Sensex gives away 103 points; Nifty ends flat; Tata Motors top gainer
After trading on a muted level during most of Thursday's trading session, Indian markets ended negative with Sensex giving away more than 100 points.
Sensex closed at 30,029.74 down 104 points or 0.34%, while Nifty 50 ended at 9,342.15 below 10 points or 0.10%.
Gainers on BSE were - Tata Motors at Rs 456.30 a piece above 1.22%, followed by Infosys at Rs 925 a piece (1.20%), Cipla at Rs 561.25 a piece (1.11%), Wipro at Rs 496 a piece (1.10%), Gail India at Rs 418 a piece (1.04%) and Power Grid at Rs 207.05 a piece (0.88%).
Losers involved Lupin at Rs 1,334 a piece down 2.72%, followed by ITC at Rs 285 a piece (1.94%), Tata Steel at Rs 445.60 a piece (1.90%), Axis Bank at Rs 508.50 a piece (1.70%), HDFC at Rs 1,560.65 a piece (1.54%) and State Bank of India at Rs 281.95 a piece (1.11%).
Share price of TVS Motors tumbled over 3% after when it reported nearly 7% decline fourth quarter ended March 31, 2017 net profit.
The company reported net profit of Rs 126.77 crore in Q4, declining by 6.80% year-on-year (YoY) and 4.44% quarter-on-quarter (QoQ).
Total income was at Rs 3,139.22 crore, which was up by 1.56% yoy but down by 4.12% qoq.
Motorcycles sales during fourth quarter of 2016-17 is 2.15 lakh units as against 2.47 lakh units registered in fourth quarter of 2015-16. Scooter sales increased from 1.98 lakh units in the fourth quarter of 2015-16 to 2.23 lakh units registered in the fourth quarter of 2016-17.
The Company exported 0.98 lakh units of two-wheelers in the quarter under review as against 0.83 lakh units in the fourth quarter of 2015-16. Three wheelers registered sales of 0.15 lakh
units in the quarter under review as against 0.21 lakh units in the fourth quarter of 2015-16.`
At 1449 hours, TVS Motors was trading at Rs 497 per piece on BSE down Rs 6 or 1.05%.
Shares of Maruti Suzuki were trading at Rs 6,440 per piece on BSE, above Rs 33 or 0.51%.
Maruti missed estimates by reporting nearly 16% year-on-year rise in its net profit for the fourth quarter ended March 31, 2017 result.
The company reported net profit of Rs 1,709 crore in Q4, rising by 15.77% compared to Rs 1,476.2 crore in the corresponding period of the previous year.
However, Q4FY17 net profit has declined by 2.03% from Rs 1,744.50 crore of the preceding quarter.
Education content company, S Chand & Company on the second of the initial public offer got oversubscribed by 139% till 1223 pm, as per the cumulative data showed on NSE.
The IPO received bids for 1,06,73,938 shares against the total issue size of 76,85,284 shares, the data showed.
Dr Reddy's Laboratories on Thursday said, that it has launched Ezetimibe and Simvastatin tablets in the United States approved by USFDA.
These two tablets are equivalent generic version of Vytorin tablets which have approximately $678 million MAT in US.
At 1137 hours, shares of Dr Reddy was trading at Rs 2,602.50 per piece on BSE uo 0.33%.
Sectors like FMCG, Metal and Pharma has taken the most hit since the start of early trade.
Nifty FMCG was top loser on NSE, trading at 24,122.10 down by 0.75%. Followed by Nifty Metal at 2,944.40 below 0.46%, Nifty Pharma at 10,159.60 lower by 0.37.
Nifty Realty index had a negative movement too trading at 254.20 down 0.18%. In last three trading session, Realty stocks saw the most rally.
At 1125 hours, Nifty was trading flat at 9,353.25.
Share price of Lakshi Vilas Bank has plunged by over 7% after missing analysts estimates in fourth quarter ended March 31, 2017 result.
At 1018 hours, shares of Lakshmi Vilas Bank was trading Rs 184.75 down Rs 12 or 5.79%,
The banK reported net profit of Rs 52.16 crore, rising by 6.3% from Rs 49.07 crore in the corresponding period of the previous year.
A Bloomberg poll estimated Lakshmi Vilas Bank to report net profit of Rs 65.8 crore this Q4.
Gross NPA of the bank stood at 2.67% in Q4.
On Wednesday, the share price of Lakshmi Vilas Bank touched a 52-week high of Rs 203 before Q4 numbers came in.
At 0939 hours, INR was trading flat against USD. The Indian rupee was trading at 64.105 above 0.010 paisa or 0.02% against dollar.
HDFC Securities said, "The Indian rupee hit a 21-month high against the US dollar on Wednesday, buoyed by strong capital inflows into equities and debt instruments such as masala bonds, the rupee hit a fresh high of 63.93 per dollar before paring some gains to close at 64.11, up 0.25% from its previous close."
Top gainers on BSE involved Tata Motors trading at Rs 457.90 per piece up 1.46%, followed by Infosys at Rs 921 per piece, Cipla at Rs 559 per piece, Power Grid at Rs 206.65 per piece, Hindustan Unilever at Rs 946.30 per piece and Gail India at Rs 416 per piece trading positive in the range of 0.50% - 0.80%.
Axis Bank took the top spot among the losers category on BSE after the bank on Wednesday reported 43% year-on-year (YoY) decline in net profit. The share price of Axis Bank was trading at Rs 506.50 per piece on BSE down Rs 11 or 2.09%.
Among other losers were ICICI Bank (Rs 275 per piece), Bharti Airtel (Rs 355.60 per piece), Lupin (Rs 1,363.75 per piece), Asian Paint (Rs 1,099.60 per piece) and Tata Steel (Rs 452.15 per piece) trading negative in the range of 0.40% - 0.90%.
Indian Markets opened mostly flat onThursday's trading session after when US President Donald Trump's tax plan hampered gains of global markets.
At 0927 hours, Sensex was trading at 30,145.08 above by nearly 12 points or 0.04%. While Nifty 50 was trading up 2.75 points or 0.03% at 9,354.60.
Analysts at HDFC Securities said, "Indian Markets are likely to open flat today and may remain volatile ahead of April month's derivative expiry. FMCG, Automobiles & Banking are expected to trade in positive zone, while IT and Pharma are expected to trade in negative zone Crucial support for Nifty is at 9300 level, while strong immediate resistance is at 9380."
While Motilal Oswal said, "Overall bias remains positive and technical factors like expiry could help markets sustain upsides."