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Indian stock indices closed lower on Tuesday, weighed by pharma stocks and broader market weakness. The benchmark Sensex closed 0.53% down to 52570.96 and Nifty ended 0.50% lower to 15744.65.
Among Nifty sectoral indices, pharma was the worst hit as the index fell 4.33%. Energy was down 0.95% and banking index slipped 0.44%.
The India VIX, which measures the volatility in the market, shot up 6.28% to 13.23 levels.
The Indian rupee gained 4 paise to 74.44 against the US dollar.
Globally, Chinese indices fell due to sell-off in tech stocks on fears of Beijing’s regulatory crackdown. European shares and US stock index futures were trading lower.
Earnings Update
Dr Reddy’s Lab: The drugmaker’s profit after tax slipped 1.45% to Rs 570.8 crore in Q1 of FY22, from Rs 579.3 crore in the year-ago period. Its revenue rose to Rs 4919.4 crore in the quarter, from Rs 4417.5 crore. The company’s share touched lower circuit of 10% after disappointing results.
Canara Bank: The public sector bank’s net profit surged 190% to Rs 1,177 crore in Q1of FY22, boosted by gains in non-interest income and lower provisioning for bad loans. It had posted a net profit of Rs 406 crore in year-ago period. The lender’s net interest income inched up 0.84% to Rs 6,147 crore in the quarter, from Rs 6,096 crore in the same period last year.
Morepen Laboratories: The drugmaker’s consolidated net profit jumped 57% to Rs 30.47 crore for the quarter ended June in FY22, as against a net profit of Rs 19.37 crore in Q1 of FY21. Its net revenue stood at Rs 388.31 crore in the quarter, compared with Rs 258.97 crore in the year-ago period.