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Sensex sheds 150 pts again, rupee weakens; ITC supports

14:00

The News International Team

03:10pm Top losers

Reliance Industries and ONGC extended losses in late trade, falling 2.5 percent and 3 percent, respectively. Infosys and Bharti Airtel lost over 2 percent. Tata Power and Tata Steel declined 2.7 percent each.

03:00pm Market Check

The market fell again with the Sensex declining 172.48 points to 27658.62 and the Nifty slipping 38.75 points to 8316.90.

About 1179 shares have advanced, 1642 shares declined, and 93 shares are unchanged on the Bombay Stock Exchange.

02:55pm Tata Motors under pressure

In November, Jaguar Land Rover sold 36,621vehicles, down 2 percent year-on-year, largely reflecting product launch factors.

Commenting on the November performance Andy Goss, Jaguar Land Rover Group Sales Operations Director said:  “Calendar year to date, we continue to see strong demand for our products, delivering solid growth, up an impressive 10 percent versus last year and performing well across many of our key markets.”

The UK’s leading manufacturer of premium luxury vehicles continued to maintain positive sales performance year-to-date, retailing 421,286 vehicles, up 10 percent versus the same period last year.

JLR’s regional performance calendar year-to-date showed 32 percent growth in the China region, 17 percent in Asia Pacific, 6 percent in the UK, 3 percent in Europe and 2 percent in North America, with other overseas markets 2 percent down.

In November, retails in China Region grew 10 percent, Asia Pacific and the UK up 5 percent while Europe felll 3 percent. Sales in other overseas markets were down 12 percent for the month and, in North America, sales were down 17 percent.

02:30pm Lupin in News

Pharma Major Lupin said its US subsidiary, Lupin Pharmaceuticals Inc (collectively Lupin) has launched the authorized generic for GD Searle LLC’s (a subsidiary of Pfizer Inc.) Celebrex capsules (Celebrex) 50 mg, 100 mg, 200 mg and 400 mg strengths.

Lupin had earlier signed a licensing agreement with Pfizer Inc regarding Celebrex that is used for treatment of osteoarthritis, rheumatoid arthritis and acute pain.

Celebrex capsules had annual USsales of USD 2.54 billion (IMS MAT September, 2014).

02:00pm Market Check

Equity benchmarks trimmed losses in the afternoon trade. The Sensex declined 51.09 points to 27780.01 and the Nifty fell 9.90 points to 8345.75.

The broader markets recovered too; the BSE Midcap gained 0.1 percent and Smallcap declined 0.1 percent. About 1204 shares have advanced, 1533 shares declined, and 108 shares are unchanged on the Bombay Stock Exchange.

Dhiraj Agarwal of Standard Chartered says he is not worried about this minor fall in the market. Infact he expects the Nifty to rise 30-40 percent in the next 24 months and advices a buy on cyclical and economy related stocks.

Shares of Infosys, Reliance Industries and ONGC slipped 2 percent each. Top private sector lenders trimmed losses to 0.4 percent. However, Mahindra & Mahindra, BHEL and Hindalco gained 1-2 percent. Shares of ITC, Larsen & Toubro and SBI advanced 0.3-0.5 percent.

Meanwhile, the Indian rupee hit a 9-month low of 62.25 on account of sustained dollar demand from importers and a fall in equities. The reserve bank is suspected to have intervened today.

Asian markets spooked today on the back of slump in oil prices and poor Japanese data. However, European markets recovered from 3 days of losses, trading a tad bit in the green after People’s Bank of China (PBOC) said it is set to inject yuan 400 billion into Chinese banking system.

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