Bharti Airtel, Asian Paints, ITC, Yes Bank and Sun Pharma among top losers
US-China trade tensions keep global markets jittery
Indian markets fell sharply today, extending losses to the fifth straight day. Global markets were jittery today amid fears of escalation US-China trade war. US President Donald Trump tweeted on Sunday that the US would raise tariffs on $200 billion worth of Chinese goods this week, causing investors to seek safety and flee from risky assets. The Sensex fell 323 points to 38,276 while Nifty ended at 11,497, down 0.90%.
The decline was broad-based with most sectoral indices on the BSE ending in the red. Energy, banking, metal and auto stock led the losses.
Among the Sensex stocks, RIL and ICICI Bank fell between 3% and 4% while Tata Motors slumped 5%. Bharti Airtel, Asian Paints, ITC, Yes Bank and Sun Pharma were among the other top losers.
“Indian markets have been on a shaky ground for the past couple of days driven by ambiguity associated with the US-China trade negotiations and less-than-inspiring ongoing corporate earnings season. Further, the ongoing election season is another major variable that markets are watching closely," said Jagannadham Thunuguntla, head of research (Wealth) at Centrum Broking Limited.
Bucking the weak trend, homegrown FMCG major Marico rose 6% today after the company's volume growth in Q4 beat analyst estimates. Volume growth is an important indicator in a way as it looks at growth in sales minus the price hikes undertaken by the company. Domestic brokerage Motilal Oswal maintained "Buy" on Marico, citing high visibility on volumes/margins with target price of ₹425.
In another development, China today said that Vice Premier Liu He will go ahead with a visit to the United States this week, after efforts to reach a deal to end a trade war were thrown into doubt by US President Donald Trump's vow to impose new tariffs. US officials have said China has backtracked on substantial commitments it made during months of negotiations.
07 May 2019, 12:47:50 PM IST
Unichem Labs gets USFDA tentative nod for allergic rhinitis drug
Unichem Laboratories Tuesday said it has received tentative approval from the US health regulator for its generic copy of allergic rhinitis Johnson & Johnson Consumer Inc's Zyrtec-D 12 Hour used for treating allergic rhinitis. Shares of Unichem were flat in noon trade. The tentative nod by the US Food and Drug Administration (USFDA) is for the company's Cetirizine Hydrochloride and Pseudoephedrine Hydrochloride extended-release tablets, 5 mg/120 mg, Unichem Laboratories said in a regulatory filing.
The over the counter product is also indicated as a nasal decongestant.
07 May 2019, 11:37:41 AM IST
Sterlite Tech shares jump 5%
Shares of the communications equipment maker rose 5% to ₹200 after the company's promoters, Volcan Investments, in a communication to the exchanges said that it is set to release pledge on shares by end of July 2019.
07 May 2019, 08:55:24 AM IST
US-China trade tensions keep Asian markets jittery
Asian shares wallowed near five-week lows on early Tuesday after US President Donald Trump's threat to raise tariffs re-ignited worries about U.S.-China trade tensions while Japan's Nikkei opened down after a 10-day break. MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 0.2 percent to five-week low marked on Monday. Japan's Nikkei shed 1.1 percent to 22,006.58, taking a delayed hit after the country's financial markets opened after a 10-day market break to mark the ascension of Japan's new emperor to the throne. US stock futures for the S&P 500 declined as much as 0.7% in Asia on Tuesday as top U.S. trade officials said China had backtracked on commitments in trade talks. (Reuters)