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At 12:30 IST, the barometer index, the S&P BSE Sensex, slumped 720.22 points or 0.87% to 81,480.94. The Nifty 50 index slipped 195.50 points or 0.78% to 24,949.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.62% and the S&P BSE Small-Cap index shed 0.25%.
The market breadth was weak. On the BSE, 1,494 shares rose and 2,336 shares fell. A total of 102 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.02% to 14.78. The Nifty 26 September 2024 futures were trading at 24,993.50, at a premium of 43.90 points as compared with the spot at 24,949.60.
The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 58 lakh contracts at the 25,000 strike price. Maximum Put OI of 102.9 lakh contracts were seen at 25,000 strike price.
Buzzing Index:
The Nifty Bank index slipped 1.11% to 50,901.50. The index rose 0.14% in the past trading session.
State Bank of India (down 3.69%), Bandhan Bank (down 2%), Punjab National Bank (down 1.91%), Bank of Baroda (down 1.76%), Federal Bank (down 1.74%), ICICI Bank (down 1.4%), Axis Bank (down 1.22%), IDFC First Bank (down 1.09%), IndusInd Bank (down 0.79%) and Kotak Mahindra Bank (down 0.24%) declined.
Stocks in Spotlight:
Angel One slipped 2.09% to Rs 2,455.95 after the company announced that its client base jumped 62.9% to 26.65 million in August 2024 as against 16.36 million recorded in August 2023.
Dr Reddy's Laboratories shed 0.19%. The pharma major announced that it has received the establishment inspection report (EIR) from the United States Food & Drug Administration (USFDA) for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh.
The inspection has been classified as voluntary action indicated (VAI) and has been closed accordingly said the firm.
On 7 June 2024, USFDA had issued form 483 with four observations post inspection at its Andhra Pradesh facility. The good manufacturing practices (GMP) inspection was conducted from 30 May 2024 to 7 June 2024 at the API manufacturing facility.
Dr Reddy's Labs is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products.
The company’s consolidated net profit shed marginally to Rs 1,392.40 crore in Q1 FY25 as against 1,405 crore posted in Q1 FY24. However revenue from operations jumped 13.9% YoY to Rs 7,672.70 crore in Q1 FY25.
Shares of Dr.Reddy's Laboratories shed 0.23% to Rs 6,682on the BSE.
At 13:30 IST, the barometer index, the S&P BSE Sensex, slumped 931.43 points or 1.14% to 81,262.79. The Nifty 50 index dropped 272.55 points or 1.08% to 24,872.55.
In the broader market, the S&P BSE Mid-Cap index fell 1.06% and the S&P BSE Small-Cap index declined 0.68%.
The market breadth was weak. On the BSE, 1,356 shares rose and 2,494 shares fell. A total of 117 shares were unchanged.
Gainers & Losers:
Asian Paints (up 1.04%), Bajaj Finance (up 0.97%), JSW Steel (up 0.73%), LTIMindtree (up 0.58%) and Hindustan Unilever (up 0.55%) were major Nifty gainers.
State Bank of India (down 3.68%), HCL Technologies (down 2.56%), Bharat Petroleum Corporation (down 2.31%), ITC (down 2.23%) and Grasim Industries (down 2.21%) were major Nifty losers.
Dr Reddy's Laboratories shed 0.38%. The pharma major announced that it has received the establishment inspection report (EIR) from the United States Food & Drug Administration (USFDA) for its API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh.
Angel One slipped 2.23%. The company announced that its client base jumped 62.9% to 26.65 million in August 2024 as against 16.36 million recorded in August 2023.
Matrimony.com shed 0.02%. The matchmaking services provider announced that its board has approved a share buyback of up to Rs 72 crore at a price of Rs 1,025 per equity share through tender offer route.
VA Tech Wabag rallied 3.62% after the company announced that it has bagged a mega order worth $317 million (approximately Rs 2,700 crore) from the Saudi Water Authority (SWA).
KEC International rose 1.15% after the company secured new orders of Rs 1,423 crore for design, supply and installation of 380 kV transmission lines in Saudi Arabia.
Rites lost 0.03%. The company has been declared as L-1 bidder by UP State Bridge Corporation for consultancy services for construction of civil works in Uttar Pradesh.
Global Markets:
European and Asian stocks declined on Friday as investors shifted their focus to the upcoming U.S. payrolls report. The report is expected to shed light on the potential magnitude of a rate cut by the Federal Reserve later this month.
Japan’s household spending data for July rose 0.1% in real terms from the previous year as compared to a 1.4% fall in June. Data from the Japan’s statistics bureau said the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3% in nominal terms from the previous year.
Hong Kong’s markets will be shut today due to Super Typhoon Yagi.
Overnight in the U.S., all three major indexes declined amid ongoing concerns about the economic outlook. The S&P 500 fell by 0.3%, extending its losing streak to three days, while the Dow Jones Industrial Average dropped 0.54%. However, the tech-heavy Nasdaq Composite managed a modest gain of 0.25%.
Adding to the economic uncertainty, ADP reported that private sector job growth in August was the weakest in over three and a half years. Companies hired only 99,000 workers, falling short of both the downwardly revised July figure and market expectations. This marked the weakest month for job growth since January 2021, according to data from the payrolls processing firm.
Dr Reddys Laboratories Ltd dropped for a fifth straight session today. The stock is quoting at Rs 6668, down 0.41% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 1.12% on the day, quoting at 24863.45. The Sensex is at 81221.43, down 1.19%.Dr Reddys Laboratories Ltd has eased around 3.73% in last one month.Meanwhile, Nifty Pharma index of which Dr Reddys Laboratories Ltd is a constituent, has increased around 4.67% in last one month and is currently quoting at 23156.7, down 0.39% on the day. The volume in the stock stood at 2.78 lakh shares today, compared to the daily average of 3.38 lakh shares in last one month.
The benchmark September futures contract for the stock is quoting at Rs 6703.5, down 0.41% on the day. Dr Reddys Laboratories Ltd jumped 18.75% in last one year as compared to a 26.04% rally in NIFTY and a 50.7% spurt in the Nifty Pharma index.
The PE of the stock is 27.13 based on TTM earnings ending June 24.