Indian Stock Market Tips- Sensex down 70 points, Nifty below 10,850; Sun Pharma, Kotak Mahindra Bank shares rally
The domestic stock markets –Sensex and Nifty–opened mildly lower on Tuesday, tracking global cues. The Sensex is down about 70 points to 36,508.31, while the Nifty is trading below the 10.950-mark. Sun Pharma shares gained more than 4.3% to Rs 415.60 in the morning trade, while Kotak Mahindra shares rallied 2.08% to Rs 1,293.55. Kotak Mahindra Bank has reported a 23% on year growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income.
Asian shares and U.S. stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, drifting away from a recent seven-week top.
Shares of HDFC AMC were trading 1% higher at 1,509, after the country’s largest mutual fund house, posted a 24.7% increase in its net profit to Rs 243.26 crore for the quarter ended December 2018 on the back of reining in costs and increase in assets under management (AUM).
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