Sensex falls 131 points; Sun Pharma, Titan, HDFC slump

Mumbai (Maharashtra) [India], May 31 (ANI): Snapping three consecutive days of gains the Indian stock markets’ key indices, Sensex and Nifty, were trading in the red in the afternoon session on Tuesday dragged by nearly four per cent slump in Sun Pharma and profit booking in IT stocks.
The 30 stock S&P BSE Sensex was trading 131.02 points or 0.23 per cent down at 55,794.72 points at 12.39 pm against its previous day’s close at 55,925.74 points.
The Sensex is trading in the red after three consecutive sessions of gains. The benchmark index had gained 1041.08 points or 1.90 per cent on Monday.
The broader Nifty 50 of the National Stock Exchange was trading 22.90 points or 0.14 per cent down at 16,638.50 points against its previous day’s close at 16,661.40 points.
The Nifty 50 had rallied 308.95 points or 1.89 per cent on Monday.
Sun Pharma dipped 3.59 per cent to Rs 856.20 after announcing disappointing Q4 results.
On Monday, Sun Pharmaceuticals Industries reported a consolidated net loss of Rs 2,227.38 crore for the quarter ended March 2022 as against a net profit of Rs 848 crore recorded in the corresponding period of the previous year, hit by one-time charges on settlement of a pending litigation in the US. The financial results were announced after the closing of trade on Monday.
Titan slumped 2.53 per cent to Rs 2198.20. HDFC fell 1.93 per cent to Rs 2320.55. Kotak Bank declined 1.47 per cent to Rs 1874.75.
After Monday’s rally IT stocks witnessed profit booking. Infosys fell 1.28 per cent to Rs 1508. HCL Technologies was down 0.49 per cent to Rs 1034.65. TCS was also trading in the red.
Mahindra & Mahindra (M&M) surged for the second day on robust Q4 earnings. The share price of Mahindra & Mahindra surged 4.02 per cent to Rs 1038.
Mahindra & Mahindra (M&M) on Saturday reported a standalone profit (before exceptional items) at Rs 1,167 crore for the fourth quarter of 2021-22 as compared to Rs 998 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 17 per cent.
Power Grid Corporation, Nestle India, NTPC, Tata Steel, Bajaj Finserv and Tech Mahindra were among the major Sensex gainers. (ANI)