Nifty trades below 9,400; Sensex down 0.26%; Glenmark tumbles 14% post Q4
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Indian Markets may open in green as global cues trade higher.
On Thursday, Sensex closed at 30,250.98 above 2 points or 0.01%, while Nifty 50 finished at 9,422.40 up 15 points or 0.16%.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared intraday gains to end flat. The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged. NSE cash turnover was at Rs. 25, 280 cr.
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At 1247 hours, Nifty was trading below 9,385.70 down 36 points or 0.39%, while Sensex tumbled over 84 points or 0.28% trading at 30,166.08.
Outlook on the movement of Beverage stocks.
Share price of Glenmark tumbled over 15% most in seven-years after when it missed estimates in fourth quarter ended March 31, 2017, result.
At 1212 hours, Glenmark's share price was trading at Rs 780.65 per piece down Rs 123 or 13.80%.
The company posted consolidated net profit of Rs 183.76 crore in Q4, rising by 23.50% compared to Rs 148.79 crore in the corresponding period of the previous year.
A Bloomberg poll estimated Glenmark's net profit at Rs 581 crore this Q4.
Consolidated revenue stood at Rs 2457.18 crore in Q4, increasing by 6.52% from Rs 2306.67 crore a year ago similar period.
Indian Rupee trades below 0.080 paisa or 0.12% at 64.318 against US Dollar.
Top gainers on BSE involved - Infosys trading at Rs 959.50 per piece above 1.66%, followed by Hero Motocorp at Rs 3500 per piece (1.05%), Coal India at Rs 277.80 per piece (1.04%), ONGC at Rs 186.10 per piece (1.03%), Cipla at Rs 566.60 per piece (1.01%) and Larsen & Toubro at Rs 1748 per piece (0.68%).
Losers involved Asian Paints trading at Rs 1135.75 per piece down 2.79%, followed by Gail India at Rs 402 per piece (1.64%), ICICI Bank at Rs 296.40 per piece (1.32%), Dr Reddys at Rs 2564 per piece (1.10%), Axis Bank at Rs 511.90 (1.01%) and Adani Ports at Rs 355.40 per piece (0.99%).
Tata group to make drones for Agriculture sector.
After opening in green on Friday, few minutes later Indian markets entered into the negative territory.
At 9.28 am, Sensex was trading at 30,232.77 down 18 points or 0.06%, while Nifty 50 was below 5 points or 0.06% trading at 9,417.20.
Analysts at Motilal Oswal said, "Overall results season has been encouraging. FIIs continued to be net buyers. Domestic liquidity has been strong. Return of FII flows, encouraging results augurs well for market."
India's macro-economic data Consumer Price Index (CPI) Inflation and Index of Industrial Production (IIP) will be presented by Ministry of Statistics and Programme Implementation (MOSPI) on Friday.
Key events to watch.
India's macro-economic data Consumer Price Index (CPI) Inflation and Index of Industrial Production (IIP) will be presented by Ministry of Statistics and Programme Implementation (MOSPI) on Friday.
Major companies like Nestle India, Dr Reddy's Laboratories, Oriental Bank of Commerce, PNB Housing Finance, Aditya Birla Fashion and Retail Limited, Inox Wind and Havells India will be announcing their fourth quarter ended March 31, 2017 result.
In pre-open market, Sensex was trading at 30,285.99 above 35 points or 0.12%.
Stocks will be in focus:
State Bank of India: A day after revising the service charge on various cash transaction, SBI on Thursday clarified that these charges are applicable only for State Bank Buddy Customers.
On Wednesday, the bank had said that the customers will be charged Rs 25 per transaction on every cash withdrawal from ATMs. The bank will also charge on issue of ATM cards except RuPay, henceforth.
Asian Paints: The company missed analysts estimated as it reported a 10% rise in its consolidated net profit for the fourth quarter ended March 2017, result. In Q4, the company posted consolidated net profit of Rs 462.22 crore, rising by 10.40% compared to Rs 418.70 crore in the corresponding period of the previous year.
Havells India: The company said it will divest its remaining 20% stake in Havells Malta and 100% stake in Sylvania Thailand for EUR 36.1 million while another EUR 9 million would be spent to close the remaining international operations.
Kotak Mahindra Bank: In a BSE filing on Thursday, the bank said its board of directors has approved a qualified institutional placement (QIP) issue at a price per share of Rs 913.24 to raise capital of about Rs 5600 crore.
Gujarat Pipavav Port: The company reported a 28.10% rise in standalone net profit at Rs 66.19 crore for the fourth quarter ended March 2017, compared to net profit of Rs 51.67 crore in the corresponding period a year-ago.
Indian Markets may open in green as global cues trade higher.
On Thursday, Sensex closed at 30,250.98 above 2 points or 0.01%, while Nifty 50 finished at 9,422.40 up 15 points or 0.16%.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices pared intraday gains to end flat. The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged. NSE cash turnover was at Rs. 25, 280 cr.
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