3:30 pm Market closing:
The market ended lower on October F&O series expiry day. The Sensex was down 201.62 points or 0.7 percent at 26838.14 and the Nifty slipped 59.45 points or 0.7 percent at 8111.75. About 1214 shares advanced, 1441 shares declined, and 196 shares were unchanged.
BHEL, Axis Bank, Coal India, SBI and Sun Pharma were laggards while Dr Reddy’s Labs, Vedanta, Tata Steel, Tata Motors and Lupin were gainers.
3:10 pm exclusive: French drugmaker Sanofi has decided not to pursue its deal with Glenmark related to development of Vatelizumab drug, a monoclonal antibody (MaB) for multiple sclerosis.
This will negatively impact Glenmark as the drug was already in the second phase of trials.
Sources say Sanofi was not satisfied with the primary endpoint of the ongoing trials. This will be a setback to Glenmark’s plan of launching its own novel biological drug in the market.
In June 2011, Glenmark had licensed the molecule to Sanofi in a deal worth USD 613 million. Till April 2014, as a part pf the deal, the Mumbai-based pharmaceutical company had received USD 55 million from Sanofi.
2:55 pm Market Update: The Sensex slipped 173.30 points to 26866.46 and the Nifty dropped 52.55 points to 8118.65. About 1162 shares have advanced, 1392 shares declined, and 212 shares are unchanged on the BSE.
2:40 pm NTPC in News: NTPC , the country’s largest power generation company, has reported a solid 40 percent year-on-year growth in standalone profit at Rs 2,898 crore for July-September quarter. It was boosted by tax gain and operational performance despite lower other income.
Revenue increased 7 percent to Rs 17,898 crore compared to Rs 16,737 crore in same quarter last year.
Operating profit jumped 24.3 percent year-on-year to Rs 4,030 crore and margin expanded by 310 basis points to 22.5 percent in quarter gone by.
Other income during the quarter plunged 48 percent to Rs 275.4 crore compared to year-ago period. NTPC has received tax gain of Rs 729.7 crore for the quarter against gain of Rs 117.60 crore in corresponding quarter of last fiscal and Rs 427.8 crore in June quarter.
2:30 pm Market Expert: Corporate earnings, the Federal Reserve stance on interest rates and the Bihar elections will be the three factors driving market sentiment near term, Yogesh Radke, Head of Quantitative Research at Edelweiss Securities tells CNBC-TV18.
He expects the Nifty to slip to 7800 in the November series.
The roll over cost for the November series is around 45-50 basis points compared to an average of around 70 basis points during a bull market. This, Radke says, indicates that traders are rolling over their long positions, but cautiously.
2:20 pm Earnings: Tyre maker MRF today reported a 45.38 percent surge in its net profit at Rs 460.73 crore for the quarter ended September 30. The company had posted a net profit of Rs 316.91 crore during the same period of the previous fiscal.
Net sales of the company declined to Rs 3,327.21 crore during the June-September period compared with Rs 3,359.91 crore during the same period of previous fiscal, MRF Ltd said in a regulatory filing.
The company’s board, which met today, approved a second interim dividend of Rs 3 per equity share for the period ending March 31, 2016.
2:00 pm Market Check
The market remained under pressure for fourth consecutive session today ahead of expiry of October derivative contracts. Fears of likely hike in Fed rate by December and unlikely of majority to NDA government in Bihar elections also weighed.
The 30-share BSE Sensex fell 140.95 points to 26898.81 and the Nifty declined 40.10 points to 8131.10. The market breadth also turned negative as about 1314 shares declined for 1160 advancing shares on the BSE.
ITC dropped 1.5 percent ahead of earnings due on Friday. Analysts expect cigarette volume to see double digit decline for fourth consecutive quarter.
Sun Pharma, Axis Bank, HUL, Bharti Airtel and Maruti Suzuki were down 1-2 percent. BHEL topped selling list on Sensex, down 4 percent.
NTPC rebounded post earnings, rising nearly a percent. Tata Motors, Dr Reddy’s Labs (ahead of earnings) and Lupin gained 1-2 percent.