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Nifty ends at 7850, Sensex flat; Bharti, SBI, Reliance fall 2%

Metals, FMCG, infra and select banks stocks caught in bear grip while pharma stocks outperformed.

April 29, 2016 / 04:23 PM IST

Moneycontrol Bureau3:30 pm Market closing: The market has ended flat after a lot of volatility. The Nifty ended at 7849.80, up 2.55 points and the Sensex is up 3.52 points at 25606.62. Lupin, Cipla, NTPC, HDFC Bank and Tata Steel are top gainers while Bharti Airtel, SBI, Reliance, HUL and ICICI Bank. 2:55 pm Market Update: The Sensex fell 64.79 points to 25538.31 and the Nifty declined 20.05 points to 7827.20. About 1414 shares declined against 1017 advancing shares on BSE.Idea Cellular (-7 percent), HCL Tech (-6 percent), Bank of Baroda (-3 percent) and ICICI Bank (-3 percent) were the big losers in the Nifty. Other laggards in the index were Yes Bank (-1 percent), Hindalco (-1 percent), Eicher Motors (-1 percent) and Tata Motors (-1 percent).Gainers included Lupin (2 percent), Zee Entertainment (2 percent), Kotak Mahindra (2 percent) and Cipla (1 percent). In sectoral performance as reflected by the respective indices, consumer durables (-1.2 percent), IT (-0.6 percent), auto (-0.4 percent) and capital goods (-0.4 percent) were under pressure, while healthcare (0.5 percent) and power (0.2 percent) gained.     

European shares were trading weak with France’s CAC down 60 points or 1.3 percent at 4496, Germany’s DAX down 97 points or 0.9 percent at 10224, and UK’s FTSE down 40 points at 6282.2:40 pm Earnings: Ajanta Pharma's fourth quarter consolidated net profit grew by 43.4 percent year-on-year to Rs 106.3 crore, aided by lower tax cost and low base in year-ago period.

Revenue increased 14.4 percent to Rs 426 crore in January-March quarter compared to Rs 372 crore in corresponding period of last fiscal.

Operating profit (earnings before interest, tax, depreciation and amortisation) rose 6 percent to Rs 141 crore but margin contracted by 270 basis points to 33.1 percent due to higher research & development expenses (R&D).

"We have significantly increased R&D spend during the year to capitalise on the identified opportunities. For Q4, R&D spend (excluding capex) was Rs 36 crore (Rs 28 crore YoY) and for the full year, it was Rs 106 crore (Rs 70 crore in FY15)," the Mumbai-based pharma company said in its filing.

2:20 pm FII View: India has seen a steady improvement in economic data, which will continue to be the case in future, too, is the word coming from Sandeep Bhatia, Head of Equity, India at Macquarie Securities. Two main macro themes will play out in the coming 12-18 months. Firstly, the corporate capex cycle will continue to remain weak, but infrastructure will improve backed by government expenditure, he says. Secondly, Bhatia said that global volatility will continue. “It is a stock picker's market,” he said, adding that the house has upped its Nifty earnings per share to 15 percent from the earlier 10 percent.Among emerging markets, India will stand out in receiving foreign institutional investors (FIIs) inflows, he said.Also read - ICICI Bank Q4 profit tanks 76% on exceptional provisioning2:00 pm Market Check

The market remained under pressure with the Sensex falling 104.69 points to 25498.41 and the Nifty declining 35.95 points to 7811.30. The market breadth, too, was weak as about two shares declined for every share advancing on Bombay Stock Exchange.

Metals, FMCG, infra and select banks stocks caught in bear grip while pharma stocks outperformed.

European stocks traded lower today after declines on Wall Street and the Bank of Japan's (BOJ) decision to stand pat on monetary policy rattled investor sentiment. France's CAC and Germany's DAX fell over a percent followed by Britain's FTSE with 0.7 percent loss.

first published: Apr 29, 2016 02:00 pm

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