketing companies under pressure as crude gains in Asian trade

  • Unichem Labs up nearly 5% on USFDA approval for Pramipexole Dihydrochloride tablets##Unichem Labs up nearly 5% on USFDA approval for Pramipexole Dihydrochloride tablets


    Share price of Unichem Laboratories added 4.7 percent in the early trade on Monday after company received ANDA approval from USFDA. The company has received final ANDA approval for its Pramipexole Dihydrochloride tablets, 0.125 mg, 0.25 mg, 0.5 mg, 0.75 mg, 1 mg and 1.5 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Boehringer Ingelheim Pharmaceauticals Inc's Mirapex tablets.

  • PVR, Inox Leisure gain as GST rate on tickets cut##PVR, Inox Leisure gain as GST rate on tickets cut

    Shares of PVR and Inox Leisure surged as the goods and services tax rate for movie tickets above Rs 100 has been reduced to 18 percent from 28 percent. Shares of PVR traded at Rs 1,566.20, marginally up by 0.11 percent at 10 am, while INOX Leisure stock was trading at Rs 244.05, higher by 2.07 percent.

    Read full report here

  • IT, Pharma stocks trade higher##IT, Pharma stocks trade higher

  • Hero MotoCorp, Vedanta slip in the first hour of trade##Hero MotoCorp, Vedanta slip in the first hour of trade

  • Opening Bell: Sensex, Nifty open 0.3% higher, outperform Asian peers##Opening Bell: Sensex, Nifty open 0.3% higher, outperform Asian peers


    Benchmark indices opened 0.3 percent higher, bucking the trend seen across global markets. The Sensex was up 89.93 points, or 0.25 percent, at 35832.00, while the Nifty was higher by 21.80 points, or 0.20 percent, at 10775.80. Metals and automobiles are the ones to be in the red, while consumption, pharma and PSU banks were gainers. In the broader market, the Nifty Midcap was up quarter of a percent. Shares of Infosys, Wipro, and Indiabulls Housing were the top gainers, while Vedanta and Hero MotoCorp lost the most. 

  • Pre-open update: Sensex, Nifty settle in the green##Pre-open update: Sensex, Nifty settle in the green


    The Nifty settled at 10,780.90, up by 26.90 points, or 0.25 percent at 9.08 am, while the Sensex was at 35,859.66, higher by 117.59 points, or 0.33 percent. Infosys, ITC, Reliance Industries, M&M, Kotak Bank, Axis Bank, HUL, Sun Pharma, TCS, L&T were among major gainers, while Vedanta, IndusInd Bank, HCL Tech, HDFC Bank among laggards.

  • Rupee opens flat at 70.18 against the US dollar##Rupee opens flat at 70.18 against the US dollar


    The Indian rupee opened flat at 70.18 per dollar on Monday against Friday's close 70.15.

  • Here's the list of stocks that will be in focus going into trade today##Here's the list of stocks that will be in focus going into trade today

  • Reduction in GST on cinema tickets brings cheer to film industry##Reduction in GST on cinema tickets brings cheer to film industry


    The decision to reduce GST on cinema tickets has been welcomed by the film industry. The GST Council had on Saturday decided to reduce GST on cinema tickets exceeding Rs 100 to 18 percent from 28 percent and up to Rs 100 to 12 percent from existing 18 percent.


    Read full report here

  • Vedanta to move SC against HC order on Sterlite copper plant, says CEO##Vedanta to move SC against HC order on Sterlite copper plant, says CEO


    The Vedanta Group company Sterlite has said it would move the Supreme Court to implement the NGT order to reopen its copper plant in Tuticorin. "The honourable Madras High Court, Madurai Bench, Friday issued notices on the matter and has listed the same for hearing on maintainability on January 21, 2019.


    Read full report here

  • Here’s how brokerages rate ITC, Sun Pharma, Coal India and other sectors##Here’s how brokerages rate ITC, Sun Pharma, Coal India and other sectors

    Macquarie on ITC:
    OUTPERFORM rating, target raised to Rs 376 from Rs 367 per share.
    Company is winning back market share in cigarettes, leading to volume recovery.
    Expect earnings recovery to continue with strong volume recovery.
    Increase FY18-21 earnings estimate by 1-3%.
    Expect earnings recovery to continue with strong volume recovery.
    Margin focus in FMCG business unprecedented and could surprise the street.

    IDFC Securities on Gateway Distri:
    OUTPERFORM call, target at Rs 200 per share.
    Railway congestion to impact volumes in Q3FY19.
    Dedicated freight corridor to drive market share gain in rail by FY21.
    Addition of rolling stock to aid evacuation.
    Margin to remain steady.

    Morgan Stanley on Sun Pharma:
    UNDERWEIGHT call, target at Rs 470 per share.
    NDA Elepsia XR receives FDA approval.
    Elepsia is second in-licensed SPARC product to have received approval.
    Elepsia and Xelpros can generate peak sales of $50-75 million over 2-3 years.
    Company continues to build on its specialty portfolio. 

    Citi on aviation:
    November air traffic shows slight moderation in passenger growth.
    10% decline in Jet Airways' passenger volumes could have impacted industry growth.
    Recent fall in crude prices augurs well for the profitability of airline companies.
    Fleet expansion by key players could put downward pressure on yields.

    Citi on Coal India:
    BUY rating, target at Rs 350 per share.
    Stock offers an attractive dividend yield.
    Payout ranged between 100- 160% over the past 5 years.
    Security of payout should remain high.
    Expect another dividend in Q4FY19.

    Nomura on tyre sector:
    Crude price drop a margin tailwind for tyre companies.
    GST rate cut on tyres would be an additional positive.
    Maintain preference for Apollo Tyres. 
    Expect Apollo Tyres to see a 26% EPS CAGR over FY18-21.