Market Live: Sensex, Nifty open lower on profit booking, weak global cues
10.24 am Market Check: Equity benchmarks continued to trade lower in morning trade, weighed by banking & financials and auto stocks.
The 30-share BSE Sensex was down 52.98 points at 31,316.36 and the 50-share NSE Nifty fell 22.40 points to 9,652.15.
HDFC, ITC, ICICI Bank, Infosys, Tata Motors, Asian Paints, Axis Bank and Maruti Suzuki were top contributors to Sensex’ losses.
Lupin was biggest gainer, up 4.5 percent followed by Dr Reddy’s Labs with 2 percent upside.
10:05 am Buzzing: Glenmark Pharma share price rose nearly 2 percent intraday on approval from the US health regulator for antihypertensive drug.
“Glenmark Pharmaceuticals Inc, USA has been granted final approval by the United States Food & Drug Administration (US FDA) for Amlodipine and Olmesartan Medoxomil tablets, 5 mg/20 mg, 5 mg/40 mg, 10 mg/20 mg, and 10 mg/40 mg,” the pharma company said in its filing.
Amlodipine and Olmesartan Medoxomil is the generic version of Azor Tablets of Daiichi Sankyo Inc.
Amlodipine and Olmesartan is a combination drug used to treat high blood pressure.
9:46 am Listing: After stellar response to the issue, AU Small Finance Bank is all set to make a debut on exchanges on July 10. The issue price is fixed at higher end of price band of Rs 355-358.
Experts feel the stock price is expected to open over Rs 400, given the overwhelming response to the public issue and indication from the grey market premium that is around Rs 75-80.
The initial public offer of AU Small Finance Bank, which was opened during June 28-30, was oversubscribed 53.60 times on strong response from QIBs and HNIs.
The portion set aside for qualified institutional buyers was oversubscribed 78.77 times and non-institutional investors 143.51 times while the reserved portion of retail investors oversubscribed 3.31 times.
AU Small Finance Bank raised Rs 1,912 crore through the issue, including Rs 563 crore from 34 anchor investors.
The public issue was an offer for sale by promoters and investors.
9:28 am GST impact: Neelkanth Mishra of Credit Suisse said GST introduced uncertainty on several fiscal fronts. Taxes subsumed under GST were to contribute nearly Rs 10.6 lakh crore in FY18 (36 percent of India’s total taxes), he added.
With some assumptions, he estimates centre-state split at 45-55.
Even adjusted for the compensation pool, a 50-50 CGST-SGST split may distort tax sharing, according to him.
As compensation payments will be made to the states every two months and on a fixed growth assumption, most of the volatility, if any, would be faced by the centre, he feels.
General government spending, yields and spreads could thus see some volatility, according to Mishra.
Also read – Buy, Sell, Hold: 3 stocks and 2 sectors are being tracked by analysts today
9:15 am Market Check: Equity benchmarks started off last day of the week on a negative note, dragged by profit booking and weak global cues.
The 30-share BSE Sensex was down 39.24 points at 31,330.10 and the 50-share NSE Nifty fell 17.25 points to 9,657.30. About 602 shares advanced against 479 declining shares on the BSE.
Tata Steel, Tata Motors, Wipro, ICICI Bank, HDFC Bank, IndusInd Bank and Infosys were under pressure while Lupin gained over a percent in early trade followed by Bharti Airtel, Cipla and Eicher Motors.
Tata Teleservices gained 5 percent. JBM Auto was up on entering into electric bus segment.
MEP Infra, Balaji Amines, Prakash Industries, Speciality Restaurants, IDFC, IDFC Bank, Shriram City Union and InterGlobe Aviation were midcap gainers while RBL Bank, Bhushan Steel and Jaypee Infra were losers.
GM Breweries fell 3 percent on weak earnings in Q1.
Stocks in Asia were softer following the weaker close stateside and as global bond yields rose overnight. The Nikkei 225 declined 0.14 percent and the Kospi was off 0.23 percent.
