Market flat in early trade

A divergent trend was witnessed in early trade as the barometer index, the S&P BSE Sensex, was a tad lower while the 50-unit CNX Nifty registered marginal gains. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 4.86 points or 0.02% at 26,833.28. The 50-unit CNX Nifty was up 1.85 points or 0.02% at 8,113.60.

The market breadth indicating the overall health of the market was strong. On BSE, 878 shares rose and 375 shares fell. A total of 60 shares were unchanged. The BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.25%. Both these indices outperformed the Sensex.

In overseas markets, Asian markets were trading lower for the second consecutive day on mounting speculation that the US Federal Reserve will raise interest rates at the end of the year. US stocks finished slightly lower yesterday, 29 October 2015 succumbing to weaker-than-expected readings on gross domestic product and pending home sales. Economic data released yesterday, 29 October 2015 showed that US gross domestic product increased at a 1.5% annual rate in the third quarter, slowing from a 3.9% rise in the second quarter. Another economic data released yesterday, 29 October 2015 showed that pending home sales fell in September, the second drop in a row.

Dr Reddy's Laboratories rose 1.9%. The company's consolidated net profit rose 26% to Rs 720 crore on 11% growth in revenue to Rs 3990 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 29 October 2015. In constant currency terms, Dr Reddy's Laboratories' revenue grew 14% in Q2 September 2015 over Q2 September 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 31% to Rs 1140 crore in Q2 September 2015 over Q2 September 2014.

ICICI Bank rose 1.14% ahead of its Q2 result today, 30 October 2015.

Index heavyweight and cigarette major ITC shed 0.87% ahead of its Q2 result today, 30 October 2015.

Cipla rose 0.64%. Cipla after market hours yesterday, 29 October 2015 said that it has entered into a definitive agreement to sell its entire remaining 25% stake in Biomab Holding Limited, Hong Kong (BHL) to Biomab Brilliant Limited, British Virgin Islands for a total consideration of $25.77 million. BHL is focused on developing Biosimilars for the Chinese market. Cipla said that the decision to divest its entire remaining stake in Hong Kong based BHL was taken with a view to focus on global product development of Biosimilars in the field of cancer, auto-immune diseases, respiratory diseases and diabetes.

HCL Technologies slipped 0.55%. HCL Technologies yesterday, 29 October 2015 announced that it has acquired Minneapolis-based PowerObjects - a leading North American provider of Microsoft Dynamics CRM. This acquisition will bolster HCL's global applications business, which offers transformational programs and complex application management for a myriad of clients' technology landscapes, HCL Technologies said. The total cash consideration for this transaction is approximately $46 million, including contingent payments subject to certain financial milestones. PowerObjects had trailing twelve-month revenues of approximately $37 million as of 30 September 2015. The announcement was made after market hours yesterday, 29 October 2015.

PowerObjects is a professional services firm completely focused on providing service, support, education and add-ons for Microsoft Dynamics CRM. This acquisition enables HCL to take advantage of the rapidly-growing global CRM industry, as Microsoft Dynamics is one of the fastest growing CRM products in the market, the company said.

Nestle India fell 1.13%. The company's net profit dropped 60.1% to Rs 124.20 crore on 31.56% fall in total income to Rs 1769.58 crore in Q3 September 2015 over Q3 September 2014. The result was announced after market hours yesterday, 29 October 2015.

Powered by Capital Market - Live News