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Indian equity markets mirrored weak global cues and ended lower on Tuesday after a subdued session on Monday.
The S&P BSE Sensex ended 3.2 percent lower at 30,636 while the NSE Nifty 50 index ended below the 9,000 mark at 8,981, down 3 percent. The Sensex ended over 1,000 points lower while the Nifty shed 280 points. Private Banks and I.T. were the principal laggards in today's trading session.
Among sectoral indices, barring Nifty Pharma (Up 2.2 percent), all indices ended with losses. The Nifty Bank, Nifty Auto, Nifty Metal and Nifty Media ended with cuts of over 5 percent while the Nifty PSU Bank and Nifty I.T. index fell over 3.5 percent each.
1,318 stocks ended the session with losses while 488 managed to end with gains.
The stock currently trades 8.9 percent lower at Rs 329 and is the top contributor to the Nifty downside.
The stock trades 3.1 percent lower ahead of its earnings at Rs 1,138.95, snapping a six-day gaining streak.
The company has informed the exchanges that it has resumed manufacturing operations at Plant V in Jharkhand which was temporarily suspended due to the Covid-19 pandemic.
The company is also engaged with government authorities in order to seek the necessary approval to resume operations at its other sites as well.
Shares are locked in a 5 percent lower circuit at Rs 194.65. The stock snapped an eight-day gaining streak on Monday.
Here's a look at how benchmark indices across Europe are faring at the start of trade:
Shares of the integrated pharma and lifesciences company rose as much as 5 percent to Rs 352 on the National Stock Exchange.
Veteran investor Rakesh Jhunjhunwala increased his stake in the company to 4.41 percent from 3.45 percent, as per the company's latest shareholding pattern.
The stock has rebounded 53 percent from its 52-week low of Rs 230 on March 25, 2020.
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Shares are currently fluctuating between gains and losses after falling as much as 6.7 percent to Rs 471.95. The stock surged 8.4 percent in trade on Monday after Smallcap World Fund sold 2.44 lakh shares or 1.04 percent stake in the company on Friday in a large trade.
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Shares of the Delhi-based pharma company are locked in a 10 percent upper circuit at Rs 16.
The company got the license to manufacture Hydroxychloroquine (HCQ) from the State Drug Controller in Himachal Pradesh. The drug will be manufactured at its Baddi unit.
The company is also in the process of manufacturing Infrared Thermometers, alcohol-based hand sanitisers, hand wash, hand rubs and face masks.
Shares of the company with a market capitalisation of Rs 719.2 crore snapped a two-day losing streak in today's trading session.
The company has informed the exchanges that its Unit-IV, an injectable manufacturing formulation facility has received a VAI status from the U.S. FDA. The inspection was conducted between November 4-13, 2019.
The U.S. FDA had earlier revoked the compliance letter after granting it in February leading to sharp swings in the stock.
Shares rose as much as 14.1 percent to Rs 617.60 and are the top gainer on the Nifty Pharma index.
The construction arm of the company has secured 'significant' contracts for its various businesses, as per its press release.
The company's Metallurgy and Material Handling Business has won an order from BHEL to manufacture and supply heavy material handling equipment with high end automation for its Thermal Power Plant in Telangana.
It has also won an EPC order from Birla Copper, a unit of Hindalco to revamp its Copper smelter at Dahej.
The Smart World & Communication business has won a smart-city project in Uttar Pradesh while the GeoStructure business has won an order from the State Project Management Unit in West Bengal.
Shares fell as much as 3.85 percent to Rs 880.35 and are down for the second day in a row. The stock snapped an eight-day winning streak on Monday.
The stock is among the top laggards on the Nifty 50 index in today's trading session. Shares fell as much as 8.1 percent to Rs 2,120.
Brokerage firm UBS downgraded the stock to sell from neutral and also cut its price target sharply to Rs 1,600 from the earlier Rs 4,600.
UBS believes that risks to Bajaj Finance's asset quality are high owing to its exposure to the self-employed, two-wheeler, unsecured personal loans and SME segments.
The revision in price target implies at 30 percent downside from the current levels and and that risks are tilted towards a slower economic recovery, according to UBS.
Shares of the company rose 4.2 percent to Rs 760 after its fourth quarter earnings. It is the only gainer on the 10-stock Nifty I.T. index.
The company saw an 8.3 percent growth in its topline compared to last year while Ebitda rose 6.5 percent. Higher taxes were offset by low other expenses which aided the company's bottomline, which rose 15.1 percent.
The company also declared a dividend of Rs 16.5 per share. Shares are up for the second day in today's trading session.
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Indian equity markets opened Tuesday's trading session on a weak note, tracking negative cues from the Asia Pacific as well as those from the U.S. overnight.
The S&P BSE Sensex opened 2.57 percent lower at 30,836 after it managed to eke out minor gains on Monday. The NSE Nifty 50 index opened at 9,016, lower by 2.64 percent.
All sectoral indices opened with losses with the Nifty Bank being the top laggard, opening with losses of 3.5 percent. Nifty Auto, Nifty Metal, Nifty Media and Nifty I.T. opened with cuts of over 2 percent.
1,139 stocks opened the trading with gains while 716 opened with losses.
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