Nifty Falls For Second Session As Miners Take A Drubbing
Indian shares fell for a second straight session, as China downgrade weighed on miners while below-estimate earnings by drugmaker Lupin dragged down healthcare stocks.
The S&P BSE Sensex fell 0.21 percent at 30,301 and the NSE Nifty declined 0.27 percent to 9,360.
Among the sectoral indices, S&P BSE Metal shed 2.2 percent while the S&P BSE Healthcare dropped 1.9 percent.
The market breadth was skewed in the favour of losers, with about 7 stocks declining to every 2 stocks that advanced.
F&O Expiry Eyed
“We expect increased volatility ahead of the expiry. Nifty is likely to touch 9,300 levels tomorrow,” said Abnish Kumar Sudhanshu, research head at Amrapali Aadya Trading and Investments.
Chart Of The Day: Bearish Divergence May Undercut Indian Stocks
Lupin Drops 6.6% After Q4 Earnings Miss Estimates
Shares of the drug maker dropped as much as 6.6 percent to Rs 1,167, the lowest intraday since August 2014, after its fourth quarter earnings missed street expectations.
- Q4 group net income Rs 380 crore versus estimate of Rs 643 crore
- Revenue Rs 4,250 crore versus estimate of Rs 4,369 crore
- Net income Rs 549 crore on a standalone basis
- Dividend per share Rs 7.50
Net impact of foreign exchange fluctuation on EBITDA was a loss of Rs 168 crore during the quarter compared to a gain of Rs 26.7 crore during pervious quarter, and a gain of Rs 27.6 crore during Q3 FY17.Lupin Press Release
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Amara Raja Falls 6.7% After Q4 Net Misses Estimate
Shares of the battery maker dropped as much as 6.7 percent after its fourth quarter profit missed street estimates.
Net profit for January-March quarter stood at Rs 99.91 crore compared to an estimate of Rs 122 crore, according to Bloomberg poll. Its revenue came in at Rs 1,510 crore for the quarter, compared to Rs 1,360 crore estimated.
- Q4 total costs Rs 1,380 crore
- Other income Rs 15.06 crore
- Dividend per share Rs 4.25