Moneycontrol Bureau12:58 pm Market Update: Equity benchmarks remained under pressure as the BSE Sensex tanked 258.26 points at 27,723.45 and the NSE Nifty fell 68.45 points to 8,554.45.12:40 pm Europe opens: European stocks opened higher, as investors digest some more earnings and a fall in the oil price.
US crude futures remained below USD 40 per barrel and Brent was below USD 42 as ongoing fuel oversupply and stuttering economic growth weighed on markets.
US West Texas Intermediate (WTI) crude futures were trading at USD 39.50 per barrel, down 1 cent from their last settlement.12:20 pm Earnings: Personal care and healthcare products manufacturer Emami said consolidated profit in April-June quarter fell 34.6 percent to Rs 56.6 crore on yearly basis. It was impacted by higher finance, tax & amortisation cost, and lower other income, though was supported by revenue and operational growth.
Total income from operations grew by 20 percent to Rs 644.4 crore in the quarter ended June 2016 compared with Rs 537.2 crore in corresponding period of last fiscal, which was a miss.
Revenue estimated at Rs 700 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Also read - HCL Tech Q1 profit, revenue up 6%; expects FY17 revenue growth at 12-14%12:00 pm Market Check
Equity benchmarks remained sharply lower in noon trade with the Sensex falling 202.56 points to 27,779.15 ahead of likely discussion over GST bill in the Rajya Sabha.
RC Bhargava, Chairman of Maruti Suzuki , said that the GST is a good move, but the focus should be on implementing it once the legislation is passed. Legislation on paper won’t be good unless there is implementation, he said.
The GST system should lead to a minimal avoidance of tax, he said, and the ability to control evasion will depend on the IT system.
The 50-share NSE Nifty was down 51.80 points at 8,571.10, weighed down by FMCG, infra, oil, auto and select banks stocks.
ITC, Reliance Industries, HDFC, Tata Motors, L&T and Maruti Suzuki were top contributors in Sensex's fall while Asian Paints, HDFC Bank, Cipla, Sun Pharma and Coal India outperformed.
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