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Indian shares closed marginally lower but managed to notch gains for the week led by gains in lenders.
The S&P BSE Sensex fell 0.2 percent to 28,077 while the NSE Nifty closed little changed at 8,693. However, both the indexes advanced 1.4 percent for the week.
The market breadth was slightly skewed in favour of the buyers at 754 advances, 728 declines and 53 stocks remaining unchanged.
Indian shares closed marginally lower but managed to notch gains for the week led by gains in lenders.
The S&P BSE Sensex fell 0.2 percent to 28,077 while the NSE Nifty closed little changed at 8,693. However, both the indexes advanced 1.4 percent for the week.
The market breadth was slightly skewed in favour of the buyers at 754 advances, 728 declines and 53 stocks remaining unchanged.
The market recovered from day’s low but is struggling to cross 8700 mark decisively due to lack of support from FIIs. The FIIs were not active in the market due to the surge in US dollar index led by increasing certainty of FED rate hike. As expected ECB maintained status quo and ruled out a possibility of sudden end in QE which provided breather to the market.”Vinod Nair, head of research, Geojit BNP Paribas Financial Services wrote in a note.
Shares of the cement maker dropped as much as 4.1 percent to Rs 1,618 after its third quarter earnings missed street expectations.
It clocked a net profit of Rs 84.1 crore for the July to September period, compared to Rs 117 crore a year earlier. A Bloomberg poll of analysts estimates had anticipated a profit of Rs 188.4 crore.
Shares of the cement maker dropped as much as 4.1 percent to Rs 1,618 after its third quarter earnings missed street expectations.
It clocked a net profit of Rs 84.1 crore for the July to September period, compared to Rs 117 crore a year earlier. A Bloomberg poll of analysts estimates had anticipated a profit of Rs 188.4 crore.
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The Stoxx Europe 600 Index gained for a fourth day as the MSCI Asia Pacific Index trimmed its weekly gain, weighed down by declines in Japanese equities after the nation was struck by an earthquake. The euro slid for a fourth day after the European Central Bank signaled an extension of its quantitative-easing program.
Shares of the chemicals and textiles company fell as much as 4.78 percent to Rs 281 despite the company reporting a 79.2 percent growth in net profit for the second quarter of the financial year.
Net profit came in at Rs 90.3 crore against Rs 50.4 crore in the previous year. The company's EBITDA margins saw a growth to 25.4 percent from 21.2 percent in the year ago period.
Shares of the steel maker as well as the pharmaceutical company fell after reporting second quarter earnings.
While Kalyani Steel Ltd. saw their net profit rise to Rs 37.6 crore against Rs 29.4 crore in the year ago period, its income from operations remained flat at Rs 330 crore. Shares of the company fell as much as 5.24 percent to Rs 325.
Unichem Labs Ltd. missed analyst estimates as the company’s net profit fell 11.3 percent to Rs 20.5 crore as compared to Rs 23.1 crore in the same quarter last year. The company’s EBITDA margins too fell from 11.1 percent to 10.8 percent. Shares of the company fell as much as 6.1 percent to Rs 286.25.
A group of 17 stocks hit their 52-week highs in trade today. Biocon Ltd. surged past the Rs 1,000 mark after the company posted a strong print in its second quarter earnings. Also among other stocks hitting 52-week highs were GAIL Ltd., United Phosphorous Ltd., Syngene Ltd., and Gulf Oil Lubricants Ltd., among others.
Stocks At 52-Week Highs:
Shares of Reliance Industries Ltd., fell as much as 2.1 percent to Rs 1,064 despite the company’s second quarter earnings beating analyst estimates.
To know the company’s post earnings trends over the last few quarters, read HERE.
Shares of Kajaria Ceramics Ltd. fell as much as 7.5 percent to Rs 610, continuing its downtrend after the company’s second quarter earnings missed analyst estimates.
The stock closed lower by 9.36 percent yesterday, falling as much as 11.78 percent once the results were declared.
Indian shares declined amid a pause in Asian equities as investors grapple with monetary policy uncertainty and lower-than-anticipated corporate earnings.
The S&P BSE Sensex slid 0.3 percent to 28,033 while the NSE Nifty slipped 0.3 percent as well to 8,675. Shares of technology companies gained while banks and metal firms witnessed selling pressure.
The market breadth was skewed in favour of buyers at 861 advances, 592 declines and 397 stocks remaining unchanged.
Indian shares declined amid a pause in Asian equities as investors grapple with monetary policy uncertainty and lower-than-anticipated corporate earnings.
The S&P BSE Sensex slid 0.3 percent to 28,033 while the NSE Nifty slipped 0.3 percent as well to 8,675. Shares of technology companies gained while banks and metal firms witnessed selling pressure.
The market breadth was skewed in favour of buyers at 861 advances, 592 declines and 397 stocks remaining unchanged.
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Movers & Shakers: HCL Technologies, Wipro, Reliance Industries, Yes Bank And More
Shares of the country’s fourth largest software services provider jumped as much as 4 percent to Rs 848 after it managed to beat street estimates for the June-September quarter.
Net profit for the quarter fell 1.9 percent to Rs 2,015 crore compared to Rs 2,055 crores in the quarter ended June 2016, according to the company’s filing on the exchanges. A Bloomberg estimate of analysts had pegged the figure at Rs 1,969 crore.
For a full report card on HCL Tech’s Q2 earnings, click HERE
Reliance Industries’ Q2 Revenue increases 20.2%. https://t.co/WfxAGjFtUx
— BloombergQuint (@BloombergQuint) October 20, 2016
The Big Debit Card Breach: What happened? How? What should card holders do now?@alexandermats reports
— BloombergQuint (@BloombergQuint) October 20, 2016
Read | https://t.co/DWSLDAxIs0 pic.twitter.com/nkqQ5UMJD0
Where is your tax money spent? Shouldn't the government tell you?
— BloombergQuint (@BloombergQuint) October 21, 2016
Asks @ShankkarAiyar
Read | https://t.co/FcmnzSkJ7N pic.twitter.com/QKac4O61zo
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, was little changed 8,694.
Asian stocks snapped a three-day winning streak as corporate earnings gave cause for caution and the euro sank to its weakest level since March. U.S. crude was below $51 a barrel after Russia’s largest oil company said the nation could boost production.
Hong Kong’s stock exchange cancelled its morning trading session as Typhoon Haima drew closer to the global financial centre, prompting schools to close and airlines to warn of disrupted flights.
On Thursday, U.S. stocks edged lower as disappointing results from Verizon Communications Inc. to EBay Inc. overshadowed gains in health-care and American Express Co.’s best rally in seven years.
U.S. Markets Give A Weak Handover To Asia pic.twitter.com/EERRtCDkow
— BloombergQuint (@BloombergQuint) October 21, 2016
Investors also grappled with a mixed bag of economic data and the prospect of a rate increase by the Federal Reserve.
As investors scour data for hints on the path for rates, a report on Thursday showed sales of previously owned homes increased more than projected in September. Filings for unemployment benefits rose by the most since July, after spending several weeks at or near a four-decade low, according to another gauge. A separate measure indicated expansion in Philadelphia-area manufacturing slowed this month.
Filings for U.S. unemployment benefits rose last week by the most since July. https://t.co/fuESvYYtWX @PattyLaya pic.twitter.com/7413PXjeE0
— BloombergQuint (@BloombergQuint) October 20, 2016
Odds on the Fed raising rates by December have increased by about two percentage points over the past week, to 68 percent, according to Fed funds futures tracked by Bloomberg.
European Central Bank President Mario Draghi’s remarks on monetary policy also added to uncertainty in financial markets.
The ECB left interest rates unchanged yesterday, as was widely anticipated. However, during a news conference Draghi indicated that there was no discussion of tapering or extending the ECB’s bond-buying program among European policy makers.
'Financial markets have “decoupled” from the economic problems of the world.'https://t.co/lXouqVs2UW
— BloombergQuint (@BloombergQuint) October 20, 2016
(With inputs from Bloomberg News)
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