Sensex Drops 150 Points, Nifty Below 24,500; Maruti Up 2%, Cipla Down 4%

Sensex Today | Stock Market LIVE Updates

Key equity indices, Sensex and Nifty50, traded lower on Wednesday due to declines in banking and financial stocks. This drop is influenced by ongoing foreign selling and disappointing corporate earnings

Market Highlights:

  • Godavari Biorefineries IPO Listing: The shares of Godavari Biorefineries Limited made a subdued debut on the stock exchanges, opening at ₹308 on the NSE, a 12.5% discount from the IPO issue price of ₹352 per share.
  • Maruti Suzuki Q2 Earnings: Maruti Suzuki India Limited reported a 17% decline in its net profit for the second quarter of fiscal year 2025, primarily impacted by subdued domestic sales and a slowdown in demand.
  • Marico Q2 Earnings: Marico Limited’s shares surged 7% following the announcement of its Q2 earnings, indicating strong performance in the quarter.
  • Torrent Pharma Equity Trade: A 2.9% equity block trade was executed in Torrent Pharma, reflecting significant investor interest in the stock.

Market Update:

  • Most Asian indices were lower in early trading, but Japan’s Nikkei continued its upward trend, gaining another 1% after the release of positive jobs data.
  • As of 6:30 a.m., Australia’s ASX 200 and South Korea’s Kospi were both down about 0.4%.
  • On Wall Street, all major indices, except for the Dow Jones, closed in the green on Tuesday. The S&P 500 rose by 0.2%, and the Nasdaq 100 increased by 1%, while the Dow Jones Industrial Average fell by 0.4%.
  • Brent crude oil was trading 0.2% higher at $71.24 per barrel at 6:34 a.m. Gold also saw a slight increase of 0.1%, priced at $2,778.68 an ounce.
  • The GIFT Nifty was flat at 24,450.00 as of 6:35 a.m.

Brokerage Take: UBS on Cipla

UBS has kept a “buy” rating on Cipla’s stock but has lowered the target price from ₹2,060 to ₹1,960.

  • The Q2 results met expectations; however, growth in the Indian market was weak.
  • A shortage of lanreotide is expected to impact near-term performance.
  • Timelines for the gAdvair launch remain unchanged, while the launch of Abraxane is contingent on clearance from Goa.
  • Consequently, UBS has reduced its EPS estimates for FY26 by 4% and for FY27 by 7%.

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