Losses for stocks of private sector banks, pharma companies and index heavyweight Reliance Industries (RIL) outweighed gains for auto sector stocks and shares of public sector banks to push key benchmark indices lower. The barometer index, the S&P BSE Sensex, fell 37.67 points or 0.14% to settle at 26,552.92. The decline for the 50-unit CNX Nifty index was higher in percentage terms than that for the Sensex. The Nifty fell 20.50 points or 0.25% to settle at 8,040.20. After paring gains from an initial upmove, key benchmark indices slipped into the red from green later. The Sensex and the Nifty, both, hit their lowest closing level in almost five weeks.
Tech Mahindra edged lower in volatile trade after the announcement of second quarter September 2015 results. GAIL (India) declined after the company announced weak Q2 results. Tata Motors surged on reports that the company's British luxury car unit Jaguar and Land Rover (JLR) registered strong growth in US sales in October 2015. PSU OMCs were in demand.
The Sensex fell 37.67 points or 0.14% to settle at 26,552.92, its lowest closing level since 1 October 2015. The Sensex shed 80.28 points or 0.3% at the day's low of 26,510.31. The barometer index jumped 209.47 points or 0.78% at the day's high of 26,800.06, its highest level since 2 November 2015.
The CNX Nifty fell 20.50 points or 0.25% to settle at 8,040.20, its lowest closing level since 1 October 2015. The Nifty lost 33.40 points or 0.41% at the day's low of 8,027.30. The index rose 55.40 points or 0.68% at the day's high of 8,116.10, its highest level since 30 October 2015.
The market breadth indicating the overall health of the market was negative. On BSE, 1,464 shares fell and 1,267 shares rose. A total of 129 shares were unchanged. The BSE Mid-Cap index rose 0.19%, outperforming the Sensex. The BSE Small-Cap index fell 0.33%. The decline in this index was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2766 crore, higher than turnover of Rs 2583.22 crore registered during the previous trading session.
Among the sectoral indices on BSE, the S&P BSE Healthcare index (down 0.79%), the S&P BSE IT index (down 0.57%), the S&P BSE Bankex (down 0.48%), the S&P BSE Teck index (down 0.45%), the S&P BSE Power index (down 0.35%), the S&P BSE Capital Goods index (down 0.33%) and the S&P BSE Consumer Durables index (down 0.23%), underperformed the Sensex. The S&P BSE Realty index (down 0.11%), the S&P BSE Oil & Gas index (down 0.09%), the S&P BSE FMCG index (up 0.29%), the S&P BSE Metal index (up 0.41%) and the S&P BSE Auto index (up 1.69%), outperformed the Sensex.
Index heavyweight Reliance Industries (RIL) declined in volatile trade. The stock fell 1.48% to Rs 952.10. The stock hit high of Rs 975 and low of Rs 946.70 in intraday trade.
Pharma stocks declined. Cipla (down 0.49%), Lupin (down 1.25%), Sun Pharmaceutical Industries (down 1.88%), Pfizer (down 1.38%), GlaxoSmithKline Pharmaceuticals (down 0.49%), Aurobindo Pharma (down 2.85%) and Wockhardt (down 0.09%) fell. Glenmark Pharmaceuticals (up 0.44%) and Cadila Healthcare (up 1.76%) rose.
Dr Reddy's Laboratories shed 0.22%. The company during market hours today, 4 November 2015, announced that it has entered into a strategic alliance with Biocodex to market and distribute the latter's products in the Romanian market. Dr Reddy's will aim to develop the access of the Romanian patients to the Rx portfolio, including Biocodex's well known over the counter products, ENTEROL and OTIPAX.
Cairn India edged lower after Vedanta Resources Plc said that it is aiming to complete the merger of Cairn India with Vedanta Limited by the second quarter of calendar year 2016. The stock lost 1.55%. Vedanta Limited rose 0.31%. Vedanta Resources Plc commented on the progress of the merger at the time of announcing its interim financial results for six months ended 30 September 2015.
Tech Mahindra edged lower in volatile trade after the announcement of second quarter September 2015 results. The stock shed 2.67% at Rs 542.25. The stock hit high of Rs 569 and low of Rs 540.40. Tech Mahindra's consolidated net profit rose 16.2% to Rs 785.60 crore on 5.1% rise in revenue to Rs 6615.50 crore in Q2 September 2015 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16.5% to Rs 1101 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours yesterday, 3 November 2015.
Power Grid Corporation of India edged lower in volatile trade after the announcement of second quarter September 2015 results. The stock shed 0.27% to Rs 131.10. The stock hit high of Rs 134 and low of Rs 130.55. The company's net profit rose 20.54% to Rs 1448.04 crore on 16.65% rise in total income to Rs 5026.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.
GAIL (India) declined 1.77% after the company announced weak Q2 results. Net profit dropped 66.19% to Rs 440.51 crore on 0.33% growth in total income to Rs 14466.68 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. There was no subsidy sharing burden for GAIL (India) in Q2 September 2015. There was no subsidy sharing burden for the company during the corresponding quarter of the previous year.
NMDC rose 0.42%. The company has announced that it has charted out 'Vision 2020' plan to increase the iron ore mining capacity to 75 million tonnes per annum (MTPA) by 2018-19 and 100 MTPA by 2021-22. NMDC's total iron ore production stood at 30.4 million tonnes in the year ended 31 March 2015 (FY 2015).
Meanwhile, NMDC cut lump ore prices by 4% while raising of prices of iron ore fines by 6.84% with effect from 3 November 2015. NMDC reviews iron ore prices at the beginning of every month.
Auto stocks edged higher on renewed buying. Mahindra & Mahindra (M&M) (up 1.63%), Bajaj Auto (up 1.41%) gained. Eicher Motors (down 1.25%) and TVS Motor Company (down 0.66%) declined.
Tata Motors surged 6.45% after reports after the company's British luxury car subsidiary Jaguar and Land Rover (JLR) reported a 76.1% growth in US sales to 8,187 vehicles in October 2015 over October 2014.
Maruti Suzuki India rose 0.64% after its Japanese parent Suzuki Motor Corporation lifted its full year forecast of operating income and ordinary income at the time of announcement of its second quarter September 2015 results. Suzuki also raised its full year forecast of net income attributable to owners of the parent. Suzuki said that its overseas net sales increased during the six months ended 30 September 2015, mainly owing to the increase in sales in India and Pakistan. Suzuki holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 September 2015).
Suzuki left its full year net sales growth forecast unchanged at 2.8%.
Hero MotoCorp rose 1.23%, with the stock extending gains registered during the previous trading session triggered by the company announcing record monthly sales in October 2015. The stock had risen 1.26% yesterday, 3 November 2015. The company's total sales rose 11.25% to 6.39 lakh units in October 2015 over October 2014.
Ashok Leyland gained 2.32% ahead of its Q2 results today, 4 November 2015.
PSU bank stocks rose. State Bank of India (SBI) (up 0.89%), Punjab National Bank (up 0.73%), Bank of Baroda (up 0.71%), Bank of India (up 0.11%) and Union Bank of India (up 2.78%) gained.
Canara Bank fell 2.27% after the state-run bank declared weak Q2 result. Canara Bank's net profit declined 15.63% to Rs 528.86 crore on 4.72% growth in total income to Rs 12477.95 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 4 November 2015.
On absolute basis, Canara Bank's gross non-performing assets (NPAs) stood at Rs 14021.34 crore as on 30 September 2015 compared with Rs 13080.63 crore as on 30 June 2015 and Rs 9164.26 crore as on 30 September 2014. The ratio of gross NPAs to gross advances stood at 4.27% as on 30 September 2015 as against 3.98% as on 30 June 2015 and 2.92% as on 30 September 2014. The ratio of net NPAs to net advances stood at 2.9% as on 30 September 2015 as against 2.74% as on 30 June 2015 and 2.31% as on 30 September 2014.
The bank's provisions and contingencies surged 48.98% to Rs 1212.31 crore in Q2 September 2015 over Q2 September 2014.
Shares of most private banks declined. Axis Bank (down 0.44%), HDFC Bank (down 0.17%), ICICI Bank (down 2.06%), and Kotak Mahindra Bank (down 1.43%), edged lower. Federal Bank (up 0.16%), Yes Bank (up 0.53%), and IndusInd Bank (up 0.21%) gained.
PSU OMCs were in demand. BPCL (up 1.2%), HPCL (up 0.89%) and Indian Oil Corporation (up 2.2%) gained.
Aegis Logistics tumbled 12.31% after consolidated net profit rose 3.8% to Rs 26.61 crore on 66.8% decline in net sales to Rs 494.49 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.
Gujarat Narmada Valley Fertilizers & Chemicals surged 15.42% after the company reported net profit of Rs 52.67 crore in Q2 September 2015 compared with net loss of Rs 30.37 crore in Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.The company's net sales declined 11% to Rs 1151.57 crore in Q2 September 2015 over Q2 September 2014.
Sun Pharma Advanced Research Company fell 1.78% after the company reported a net loss of Rs 17.74 crore in Q2 September 2015 compared with net loss of Rs 1.47 crore in Q2 September 2014. The result was announced during trading hours today, 4 November 2015. Total income fell 7% to Rs 43.33 crore in Q2 September 2015 over Q2 September 2014.
Xpro India slumped 9.19% after the company reported net loss of Rs 8.61 crore in Q2 September 2015, lower than net loss of Rs 10.49 crore in Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. Xpro India's net sales declined 7.3% to Rs 62.93 crore in Q2 September 2015 over Q2 September 2014.
On the macro front, the outcome of a monthly survey showed that growth in India's services sector accelerated last month on the back of a pick up in new business. The seasonally adjusted Nikkei Services Business Activity Index reached eight-month high of 53.2 in October 2015. Services business sentiment regarding the 12-month outlook for activity remained positive in October. The degree of confidence signalled was the strongest since July.
The Sensex has declined 103.91 points or 0.38% in this month so far (till 4 November 2015). The Sensex has fallen 946.50 points or 3.44% in this calendar year so far (till 4 November 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,719.38 points or 6.92%. The Sensex is off 3,471.82 points or 11.56% from a record high of 30,024.74 hit on 4 March 2015.
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