A divergent trend for various index constituents resulted in minuscule losses for key benchmark indices. The barometer index, the S&P BSE Sensex, fell 34.05 points or 0.12% to 27,272.78, as per the provisional closing data. The 50-unit CNX Nifty fell 9.95 points or 0.12% to 8,251.70, as per the provisional closing data. The market breadth indicating the overall health of the market was negative. On BSE, 1,391 shares fell and 1,242 shares rose. A total of 172 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.13%. The BSE Small-Cap index provisionally fell 0.34%. The decline in both these indices was higher than Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2871 crore, lower than turnover of Rs 3376.86 crore registered during the previous trading session.
Metal shares edged higher. Vedanta (up 3.36%), Hindustan Zinc (up 2.33%), Tata Steel (up 1.66%), National Aluminium Company (up 1.63%), Jindal Steel & Power (up 1.46%), Hindalco Industries (up 1.36%), JSW Steel (up 1.32%), Steel Authority of India (up 1.09%) and Hindustan Copper (up 0.60%), edged higher. NMDC (down 0.49%) and Bhushan Steel (down 1.29%), edged lower.
ACC rose 0.22% at Rs 1,385.20. The stock hit a high of Rs 1,386.20 and a low of Rs 1,358 in intraday trade. ACC's consolidated net profit fell 40.2% to Rs 115.21 crore on 1.5% decline in total income to Rs 2808.29 crore in Q3 September 2015 over Q3 September 2014. ACC said that the company made a provision of Rs 38 crore in Q3 September 2015 for the District Mineral Foundation and National Mineral Exploration Trust. While sales realization was almost flat, there was a reduction in input and energy costs, ACC said. The company continues its focus on cost management, ACC said.
HDFC Bank edged lower as second quarter results came more or less in line with market expectations. The stock fell 0.18% at Rs 1,093.15. The stock hit a high of Rs 1,103.90 and a low of Rs 1,085.30 in intraday trade. The bank's net profit rose 20.49% to Rs 2869.45 crore on 24.68% growth in total income to Rs 17324.28 crore in Q2 September 2015 over Q2 September 2014. HDFC Bank's net interest income rose 21.2% to Rs 6680.90 crore in Q2 September 2015 over Q2 September 2014.
Bajaj Auto edged higher after the company reported improvement in its operating EBITDA (earnings before interest, taxation, depreciation and amortization) margin in Q2 September 2015. The stock rose 3.33% at Rs 2,519.45. The stock hit a high of Rs 2,535 and a low of Rs 2,435 in intraday trade. The company's net profit surged 57.9% to Rs 933.06 crore on 2.85% growth in total income to Rs 6250.42 crore in Q2 September 2015 over Q2 September 2014. The sharp surge in bottom line on year-on-year basis was due to base effect. Bajaj Auto's bottom line in Q2 September 2014 was hit adversely by a one-time exceptional charge of Rs 340.29 crore related to national calamity contingent duty (NCCD).
Bajaj Auto's operating EBITDA before mark-to-market (MTM) gain/loss related to foreign currency transactions rose 8.73% to Rs 1357 crore in Q2 September 2015 over Q2 September 2014. Operating EBITDA margin improved to 22.1% in Q2 September 2015 from 20.8% in Q2 September 2014.
Hero MotoCorp rose 0.23% to Rs 2,611. The stock hit a high of Rs 2,665 and a low of Rs 2,592.20 in intraday trade. The company's net profit rose 1.13% to Rs 772.06 crore on 2.37% decline in total income to Rs 6939.68 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 20 October 2015. The company's EBITDA (earnings before interest, taxation, depreciation and amortization) margin improved to 15.85% in Q2 September 2015 from 13.52% in Q2 September 2014.
Pawan Munjal, Chairman, Managing Director and Chief Executive Officer of Hero MotoCorp said that Q2 September 2015 saw the beginning of a sales revival and the management is cautiously optimistic that this trend will continue in the second half of FY 2016. The festive season could lead to positive sentiment in the market, which may help maintain the momentum in the coming months, Munjal said.
In overseas stock markets, Chinese equities retreated from an eight-week high as investors weighed whether an equity rebound had gone too far. The Shanghai Composite lost 3.06%. Japanese stocks edged higher as data showing lower-than-expected growth in Japan's merchandise exports in September 2015 added to expectations that the Japanese government will announce fiscal stimulus and the country's central bank will announce expansion of its bond-buying program. Weak Japanese data in recent months has fuelled expectations for additional fiscal and monetary stimulus. Recent data showed that Japanese industrial production fell for the second month in a row in August 2015. European stocks edged higher in volatile trade.
India's stock market remains closed tomorrow, 22 October 2015, on account of Dussehra.
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