Nifty around 10,700, Sensex falls 100 points; pharma stocks under pressure

Market Opens: Benchmark indices started on flat note on Friday with Nifty trading below 10,750 mark.

The Sensex is down 32.22 points at 35844.00, while Nifty is down 18.30 points at 10727.70. About 332 shares have advanced, 515 shares declined, and 41 shares are unchanged. 

Power Grid, BPCL, L&T, IOC, Axis Bank, ONGC, are among major gainers, while losers are Eveready, JK Tyre, Yes Bank, Nestle, Jet Airways, JSW Steel, UltraTech Cement, Hero Moto, Sun Pharma, HDFC and Vedanta.

Among sectoral indices, except energy and infra all other indices are trading in red.

Rupee Opens: The Indian rupee opened marginally lower at 71.23 per dollar on Friday versus Thursday's close 71.16.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-around-10700-sensex-falls-100-points-pharma-stocks-under-pressure-3540771.html

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Closing Bell: Sensex ends 157 pts lower, Nifty below 10,750; Yes Bank soars 30%

Market at close: Benchmark indices continued their downtrend momentum on Thursday with Nifty finished below 10,750 level.

At the close, the Sensex was down 157.89 points at 35876.22, while Nifty was down 47.70 points at 10746. About 1167 shares have advanced, 1344 shares declined, and 121 shares are unchanged. 

Yes Bank, Indiabulls Housing, Zee Entertainment, JSW Steel and Tata Motors were the top gainers, while IOC, BPCL, Hindalco, Bharti Airtel and Gail among major losers on the Nifty.

Among sectors, energy, IT and metal stocks witnessed selling pressure, while some buying interest seen in auto, bank, infra and pharma sectors.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-157-pts-lower-nifty-below-10750-yes-bank-soars-30-3533371.html

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Why are Karur Vysya Bank’s shares down over 16% in today’s trade

Karur Vysya Bank’s shares fell around 16 percent after seeing a positive start as investors turned wary of the guidance offered by the management.

It touched an intraday high of Rs 70 and an intraday low of Rs 63.40, which is the stock's 52-week low.

Investors could have reacted to its results as well as management commentary, too.

According to a CNBC-TV18 report, the bank guided for Rs 1,000 crore of SME slippages over five quarters. This, it added, translates to Rs 200 crore worth slippages every quarter, which is higher than Rs 158 crore of Q3 SME slippage.

The private sector lender's third quarter (October-December) net profit fell sharply by 70.3 percent year-on-year to Rs 21.2 crore dented by higher provisions and tepid NII growth.

Profit in quarter ended December 2017 stood at Rs 71.5 crore.

Net interest income, the difference between interest earned and interest expended, increased 3.4 percent to Rs 580.8 crore compared to year-ago.

Asset quality weakened further during December quarter. Gross non-performing assets (NPA) as a percentage of total advances were higher at 8.49 percent against 7.70 percent in previous quarter.

Net NPA also turned higher at 4.99 percent in Q3 against 4.41 percent in September quarter.

At 12:32 hrs, Karur Vysya Bank was quoting at Rs 66.75, down Rs 12.50, or 15.77 percent.

Source:https://www.moneycontrol.com/news/business/markets/why-are-karur-vysya-banks-shares-down-over-16-in-todays-trade-3536271.html

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Nifty around 10,750, Sensex falls 100 pts; Yes Bank surges 29%

Market Opens: Benchmark indices are trading lower on the Thursday morning with Nifty hovering around 10,750 level.

At 09:18 hrs IST, the Sensex is down 52.52 points at 35981.59, while Nifty is down 26.20 points at 10767.50. About 304 shares have advanced, 495 shares declined, and 30 shares are unchanged. 

Karur Vysya Bank, IOC, BPCL, HPCL, Reliance Capital, Repco Home Finance, DHFL, RIL, Kotak Mahindra Bank are among major losers, while Yes Bank is up 27 percent, while Tata Motors, L&T are other major gainers.

Rupee Opens: The Indian rupee opened lower at 70.87 per dollar on Thursday versus previous close 70.80.

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-around-10750-sensex-falls-100-pts-yes-bank-surges-29-3533371.html

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