Market registers modest losses

Key benchmark indices registered modest losses in a volatile session of trade. The barometer index, the S&P BSE Sensex was down 99.84 points or 0.3% at 32,933.72, as per the provisional closing data. The Nifty 50 index fell 43 points or 0.42% at 10,181.95, as per the provisional closing data. 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.

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 lost 126.45 points or 0.38% at the day's low of 32,907.11 in late trade, its lowest level since 26 October 2017. The index rose 92.99 points or 0.28% at the day's high of 33,126.55 in early trade. The Nifty lost 49.40 points or 0.48% at the day's low of 10,175.55 in late trade, its lowest level since 23 October 2017. The index rose 23.05 points or 0.22% at the day's high of 10,248 in early trade.

Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.22%. The S&P BSE Small-Cap index provisionally lost 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, 1,551 shares declined and 1,156 shares rose. A total of 140 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.

Capital goods stocks were mixed. L&T (down 2.45%), Siemens (down 1.23%), Bharat Electronics (down 2.18%), BEML (down 1.21%) and Suzlon Energy (down 0.68%) declined. Bhel (up 1.95%), Havells India (up 0.5%), Thermax (up 1.4%) and ABB India (up 0.24%) edged higher.

Eicher Motors was down 1.43% at Rs 30,125. 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 was down 1.87% to Rs 1,199.10 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.

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 October 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, 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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