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Last Updated : Jul 27, 2015 04:02 PM IST | Source: Moneycontrol.com

Sensex dives 551 pts, Nifty ends at 8361; metals crash

Tata Steel and Hero fell 5 percent while Hindalco, Axis Bank and ONGC were other laggards. Bajaj Auto gained 1 percent.

Moneycontrol Bureau

03:30 pm Market closing: Spooked by SIT investigation on P-Notes and weak China, the market ended with severe losses. The Sensex slumped 550.93 points or 1.9 percent at 27561.38 while the Nifty slipped 160.55 points or 1.9 poercent at 8361.00. About 1083 shares have advanced, 1741 shares declined, and 142 shares are unchanged.

Tata Steel and Hero fell 5 percent while Hindalco, Axis Bank and ONGC were other laggards. Bajaj Auto gained 1 percent.

03:20 pm Poll:
Maruti's earnings are expected to be strong for another quarter led by good volume growth and margin expansion, feel analysts. Profit after tax is likely to jump 69 percent year-on-year to Rs 1,287 crore and revenue is seen rising 18 percent to Rs 13,455 crore, according to the average of estimates of analysts polled by CNBC-TV18. The company will announce its earnings on July 28.

The country's largest car maker sold 3.41 lakh units in June quarter, a growth of 13.8 percent over 2.99 lakh units sold in in the year-ago period. Domestic sales volumes grew by 13 percent and exports surged by 21.8 percent during the same period.


New offerings like Ciaz, Celerio and Alto ATM did very well in the quarter and Celerio sales crossed the 1 lakh unit mark.

03:00 pm Drug sale: AstraZeneca, under pressure from falling sales of older drugs, is selling a medicine for a rare type of cancer to Sanofi as it continues a drive to raise cash by divesting certain assets.

Sanofi's rare diseases division Genzyme will pay AstraZeneca up to USD 300 million for global rights to Caprelsa, including an upfront payment of USD 165 million and milestone payments based on the drug's performance of up to USD 135 million, the companies said on Monday.

Caprelsa is sold in 28 countries for treating medullary thyroid carcinoma and had sales last year of USD 48 million.

02:45 pm Market Update:
Equity benchmarks extended losses in last hour of trade. The Sensex crashed 500.32 points or 1.78 percent to 27611.99 and the Nifty plunged 146.65 points or 1.72 percent to 8374.90.

About 1046 shares have advanced, 1678 shares declined, and 136 shares are unchanged on the BSE. 

02:35 pm Aurobindo in News:
Aurobindo Pharma has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Esmolol hydrochloride injection, 100mg/10mL (10mg/mL).

Esmolol hydrochloride injection, 100mg/10mL (10mg/mL) is bioequivalent and therapeutically equivalent to the reference listed drug product (RLD) Brevibloc injection, 10mg/mL of Baxter Healthcare Corporation.

Esmolol Hydrochloride Injection is indicated for the short-term treatment of tachycardia and hypertension that occur during induction and tracheal intubation, during surgery, on emergence from anesthesia and in the postoperative period.

Aurobindo now has 13 ANDAs (represented by 10 product classes) approved out of Unit IV formulation facility in Hyderabad, India for manufacturing general injectable products and will be marketed and sold by Aurobindo's wholly owned subsidiary AuroMedics Pharma LLC.

02:20 pm Jaitley on P-Note woes: To soothe nerves of jittery foreign investors after an SIT on black money suggested stricter norms for P-notes, the Government today said it will not take any "knee-jerk" reaction that will adversely impact country's investment climate.

With markets tanking on the recommendations of the Supreme Court-appointed SIT on black money last week that Sebi should tighten norms related to Participatory notes (P-notes) investments into India, Finance Minister Arun Jaitley said the government will study the suggestions before taking a stand.

"It is too early to say what view the government would take. But the it will certainly not take any such action in a knee-jerk reaction, particularly one which has any adverse impact on investment environment," he told reporters in his Parliament House Office.

"No such step would be taken which could adversely impact investment sentiment in the country," Jaitley said.

Jaitley said the suggestions and recommendations made by the SIT on black money will come up to the government and "the government will apply its mind in due course keeping in mind the investment environment of the country as also the objective behind the SIT recommendations and then take a final view on the matter."

Also read - China causing global weakness, overweight on India: UBS

02:00 pm Market Check

Equity benchmarks continued to see selling pressure, heading towards weak closing for the third consecutive session. The Sensex plunged 429.37 points or 1.53 percent to 27682.94 and the Nifty fell 123.60 points or 1.45 percent to 8397.95 as China's crash and P-Note concerns weighed.

Global markets tumbled today with the shanghai closing down more than 8 percent on the back of growth worries as industrial profits declined 0.3 percent Y-o-Y in June. Hang Seng lost more than 750 points while in commodities, oil prices fell further on oversupply worries.

The rupee slipped to 6-week low against the dollar at 64.06 as traders avoided taking large positions ahead of Fed Reserve meeting later this week. Most of asian currencies are trading lower.

Shares of ICICI Bank, L&T, Axis Bank, Tata Motors, Bharti Airtel, ONGC, Bharti Airtel, Tata Steel, Hindalco, Hero Motocorp and Vedanta plunged 2.5-5 percent.

First Published on Jul 27, 2015 02:00 pm