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Indian shares closed little changed on Friday, but lower for the week, as investors parsed a flurry corporate earnings amid speculation major central banks are moving closer to reining in stimulus.
The S&P BSE Sensex was unchanged at 27,933 while the NSE Nifty gained 0.2 percent to 8,636. However, both the indices closed around 0.5 percent lower for the week. The market breadth, however, remained encouraging throughout the day, ending with 973 stocks advancing, 639 declining and 273 remaining unchanged.
Indian shares closed little changed on Friday, but lower for the week, as investors parsed a flurry corporate earnings amid speculation major central banks are moving closer to reining in stimulus.
The S&P BSE Sensex was unchanged at 27,933 while the NSE Nifty gained 0.2 percent to 8,636. However, both the indices closed around 0.5 percent lower for the week. The market breadth, however, remained encouraging throughout the day, ending with 973 stocks advancing, 639 declining and 273 remaining unchanged.
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Metals have undoubtedly been the star of Samvat 2072. While the Sensex has gained 7.9 percent since last Diwali, the S&P BSE Metal Index has shot up 43.4 percent.
Shares of the toothpaste and soap maker jumped as much as 6 percent to Rs 992 after reporting second quarter earnings.
The FMCG firm posted a net income of Rs 181 crore for quarter-ended September, against Rs 166 crore estimated by analysts in a Bloomberg poll. It clocked net sales of Rs 1,200 crore for the three-month period against an estimate of Rs 1,130 crore.
The total costs from to Rs 960 crore versus Rs 870 in the year ago period. Its product sales rose 4 percent.
Also Read: NTPC’s Profit Falls Despite Improved Operating Performance
Shares of the auto maker slumped 3.3 percent to Rs 23,676 despite reporting a 35.5 percent jump in revenues in the July-September quarter to Rs 1,989 crore, according to the company’s filing on the Bombay Stock Exchange. This was higher than the Bloomberg consensus estimate of Rs 1,777 crore.
Net profit rose 54.1 percent to Rs 396 crore compared to Rs 257 crore during the corresponding quarter last year. The figure was slightly below analyst estimates of Rs 418 crore.
Shares of the auto maker slumped 3.3 percent to Rs 23,676 despite reporting a 35.5 percent jump in revenues in the July-September quarter to Rs 1,989 crore, according to the company’s filing on the Bombay Stock Exchange. This was higher than the Bloomberg consensus estimate of Rs 1,777 crore.
Net profit rose 54.1 percent to Rs 396 crore compared to Rs 257 crore during the corresponding quarter last year. The figure was slightly below analyst estimates of Rs 418 crore.
Also Read: Vedanta Reports Highest Profit In Last Seven Quarters
Shares of the two-wheeler maker rose as much as 2.1 percent, but soon gave up some of its gains, after meeting street expectations with its second quarter earnings.
The Pune-based auto maker made a profit Rs 1,123 crore for quarter-ended September, which is 6.7 percent higher than what it made during the same period last year. It clocked sales of Rs 6,432 crore for the three-month period, which were inline with its September quarter sales of last year.
A Bloomberg consensus of analysts’ estimates had pegged the profit to come in at Rs 1,026 crore and sales at Rs 6,109 crore.
While the profit and sales figures were a hit, the automaker missed the mark slightly on the margin front. The EBITDA margins for the quarter stood at 20.1 percent against a Bloomberg poll estimate of 20.5 percent.
More detailed copy HERE
Shares of the agro-chemicals maker dropped as much as 2.3 percent to Rs 690 after its second quarter earnings missed street expectations.
The firm made a net profit of Rs 166 crore for quarter-ended September, against Rs 287 crore mean of analysts’ estimates compiled by Bloomberg. However, its sales at Rs 3,660 crore for the three-month period, were much higher than the estimated figure of Rs 3,290 crore.
The turmoil that knocked Tata Group’s key Indian units from multi-year highs is being seen by some investors as a chance to snap up shares.
Tata Group companies have lost at least $3.3 billion in market value since Monday when Chairman Cyrus Mistry was abruptly replaced by his predecessor Ratan Tata.
“The fall in Indian Hotels and Tata Steel shares is overdone and we are buying this fall,” Chakri Lokapriya, Mumbai-based managing director at TCG Advisory Services, which manages about $3 billion, told Bloomberg by phone. “The outlook for the stocks continues to remain what it was before the whole saga broke out.”
Read the full report HERE
After the 3 day drubbing, Tata Group stocks make a comeback @BloombergQuint pic.twitter.com/TMfllCYQUS
— Sagar Salvi (@SagarSalvi) October 28, 2016
Will Vedanta’s 2nd quarter earnings justify the recent rally? @soumeet_sarkar breaks down the expectations.
— BloombergQuint (@BloombergQuint) October 28, 2016
Read| https://t.co/DrF9y4PEIb pic.twitter.com/cbPWyIiJgr
Indian shares declined reflecting weak Asian markets as investors parsed a slew of corporate results amid speculation that major central banks are moving closer to reining in stimulus.
The S&P BSE Sensex fell 0.3 percent to 27,821 while the NSE Nifty lost 0.3 percent to 8,592. The market breadth, however, was encouraging at 928 advances, 511 declines and 425 stocks remaining unchanged.
Indian shares declined reflecting weak Asian markets as investors parsed a slew of corporate results amid speculation that major central banks are moving closer to reining in stimulus.
The S&P BSE Sensex fell 0.3 percent to 27,821 while the NSE Nifty lost 0.3 percent to 8,592. The market breadth, however, was encouraging at 928 advances, 511 declines and 425 stocks remaining unchanged.
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Movers & Shakers: Tata Group Stocks, Bajaj Auto, Eicher Motors, JSW Steel And More
For a complete list of stocks to watch, click HERE
RBI Governor Urjit Patel wants to know what you think of inflation.
— BloombergQuint (@BloombergQuint) October 27, 2016
Read | https://t.co/ejbpPg9oEj by @pravchak pic.twitter.com/gnFqa1HCYY
Why Astro stopped funding all of Sanjiv Gupta's businesses...@nsd308 reports
— BloombergQuint (@BloombergQuint) October 28, 2016
Read | https://t.co/u6jklvLUCx pic.twitter.com/4nPdyZmUco
Tata looking for someone to buy Mistry's stake.@talktosanjai @sidyoutwit & George Smith Alexander report...https://t.co/8wZiva2xuG
— BloombergQuint (@BloombergQuint) October 27, 2016
Tata Sons Says Cyrus Mistry’s allegations are “malicious” & "unsubstantiated".@aayush_a6 reports
— BloombergQuint (@BloombergQuint) October 28, 2016
Read | https://t.co/np6tld64ie pic.twitter.com/shsAbRdxKw
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, declined 0.5 percent to 8,606.
A selloff in sovereign bonds extended into Asian trading this morning amid speculation major central banks are moving closer to reining in stimulus. Bucking the trend, Japanese stocks rallied as the yen traded near its weakest level since July.
On Friday, U.S. stocks closed lower as a selloff in government bonds hit yield-sensitive sectors such as real estate and utilities.
Your Friday morning briefing
— BloombergQuint (@BloombergQuint) October 28, 2016
Read| https://t.co/JiutZ9dDqJ pic.twitter.com/DfhnaZRds7
Demand for long-lasting manufactured products in the U.S fell 0.1 percent in the month of September, according to durable goods data released by the Commerce Department.
U.S. gross domestic product data due later today is forecast to show the economy probably expanded at around a 2.5 percent annualized pace in the third quarter, after a sluggish first half.
Odds for a U.S. Federal Reserve rate hike by December remained unchanged at 73 percent, after gaining five percentage points this week, according to futures rates tracked by Bloomberg.
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