Markets end at day's low; Nifty settles below 9,400-mark
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Domestic markets ended at day's low-level due to rise in profit booking. Sensex closed at 30,365.25, down 205.75 points or 0.67%, while Nifty ended at 9,386.15, down 52.10 points or 0.55%.
On 30-share benchmark, among top gainers were Maruti Suzuki (2.70%), Mahindra & Mahindra (1.71%), Wipro (1.15%), Tata Steel (0.78%) and Hero MotoCorp (0.58%). Among top losers were Adani Ports (-6.19%), Cipla (-4.89%), Sun Pharma (-4.33%), Bajaj Auto (-3.02%) and Gail (-2.74%).
Shares of Alkem Laboratories dropped over 2% after the company informed that US FDA has issued an Establishment Inspection Report (EIR) for its Baddi manufacturing facility which has inspected in March, 2017.
"The US FDA had inspected the Baddi manufacturing and had issued Form 483 with three observation. Post this, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines," the company said.
At 1313 hours the shares of the company were trading at Rs 1833.30 per piece, down 2.30% or Rs 43.10 on BSE.
United Breweries on Tuesday clarified that Enforecement Directorate has not taken possession of Vijay Mallya's stake in the company.
On Tuesday, a media report had said that the ED has took possession of Mallya's United Breweries stake.
At 1110 hours the shares of the company were trading at Rs 782.95 per piece, up 0.92% or Rs 7.10 on BSE.
Ahead of result announcement, the shares of Sun Pharmaceuticals were down over 7%. At 1048 hours the shares of the company were trading at Rs 595.35 per piece, down 7.01% or Rs 44.30 on BSE.
All the major sector were in red. Healthcare (-499.94 points), Consumer Durables (-326.36 points), Capital Goods (-309.39 points), Oil & Gas (-178.25 points) were top losers.
Among Pharma stocks, Sun Pharma (-7.81%), Aurobindo Pharma (-5.21%), Wockhardt Pharma (-4.41%), Biocon (-3.11%), Cipla (-3.79%) were trading in red.
After opening marginally up, soon domestic markets plunged. At 0937 hours Sensex was trading at 30,492.60, down 78.37 points or 0.26%, while Nifty was at 93, 97.70, down 30 points.
On 30-share benchmark, among top gainers were Hindustan Unilever (1.20%), Tata Consultancy Services (0.87%), Maruti Suzuki (0.75%), Hero MotoCorp (0.59%) and Infosys (0.54%). Among top losers were Gail India (-4.38%), Sun Pharma (-4.37%), Cipla (-2.15%), State Bank of India (-1.48%) and ITC (-1.20%).
Ahead of Q4 result announcement, the shares of Tata Motors were trading at Rs 448 per piece, down 0.09% or Rs 0.40 on BSE.
Domestic markets opened flat or marginally up on Tuesday. At 0918 hours BSE Sensex was trading at 30,582.31, up 11.34 points or 0.04%, while NSE Nifty opened at 9,446.75, up 8.50 points or 0.09%.
Indices trade flat during the pre-open market session. At 0904 hours Sensex was trading at 30,593.04, up 22.07 points or 0.07%, while Nifty was at 9470.60, up 32.35 points or 0.34%.
WATCH: LIVE Pre-open market trade
On global markets front, Sterling extended losses after British police said they were treating an explosion in Manchester as a possible terrorist attack. Police said at least 19 people were killed and about 50 injured in an explosion at a concert in Manchester where U.S. singer Arianna Grande had been performing, as reported by Reuters.
MSCI`s broadest index of Asia-Pacific shares outside Japan was steady early on Tuesday. It hit its highest level since May 2015 on Monday, posting its biggest one-day gain in over two months.
Japan`s Nikkei slipped almost 0.1 percent, the report said.
Stocks in Focus:
Tata Motors: Automobile major, Tata Motors is set to announce its financial result for the quarter ended on March 31, on Tuesday.
Majorily hit by demonetisation announcement, in the previous quarter, Tata Motors' reported 96.22% year-on-year (YoY) decline in its consolidated net profit. The company reported net profit of Rs 111.57 crore compared to net profit of Rs 2952.67 crore in the corresponding period of the previous year.
Banking stocks: Reserve Bank of India on Monday outlined the steps to be taken to implement the Banking Regulation (Amendment) Ordinance, 2017. Some of the key steps include examination of current guidelines on restructuring of loans and RBI holding meetings with stakeholders including private equity firms and asset restructuring companies (ARCs).
Gail India: On Monday the company reported 69% drop at Rs 260.16 crore during Q4FY17 as against Rs 832.12 crore during the same period last year.
The company also said that it has signed a time-swap deal to sell some of its US liquefied natural gas (LNG) as it rejigs the supply portfolio in line with domestic demand, as reported by Economic Times.
Bharti Airtel, Idea Cellular: On Monday, rival Reliance Jio in a letter to Department of Telecom stated that payment of advance licence fee for the last quarter (January-March) of 2016-17 by three telecom service providers --Bharti Airtel, Vodafone India and Idea Cellular -- has resulted in a loss of Rs 400 crore to the government.
According to IANS report, these companies paid advance licence fee for the last quarter on the basis of estimated adjusted gross revenue (AGR), which is less than the stipulated amount -- that is based on the AGR of third quarter.
Earnings announcement today: Tata Motors, Jubilant Life, Kolte Patil, Jindal Steel & Power will be announcing financial result for the quarter ended on March 31.
Domestic markets on Tuesday are likely to open flat amid mixed global cues. On Monday, BSE Sensex closed at 30,570.97, up 106.05 points or 0.35%, while NSE Nifty ended at 9,438.25, up 10.35 points or 0.11%.