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Market Live: Nifty cracks below 10,000, Sensex sheds 190 points, Dr Reddy’s falls 5% on poor Q1 results

Mumbai: The Sensex slumped almost 190 points to 32,193.63 and the NSE Nifty cracked below the 10,000-mark in early trade on Friday as the August derivatives series began on a subdued note amid disappointing earnings by corporates. The 30-share Sensex went down by 189.67 points, or 0.58%, to 32,193.63. Tha gauge had gained 155.03 points in the previous two sessions. Metal, healthcare, bank, realty, technology, auto, power and IT stocks were trading in the negative zone, down by up to 0.88%.

The NSE Nifty displayed a similar picture, which was down 53.15 points, or 0.53%, at 9,967.40. The laggards that pulled down the indices were Lupin, Hindustan Unilever (HUL), Sun Pharma, ONGC, TCS, Bharti Airtel, Reliance Industries, Bajaj Auto, Tata Steel and HDFC Bank. Dr Reddy’s remained biggest the loser among Sensex components by slumping 5.13% to Rs2,487 after the company reported over 57% drop in net profit.

Shares of country’s largest private sector lender ICICI Bank were down 1.71% to Rs 301.80 even as the company yesterday reported a marginal rise of 3.5 per cent in consolidated net profit for the first quarter of the current fiscal. Bucking the trend, stock of conglomerate ITC Ltd was up 0.76% after the company posted 7.37% rise in standalone net profit for the first quarter ended June. Emergence of profit-booking in recent gainers despite the beginning of the August futures and options series led to losses.

10.33am: DrReddy’s shares fall over 5.4%, Lupin falls 2.85%, SunPharma falls 2.67%.

9.23am: BSE Sensex trades lower by 180 points, or 0.56%, to 32,204, while the Nifty 50 falls 35 points, or 0.35%, to 9,985.

9.20am: Idea Cellular Ltd fell 3.3% to Rs89.65 after the company reported it’s thrid successive net loss of Rs815 crore for the quarter ended June as Reliance Jio triggered a brutal price war in the Indian mobile telephony market.

9.18am: Biocon Ltd fell 4.3% to Rs382.05 after its consolidated net profit fell 51.2% year-on-year to Rs81.3 crore in the quarter ended June, missing analyst estimates, mainly due to weakening of the US dollar and destocking ahead of implementation of goods and services tax (GST).

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■ 9.15am: The rupee opened at 64.19 a dollar. At 9.15am, the rupee was trading at 64.22 a dollar, down 0.16% from its Thursday’s close of 64.11.

9.10am: ICICI Bank Ltd fell 2.3% to Rs299.85 after the bank reported an 8.2% decline in June quarter net profit as an increase in bad loans and slower credit growth countered a decline in the pace of accretion of stressed assets.Net profit in the fiscal first quarter fell to Rs2,049 crore from Rs2,232.35 crore a year ago.

9.05am:Glenmark Pharmaceuticals Ltd rose 3.4% to Rs740 after the company reported 47% increase in its June quarter net profit to Rs333.4 crore from Rs226.8 crore a year ago. Net sales increased 22% to Rs2,329.4 crore.

■ 9.00am: The 10-year bond yield was at 6.440%, compared to its previous close of 6.444%. Bond yields and prices move in opposite directions.

With inputs from PTI

First Published: Fri, Jul 28 2017. 09 44 AM IST

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