March 08, 2019 / 15:44 IST
Market Closing
The market closed off its lows amid rangebound session due to lack of cues.
The 30-share BSE Sensex was down 53.99 points at 36,671.43and the Nifty50 fell 22.80 points to 11,035.40.
Tata Motors, Wipro, HCL Technologies, Tata Steel, Hindalco andMarutiSuzuki were down 1-4 percent whileBajaj Auto and Eicher Motors gained over a percent each.
The broader markets also ended in the red. Nifty Midcapindex was down 0.2 percent.
Arvindwas down 5 percent, but its subsidiary Arvind Fashions rallied 5 percent on day 1.
Dish TV, Jain Irrigation, FirstsourceandReliance Infrastructure were down 2-4 percent. However, Granules India, Gujarat Gas, Just Dial, ICICI Prudential andReliance Nippon gained 3-7 percent.
March 08, 2019 / 15:22 IST
Kotak downgrades Maruti Suzuki
Maruti Suzuki India shares fell a percent intraday after Kotak Institutional Equities downgraded its rating on the stock to add from buy earlier.
The research house also slashed price target to Rs 7,500 from Rs 7,600 apiece after cut in earnings per share estimates.
March 08, 2019 / 15:13 IST
Buzzing Stocks
Dr Reddy's Labs slipped into red, down over 2 percent.
ICICI Bank and Coal India are off their intraday lows, trading flat.
March 08, 2019 / 14:53 IST
Varun Beverages in Focus
Varun Beverages said it announced the inauguration of its greenfield production facility at Pathankot by Chief Minister of Punjab.
This facility will create in-house production capacity for Tropicana fruit juices, dairy based products, carbonated soft drinks, Aquafina water, Gatorade and Lipton ice tea.
March 08, 2019 / 14:36 IST
Market Update
The market continued to reel under selling pressure in last hour of trade as the Sensex was down 56.49 points at 36,668.93and the Nifty fell 26.20 points to 11,032.
March 08, 2019 / 14:30 IST
Oil Drops Over a percent
Oil prices dropped by more than one percent as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
With surging USsupply also unsettling markets, international benchmark Brent crude futures were at $65.46 per barrel, down 1.27 percent from their last close.
USWest Texas Intermediate (WTI) crude futures were at $56.11 per barrel, down 0.97 percent. (Source: Reuters)
March 08, 2019 / 14:07 IST
S&P downgrades Vedanta Resources' outlook To B+/negative from B+/stable
March 08, 2019 / 13:36 IST
Market Update
Equity benchmarks remained under pressure for second consecutive session with the Sensex falling102.37 points to 36,623.05, dragged by IT, metals and private banks stocks.
The Nifty50wasdown 39.30 points at 11,018.90. About four shares declined for every three shares rising on the BSE.
March 08, 2019 / 13:13 IST
February MF Data
Equity inflows (including ELSS) fell 16.8 percent to Rs 5,122 crore in February 2019 against Rs 6,158 crore reported in previous month.
ELSS flow into equity (without arbitrage) declined 5.6 percent to Rs 1,174 crore MoM, but Exchange Traded Fund flows increased sharply to Rs 5,234 crore in month gone by, against Rs 721 crore in January 2019.
Balanced funds outflow stood at Rs 1,077 crore during the month against outflow of Rs 952 crore in previous month, and arbitrage fund outflow was at Rs 482 crore against outflow of Rs 1,076 crore MoM.
Total asset under management at the end of February 2019 was at Rs 23.2 lakh crore, down marginally compared to Rs 23.4 lakh crore in January.
March 08, 2019 / 13:10 IST
Just In
Jubilant Lifesciencessaid the US Food and Drug Administration issued a warning letter for the Roorkee facility.
The USFDA may withhold approval of any new applications or supplements till the company addresses all issues raised by the agency, it added.
However, the company believes that the existing manufacturing and sale of products from this facility will not be impacted. US revenues from the facility is about 4 percent of the total revenues of the company.
March 08, 2019 / 13:06 IST
Ipca Labs Gains 3%
IpcaLabs gained 3 percent after Elara Capital reiterated its buy call and raised price target to Rs 1,040 from Rs 975 earlier.
The brokerageraised its EPS estimates by 4 percentinFY20 and by 6 percentinFY21. "At the CMP, thestock is trading at attractive valuations of 9.4xFY21EEV/EBITDA and15xFY21EP/E."
"Resumption of broad-based revenue growth except the US after flat FY14-18 (versus 13 percent over FY18-21E) should result in higher operating leverage. Further, strong API capabilities and diversified model are advantages under the current environment," it reasoned.
Delay in FDA resolution is a key risk, it said.
