Amid a divergent trend among various index constituents, key benchmark indices registered small gains. The barometer index, the S&P BSE Sensex, rose 41.58 points or 0.16% at 26,196.41, as per provisional closing data. The 50-unit CNX Nifty rose 2 points or 0.03% at 7,950.90, as per provisional closing data. The Nifty could not retain the psychological 8,000 level which it crossed in early trade.
Cement stocks nudged higher on renewed buying. Shares of frontline pharma companies edged higher. Auto stocks witnessed a mixed trend after announcing monthly sales volume data for September 2015. Most bank stocks dropped. Among index heavyweights, L&T and Infosys edged higher whereas HDFC dropped. HCL Technologies tumbled after issuing revenue warning for Q1 September 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,371 shares rose and 1,324 shares declined. A total of 124 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.19%. The BSE Small-Cap index was provisionally up 0.2%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2927 crore, lower than turnover of Rs 4344.13 crore registered during the previous trading session.
Pharma stocks were mostly higher. Lupin (up 3.37%), Sun Pharmaceutical Industries (up 2.37%), Dr Reddy's Laboratories (up 1.83%), Strides Arcolab (up 1.03%), GlaxoSmithkline Pharmaceuticals (up 0.26%) and Divi's Laboratories (up 0.83%) edged higher. Wockhardt (down 0.02%), Cipla (down 0.28%), Glenmark Pharmaceuticals (down 0.76%) and Ipca Laboratories (down 0.48%) edged lower.
FMCG stocks gained. Britannia Industries (up 1.24%), Godrej Consumer Products (up 1.16%), Colgate Palmolive (India) (up 0.29%), Procter & Gamble Hygiene and Health Care (up 0.55%), Bajaj Corp (up 0.4%), Tata Global Beverages (up 1.84%), Nestle India (up 0.88%), Dabur India (up 0.83%) and Hindustan Unilever (up 0.09%) edged higher. Marico (down 0.96%), GlaxoSmithkline Consumer Healthcare (down 0.32%) and Jyothy Laboratories (down 0.22%) edged lower.
HCL Technologies tumbled 12.45% at Rs 859.90 after the company after market hours yesterday, 30 September 2015, in a pre-quarter earnings update said that its revenue growth in Q1 September 2015 is likely to be tepid on account of adverse currency impact, a client specific issue and skewness in revenue growth due to transition timelines for complex engagements particularly in infrastructure services vertical. During this quarter, revenues to be reported in US dollar would have an adverse impact of 80 basis points (bps) on account of sharp depreciation of multiple currencies against the US dollar, the company added.
HCL Technologies said that certain differences have arisen with one particular multi-million multi-year custom application development project being executed by the company for one of the customers in the public services vertical. The company further said that the contract is likely to be cancelled and as a matter of prudence the company is considering reserving a sum of up to $20 million in Q1 September 2015.
Mahindra & Mahindra (M&M) was down 0.44% at Rs 1,255.15. The stock hit a high of Rs 1,278.95 and a low of Rs 1,242.05 in intraday trade. M&M's total tractor sales declined 37% to 18,087 units in September 2015 over September 2014. Domestic tractor sales fell 38% to 17,052 units in September 2015 over September 2014. Exports declined 27% to 1,035 units in September 2015 over September 2014. The company announced its tractor sales volume data for the month of September during market hours today, 1 October 2015.
Separately, M&M during market hours today, 1 October 2015 said that its total auto sales dropped 5% to 42,848 units in September 2015 over September 2014. Domestic auto sales fell 6% to 39,693 units in September 2015 over September 2014. Exports rose 26% to 3,155 units in September 2015 over September 2014.
Eicher Motors rose 2.49% at Rs 18,235 after company's subsidiary VE Commercial Vehicles reported 27.72% rise in total sales to 4,248 units in September 2015 over September 2014. The announcement was made during market hours today, 1 October 2015.
Ashok Leyland rose 2.01% at Rs 94.05 after the company said that its total sales jumped 61% to 14,771 units in September 2015 over September 2014. Sales of medium & heavy commercial vehicles (M&HCV) jumped 83% to 12,134 units in September 2015 over September 2014. Sales of light commercial vehicles (LCV) rose 3% to 2,637 units in September 2015 over September 2014. The company made announcement during market hours today, 1 October 2015.
Meanwhile, the outcome of a monthly survey showed that India's manufacturing sector lost growth momentum last month. Due to slower increase in new business, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to seven-month low of 51.2 in September 2015 from 52.3 in August 2015.
Separately, data released by the government after trading hours yesterday, 30 September 2015, showed that the output of eight core industries, comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) registered growth of 2.6% in August 2015 over August 2014. Its cumulative output growth during April to August 2015-16 was 2.2% compared with 5.6% growth in the corresponding period of last year.
In overseas stock markets, European stocks edged higher in choppy trade as better-than-expected Chinese manufacturing data for September 2015 helped calm fears about the economic slowdown in the world's second largest economy. Earlier during the global day, Asian stocks nudged higher after the better-than-expected official Chinese manufacturing data for September 2015. Trading in US index futures indicated further gains for US stocks after a rally overnight triggered by solid US private sector payroll data for September 2015. Trading in US index futures indicated that the Dow Jones Industrial Average may surge 115.50 points at the opening bell today, 1 October 2015.
Meanwhile, India's stock market remains closed tomorrow, 2 October 2015, on account of Gandhi Jayanti.
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