Sensex Slumps 560 Points, Nifty Wipes Out 2018 Gain On Global Equity Selloff
Indian equity benchmarks fell for the sixth straight day and the rupee weakened 0.2 percent to 64.19 against the dollar as the global stock sell-off weighed on investor sentiment.
The S&P BSE Sensex slumped 1.6 percent, or 561 points, to 34,195.94, and the NSE Nifty 50 Index plunged 1.58 percent, or 168 points, to 10,498.25.
Losses in today's session wiped out over Rs 2 lakh crore from the market value of the Indian benchmarks.
Selling pressure was broad-based as the S&P BSE MidCap Index fell 1.7 percent and the S&P BSE SmallCap Index tumbled 2.2 percent.
All sector gauges compiled by the BSE ended lower, dragged down by the S&P BSE Consumer Durables Index's 2.7 percent drop.
Lupin Falls As Q3 Net Profit Misses Estimates
Shares of the Mumbai-based drug maker fell 4 percent to Rs 814 after its net profit missed consensus estimates compiled by Bloomberg.
Key earnings highlights:
- Consolidated net profit at Rs 221.7 crore versus Bloomberg estimate Of Rs 426 crore
- Consolidated net profit down 65 percent at Rs 221.7 crore versus Rs 633 crore (YoY)
- Consolidated revenue at Rs 3,975.6 crore versus Bloomberg estimate Of Rs 3,969 crore
- Consolidated revenue down 11 percent at Rs 3,975.6 crore versus Rs 4,483 crore (YoY)
- Consolidated EBITDA at Rs 688.34 crore versus Rs 1,218.6 crore (YoY)
- Consolidated margin at 17.3 percent versus 27.2 percent (YoY)
- R&D investment at 12.2 percent of consolidated sales
- Europe, Middle-East, Africa sales up 6.5 percent at Rs 2,721 crore versus Rs 2,555 crore (YoY)
- Latin America sales up 26 percent at Rs 1,481 crore versus Rs 1,175 crore (YoY)
- U.S. business starting to stabilise at current level
- North America sales down 34.2 percent at Rs 14,321 crore versus Rs 21,755 crore (YoY)
- Q3 foreign exchange loss at Rs 82.1 crore versus gain of Rs 27.6 crore (YoY)
- Took Rs 36.1 crore charge on U.S. tax law changes
- India sales up 6.8 percent at Rs 10,688 crore versus Rs 9,912 crore (YoY)
Nifty Trades Above 50-Day Moving Average
Nifty Reclaims 10,500
Indian equity benchmarks staged a partial recovery after the U.S. stock futures recovered from their intraday lows.
The NSE Nifty 50 Index reclaimed its crucial psychological level of 10,500.