Weakness persists, Nifty below 8,100; HUL, Tata Motors dip
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Benchmark indices continue to trade lower weighed down by financials, auto and pharma shares. Investors sentiment are further dampened tracking weakness among global markets on the back of a firm US jobs data raising fear of Fed interest rate hike.
By 10:25, the Sensex was lower by 144 points at 26,624 and the Nifty dipped 50 points at 8,065. Among broader markets, BSE Midcap and Small indices are down between 0.4-0.6%.
The market breadth is marginally negative. Out of 1,911 stocks traded on the BSE, there were 1,063 advancing stocks as against 761 declines.
Movement of rupee and crude prices coupled with progress of monsoons will dictate the trend on the bourses during the session.
In the currency front, the rupee weakened by 28 paise to trade at 64.03 against the dollar in early trade today at the Interbank Foreign Exchange on capital outflows by foreign funds amid strengthening of the American currency against others overseas.
Counters like Banks, Auto, Healthcare and Consumer Durables are trading lower by almost 1% each. Apart from Capital Goods and Metal segments, all the sectoral indices are trading in negative zone.
The top losers on the Sensex are Tata Motors, HUL, HDFC, Cipla and Sun Pharma.
On the gaining side, Coal India, Tata Power, Bajaj Auto, L&T and Axis Bank have risen between 1-2%.
Among other shares, Wockhardt has slipped over 3% after the company recalled over 200 bottles of Captopril tablets, used in treatment of blood pressure, and Clarithromycin antibiotic tablets manufactured in the US because of deviations in current good manufacturing practice norms stated by US Food and Drug Administration (FDA).
Sun TV has tanked 26% on the NSE on reports that the Ministry of Home Affairs (MHA) has struck down the proposal by the Information and Broadcasting (I&B) Ministry for giving security clearance to 33 television channels of Sun TV Network.
Bank of Baroda has slipped over 2% after the bank has decided to reduce the rates of interest payable on term deposits of below Rs 1 crore and Rs 1 crore to Rs 10 crore applicable to the renewable of existing deposits and fresh deposits with effect from 8 June 2015.
Other Latest News
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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