Fresh selling in index pivotals once again pulled the key benchmark indices near intraday low in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 269.50 points or 0.8% at 33,420.59. The Nifty 50 index was down 80.75 points or 0.8% at 10,044.15. Intraday volatility was high. IT stocks declined.
Trading for the day began on a weak note as the key benchmark indices drifted lower in early trade as most Asian stocks fell. Key benchmark indices cut losses in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices resumed decline in mid-morning trade. After a mild recovery in early afternoon trade, the key equity benchmarks once again succumbed to selling pressure in afternoon trade.
The S&P BSE Mid-Cap index was off 0.25%. The S&P BSE Small-Cap index was off 0.19%.
The market breadth, indicating the overall health of the market, turned negative from positive in mid-afternoon trade. On the BSE, 1031 shares rose and 1416 shares fell. A total of 159 shares were unchanged.
Yes Bank (down 7.34%), Axis Bank (down 3.2%), ONGC (down 3.05%) and IndusInd Bank (down 2.43%), were the major Sensex losers.
ITC fell 3.12%. The company's net profit rose 11.93% to Rs 2,954.67 crore on 14.80% increase in total income to Rs 11,776.63 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 26 October 2018.
IT stocks declined. TCS (down 2.09%), Infosys (down 2.19%), Wipro (down 0.11%), HCL Technologies (down 3.78%), Oracle Financial Services Software (down 1.2%), MindTree (down 2.52%) and Hexaware Technologies (down 3.34%) edged lower. Tech Mahindra (up 0.35%) and Mphasis (up 0.97%) rose.
Raymond rose 11.46% after consolidated net profit rose 4.76% to Rs 65.20 crore on 15.81% rise in net sales to Rs 1847.75 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 25 October 2018.
On the macro front, the fiscal deficit of the Central government has widened in the first half of 2018-19 to 95.3% of the Budget Estimate (BE), mainly on account of slow growth in revenue collections. The deficit was at 91.3% of BE at September-end of the last financial year.
The Government of India has received Rs 7,09,483 crore (39.03% of corresponding BE 18-19 of Total Receipts) upto September 2018 comprising Rs 5,82,783 crore Tax Revenue (Net to Centre), Rs 1,08,969 crore of Non-Tax Revenue and Rs 17,731 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans (Rs 7,786 crore) and Disinvestment of PSUs (Rs 9,945 crore).
Overseas, European stocks were trading lower Friday, tracking overnight losses in Asia as anxiety over the outlook for US corporate profits renewed concerns about global economic growth.
The European Central Bank (ECB) reaffirmed its plan to end the asset-buying program at the heart of its quantitative-easing strategy in December provided data show inflation remains on track to eventually meet its target. The ECB left interest rates unchanged and repeated that they will remain at present levels at least through the summer of 2019.
Most Asian stocks were trading lower after disappointing results from Alphabet Inc and Amazon.com heightened concerns over the outlook for US corporate earnings, global trade and economic growth.
US stock benchmarks staged a comeback yesterday, 25 October 2018, on bargain hunting, with traders picking up stocks at reduced levels after the sell-off in the previous session. In economic data, the US pending home sales edged up 0.5% to a reading of 104.6 in September from 104.1 in August, the National Association of Realtors said Thursday.
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