Mkts start August series with a slip; pharma, metal trip

28 Jul 2017

Stock markets saw a price correction on the first session of the new derivative series on Friday as the Sensex and the Nifty ran up losses at the close amid muted corporate earnings.
Leads from global markets were not supportive either.
The selling took hold at the start of August futures and options (F&O) series in the derivatives segment, traders said.
The NSE index struggled and ended at 10,014.50, down 6.05 points, or 0.06 per cent, from the previous close after hitting a low of 9,944.50.
A spell of buying towards the end arrested the slide for the BSE Sensex, which closed lower by 73.42 points, or 0.23 per cent, at 32,309.88.
The index had gained 155.03 points in the previous two sessions and closed at lifetime high of 32,383.30 yesterday.
Both indices, however, registered gains for the week, their fourth straight weekly advance. From the week point of view, the Sensex climbed 280.99 points, or 0.87 per cent, while the Nifty gained 99.25 points, or 1 per cent.
It was a record-smashing week for both the indices, which scaled their lifetime highs.
The benchmark Sensex closed lower for the first time in last three trading sessions, hit by losses in pharma, metal, realty, capital goods and banking stocks.
"Soft July derivatives rollover figures amid weak global cues lent a weak bias to opening sentiment, but pullback from the PSU banks steadied the indices. Market is also expecting a rate cut from RBI's policy meeting next week, with the inflation figures at record low," said Anand James, Chief Market Strategist, Geojit Financial Services.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,869.92 crore on Thursday while domestic institutions sold worth Rs 660.03 crore, according to provisional data.
Dr Reddy's was the biggest drag, which crashed 6.08 per cent after the drug firm's consolidated net profit for the June quarter plunged. Lupin and Sun Pharma followed suit.
Shares of ICICI Bank too fell 3.60 per cent after the private bank reported a marginal rise in June quarter earnings.
Hero MotoCorp, L&T, Axis Bank, Hindustan Unilever, Coal India, all fell by up to 2.04 per cent.
Reliance Capital rose 8.84 per cent after 15 per cent growth in quarterly consolidated net profit.
ITC moved up by 0.90 per cent after the company posted an increase in standalone net profit for April-June. HDFC climbed 3.20 per cent.
The BSE healthcare index took the big knock, falling 1.73 per cent, followed by metal, realty and capital goods.
Broader markets managed to keep their head above water with gains. (PTI)