High volatility was witnessed on the bourses in early trade as key indices nosedived into the negative terrain once again after regaining positive terrain and making decent gains later on after opening slightly lower. Weakness in Asian stocks weighed on sentiment. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 78.29 points or 0.29% at 26,578.54. The 50-unit CNX Nifty was down 22.75 points or 0.28% at 8,043.05. Consumer durables and capital goods stocks led decline on the bourses.
The market breadth indicating the overall health of the market was negative. On BSE, 667 shares fell and 640 shares rose. A total of 55 shares were unchanged. The BSE Mid-Cap index was down 0.33%. The decline in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was down 0.05%. The decline in the index was lower than Sensex's fall in percentage terms.
In overseas markets, Asian stocks declined after soft Chinese factory surveys stoked global growth concerns. US stocks drifted lower on Friday, 30 October 2015, after government economic data released on that day and earlier that week suggested the economy is still sluggish,
IDFC dropped 4.25% after the company reported a reverse turnaround in Q2 results. On a consolidated basis, IDFC reported net loss of Rs 1468.83 crore in Q2 September 2015 compared with net profit of Rs 421.40 crore in Q2 September 2014. IDFC's total income rose 1.02% to Rs 2512.90 crore in Q2 September 2015 over Q2 September 2014. IDFC's gross loan book decreased by 15% to Rs 46889 crore as on 30 September 2015 from Rs 54851 crore as on 30 September 2014. The result was announced on Saturday, 31 October 2015.
Coal India rose 0.2%. The company announced before market hours today, 2 November 2015, that the company and its subsidiaries achieved 95% of targeted coal production at 44.37 million tonnes in October 2015. The company achieved 100% of targeted offtake at 44.41 million tonnes in October 2015.
Mahindra & Mahindra (M&M) gained 2.25% after the company reported good auto sales in October. The company said on Sunday, 1 November 2015 that total auto sales rose 20% to 51,383 units in October 2015 over October 2014. Domestic sales rose 21% to 48,815 units in October 2015 over October 2014. Exports rose 3% to 2,568 units in October 2015 over October 2014.
Separately, the company said on Sunday, 1 November 2015, total tractor sales fell 12% to 28,081 units in October 2015 over October 2014. Domestic tractor sales dropped 11% to 27,280 units in October 2015 over October 2014. Exports dropped 28% to 801 units in October 2015 over October 2014.
Tata Motors gained 1.4% after reporting decent sales in October. The company said on Sunday, 1 November 2015, that it continued to witness strong growth in certain key segments in October 2015 over October 2015. Total sale of Tata Motors passenger and commercial vehicles rose 1% at 43,486 vehicles, in October 2015 over October 2014. The domestic sale of Tata commercial and passenger vehicles remained flat at 38,917 units in October 2015 over October 2014. Tata Motors passenger vehicles recorded a growth of 11% to 12,798 units in October 2015 over October 2014. In commercial vehicles, M&HCV sales rose 20% at 12,504 units in October 2015 over October 2014. The Light & Small Commercial Vehicle sales however continued to reflect industry decline and fell 19% at 13,615 units in October 2015 over October 2014. These impacted the overall commercial vehicles sales for Tata Motors in the domestic market with sales falling 4% at 26,119 units in October 2015 over October 2014. The company's sales from exports rose 13% at 4,569 units in October 2015 over October 2014.
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