Pharma and banking stocks drag Sensex, Nifty down; Apollo Hospitals, L&T Tech, Wabag in focus today

Benchmark equity indices closed lower for the second day, weighed by oil and gas stocks, pharma as well as banking stocks. The Sensex closed 0.52% lower at 60008.33 and Nifty fell 056% to 17898.65.

Top losers were BSE Oil & Gas index (-1.39%) BSE Telecom (-1.02%), Nifty Pharma (-1.28%), Nifty Bank (-0.69%). Gainers were BSE Power index (0.63%), Nifty Auto (0.71%).

Indian rupee rose 10 paise to close at 74.27 against the US dollar on Wednesday.

daily update

Stock in News Today

Apollo Hospitals: Shares of the hospital chain rallied for the fourth day and closed 1.5% higher at Rs 5733.95 after the company reported robust results last week. The company posted a profit after tax of Rs 267.41 crore in Q2FY22 from Rs 58.99 crore in the year-ago period.

L&T Technology Services: The company shares closed 5.75% higher after the company has been chosen as an engineering partner by Mavenir and NVIDIA.  It will support Mavenir with customisation, integration and deployment of Artificial Intelligence applications for deployment on NVIDIA’s AI-on-5G platform.

VA Tech Wabag: The company shares rose for the second day in a row and  ended 3.73% higher, after Japanese research firm Nomura raised target price to Rs 581 and maintained a buy rating following Wabag’s strong quarterly results. The net profit rose to Rs 25.93 crore in Q2FY22 from Rs 13.93 crore in Q2FY21.

JSW Steel: The company said that it has been selected in the S&P Dow Jones Sustainability Index (DJSI) for the Emerging Markets for 2021. The steel maker is one of the 15 companies from India and one among the three steel companies from emerging markets to make it to the DJSI EM Index. The index, which is the benchmark for ESG-based investing, comprises of 108 companies globally.

IndiGo: The airline is considering to charge passengers for check-in luggage as a potentially price war brews in India’s tough air travel market, Bloomberg reported. Chief Executive Officer Ronojoy Dutta said that the company has been talking to the government about it.

Tata Motors: The company’s deal with private equity firm TPG is ‘credit positive’, according to credit rating agency Moody’s Investors Service, as the deal can help the automaker to scale up its electric vehicle business. Tata Motors’ EV subsidiary EVCo  plans to create a portfolio of EVs and dedicated battery electric vehicle platforms.

SpiceJet: The airline said that Boeing had agreed to settle the pending claims related to the grounding of Boeing’s 737 MAX aircraft, Reuters reported. This will allow the resumption of new aircraft deliveries from SpiceJet’s order of 155 MAX aircraft, the airline said.