Market Wrap: Sensex, Nifty close flat, Sun Pharma shares surge 8%
BSE Sensex closed 19.41 points lower at 35,443.67, while the Nifty 50 ended unchanged 10,767.65, down 0.01%. Here are the highlights from the markets
Last Modified: Fri, Jun 08 2018. 07 47 PM IST
- 3.35 pm ISTClosing bell
- 3.27 pm ISTSun Pharma shares surge 8% after USFDA action on Halol plant
- 2.37 pm ISTMarket update: Sensex, Nifty trim losses
- 2.35 pm ISTPharma stocks trade higher led by Sun Pharma
- 2.00 pm ISTRupee hits 1-week low against US dollar
- 1.24 pm ISTEuropean markets slide at open
- 12.45 pm ISTMarket update: Sensex, Nifty extend losses
- 12.40 pm ISTCipla partners with Eli Lilly to market diabetes drug
- 11.57 am ISTOil prices fall on dip in China demand, surging US output
- 11.53 am ISTAurobindo Pharma gain nearly 3% on USFDA drug approval
- 11.23 am ISTMarket update: Sensex, Nifty trim losses
- 10.37 am ISTShares of housing finance companies correcting on margin concerns
- 10.35 am ISTVRL Logistics, GATI, Blue Dart, TCI Logistics see benefits of GST, e-way bill
- 10.00 am ISTAviation stocks fall
- 9.32 am ISTBanking stocks trade lower
- 9.30 am ISTOil marketing companies decline
- 9.27 am ISTMarket update: Sensex, Nifty trade lower
- 9.25 am ISTBond yield rises past 8%
- 9.20 am ISTAsian shares drift lower
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed marginally lower on Friday, after gaining for last two straight sessions, dragged by losses in banking stocks. However, heavy gains in Sun Pharma and Reliance Industries limited losses. Moreover, equity markets in Europe and Asia fell amid uncertainty over trade relations ahead of a key G7 meeting and policy meetings of major central banks. The Indian rupee weakened on Friday to hit one-week low against the US dollar. Here are the latest updates from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 19.41 points, or 0.05%, to 35,443.67, while the Nifty 50 ended unchanged 10,767.65, down 0.70 points, 0.01%. Meanwhile, BSE MidCap and SmallCap rose 0.42% and 0.58%, respectively.Among the sectoral indices on BSE, healthcare gained most at 3.62%, IT 0.77%, energy 0.75% and teck 0.73%. Power, metal, FMCG, finance and bankex declined.Sun Pharma, Dr. Reddy’s Labs, Tata Motors and SBI were top gainers, whereas Power Grid, HDFC, Axis Bank and ITC were among the major losers.
- 3.27 pm IST Sun Pharma shares surge 8% after USFDA action on Halol plantShares of Sun Pharmaceuticals Ltd surged 9% on Friday as the US Food and Drug Administration (USFDA) issued Voluntary Action Indicated (VAI) status to the company’s Halol plant in Gujarat.Sun Pharma shares closed 8.02% higher at Rs527.95 on NSE, while shares of Sun Pharma Advanced Research ended 11.43% up at Rs414.30.In intraday trade, Sun Pharma shares jumped as much as 9.2%—their biggest intraday percent gain since April 2015—to Rs533.65. Shares of Sun Pharma Advanced Research surged as much as 14%—its biggest intraday percentage gain since 30 October 2017—to Rs424.
- 2.00 pm IST Rupee hits 1-week low against US dollarThe Indian rupee weakened to hit one-week low against the US dollar on Friday, tracking losses in the global equity markets. The home currency was trading at 67.55 against the US dollar, down 0.64% from its previous close of 67.13. The currency opened at 67.46 a dollar and touched a high and a low of 67.43 and 67.58, respectively.Bond yields fell after hitting 8% in morning trade as traders awaited weekly bond auction due later in the day. On Friday, the government will hold Rs2,000 crore auction and will conduct 7-day reverse repo for a total of Rs40,000 crore. The 10-year bond yield stood at 7.93% from its Thursday’s close of 7.993%. Bond yields and prices move in opposite directions.
- 1.24 pm IST European markets slide at openEuropean stock markets slid at the open on Friday, with all eyes on a Group of Seven summit set to focus on a potential global trade war.London’s benchmark FTSE 100 index shed 0.5% to 7,662.69 points. In the eurozone, Frankfurt’s DAX 30 tumbled 1.1% to 12,668.77. The Paris CAC 40 meanwhile lost 0.5% to 5,419.71 points at the start of trading.
- 11.57 am IST Oil prices fall on dip in China demand, surging US outputOil prices reversed earlier gains on Friday and fell as surging US output as well as signs of weakening demand in China weighed on markets, even though supply woes in Venezuela and Opec ongoing production cuts offered crude some support.After gaining some ground early in the session, Brent crude futures, the international benchmark for oil prices, were at $77.06 per barrel at 11.21am, down 26 cents, or 0.3% from their last close. US West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.3%, at $65.77 a barrel.
- 11.23 am IST Market update: Sensex, Nifty trim lossesBSE Sensex traded lower by 106.78 points, or 0.30%, to 35,356.30, while the Nifty 50 fell 33.10 points, or 0.31%, to 10,735.25. BSE MidCap and SmallCap gained 0.34% and 0.36%, respectively. Among the sectoral indices on BSE, healthcare gained most at 2.29%, IT and telecom each 0.50%, teck 0.49%. Power, utilities, finance, capital goods and bankex fell up to 0.7%.Sun Pharma, Dr. Reddy’s Labs, Tata Motors and ONGC were among the major gainers, Power Grid, M&M, L&T and HDFC were the top losers.
- 10.37 am IST Shares of housing finance companies correcting on margin concernsHousing finance companies’ share prices have been correcting on margin concerns due to rising bond yields, said Jefferies.Shares of PNB Housing Finance Ltd posted weekly fall in last four weeks, while Indiabulls Housing Finance Ltd posted losses in 2 out of the last 4 weeks; both stocks are set to decline this week.Housing Development Finance Corp. Ltd posts weekly losses in two out of four weeks, but looks set to gain this week. LIC Housing Finance Ltd and Dewan Housing Finance Corp. Ltd declined in 3 out of 4 weeks, but are on track to gain this week.“With incremental spreads at lows, valuation multiples have likely bottomed, but stabilisation of bond yields and improvement in incremental spreads will be required to drive meaningful re-rating,” noted Jefferies.With the recent repo rate hike, brokerage expects housing finance firms to raise their lending rates, but they would continue to lag funding cost increase. (Reuters)
- 10.35 am IST VRL Logistics, GATI, Blue Dart, TCI Logistics see benefits of GST, e-way billApart from the stabilization after GST implementation and a cyclical recovery, the surface express logistics industry is also seeing a leg-up from the shift to organized transporters
- 9.25 am IST Bond yield rises past 8%Yields on the 10-year government bonds hit over 8% in the opening session on Friday, first time since December 2018, but soon fell ahead of weekly bond auction due later in the day.The 10-year bond yield stood at 7.978% from its Thursday’s close of 7.993%. Bond yields and prices move in opposite directions. Meanwhile, the rupee weakened nearly 0.5% to 67.48 against US dollar tracking losses in Asian currencies market.So far this year, the rupee has weakened 4.86%, while foreign investors have bought $241.20 million and sold $4.48 billion in equity and debt markets, respectively.
- 9.20 am IST Asian shares drift lowerAsian shares stepped back from a 2-1/2 month high on Friday as risk appetite soured on bets that Europe’s massive monetary stimulus was nearing an end, compounded by uncertainty over trade relations ahead of a key meeting of global leaders.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5% after six straight sessions of gains took it to the highest since mid-March.Chinese shares slipped, with the blue-chip Shangai-Shenzhen index down 0.6%. Hong Kong’s Hang Seng declined 0.7%, while South Korea’s KOSPI was off 0.4%. Japan’s Nikkei and Australian shares were barely changed. (Reuters)
First Published: Fri, Jun 08 2018. 09 29 AM IST
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