Closing Bell: Sensex, Nifty end lower, RIL, Infosys, TCS, ITC, HDFC Bank drag##Closing Bell: Sensex, Nifty end lower, RIL, Infosys, TCS, ITC, HDFC Bank drag
The Sensex settled at 35,158, down by 79 points, or 0.22 percent, while the Nifty closed at 10,585, lower by 13 points, or 0.12 percent. Benchmark indexes were dragged lower by Reliance Industries, HDFC Bank, ITC, Infosys, Tata Consultancy Services, and ICICI Bank along with SBI, Tata Steel and Bharti Airtel. Asian Paints, Yes Bank, Maruti Suzuki, Hindustan Unilever and Sun Pharma batted for the bulls. Broader markets indexes outperformed the frontline indices with the Nifty MidCap ending 1.2 percent higher. The BSE MidCap surged well over half a percent. Nifty Pharma with 1.25 percent surge was leading the 26 advancing sectors, while BSE IT was the weakest among 17 declining sectors, posting 1.19 percent losses.
Among top index gainers, Yes Bank shares surged 5.5 percent, while Hindustan Petroleum Corp. too surged more than 5 percent. Indiabulls Housing Finance, Asian Paints, Adani Ports surged more than 3.5 percent. Hero MotoCorp and Sun Pharma gained more than 2 percent. Top laggards included Infosys, Dr Reddy's Labs, Hindalco, Bharti Airtel, Gail, Reliance, SBI and TCS falling by up to 3 percent.
Tanfac Industries limit up 5% as Q2 PAT seen up##Tanfac Industries limit up 5% as Q2 PAT seen up
Shares of BSE-listed Tanfac Industries hit an upper price limit of 5 percent as the company is expected to report strong July-September numbers on Monday. A sharp rise in global prices of products made by Tanfac Ind, mainly of aluminium fluoride, is likely to boost earnings and the company is expected to repeat its performance of sharp growth seen in the recent quarters. In April-June, Tanfac's net profit had surged 462 percent on year to Rs 130.88 million, while revenue had risen 42 percent to Rs 557.70 million. In January-March, the net profit was Rs 22.96 million and revenue was Rs 477.50 million. At 3.05 pm, shares of Tanfac Industries were at Rs 325.85, up 5 percent from the previous close. So far in 2018, shares of Tanfac Industries have risen 150 percent. (Cogencis)
Asia indices end lower as US Fed may hike rates in December##Asia indices end lower as US Fed may hike rates in December
Key Asian equity indices ended lower today after the US Federal Reserve, at its monetary policy meeting which concluded on Thursday, indicated it remains on track to hiking interest rates in December. Hong Kong's Hang Seng and China's Shanghai Composite were the major losers in the region, down 2.39 percent and 1.74 percent, respectively. Energy stocks were the biggest losers, following a slump in global crude oil prices overnight.
HAL shares jump more than 15% on good results, Sensex, Nifty cut losses##HAL shares jump more than 15% on good results, Sensex, Nifty cut losses
Hindustan Aeronautics (HAL) posted a huge jump in its net profit for September quarter at Rs 289.42 crore. The company had posted a profit of Rs 67.9 crore last year. The revenue rose 10 percent at Rs 2,610 crore against Rs 2,373 crore reported last year. At an operating level, the earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 523 crore against Rs 125 crore posted last year.
HAL shares jumped more than 13 percent to trade at Rs 890.90 on the NSE at 3.10 pm. Intra-day, it touched the day's high of Rs 899.85. Meanwhile, the Nifty reduced losses, but still traded 10 points down to 10,588. The Sensex also traded lower by 56 points, or 0.16 percent, at 35,186.
Axis Bank shares gain after Avantha Holdings offers Rs 24-billion for stressed power project##Axis Bank shares gain after Avantha Holdings offers Rs 24-billion for stressed power project
Shares of Axis Bank gained on news that Avantha Holdings has offered Rs 24.3 billion to lenders for its Jhabua power plant to save the stressed project and escape insolvency proceedings. Axis Bank is the lead lender to the company. Shares of Axis Bank were trading up 1.1 percent at Rs 613.70.
Strides Pharma surges as arm inks pact with SUDA Pharma, Sensex falls 125 points##Strides Pharma surges as arm inks pact with SUDA Pharma, Strides Pharma surges as arm inks pact with SUDA Pharma, Sensex falls 125 points
Shares of Strides Pharma Science gained 10 percent to hit their one-month high of Rs 471.85 as the company's step-down wholly-owned subsidiary Strides Pharma Global, Singapore, has entered into a licensing and supply agreement with SUDA Pharmaceuticals for the latter's novel drug SUD-001H for the US market. SUD-001H is an oral spray formulation of Sumatriptan, which is one of the most widely used drugs to treat acute migraine in adults. Sumatriptan is currently marketed in tablet form and in a nasal spray by GlaxoSmithKline under brand name Imitrex, the company said. (Cogencis)
Shares traded at Rs 469.10, higher by 9.39 percent on the NSE at 2.10 pm. The benchmark Sensex dipped 125 points, or 0.35 percent, to trade at 35,113. The Nifty was trading at 10,569, down by 29 points, or 0.28 percent.
Indian Bank shares slump more than 5% post Q2 results, Sensex, Nifty in the red##Indian Bank shares slump more than 5% post Q2 results, Sensex, Nifty in the red
Shares of Indian Bank slumped 5.39 percent to trade at Rs 247.50 on the NSE at 1.25 pm. The lender reported Q2 earnings with net profit at Rs 150.1 crore against Rs 451.5 crore on YoY basis. Meanwhile, the Nifty slipped in the red, down by 21 points, or 0.20 percent, to trade at 10,578 at 1.27 pm. The Sensex was trading at 35,169, lower by 68 points, or 0.19 percent.
Here's what to expect from Titan Company's Q2 earnings later in the day##Here's what to expect from Titan Company's Q2 earnings later in the day
Titan Company is expected to announce its September quarter earnings on Friday. Our poll for Titan expects revenue to grow by about 26 percent in this quarter, EBITDA to grow by about 21 percent and margins could come off by about 40 bps. Net profit for the quarter is expected to increase 16 percent to Rs 350-355 crore. Read more
Wipro falls on concerns over sales from energy vertical, Nifty IT down##Wipro falls on concerns over sales from energy vertical, Nifty IT down
Shares of Wipro fell nearly 3 percent on concerns that the slump in global crude oil prices may hurt the company's revenues from the energy, natural resources and utilities vertical in coming quarters. Meanwhile, shares of information technology companies fell today after a recovery in rupee against the US dollar weighed on sentiment. As information technology companies earn most of their revenues in dollar terms, a rise in the rupee against the dollar dampens sentiment for such companies.
Linde India up on hope promoter offer for share attractive##Linde India up on hope promoter offer for share attractive
Shares of Linde India surged 19 percent on hope that promoter entity BOC Group may make an attractive offer to shareholders to buy their shares and go ahead with its plan to delist the company from Indian stock exchanges. Linde India said its board will meet on Wednesday to consider the delisting proposal by BOC Group. The promoter entity currently holds 75 percent stake in Linde India and plans to acquire 25 percent stake held by public shareholders. ICICI Securities has been appointed for the delisting proposal. Linde India said the delisting price will be determined in accordance with the reverse book building process, and shareholders may offer their respective shares at any price higher than the floor price. At 12 pm, shares of Linde India traded 15.6 percent higher at Rs 562, with over 1.4 million shares traded as against a daily average of 30,144 shares on the NSE. (Cogencis)
Market update: Sensex, Nifty trade flat, OMCs, Asian Paints, Yes Bank among top gainers##Market update: Sensex, Nifty trade flat, OMCs, Asian Paints, Yes Bank among top gainers
Indian equities traded flat on Friday recovering from the opening lows. The Sensex traded at 35,245.32, marginally up by 7.64 points, or 0.02 percent at 11.25 am, while the Nifty was at 10,607.85, higher by 9.45 points, or 0.09 percent. Broader markets outperformed with the Nifty MidCap surging by more than a percent, while the BSE MidCap traded up by 0.8 percent. Among sectors, 33 advanced, while 10 declined. Among 33 advancing, Nifty Pharma surged the most by 1.6 percent. BSE Auto also surged more than a percent. BSE IT was leading the flatering sectors, dipping by 1.13 percent. BSE Teck, Nifty IT, Nifty and BSE Metal were other laggards among sectoral indices. HPCL, Asian Paints, Yes Bank, Sun Pharma, Adani Ports, Maruti Suzuki, surged by up to 4.62 percent. Shares of Infosys, JSW Steel, Wipro, Bharti Airtel, Hindalco, TCS and Tata Steel dipped by up to 2.3 percent.