Market Live: Nifty breaks 10,700 on global weakness; Midcap index loses 1%. Benchmark indices were marginally higher in pre-opening trade despite weakness in Asian stocks.
Benchmark indices were marginally higher in pre-opening trade despite weakness in Asian stocks.
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Market Update: The market is under pressure with the Nifty trading below 10,700 levels following global weakness, dragged by FMCG, HCL Tech, HDFC Bank, Reliance Industries and L&T.
The buying in ICICI Bank, HDFC and Infosys cap losses.
The 30-share BSE Sensex was down 69.60 points at 35,106.82 and the 50-share NSE Nifty fell 32.80 points to 10,685.20.
The broader markets underperformed frontliners, with the Nifty Midcap losing a percent on top of 1.5 percent loss in previous session.
About two shares declined for every share rising on the BSE.
HCL Technologies falls another 5 percent on top of 5 percent loss in previous session post Q4 results.
Results Reaction: InterGlobe Aviation share price plunged 11 percent after profit in the March quarter net profit slumped to almost a fourth of last time’s to Rs 117.6 crore due to high fuel costs, decline in yields and adverse foreign exchange.
Revenue was up by almost a fifth to Rs 5799.1 crore. Margin at the level of earnings before finance income and cost, tax, depreciation, amortisation and aircraft and engine rentals margin was down 811 basis points to 19.4 percent. One basis point is equal to one-hundredth of a percentage point.
March quarter numbers indicate the airline is in for some turbulent times amidst the exit of its Chief Executive Officer Aditya Ghosh. Ghosh resigned on April 27 and will leave the company at the end of July.
Buzzing: Shares of Biocon tumbled 4.4 percent as USFDA issued Form 483 with 7 observations.
"USFDA has completed a pre-approval inspection of sterile drug product manufacturing facility in Bangalore this week and issued a Form 483 with 7 observations," company said in press release.
As per the press release, the observations are largely procedural and are aimed at continuous improvement.
The company will respond to the FDA with a corrective and preventive action plan in a timely manner.
This week company also received the preliminary report from the European Regulator post inspection of its sterile drug product facility in Bangalore in March 2018.
The report lists 6 major observations with no observation classified as critical. The company will submit a corrective and preventive action plan to the European inspection agency within the stipulated time period, company added.
Market Check: Benchmark indices opened flat amid weak global cues on Thursday as investors await corporate earnings and Karnataka elections that is scheduled to be held next week.
The 30-share BSE Sensex was down 4.36 points at 35,172.06 and the 50-share NSE Nifty fell 6.10 points to 10,711.90.
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The 30-share BSE Sensex was down 69.60 points at 35,106.82 and the 50-share NSE Nifty fell 32.80 points to 10,685.20.
The broader markets underperformed frontliners, with the Nifty Midcap losing a percent on top of 1.5 percent loss in previous session.
About two shares declined for every share rising on the BSE.
HCL Technologies falls another 5 percent on top of 5 percent loss in previous session post Q4 results.
Results Reaction: InterGlobe Aviation share price plunged 11 percent after profit in the March quarter net profit slumped to almost a fourth of last time’s to Rs 117.6 crore due to high fuel costs, decline in yields and adverse foreign exchange.
Revenue was up by almost a fifth to Rs 5799.1 crore. Margin at the level of earnings before finance income and cost, tax, depreciation, amortisation and aircraft and engine rentals margin was down 811 basis points to 19.4 percent. One basis point is equal to one-hundredth of a percentage point.
March quarter numbers indicate the airline is in for some turbulent times amidst the exit of its Chief Executive Officer Aditya Ghosh. Ghosh resigned on April 27 and will leave the company at the end of July.
Buzzing: Shares of Biocon tumbled 4.4 percent as USFDA issued Form 483 with 7 observations.
"USFDA has completed a pre-approval inspection of sterile drug product manufacturing facility in Bangalore this week and issued a Form 483 with 7 observations," company said in press release.
As per the press release, the observations are largely procedural and are aimed at continuous improvement.
The company will respond to the FDA with a corrective and preventive action plan in a timely manner.
This week company also received the preliminary report from the European Regulator post inspection of its sterile drug product facility in Bangalore in March 2018.
The report lists 6 major observations with no observation classified as critical. The company will submit a corrective and preventive action plan to the European inspection agency within the stipulated time period, company added.
Market Check: Benchmark indices opened flat amid weak global cues on Thursday as investors await corporate earnings and Karnataka elections that is scheduled to be held next week.
The 30-share BSE Sensex was down 4.36 points at 35,172.06 and the 50-share NSE Nifty fell 6.10 points to 10,711.90.
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ICICI Bank, Hindalco, GAIL, Grasim Industries and ITC were early gainers.
Nifty Midcap index was down 96 points and Nifty Bank was down 65 points.
InterGlobe Aviation, Siemens, National Fertilizers, Jet Airways, Biocon, Bharat Forge, MRF, Gujarat Fluorochemicals and PC Jeweller fell up to 12 percent.
Tata Power and Sical Logistics gained up to 3 percent.
Nifty Midcap index was down 96 points and Nifty Bank was down 65 points.
InterGlobe Aviation, Siemens, National Fertilizers, Jet Airways, Biocon, Bharat Forge, MRF, Gujarat Fluorochemicals and PC Jeweller fell up to 12 percent.
Tata Power and Sical Logistics gained up to 3 percent.
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