Closing Bell: Sensex ends the day on a flat note, Nifty below 11,000; IT, pharma crack

Technical View: Nifty forms bearish candle; 11,080 crucial for bulls to gain strength

The Nifty50 after positive start traded in a range of 70 points for throughout the session and closed mildly lower on Thursday, forming a bearish candle on the daily charts.... Read More

Equity benchmarks have ended the day on a flat note, with the Nifty closing below 11,000-mark. Sectoral indices have closed mix, with cuts seen in pharmaceuticals, infrastructure, and information technology names. Midcaps, too, ended in the red, down almost one percent.

The Sensex is down 22.21 points or 0.06% at 36351.23, while the Nifty is down 23.40 points or 0.21% at 10957.10. The market breadth is negative as 822 shares advanced, against a decline of 1731 shares, while 170 shares are unchanged.

Among stocks, Airtel, Vedanta, Titan and Yes Bank are the top gainers, while Kotak Mahindra Bank, L&T, Bharti Infratel and Hindalco have lost the most. Shares of Mindtree have ended down 8 percent on the back of poor results and CFO resignation.

Lupin received tentative approval from the US health regulator for its Tadalafil tablets, indicated for treating erectile dysfunction and prostate gland enlargement.

The clearance from the United States Food and Drug Administration (USFDA) is for marketing Tadalafil tablets in strengths of 2.5 mg, 5 mg, 10 mg, and 20 mg, in the US, Lupin said in a statement.

The product is a generic version of Eli Lilly and the company's Cialis tablets in the same strengths, it added.

GNA Axles' Q1FY19 net profit rose 26.4 percent at Rs 14 crore against Rs 11.1 crore in the same quarter last fiscal.

Revenue was up 46.5 percent at Rs 212.6 crore against Rs 145.1 crore.

Operating profit or EBITDA was up 38 percent at Rs 31.6 crore and margin was at 14.9 percent.

At 14:54 hrs GNA Axles was quoting at Rs 412.20, down Rs 27.15, or 6.18 percent.

Shares of Sterlite Technologies fell 5.5 percentdespite better numbers declared by the company in the quarter ended June 2018.

The company's consolidated Q1FY19 net profit was up 7 percent at Rs 121.71 crore against Rs 112.42 crore in Q4FY18.

Revenue of the company rose 3.5 percent at Rs 877 crore against Rs 847 crore.

Operating profit or EBITDA was up 11 percent at Rs 245 crore and margin was at 27.9 percent.

Indian rupee fell further in the afternoon trade as it crossed 69 per dollar mark, currently trading at 69.03.

It has opened lower by 8 paise at 68.70 per dollar.

The rupee weakened by 40 paise to 69.03 against previous close of Rs 68.62, hurt by fresh demand for the American currency from importers.

Traders said besides fresh demand of the US currency from importers, dollar's firmness against some currencies overseas weighed on the domestic unit.

Shares of Hindalco lost around 8 percent on Thursday afternoon after reports emerged that it is likely to acquire Aleris for USD 2.5 billion.

According to sources to CNBC-TV18, the company and its Canadian arm, Novelis, is in process of raising debt for the said deal. Investors may have taken note of this point as the firm already has a consolidated net debt of Rs 40,000 crore.

Further, the report added that the companies agreed on terms of the deal last week.

Hindalco is said to be exploring an option of American Depository Receipts (ADRs).

Cera Sanitaryware annual report review: Resilient business, accumulate

Cera Sanitaryware, a leader in the sanitaryware segment, reported decent volume and topline growth in a challenging FY18 as the industry witnessed multiple disruptions throughout the year.... Read More

Weakness has crept in on D-Street in the past hour, with the Sensex losing almost 80 points, while the Nifty is trading below 10,950. Selling has extended in midcaps space, with the Nifty Midcap index down almost one percent, while sectoral indices such as IT are trading in the red. The Indian currency is trading weak as well, breaching 69 to the dollar mark for the first time since July 6. RBL Bank share price fell 3 percent intraday after provisions during the June quarter. Kotak Bank’s share price declined 2 percent after its provisions for bad loans shot up 130 percent to Rs 469.6 crore for the June quarter.

Kotak Mahindra Bank shares slips 2% after provisions more than doubled in Q1

The bank's net interest income grew by 15 percent to Rs 2,583 crore in Q1 from Rs 2,245.5 crore in the year ago period.... Read More

GST Council likely to cut tax on 30-40 items across multiple slabs in Saturday meet

The inclusion of natural gas and aviation turbine fuel under the ambit of GST may not be taken up for the time being in the Saturday meet.... Read More

RBL Bank shares correct 3% after provisions spike sharply in Q1

Provision coverage ratio at the end of June quarter stood at 60.41 percent, which was improved from 57.99 percent in June 2017 and 57.57 in FY18.... Read More

Rangebound trades have continued on the market, with the Nifty continuing to hover below 11,000.

The Sensex is up 59.48 points or 0.16% at 36432.92, while the Nifty is down 0.80 points or 0.01% at 10979.70. The market breadth is negative as 757 shares advanced, against a decline of 1,371 shares, while 118 shares were unchanged.

Among sectors, gains are visible among financials and metals, while pharmaceuticals and IT are trading in the red. Midcaps too are trading weak, down over half a percent.

Vedanta, Bharti Airtel, and Titan are the top gainers, while Coal India, HDFC, Bharti Infratel and Hindalco have lost the most.