Bajaj Auto slumped 2 percent after the company posted a 9 percent drop in January auto sales, the lowest in 18 months. Rajiv Bajaj told CNBC-TV18 that the impact came on the back of the excise duty hike.
12:23
Moneycontrol Bureau The market extended losses amid consolidation in noon trade. The 30-share BSE Sensex fell 211.23 points to 28971.72 and the Nifty shed 52 points to 8756.90 led by weakness in financials, auto stocks and select FMCG names.However, the BSE Midcap and Smallcap indices outperformed benchmarks, up 0.5-0.7 percent. Advancing shares outnumbered declining ones by a ratio of 1419 to 1080 on the BSE.
Bajaj Auto slumped 2 percent after the company posted a 9 percent drop in January auto sales, the lowest in 18 months. Rajiv Bajaj told CNBC-TV18 that the impact came on the back of the excise duty hike. He is hopeful of a bump in exports post Nigeria polls next month. On the other hand, Maruti Suzuki recorded a 14 percent jump in total sales led by the near doubling in export sales. The stock gained 1.5 percent. Eicher Motors too gained 2 percent post a 25 percent rise in total sales.
Future Retail surged 11 percent as the company announced its plans to apply for a payment bank license. The new entity, if approved will be named nu-future payments bank. Reports suggest that the new payment bank will not come under any listed entity. Additionally, sources indicate that IDFC too may pick up a stake in the payments bank.
Despite posting a weak set of Q3 earnings, Monsanto rallied over 13 percent and posted a fresh 52-week high on reports that genetically modified crops could soon become a reality in India. Advanta too gained about 4 percent.
11:00
Sun Pharma, Hindalco, Maruti, Wipro and L&T are top gainers in the Sensex while Dr Reddy's Labs, Bajaj Auto, HUL, ICICI Bank and Coal India are losers.
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10:00
Sun Pharma gained more than 2 percent and Ranbaxy jumped over 3.5 percent to hit record highs. Jet Airways and SpiceJet rallied more than 4 percent.
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09:15
Coal India is down over 2 percent, while Dr Reddy's Labs, ICICI Bank, SBI and HDFC Bank are losers in the Sensex.
Read More »
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