Among the sectors, auto, bank, metal, pharma and IT are trading lower, while FMCG and infra are witnessing some buying.
Mar 08, 03:44 PM (IST)
The market closed off its lows amid rangebound session due to lack of cues.
The 30-share BSE Sensex was down 53.99 points at 36,671.43 and the Nifty50 fell 22.80 points to 11,035.40.
Tata Motors, Wipro, HCL Technologies, Tata Steel, Hindalco and Maruti Suzuki were down 1-4 percent while Bajaj Auto and Eicher Motors gained over a percent each.
The broader markets also ended in the red. Nifty Midcap index was down 0.2 percent.
Arvind was down 5 percent, but its subsidiary Arvind Fashions rallied 5 percent on day 1.
Dish TV, Jain Irrigation, Firstsource and Reliance Infrastructure were down 2-4 percent. However, Granules India, Gujarat Gas, Just Dial, ICICI Prudential and Reliance Nippon gained 3-7 percent.
Mar 08, 03:22 PM (IST)
Kotak downgrades Maruti Suzuki
Maruti Suzuki India shares fell a percent intraday after Kotak Institutional Equities downgraded its rating on the stock to add from buy earlier.
The research house also slashed price target to Rs 7,500 from Rs 7,600 apiece after cut in earnings per share estimates.
Mar 08, 03:13 PM (IST)
Dr Reddy’s Labs slipped into red, down over 2 percent.
ICICI Bank and Coal India are off their intraday lows, trading flat.
Mar 08, 02:53 PM (IST)
Varun Beverages in Focus
Varun Beverages said it announced the inauguration of its greenfield production facility at Pathankot by Chief Minister of Punjab.
This facility will create in-house production capacity for Tropicana fruit juices, dairy based products, carbonated soft drinks, Aquafina water, Gatorade and Lipton ice tea.
Mar 08, 02:36 PM (IST)
The market continued to reel under selling pressure in last hour of trade as the Sensex was down 56.49 points at 36,668.93 and the Nifty fell 26.20 points to 11,032.
Mar 08, 02:30 PM (IST)
Oil Drops Over a percent
Oil prices dropped by more than one percent as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
With surging US supply also unsettling markets, international benchmark Brent crude futures were at $65.46 per barrel, down 1.27 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at $56.11 per barrel, down 0.97 percent. (Source: Reuters)
Mar 08, 02:07 PM (IST)
S&P downgrades Vedanta Resources’ outlook To B+/negative from B+/stable
Mar 08, 01:36 PM (IST)
Equity benchmarks remained under pressure for second consecutive session with the Sensex falling 102.37 points to 36,623.05, dragged by IT, metals and private banks stocks.
The Nifty50 was down 39.30 points at 11,018.90. About four shares declined for every three shares rising on the BSE.
Mar 08, 01:13 PM (IST)
February MF Data:
Equity inflows (including ELSS) fell 16.8 percent to Rs 5,122 crore in February 2019 against Rs 6,158 crore reported in previous month.
ELSS flow into equity (without arbitrage) declined 5.6 percent to Rs 1,174 crore MoM, but Exchange Traded Fund flows increased sharply to Rs 5,234 crore in month gone by, against Rs 721 crore in January 2019.
Balanced funds outflow stood at Rs 1,077 crore during the month against outflow of Rs 952 crore in previous month, and arbitrage fund outflow was at Rs 482 crore against outflow of Rs 1,076 crore MoM.
Total asset under management at the end of February 2019 was at Rs 23.2 lakh crore, down marginally compared to Rs 23.4 lakh crore in January.
Mar 08, 01:10 PM (IST)
Jubilant Lifesciences said the US Food and Drug Administration issued a warning letter for the Roorkee facility.
The USFDA may withhold approval of any new applications or supplements till the company addresses all issues raised by the agency, it added.
However, the company believes that the existing manufacturing and sale of products from this facility will not be impacted. US revenues from the facility is about 4 percent of the total revenues of the company.
Mar 08, 01:06 PM (IST)
Ipca Labs Gains 3%
Ipca Labs gained 3 percent after Elara Capital reiterated its buy call and raised price target to Rs 1,040 from Rs 975 earlier.
The brokerage raised its EPS estimates by 4 percent in FY20 and by 6 percent in FY21. “At the CMP, the stock is trading at attractive valuations of 9.4x FY21E EV/EBITDA and 15x FY21E P/E.”
“Resumption of broad-based revenue growth except the US after flat FY14-18 (versus 13 percent over FY18-21E) should result in higher operating leverage. Further, strong API capabilities and diversified model are advantages under the current environment,” it reasoned.
Delay in FDA resolution is a key risk, it said.
Mar 08, 12:34 PM (IST)
Buzzing: Lakshmi Vilas Bank shares plunged 7 percent after its qualified institutional placement (QIP) issue opened for subscription on March 7.
The QIP is a part of the lender’s plan of raising about Rs 2,000 crore through various modes, primarily through a preferential allotment of shares and QIPs.
Mar 08, 12:28 PM (IST)
Market Update: Benchmark indices are trading lower in the afternoon trade with Nifty below 11,050 level.
The Sensex is down 47.45 points at 36677.97, while Nifty is down 25.80 points at 11032.40. About 912 shares have advanced, 997 shares declined, and 418 shares are unchanged.
Tata Motors, HCL Tech, Vedanta, Tata Steel and ONGC are the top losers on the Sensex.
Mar 08, 12:17 PM (IST)
Ashok Leyland bags order: Company bagged an order from GSRTC (Gujarat State Roadways Corporation) for 1290 buses.
Mar 08, 11:51 AM (IST)
Granules India surges 10%: Shares of Granules India surged 10 percent after company promoters sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges, to mobilize about Rs 50 crore.
Mar 08, 11:24 AM (IST)
JUST IN | ?Rakesh Jhunjhunwala may have pulled out of Star Health acquisition transaction over concerns on financial performance, quoting Sources, reports CNBC-TV18.
Jhunjhunwala was in talks to hold 35% in Star Health with an investment of Rs 2,250-2,500 crore.
Mar 08, 10:58 AM (IST)
Buzzing: Shares of Zensar Technologies gained 4 percent after company selected as IT transformation partner by US company.
The company has been selected by Vyaire Medical as their IT transformation partner to deliver a combination of IT Infrastructure operations and Cloud transformation, application maintenance and application development initiatives.
Mar 08, 10:23 AM (IST)
Crude Update: Oil prices fell on Friday amid growing investor jitters over the global economy, after the European Central Bank (ECB) warned overnight of continued weakness and as fresh data showed Chinese exports and imports slumped last month.
Mar 08, 10:11 AM (IST)
Buzzing: Shares of Suven Life Sciences gained 2 percent after company entered into a stalking-horse asset purchase agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries through its joint venture partner Shore Suven ?Pharma, Inc.
Mar 08, 9:47 AM (IST)
JUST IN | L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen and Toubro, has won a significant order from Oil & Natural Gas Corporation (ONGC).
Mar 08, 9:28 AM (IST)
KNR Constructions gains 6%: KNR Constructions rose 6 percent in the early trade on Friday after company bagged order worth Rs 1,055 crore.
Mar 08, 9:21 AM (IST)
Market Opens: It is a weak start for the indices on the last day of the truncated week with Nifty below 11,050 level.
The Sensex is down 6.09 points at 36719.33, while Nifty is down 14 points at 11044.20. About 560 shares have advanced, 404 shares declined, and 61 shares are unchanged.
Wipro, Tata Motors, Tata Steel, Hindalco, Vedanta, Asian Paints, Maruti Suzuki, are among major gainers on the indices, while losers are M&M, ITC, HUL, Jet Airways, DHFL, Ashok Leyland and Bharti Infratel.
Among the sectors, auto, bank, metal and IT are trading lower, while FMCG, infra and pharma are witnessing some buying.
Mar 08, 9:07 AM (IST)
Rupee Opens: The Indian rupee opened lower by 17 paise at 70.17 per dollar on Friday versus previous close 70.
Mar 08, 9:04 AM (IST)
Market at pre-open: Benchmark indices are trading flat in the pre-opening session.
The Sensex is up 14.39 points at 36739.81, and the Nifty down 19.20 points at 11039.
Jet Airways and Tata Motors are trading lower in the pre-opening trade.
Mar 08, 8:22 AM (IST)
Asian markets slip: Asian stocks were headed for harm on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.
Mar 08, 8:04 AM (IST)
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 35 points or 0.32 percent. Nifty futures were trading around 11,052.50-level on the Singaporean Exchange.
Mar 08, 7:53 AM (IST)
Wall Street ends lower: Wall Street’s main indexes fell for a fourth consecutive session on Thursday, after Europe’s central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth.
Mar 08, 7:13 AM (IST)
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Source:- Moneycontrol News