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As on Jan 22, 2019 12:00 AM Your results on : End Session    
Sensex, Nifty settle with modest losses
22-Jan-2019 (16:19)

Local stocks settled with modest losses as investors booked profits after a five-day rally. The barometer index, the S&P BSE Sensex, fell 134.32 points or 0.37% to settle at 36,444.64. The Nifty 50 index fell 39.10 points or 0.36% to settle at 10,922.75. Global stocks fell amid concerns on slowing global growth after IMF slashed its world economic forecast.

The Nifty regained 10,900 mark after slipping below that level in intraday trade. Metal and auto shares witnessed major selling pressure. Negative global cues spoiled investors sentiment. Global shares fell after the International Monetary fund (IMF) slashed its world economic forecast on Monday.

Key indices opened lower and extended losses as the session progressed. Indices hit fresh intraday low in early afternoon trade, but pared losses in mid-afternoon trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.09%. The BSE Small-Cap index fell 0.49%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 958 shares rose and 1613 shares fell. A total of 175 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Basic Materials index (down 1.21%), the S&P BSE Telecom index (down 0.94%), the S&P BSE Metal index (down 2.31%) underperformed the Sensex. The S&P BSE Realty index (up 091%), the S&P BSE Consumer Durables index (up 0.9%) and the S&P BSE Healthcare index (up 1.17%) outperformed the Sensex.

Vedanta (down 3.5%), Tata Steel (down 3.13%), Mahindra & Mahindra (down 3.08%), HCL Technologies (down 2.18%), Bharti Airtel (down 2%), and Larsen & Toubro (down 1.02%), were the major Sensex losers.

Kotak Mahindra Bank (up 1.92%), Bajaj Finance (up 1.07%), Hero MotoCorp (up 1.05%), Axis Bank (up 0.23%) and Infosys (up 0.22%), were the major Sensex gainers.

Maruti Suzuki India lost 1.84%. Maruti Suzuki India during market hours today announced opening of bookings for the new edition of India's most preferred premium hatchback, Baleno. New Baleno, the style icon of Nexa has been refreshed with a fresh sense of premium-ness and class-leading features which is set to retain its leadership status in the segment.

Sun Pharmaceutical Industries rose 4.95%. The company issued clarifications over alleged corporate governance lapses against the company that led to a selloff in its shares. Sun Pharma's distribution related to India domestic formulations business will be transitioned from Aditya Medisales, the current distributor, to a wholly owned subsidiary of Sun Pharma. This change will be made effective by Q1FY2020, post receipt of all requisite regulatory approvals. Further, Sun Pharma has initiated steps to induct S R B C & CO LLP, its statutory auditors, as auditors of subsidiaries that are currently audited by Valia & Timbadia. The company confirmed affirmatively that neither any loans nor guarantees have been given to Suraksha Realty. Sun Pharma would like to dispel all falsehoods being spread about its financial dealings.

As at 31st March 2018, Sun Pharma's consolidated balance sheet, reflected a liability towards obligation of supplies to Atlas Global Trading (“Atlas”) amounting to Rs 2,238 crore. This liability was in respect of Atlas assuming the damages on account of Protonix patent litigation settlement entered by Sun Pharma which was disclosed in Sun Pharma's Annual Report FY2014. In September 2014, Sun Pharma's Halol facility (Gujarat) was impacted by USFDA cGMP issues which were finally resolved in June 2018, after nearly 4 years. These cGMP non compliances resulted in supply constraints thereby, Sun Pharma was not able to adhere to the agreed supply schedule with Atlas.

Sun Pharma, in FY2018, has funded Atlas towards non-fulfilment of its supply obligations till the time such obligations are fulfilled as per the agreement. The said funding was included in Loans & Advances schedule of Sun Pharma's FY2018 consolidated balance sheet. The parties to the supply contract have now agreed in principle, that Atlas will assign its rights and obligations arising from this contract, to a wholly owned subsidiary of Sun Pharma. This assignment will ensure that the Loans & Advances given to Atlas will be settled. On conclusion of this transaction, in the consolidated balance sheet, this loan and the obligation will cease to exist as it gets squared up. This transaction is expected to be concluded in FY2019. The clarification was issued before trading hours today, 22 January 2019.

Asian Paints fell 0.99% after the company declared Q3 result during market hours today, 22 January 2019. Consolidated net profit after non-controlling interest (from continuing operations) increased by 14.6% to Rs 635.60 crore in Q3 December 2018 over Q3 December 2017. Revenue from operations increased 24.1% to Rs 5293.99 crore in Q3 December 2018 over Q3 December 2017.

K.B.S. Anand, Managing Director & CEO, Asian Paints said the decorative business segment in India registered a high double digit volume growth and delivered strong performance across regions. The automotive coatings JV (PPG-AP), witnessed subdued growth in the auto OEM segment while the industrial coatings JV (AP-PPG) continued to witness good growth in the protective coatings - dealer segment and the powder segment. Margins remained under pressure on account of the higher raw material prices.

In the International operations, some key units continued to witness challenging business conditions while both the segments in the Home Improvement category viz. the Kitchen (Sleek) and Bath (Ess Ess) business continued to scale up with expansion in network and enhancement in product portfolio, K.B.S. Anand said.

HDFC Asset Management Company shed 0.7%. The company's net profit rose 24.71% to Rs 243.26 crore on 7.61% rise in total income to Rs 532.94 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 21 January 2019.

HDFC Asset Management Company's total AUM was Rs 3291 billion as of 31 December 2018 compared to Rs 2933 billion as on 31 December 2017, a growth of 12% with 14.4% market share in total AUM of the mutual fund industry.

Prabhat Dairy dropped 14.29%. The board of directors of Prabhat Dairy approved the sale of the company's shareholding in its wholly owned step down subsidiary, Sunfresh Agro industries (SAIPL) to Tirumala Milk Products for a total consideration of Rs 1227.18 crore. The announcement was made after market hours yesterday, 21 January 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.3825, compared with closing of 71.2850 during the previous trading session.

In global commodities markets, Brent crude oil futures edged lower. Brent for January 2019 settlement was off 83 cents at $61.87 a barrel.

Overseas, shares in Europe and Asia declined on Tuesday amid concerns on slowing global growth after IMF slashed its world economic forecast on Monday. US market was closed on Monday in honor of Martin Luther King Jr. Day.

IMF revised down its estimates for global growth on Monday, warning that the expansion seen in recent years is losing momentum. The Fund now projects a 3.5% growth rate worldwide for 2019 and 3.6% for 2020. These are 0.2 and 0.1 percentage points below its last forecasts in October -- making it the second downturn revision in three months.

IMF said India's economy is poised to pick up this year. IMF's World Economic Outlook Update, released yesterday by its chief economist Gita Gopinath in Davos, projected that India will grow at 7.5% this year and 7.7% in 2020, an impressive over one percentage point ahead of China's estimated growth of 6.2% in these two years.

The IMF attributed the pick up to lower oil prices and a slower pace of monetary tightening. IMF said India would remain one of the fastest growing major economies of the world.

Quick Wrap: Nifty Metal Index declines 2.21%
22-Jan-2019 (16:00)
Sensex, Nifty clock modest gains
21-Jan-2019 (16:35)
Quick Wrap: Nifty Energy Index rises 2.44%
21-Jan-2019 (16:01)
Sensex, Nifty register small gains
18-Jan-2019 (16:32)
Quick Wrap: Nifty Pharma Index registers a drop of 2.70%
18-Jan-2019 (16:00)
Sensex, Nifty settle with small gains
17-Jan-2019 (16:17)
Quick Wrap: Nifty Media Index registers a drop of 2.08%
17-Jan-2019 (16:00)
Benchmarks end flat after a seesaw session
16-Jan-2019 (16:42)
Quick Wrap: Nifty Media Index registers a drop of 0.85%
16-Jan-2019 (16:00)
Market spurts on broad based buying support
15-Jan-2019 (16:14)
Quick Wrap: Nifty IT Index rises 3.06%, NIFTY jumps 1.39%
15-Jan-2019 (16:00)
Sensex slides below 36,000 mark
14-Jan-2019 (16:19)
Quick Wrap: Nifty Infrastructure Index declines 1.42%
14-Jan-2019 (16:01)
Sensex holds 36,000 mark, Nifty ends below 10,800 level
11-Jan-2019 (16:25)
Quick Wrap: Nifty Realty Index falls 1.35%
11-Jan-2019 (16:00)
Sensex, Nifty reverse four-day gains
10-Jan-2019 (16:44)
Quick Wrap: Nifty Private Bank Index declines 0.88%
10-Jan-2019 (16:00)
Indices gain for fourth straight session
09-Jan-2019 (16:50)
Quick Wrap: Nifty PSE Index falls 1.25%
09-Jan-2019 (16:00)
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