Closing bell: Sensex, Nifty end flat; IT, pharma stocks drag
10 min read.Updated: 01 Nov 2018, 04:17 PM ISTNirav Vyas
The BSE Sensex closed 10.08 points down at 34,431.97, while the Nifty 50 ended 6.15 points lower at 10,380.45. Here are the highlights from the markets
Mumbai: The BSE Sensex and NSE’s Nifty 50 closed marginally lower on Thursday, after a volatile session, dragged mainly by IT, pharma and FMCG stocks, offsetting gains in banking and auto stocks. Tata Motors shares, which rose over 4% intraday, ended flat. Further in post earnings impact, L&T managed to hold gains of over 2%, while Lupin shares ended over 4% lower.“Market was range bound despite a fall in oil prices and strengthening rupee as investors remain focused on quarter earnings. Currently many stocks are trading at oversold region while turnaround will happen on the basis of change in sector outlook or revival in earnings. Signs of turnaround were seen in mid & small cap which continue to outperform the main indices,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.In global markets, European stocks and U.S. futures added to gains made in an end-of-month recovery after a mixed session in Asia. Contracts on the Dow, S&P 500 and Nasdaq climbed. In Asia, stocks were mixed, with Hong Kong stocks outperforming while Japanese equities fell with the telecommunications sector weighing on concerns over pricing pressures. Here are the highlights from the markets:
01 Nov 2018, 03:34:00 PM IST
Closing bell: Sensex, Nifty end flat
The BSE Sensex closed 10.08 points, or 0.03%, down at 34,431.97, while the Nifty 50 ended 6.15 points, or 0.06%, lower at 10,380.45. Outperforming the benchmark, the BSE mid and small cap indices rose 1.10% and 1.09%, respectively.Among the sectoral indices on BSE, capital goods and realty gained over 2%. Basic materials, industrials, consumer durables and metal rose between 1% to 1.7%. On the other hand, IT and teck led losses and were down over 1.5%.Yes Bank, Axis Bank, L&T, Hindalco and BPCL were among the major gainers on the key indices, whereas Infosys, HCL Tech, Coal India and NTPC were among the top losers.“The recent steps to ease liquidity situation by the RBI has certainly improved the sentiment but sustainability of this rebound is still questionable. We reiterate our caution view on markets and suggest using further bounce to reduce leveraged positions,” Jayant Manglik, President, Religare Broking Ltd.
01 Nov 2018, 03:11:00 PM IST
HDFC shares struggle after Q2 results
Housing Development Finance Corporation Ltd reported a net profit after tax of Rs 2,467 crore int he quarter ended September 30, compared to a profit of Rs 1,978 crore last year. Reuters consensus forecast for the quarter’s profit was Rs 2,433 crore. Total revenue from operations rose to Rs 11,246 crore in the September quarter, compared to Rs 9,003 crore in the same period last year. HDFC shares surged to a high of Rs 1,795.75 per share, but soon erased gains and traded 0.48% down at Rs 1,761 per share.
01 Nov 2018, 02:42:00 PM IST
IT stocks top losers
Shares of IT companies traded lower with the Nifty IT index falling over 2%. HCL Tech, Tech Mahindra and Infosys were leading losses.
01 Nov 2018, 02:07:00 PM IST
Market update: Sensex, Nifty trade higher
The BSE Sensex rose 77.30 points, or 0.22%, to 34,519.35, while the Nifty 50 gained 14.90 points, or 0.14%, to 10,401.50. The BSE MidCap and SmallCap indices advanced 1.18% and 1.40%, respectively.Among the sectoral indices on BSE, capital goods rose most at 3.56% followed by industrials and realty, which gained 2.5%. IT and teck led losses and were down over 1.5%.
01 Nov 2018, 02:00:00 PM IST
European stocks, US futures advance
European stocks and U.S. futures added to gains made in an end-of-month recovery after a mixed session in Asia. The pound jumped on hopes for progress in Brexit negotiations and the dollar weakened. The Stoxx Europe 600 Index shook off early nerves to edge higher. Contracts on the Dow, S&P 500 and Nasdaq climbed. In Asia, stocks were mixed, with Hong Kong stocks outperforming while Japanese equities fell with the telecommunications sector weighing on concerns over pricing pressures.The Stoxx Europe 600 Index rose 0.1% to 362.00, the highest in more than two weeks. Futures on the S&P 500 Index increased 0.1% to the highest in more than a week. The MSCI All-Country World Index gained 0.1% to the highest in more than a week. The MSCI Emerging Market Index climbed 0.6% to the highest in more than a week. Bloomberg
01 Nov 2018, 01:48:00 PM IST
JMC Projects gains as net profit rises in Q2
Shares of JMC Projects India Ltd rose 3.2% to Rs 88.95 after the company reported a 20% growth in net profit for September quarter to Rs 30.07 crore. Revenues were up 11% to Rs 733.61 crore
01 Nov 2018, 01:38:00 PM IST
Kalpataru Power shares rise 10% after earnings
Shares of Kalpataru Power Transmission Ltd rose 10% to Rs 354.10 after the company reported a 28% jump in net profit to Rs 91.37 crore in September quarter. Revenue rose 29% to Rs 1574 crore.
01 Nov 2018, 01:10:00 PM IST
MAS Financial shares up 4% after results
MAS Financial Services Ltd reported a profit of Rs 34.58 crore in the quarter ended September 30, compared to a profit of Rs 24.31 crore a year ago. Revenue from operations stood at Rs 134 crore in the September quarter, compared to Rs 117 crore in the same period last year. The company has also declared an interim dividend of Rs 1.5 per share. MAS Financial shares rose 4.5% to Rs 469.10 per share.
01 Nov 2018, 12:30:00 PM IST
Dabur hits 3-month low, brokerages cut TP on weak Q2 show
Shares of consumer goods company Dabur India Ltd fell as much as 3.5% to Rs 371.35, its lowest since July 26. The company said its September-quarter net profit rose 4.1%, but missed market estimates.HSBC said that Q2 sales/earnings missed consensus by 3-6% due to weak domestic volumes and cost pressures in international business. It cut target price to Rs 460 from Rs 490, and retained “buy”.Jefferies said Dabur’s Q2 revenue, EBITDA and PAT which grew y/y 8.5%, 7.4% and 4.1%, respectively, came slightly below our estimates. Jefferies cut price target to Rs 460 from Rs 520, and maintained “buy”.Deutsche Bank said sales hit by shift of festive sales to Q3; gross profit margin contracted 75bps y/y to 49.4 pct due to high input costs. Deutsche Bank cut price target to Rs 475 from Rs 525, and reiterated “buy”. Reuters
Shriram EPC shares surge 17% on Rs 236 crore order win
Shares of Shriram EPC Ltd surged 17.27% to Rs 12.90 per share after the company said it has got order worth Rs 236 crore from the Jharkhand government.
01 Nov 2018, 11:35:00 AM IST
United Spirits shares surge 8% after Q2 results
Shares of United Spirits Ltd advanced as much as 7.9 pct to Rs 620, their highest since Sept. 3. The stock marks its sharpest intraday pct gain since Jan. 5, on track for 4th straight winning session. The company reported a 69% rise in Q2 profit on Wednesday, boosted by robust growth in its premium portfolio.Morgan Stanley said, “We see signs of volume growth acceleration, cost rationalization, improved capital efficiencies and debt reduction that can drive strong earnings growth for USL.” It upgraded the stock to “overweight” from “equal-weight”, and raised PT to Rs 700 from Rs 650. Reuters
01 Nov 2018, 11:20:00 AM IST
October manufacturing PMI grows at quickest pace in four months on strong orders
Manufacturers defied expectations for a slowdown and expanded activity at the fastest pace in four months in October, boosted by increasing new orders, a private survey showed on Thursday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 53.1 last month from 52.2 in September, its highest since June and above a Reuters poll consensus of 51.9. It has been above the 50-mark that separates growth from contraction for 15 months.“Manufacturing continued to make up for ground lost in August, with a robust and accelerated rise in new orders boosting production growth in October,” noted Pollyanna De Lima, a principal economist at IHS Markit. “Consumer, intermediate and investment goods output all increased at stronger rates.” Reuters
01 Nov 2018, 10:47:00 AM IST
Maruti Suzuki shares rise over 1% after October sales data
Maruti Suzuki India Ltd reported October total sales of 146,766 units versus 146,446 units last year. October total domestic sales came in at 138,100 units versus 136,000 units last year. October passenger cars sales rose to 101,516 units versus 99,077 units last year. October export sales grew to 8,666 units versus 10,446 vehicles last year. Shares traded 1.64% up at Rs 6,717.10 per share.
01 Nov 2018, 10:22:00 AM IST
Lupin shares fall 3% after earnings misses estimates
Lupin shares fell as much as 3% to Rs 862.20 per share. Lupin’s net profit plunged 41.5% to ₹266 crore for the quarter ended September 30, following a decline in US business and rise in the manufacturing costs, the officials added.The drugmaker had reported ₹456.87 crore profit in the year-ago quarter. Additionally, revenues for the quarter rose to ₹3,890.93 crore compared with ₹3,874.16 crore in the year-ago quarter.Edelweiss Securities maintained “Buy” with the revised TP of Rs 1,050 per share. “Q2FY19 numbers in line with expectations, indicating that the worst is behind. US sequential growth resumed despite lack of meaningful launches, implying that base erosion has now stabilised. Going forward, we expect the ramp-up in Solosec and launch of gRanexa and levothyroxine to drive a strong revival.”
Jet Airways shares down on delays in rental payments
Shares of Jet Airways India Ltd fell as much as 3.73% to Rs 214 after the company said it got notices from some aircraft leasing companies for delays and defaults on rental payments. The stock recovered later and traded 0.22% down at Rs 221.80.
01 Nov 2018, 09:35:00 AM IST
IndusInd Bank shares fall 2% on disclosure of loan exposure
Shares of Indusind Bank Ltd fell as much as 1.89% to Rs 1,397.40 after the bank said it has Rs 3,000 crore loans outstanding to a distressed infrastructure company and its units. As on date, all loans to the group are classified as Standard Accounts, the bank said without naming the borrower.
01 Nov 2018, 09:22:00 AM IST
Tata Motors shares
Tata Motors shares rose as much as 2.63% to Rs 183.35 per share. Tata Motors reported a net loss of ₹1,009.49 crore in the three months through September, compared with a year earlier net profit of ₹2,502 crore. It is the company’s second quarterly loss in three years, since a ₹1,902 crore loss in the June quarter.
Tata Motors's dismal Q2 results highlights the challenges faced by the auto industry globally. https://t.co/ATCxVv11Jl
L&T shares jumped as much as 5.8% to Rs 1374.70 per share. Larsen & Toubro Ltd posted a 22.6% jump in Sept-quarter net profit, underpinned by higher order intake. Net profit came in at Rs2,230 crore in the second quarter, compared with Rs1,820 crore a year earlier. Analysts on average had expected the Mumbai-headquartered company to post a net profit of Rs1,719 crore, according to Refinitiv Eikon data.
Despite Larsen and Toubro announcing a share buyback, the L&T stock hasn't been a very strong outperformer. https://t.co/Lhr3Vm7fgv
The rupee strengthened marginally against the US dollar on Thursday as Asian currencies gained after crude oil prices eased on lingering supply concerns and a stronger dollar. At 9.08am, the home currency was trading at 73.85 a dollar, up 0.12% from its Wednesday’s close of 73.96. The currency opened at 73.89 a dollar. The 10-year gilt yield stood at 7.828% from its previous close of 7.853%. So far this year, the rupee has declined 13.5%, while foreign investors have sold $5.70 billion and $8.37 billion in the equity and debt markets, respectively.
01 Nov 2018, 09:00:00 AM IST
Bank aversion to NBFCs fuelled India’s liquidity crisis
India's current liquidity crisis has become a bone of contention between the Reserve Bank of India and the government. https://t.co/y2UAO2qlgi
Gold prices fell to a near three-week low as the dollar scaled a 16-month peak and a stock market rebound stirred renewed appetite for riskier investments. However, the metal stayed on track for its best month since January, with a 1.7 percent gain in October. Spot gold was down 0.8% at $1,213 per ounce. U.S. gold futures settled down $10.30, or 0.8 percent, at $1,215.Oil prices fell, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. The Brent crude January futures contract lost 44 cents, or 0.32%, to trade at $74.72 per barrel. US West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel.Shanghai base metals fell in early trade, with aluminium hitting a fresh two-year low on concerns the Sino-U.S. trade row will hurt demand, as another batch of weak data from top metals consumer China adding to the negative sentiment. The most traded December aluminium contract on the Shanghai Futures Exchange fell as much as 1.2% to 13,860 yuan. Three-month LME copper edged up 0.3% to $6,007 a tonne. Nickel, used to make stainless steel, slipped as much as 2% in Shanghai to a six-month low of 96,330 yuan a tonne. Reuters
01 Nov 2018, 08:45:00 AM IST
Asian markets start new month up on strong Wall Street
Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session, while the pound rallied on a report Britain has secured a deal that would give its financial services firms continued access to European markets after Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 percent, adding to modest gains the previous day, though this came after a brutal October month.Hong Kong’s Hang Seng rose 1.5 percent and the Shanghai Composite Index climbed 1.2 percent. Australian stocks also advanced 0.5 percent while South Korea’s KOSPI put on 1 percent. Japan’s Nikkei bucked the trend and slipped 0.5 percent following two days of big gains. Reuters