Key benchmark indices registered modest losses after a volatile session. The barometer index, the S&P BSE Sensex fell 91.69 points or 0.28% at 32,941.87. The Nifty 50 index fell 38.35 points or 0.38% at 10,186.60. The Sensex alternately swung above and below the 33,000 level. Selling was triggered as the possibility of the central bank cutting interest rates next month was dampened after inflation picked up in October. Subdued trading in other Asian stocks also negatively influenced trading sentiment. The Sensex and the Nifty, both, hit their lowest closing levels in more than three weeks.
Key indices opened the session slightly lower. Later, indices hovered around the flat line till morning trade. Later, key indices extended slide till afternoon trade. Indices trimmed some losses in mid-afternoon trade. However, key indices once again extended slide in late trade.
The Sensex fell 91.69 points or 0.28% at 32,941.87, its lowest closing level since 24 October 2017. The index rose 92.99 points, or 0.28% at the day`s high of 33,126.55. The index fell 126.45 points, or 0.38% at the day`s low of 32,907.11.
The Nifty 50 index fell 38.35 points or 0.38% at 10,186.60, its lowest closing level since 23 October 2017. The index rose 23.05 points, or 0.23% at the day`s high of 10,248. The index fell 49.40 points, or 0.48% at the day`s low of 10,175.55.
Among secondary indices, the S&P BSE Mid-Cap index fell 0.22%. The S&P BSE Small-Cap index fell 0.18%. The decline in both the indices was lower than the Sensex`s slide in percentage terms.
The breadth, indicating the overall health of the market, was negative. On BSE, 1,546 shares declined and 1,159 shares rose. A total of 142 shares were unchanged.
The total turnover on BSE amounted to Rs 4115.23 crore, lower than turnover of Rs 4374.91 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Capital Goods index (down 1.41%), the S&P BSE Telecom index (down 1.26%), the S&P BSE Oil & Gas index (down 0.88%), the S&P BSE Teck index (down 0.72%), the S&P BSE Industrials index (down 0.7%), the S&P BSE Utilities index (down 0.64%), the S&P BSE Metal index (down 0.63%), the S&P BSE Power index (down 0.62%), the S&P BSE IT index (down 0.57%), the S&P BSE FMCG index (down 0.4%), the S&P BSE Finance index (down 0.38%), the S&P BSE Basic Materials index (down 0.31%) and the S&P BSE Healthcare index (down 0.30%), underperformed the Sensex. The S&P BSE Bankex (down 0.26%), the S&P BSE Energy index (up 0.04%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.15%), the S&P BSE Auto index (up 0.23%), the S&P BSE Consumer Durables index (up 0.64%) and the S&P BSE Realty index (up 0.74%), outperformed the Sensex.
Drug major Sun Pharmaceutical Industries fell 1.19% to Rs 526.15. On a consolidated basis, the company`s net profit fell 59.46% to Rs 1001.79 crore on 14.96% increase in net sales to Rs 6590.06 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours today, 14 November 2017.
Post implementation of Goods and Service Tax (GST) with effect from 1 July 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods included excise duty which is now subsumed in GST. Accordingly, revenue from operations for Q2 September 2017 are not comparable with those of the previous periods presented.
State-run Gail (India) rose 0.26% to Rs 456.45. The company`s net profit rose 41.64% to Rs 1309.63 crore on 2.91% increase in revenue from operations to Rs 12409.65 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours today, 14 November 2017.
Consequent upon implementation of Goods and Services Tax (GST) Act from 1 July 2017, total income excludes GST. Accordingly, total income for Q2 September 2017 is not cornparable with previous periods presented in the results.
Engineering and construction major L&T fell 2.46% to Rs 1,209.85.
Eicher Motors fell 1.57% at Rs 30,083.20. The company`s consolidated net profit rose 25.37% to Rs 518.02 crore on 23.5% growth in total revenue from operations (excluding excise duty) to Rs 2167.30 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 14 November 2017.
Siddhartha Lal, Managing Director and CEO, Eicher Motors, said on VE Commercial Vehicles` (VECV) performance that with better price management and continued focus on material cost reductions, EBIDTA margins for VECV improved by 100 basis points for the quarter. With reforms like GST, migration from BS III to BS IV emission norms behind now, the commercial vehicle industry started recovering in Q2 and VECV also registered a growth of 12.4% as compared to the corresponding quarter last year. At the same time, the market continues to be highly competitive with heavy discounts continuing, he added.
Grasim Industries fell 1.06% to Rs 1,209.05 after consolidated net profit fell 26.66% to Rs 799.03 crore on 62.71% growth in revenue from operations (excluding excise duty) to Rs 13645.67 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 14 November 2017.
Banks shares declined. Among private sector shares, Federal Bank (down 2.93%), City Union Bank (down 2.41%), IndusInd Bank (down 1.41%), HDFC Bank (down 0.68%), Yes Bank (down 0.41%), ICICI Bank (down 0.1%) and RBL Bank (down 0.09%), edged lower. Kotak Mahindra Bank (up 0.61%) and Axis Bank (up 1.57%), edged higher.
Among public sector shares, Vijaya Bank (down 3%), Dena Bank (down 2.88%), Union Bank of India (down 2.29%), Punjab & Sind Bank (down 1.97%), Punjab National Bank (down 1.73%), Canara Bank (down 1.67%), Bank of India (down 1.58%), Central Bank of India (down 1.58%), Bank of Maharashtra (down 1.29%), Indian Bank (down 1.19%), UCO Bank (down 1.09%), IDBI Bank (down 1.07%), Allahabad Bank (down 0.9%), State Bank of India (down 0.6%) and Syndicate Bank (down 0.47%), edged lower. Andhra Bank (up 0.48%), Corporation Bank (up 1.01%) and Bank of Baroda (up 1.51%), edged higher.
On the macro front, data released by the government during market hours today, 14 November 2017 showed that the annual rate of inflation, based on monthly wholesale price index (WPI), stood at 3.59% (provisional) for the month of Otober 2017 as compared to 2.6% (provisional) for the previous month and 1.27% during the corresponding month of the previous year.
Data released by the government after market hours yesterday, 13 November 2017 showed that India`s inflation based on consumer price index (CPI) has accelerated to 3.58% in October 2017, mainly driven by higher prices of food and fuel. In September, the CPI inflation was 3.28%.
Overseas, most European stocks edged higher, boosted by gains in telecom stocks. Asian stocks edged lower following a lackluster session on Wall Street and also as investors digested the release of a slew of Chinese economic data points. Industrial output in China was up 6.2% on year in October, the National Bureau of Statistics said today, 14 November 2017. It was down from 6.6% growth in September. Another data released today, 14 November 2017 showed China`s retail sales of consumer goods grew 10% year on year in October, down from 10.3% registered in September.
US stocks closed slightly higher yesterday, 13 November 2017 as worries about tax reform, capped gains in the major indexes.
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