Sensex, Nifty close lower as pharma stocks fall

BSE Sensex closed lower by 33 points, or 0.11%, to 29,485, while the Nifty 50 fell 0.25 point, or 0%, to 9,127. Here are the latest updates

BSE Sensex closed lower on Tuesday. Photo: Hindustan Times
BSE Sensex closed lower on Tuesday. Photo: Hindustan Times

Indian shares fell for a second consecutive session on Tuesday, as lenders such as Axis Bank were hit by a Morgan Stanley downgrade while worries of regulatory action from the US Food and Drug Administration triggered selling in drugmakers. Analysts expect a period of consolidation ahead as investors focus on individual stock movements as they wait for the earnings season to start in mid-April.

“The markets have been trending up since December. I think this week market may just cool off,” said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities. “There will be profit booking in major index-contributing stocks including Reliance Industries.”

Banks were among the biggest losers after Morgan Stanley downgraded a slew of large Indian lenders, citing expectation of weak earnings. Axis Bank fell 2.72% and ICICI Bank lost 0.80%. Drug makers slumped on worries of regulatory action from the US Food and Drug Administration.

Divi’s Laboratories Ltd fell as much as 20% following an import alert issued by the USFDA on products manufactured at its Visakhapatnam unit Shares of Avenue Supermarts Ltd more than doubled in value on their trading debut. Analysts expect strong potential for its supermarkets and retail stores.

Bharti Infratel was up more than 1% after Nettle Infra Investments bought about 21.63% stake in co from promoter Bharti Airtel.

3.30pm: BSE Sensex closed lower by 33 points, or 0.11%, to 29,485, while the Nifty 50 fell 0.25 point, or 0%, to 9,127.

3.10pm: BSE Sensex trades lower by 41 points, or 0.14%, to 29,478, while the Nifty 50 falls 11 points, or 0.12%, to 9,116.

1.15pm: Banking stocks trade lower. Union Bank of India shares fall 3%, Axis Bank 3%, Punjab National Bank 2.2%, Andhra Bank 2%, Jammu & Kashmir Bank 2%, Canara Bank 1.7%, Bank of Baroda 1.5%, Yes Bank 1.5%, Central Bank of India 1.4%, Syndicate Bank 1.4%, Corporation Bank 1.4%, State Bank of India 1%.

1.00pm: BSE Sensex trades lower by 102 points, or 0.35%, to 29,417, while the Nifty 50 falls 24 points, or 0.26%, to 9,103. The Idea Cellular shares failed to hold on the momentum and lost 7.63% to Rs90.15 as the trade progressed on BSE.

11.27am: BSE Sensex trades lower by 68 points, or 0.23%, to 29,451, while the Nifty 50 falls 18 points, or 0.20%, to 9,109.

10.15am: Future group stocks trade lower. Future Retail Ltd shares fall 2%, Future Consumer Ltd shares fall 4%, Future Enterprises Ltd shares fall 3.3%,

10.00am: Axis Bank Ltd shares fall 3%. The scrip fell for second sessions. ICICI Bank Ltd shares fall 0.5%. The stock fell for fifth consecutive sessions and declined 4.6% in this period.

9.33am: BSE Sensex trades higher by 61 points, or 0.21%, to 29,579, while the Nifty 50 rises 13 points, or 0.14%, to 9,140.

9.30am: Dr Reddy’s Laboratories Ltd shares fall 2.5% to Rs2,667.60 after CNBC TV reported that its Duvvada facility receives 13 US FDA observations.

9.22am: NLC India Ltd shares fall 7.2% to Rs104 after the company said its board approved interim dividend of Rs7.34 a share.

9.20am: Divi’s Laboratories Ltd shares fall 17.2% to Rs656 after the company said in a notice to BSE that its Visakhapatnam unit gets import alert from US drug regulator.

9.18am: Idea Cellular Ltd shares fall 3.2% to Rs 94.50. The boards of Idea Cellular Ltd and Vodafone India Ltd have approved their merger, excluding the latter’s 42% stake in Indus Towers Ltd, heralding the creation of India’s largest telecom company in a $23 billion deal.

9.15am: The rupee opened at 65.40 a dollar. At 9.15am, the home currency was trading at 65.42, down 0.08% from its Monday’s close of 65.36.

9.10am: The 10-year bond yield was trading at 6.885%, compared to its Monday’s close of 6.893%. Bond yields and prices move in opposite directions.

9.05am: Thai baht was down 0.23%, Singapore dollar 0.15%, Japanese yen 0.14%, China offshore 0.06% and Philippines peso fell 0.05%. However, South Korean won was up 0.37% and Taiwan dollar 0.18%.

With inputs from Reuters

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