Stocks trade lower in early trade

Key benchmark indices dropped in early trade, with the indices extending Friday, 11 November 2016's steep slide of around 2.5%. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 288.53 points or 1.08% at 26,556.54. The Nifty 50 index was down 91.35 points or 1.1% at 8,204.95. Auto and realty stocks led losses on the bourses. Uncertainty surrounding recent demonetization of higher denomination notes by the Indian government and future policies of newly elected US president Donald Trump continued to weigh on sentiment.

The market breadth indicating the overall health of the market was weak. On BSE, 1,289 shares fell and 376 shares rose. A total of 68 shares were unchanged. The BSE Mid-Cap index was currently down 1.58%. The BSE Small-Cap index was currently down 1.88%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

In overseas markets, Asian stocks were mixed. US stocks closed little changed yesterday, 14 November 2016, after rising dramatically the week before and a decline in the technology sector offset a steep rise in financial stocks as investors bet on higher interest rates. The Dow Jones Industrial Average settled at another record closing high.

Tata Motors shed 4.99%. The company reported consolidated net profit of Rs 848.16 crore in Q2 September 2016 as compared with net loss of Rs 1740.20 crore in Q2 September 2015. Total income rose 7% to Rs 66,106.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Monday, 14 November 2016, when the stock market was closed for a public holiday.

GAIL (India) rose 0.39% ahead of its Q2 September 2016 results today, 15 November 2016.

Aurobindo Pharma gained 2.12% after consolidated net profit rose 33.53% to Rs 605.64 crore on 12.03% rise in total income to Rs 3783.73 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Monday, 14 November 2016.

Bank of Baroda rose 4.76% after net profit jumped 343.54% to Rs 552.12 crore on 2.06% decline in total income to Rs 12046.60 crore in Q2 September 2016 over Q2 September 2015. The result was announced was announced after market hours on Friday, 11 November 2016.

Tata Steel dropped 2.61% after the company recorded consolidated net loss of Rs 49.38 crore in Q2 September 2016 compared with consolidated net profit of Rs 5609.43 crore in Q2 September 2015. Total income fell 0.01% to Rs 27579.57 crore in Q2 September 2016 over Q2 September 2015. The result was announced was announced after market hours on Friday, 11 November 2016.

Bharat Petroleum Corporation (BPCL) dropped 1.67%. The company's net profit rose 26.16% to Rs 1305.18 crore on 2.67% fall in total income to Rs 45715.06 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 11 November 2016.

Separately, BPCL after market hours on Friday, 11 November 2016 announced formation of Joint Venture with GAIL Gas for a City Gas Distribution (CGD). Consortium of BPCL and GAIL Gas has been awarded the authorization for laying, building, operating and expanding of a City Gas Distribution Network (CGD Network) in the geographical area of North Goa by the Petroleum and Natural Gas Regulatory Board established under the PNGRB Act, 2006. The board of directors of the company has approved the proposal to form a new Joint Venture Company (JVC) for this purpose, BPCL said. The proposed JVC shall have equal equity participation from BPCL and Gail Gas and with a provision for equity stake of up to 10% for government of Goa or its nominee. The authorization provides exclusively for laying gas pipelines and related infrastructure in the GA over the next 25 years and a marketing exclusivity for 5 years. The CGD Network shall cater to the demand of CNG and Piped Natural Gas to consumers in the domestic, commercial and industrial segments.

On macro front, the industrial production (IIP) data announced after market hours on Friday, 11 November 2016 showed that IIP rose 0.7% in September 2016 over September 2015. The IIP contracted 0.7% in August, and shrank 2.5% in July.

Powered by Capital Market - Live News