Markets live: Sensex, Nifty close lower, Axis Bank, Asian Paints biggest losers

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    BSE Sensex edged lower on Friday, after hitting record highs in the previous two sessions, as investors turned cautious ahead of inflation data and booked profits in recent outperformers. Consumer price inflation (CPI) is expected to have eased to a three-month low of 3.49% in April from 3.81% the previous month, below the central bank’s medium-term target of 4% due to lower base effects and a fall in the cost of pulses, cereals and perishable goods.
    “There is plenty of interest in today’s inflation and production data, due post-market hours,” DBS Group Research said in a report. The Reserve Bank of India had said in April that it was “committed to bringing headline inflation closer to 4% on a durable basis and in a calibrated manner”.
    A lower rate of inflation would likely lower the chances of an interest rate hike, potentially adding more fuel to the ongoing rally in equities. Both the broader NSE Nifty and the benchmark BSE Sensex hit record highs in the previous two sessions, and were up more than 1% for the week. The indices are headed for a second week of gains in three. “Though it has pared gains today, the market is still performing at its best,” said Deven Choksey, managing director, K.R Choksey Investment Managers.
    Eicher Motors fell about 1% after rising for five straight sessions, while Ashok Leyland was down 1.7% after two sessions of gains. Meanwhile, Glenmark Pharmaceuticals slumped about 16% after the company’s fourth-quarter profit missed analysts’ estimates. Shares of Reliance Infrastructure Ltd rose after the company’s subsidiary, Delhi Airport Metro Express, won an arbitration case against Delhi Metro Rail Corp on Thursday. Here are the latest updates
    3.30pm: BSE Sensex closed lower by 63 points, or 0.21%, to 30,188, while the Nifty 50 fell 22 points, or 0.23%, to 9,401.

    3.02pm: BSE Sensex trades lower by 67 points, or 0.22%, to 30,184, while the Nifty 50 falls 37 points, or 0.39%, to 9,386.
    2.20pm: BSE Sensex trades lower by 94 points, or 0.31%, to 30,157, while the Nifty 50 falls 36 points, or 0.38%, to 9,386.
    1.10pm: BSE Sensex trades lower by 82 points, or 0.27%, to 30,169, while the Nifty 50 falls 31 points, or 0.33%, to 9,391.
    1.05pm: Pennar Engineered Building Systems fell as much as 10.87% to Rs 132.85 per share on BSE after net profit fell 39.3% to Rs 8.77 crore on 8.8% increase in net sales to Rs 150.09 crore in Q4 March 2017 over Q4 March 2016.On the BSE, 6,521 shares were traded on the counter so far as against the average daily volumes of 5,311 shares in the past one quarter. The stock had hit a high of Rs 145 and a low of Rs 132.85 so far during the day.
    1.00pm: Zee Entertainment Enterprises fell 3.05% to Rs 528.70 on BSE on profit booking after a recent rally. On the BSE, 1.31 lakh shares were traded in the counter so far, compared with average daily volumes of 91,107 shares in the past one quarter. The stock had hit a high of Rs 545 and a low of Rs 528.70 so far during the day. The stock hit a 52-week high of Rs 588.80 on 3 October 2016. The stock hit a 52-week low of Rs 428.50 on 23 December 2016.
    12.50pm: Adani Transmission Ltd gained 7.12% to Rs 89.55 per share. On BSE 6.51 lakh shares were traded on the counter so far as against the average daily volumes of 2.6 lakh shares in the past two weeks.
    12.42pm: BSE Sensex trades lower by 80 points, or 0.26%, to 30,171, while the Nifty 50 falls 32 points, or 0.34%, to 9,390.
    11.59am: BSE Sensex trades lower by 65 points, or 0.22%, to 30,186, while the Nifty 50 falls 28 points, or 0.30%, to 9,394.
    10.30am: BSE Sensex trades lower by 35 points, or 0.12%, to 30,216, while the Nifty 50 falls 16 points, or 0.16%, to 9,407.
    10.20am: Balaji Amines lost 9.89% to Rs350 per share after it reported 23.2% down in its net profit to Rs17.9 crore against Rs23.3 crore in the corresponding period a year ago. Total income was up 7.3% to Rs193.1 crore against Rs179.9 crore.
    10.15am: Force Motors fell as much as 3.08% to Rs4,475.25 per share as it reported a 25.29% decline in its standalone net profit at Rs54.91 crore for the March quarter against Rs73.50 crore during the same period of the last fiscal.
    10.10am: Igarashi Motors fell as much as 3.38% to Rs 863 per share after its net profit fell 3.8% to Rs17.9 crore for the March quarter against Rs18.6 crore during the same period of the last fiscal. Revenue was up 1.4% to Rs128.4 crore against Rs126.6 crore for the quarter last year.
    10.00am: Infosys Ltd gained as much as 2.03% to Rs963 per share as it has delayed salary increases to at least July and even later for senior employees, India’s second-largest software services exporter said, even as it played down fears of job cuts and started taking steps to reduce operating costs.
    9.55am: VIP Clothing gained as much as 10.92% to Rs59.95 as it swing into profit at Rs1.1 crore against a loss of Rs7.5 crore for the same quarter last year. Total income was up 52.7% to Rs58.8 crore against Rs38.5 crore during the same period of the last fiscal.
    9.50am: Shares of Nilkamal Ltd lost as much as 6% to Rs 2124.15 per share as its net profit was down 1.5% to Rs32.2 crore against Rs32.7 crore for the same quarter last year. Revenue was up 6.4% to Rs568.7 crore against Rs534.3 crore in the January-March quarter of 2015-16.
    9.45am: BSE Sensex trades lower by 40 points, or 0.13%, to 30,211, while the Nifty 50 falls 19 points, or 0.20%, to 9,404.
    9.35am: Glenmark Pharmaceuticals lost as much as 15.19% to Rs767 per share after its Jan-Mar quarter profit misses estimates. It reported 23.5% rise in consolidated net profit to Rs183.76 crore for the fourth quarter ended 31 March, 2016-17, mainly on account of robust sales in the US.In comparison, it had posted a net profit of Rs148.79 crore for the January-March period of 2015-16, Glenmark said in a filing to BSE.
    9.30am: Reliance Infrastructure gained as much as 6.43% or Rs630 per share after Delhi Airport Metro Express Private Ltd (DAMEPL), a subsidiary of Reliance Infrastructure, has won an arbitration against Delhi Metro Rail Corp. (DMRC), which would fetch the company a compensation of Rs2,950 crore for the termination of the concession agreements for the project, the Anil Ambani-led company said in a statement on Thursday.
    9.20am: GlaxoSmithKline (GSK) Consumer Healthcare gained as much as 1.94% to Rs5,352.70 per share after the company posted an 8.42% rise in stand-alone net profit for the quarter ended March 31 at Rs175.88 crore against a net profit of Rs162.22 crore in the corresponding period a year ago.
    9.15am: ICRA Ltd gained as much as 2.33% to Rs4,400 per share after it reported a growth of 23.2% in its net profit to Rs20 crore and Operating Income grew 8.8% to Rs58.07 crore.
    9.10am: Arvind lost as much as 3.08% to Rs395.10 per share after Global brokerage Credit Suisse maintained ‘Outperform’ rating on Arvind Ltd with a target price of Rs450.
    9.08 am: Indian rupee was trading at 64.33, up 0.08% from its Thursday’s close of 64.38. The rupee opened at 64.32 a dollar and touched a high of 64.30 and a low of 64.34.
    9.05am: The 10-year bond yield closed at 6.938% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.
    9.03am: Asian currencies were trading mixed. Japanese yen up 0.158%, Indonesian rupiah 0.09%, China renminbi 0.039%, China offshore 0.028%, Malaysian ringgit 0.023%, Philippines peso 0.010% and Thai baht 0.009%.
    9.00am: Markets in Asia got off to a weaker start early Friday, following the lower close stateside on weak earnings from US retailer Macy’s and ahead of the G7 finance meeting in Italy.
     

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