Sensex ended 67 points lower at 35,808
Sensex ended 67 points lower at 35,808

Sensex falls for seventh day in a row, Nifty holds 10,700

  • Auto, pharma and metal stocks led the decline
  • Gains in RIL and ONGC capped the losses for Sensex

The Sensex ended a volatile session lower, extending its losses to the seventh day. The benchmark index ended 67 points lower at 35,808, having recovered from its day’s low of 35,510. Another benchmark index Nifty ended 0.20% lower at 10,724. Muted domestic earnings and weak global markets hurt the sentiment.


Dr. Reddy's Laboratories fell 4%, recovering from a 30% intraday fall after research firm Jefferies said 11 FDA observations under Form 483 on Bachupally unit of the drug firm included four repeat observations. The drugmaker's Hyderabad-based plant was marked by the US Food and Drug Administration last week. The FDA issues a form 483 if its investigators spot any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related laws.


This had a knock-on effect on other pharma stocks, with the Nifty Pharma index falling over 3%. Another pharma stock, Sun Pharma, also fell 4%.


“In today’s session heavy selling was witnessed in the pharma sector. Market was deeply oversold and therefore a bounce was expected. Hence Nifty recovered by the end of the day. But the inherent trend of the market is still weak," said Umesh Mehta, head of research, Samco Securities Ltd.


"In the near term, muted December quarter earnings growth and election uncertainty are likely to remain an overhang on the markets," said Vipin Khare, director of research at William O'Neil India.


Among the Sensex stocks, RIL rose 1.5% and ONGC advanced 2.5%, capping the losses for benchmark index.


Most Asian markets ended lower today. Investors were also cautious ahead of a meeting between the US and China in Beijing, where the world's two largest economies attempt to resolve their trade dispute. US retail sales fell 1.2% in December, their biggest drop since September 2009, raising fresh doubts about the strength of the world's largest economy. (With Reuters Inputs) 

15 Feb 2019, 02:50:04 PM IST

Corporate banks on a firm recovery path: Kotak Institutional Equities

Kotak Institutional Equities in a report said impaired loans declined for the third consecutive quarter and this trend can accelerate further in 4QFY19. The brokerage likes ICICI Bank and SBI in this space. “On a consolidated basis, banks reported further improvement in operating metrics led by healthy revenue growth and stable loan-loss provisions. Impaired loans declined for the third consecutive quarter and this trend can accelerate further in 4QFY19. Our positive view on owning corporate banks such as ICICI Bank and SBI remains unchanged. NBFCs slowed down their business momentum even as the difference between those NBFCs well-placed on liquidity and the rest was wider than expected," the report said. 

15 Feb 2019, 01:05:01 PM IST

Glenmark Pharma shares fall 7%

Shares of Glenmark Pharma fall 7% to 562.25 in noon trade. The pharma company had announced earnings on Thursday and it board also approved the spinoff of its innovation business into a new company in the US.

15 Feb 2019, 11:19:15 AM IST

Dr Reddy's falls as much as 30% intraday

Dr Reddy's and Sun Pharma led the losers among the Nifty 50 stocks. Dr Reddy's shares were down 7.5% at 2,470.85 while Sun Pharma fell 4% to 423. Earlier in the session, Dr Reddy's fell as much as 30% to 1,872.95.

15 Feb 2019, 11:07:53 AM IST

Oil prices rise to 3-month high

Brent crude oil prices hit 2019 highs above $65 per barrel today, spurred by US sanctions against Venezuela and Iran as well as OPEC-led supply cuts.

Brent rose as high as $65.10, pushing past the $65 mark for the first time this year.

15 Feb 2019, 09:58:54 AM IST

Jet Airways shares rebound over 10% from day's low

Jet Airways shares rebounded from day's low, rising as much as 242.85. At day's low, it had fallen to 215. Currently, shares are up 6% at 238.35.

15 Feb 2019, 09:35:12 AM IST

Rupee falls against US dollar

The rupee traded at 71.25 a dollar against the US dollar. The rupee on Thursday had weakened by 36 paise to close at 71.16 per US dollar amid firming crude oil prices and persistent foreign capital outflows.

15 Feb 2019, 09:28:38 AM IST

ONGC shares rise 3%

Shares of ONGC rose 3% to 135 in early trade after oil & gas major posted better-than-expected third-quarter numbers. ONGC's profit stood at 8,263 crore in the quarter ended December 31 as compared to analyst expectations of 7,371 crore. Revenue from operations climbed over 20% to 27,694 crore, while revenue from offshore operations rose 19.1%.

15 Feb 2019, 08:58:11 AM IST

ONGC third-quarter profit beats estimate

ONGC on Thursday posted a 64.8% jump in third-quarter profit, handily beating analysts estimates, boosted by higher revenue from offshore operations.

15 Feb 2019, 08:56:21 AM IST

Jet Airways shares in focus

Jet Airways on Thursday reported a standalone net loss of 587.77 crore for the third quarter ended December 31, owing to higher fuel cost and rupee fall. The company had posted a standalone net profit of 165.25 crore in the same quarter previous fiscal. Jet Airways (India) Ltd on Thursday approved a bailout plan that would allow its domestic lenders, led by State Bank of India (SBI), to convert their loans into equity, making them the largest shareholders of the cash-strapped airline.

15 Feb 2019, 08:52:24 AM IST

Asia stocks slip

Most Asian markets were lower today after weak US retail sales figures raised fresh doubts about the strength of the world's largest economy, offsetting optimism towards trade talks between the US and China. Also casting a shadow, the White House said US President Donald Trump will declare a national emergency to try to obtain funds for his promised US-Mexico border wall, drawing immediate criticism from Democrats. Investors remained cautious ahead a meeting today between the Trump administration's top negotiators and Chinese President Xi Jinping in Beijing.

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