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Indian shares declined marginally to end their worst week since February as investors struggled to assess the full impact of Prime Minister Modi’s move to ban high denomination banknotes.
Adding to the pressure was the Indian currency’s fall past the 68-per dollar mark for the first time since June as rising possibility of a U.S. interest-rate increase triggered outflows from Indian assets.
The S&P BSE Sensex dropped 0.3 percent to 26,150, extending its losing streak to day five while the NSE Nifty ended little changed at 8,074. Both the indices were down over 5 percent for the week, which makes it their worst weekly close since February this year.
However, the market breadth was encouraging at 836 advances, 775 declines and 266 stocks remaining unchanged on the NSE at close.
Indian shares declined marginally to end their worst week since February as investors struggled to assess the full impact of Prime Minister Modi’s move to ban high denomination banknotes.
Adding to the pressure was the Indian currency’s fall past the 68-per dollar mark for the first time since June as rising possibility of a U.S. interest-rate increase triggered outflows from Indian assets.
The S&P BSE Sensex dropped 0.3 percent to 26,150, extending its losing streak to day five while the NSE Nifty ended little changed at 8,074. Both the indices were down over 5 percent for the week, which makes it their worst weekly close since February this year.
However, the market breadth was encouraging at 836 advances, 775 declines and 266 stocks remaining unchanged on the NSE at close.
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Foreigners have been pulling out of the emerging markets as signs the U.S. economy improving become stronger. This is likely to go on for a while, and India is unlikely to remain unscathed, especially after the demonetisation move, said Nipun Mehta, founder and CEO Blue Ocean Capital.
Mehta expects to see earnings downgrades for quite a few of the consumer companies. While he believes the downside for the market seems limited, he said the indices might linger in a 10 percent range for an extended period of time until businesses show some sort of normalcy.
Nevertheless, Mehta said this is a great time to build a strong portfolio. “Investors can go out and buy stocks that they thought were out of their reach earlier,” he told BloombergQuint in a phone conversation.
Shares of the company fell as low as 11 percent to Rs 178 after it reported a five percent drop in net profits for the second quarter of the current financial year. The company posted a net profit of Rs 26.96 crore as compared to Rs 28.31 crore in the year ago period.
Total income too fell to Rs 938 crore from Rs 1,095 crore in the corresponding quarter last year.
Shares of the country’s largest importer of liquid gas climbed as much as 7.6 percent, the most since February 15 with volume around 1.4 times its three-month full-day average. The stock was also the best performer on the S&P BSE 200 and BSE 500 indexes.
The energy producer clocked a net profit of Rs 460 crore for quarter-ended September, against an estimate of Rs 354 crore. Its revenue too beat estimates at Rs 6,610 crore.
Following the earnings announcement, broking firm Citi has maintained its “Buy” rating on the stock with a price target of Rs 422.
Movers & Shakers: TCS, Reliance Industries, Gujarat Gas, Cadila And More
The rupee weakened past the 68-per dollar mark for the first time since June as rising possibility of a U.S. interest-rate increase triggered outflows from Indian assets.
The currency dropped 0.4 percent to 68.1050 a dollar as of 9:07 a.m. in Mumbai, declining for the fifth time in six days. It has lost 1.3 percent this week.
From Bloomberg News
Indian shares swung between gains and losses as extended decline in consumer durable and select auto stocks countered a rally in energy producers.
The S&P BSE Sensex was little changed at 26,233 and so was the NSE Nifty at 8,087. The market breadth was skewed in favour of the bears with 749 declines, 668 advances and 430 stocks remaining unchanged.
Indian shares swung between gains and losses as extended decline in consumer durable and select auto stocks countered a rally in energy producers.
The S&P BSE Sensex was little changed at 26,233 and so was the NSE Nifty at 8,087. The market breadth was skewed in favour of the bears with 749 declines, 668 advances and 430 stocks remaining unchanged.
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Read: Uncertainty Good For An Investor; See Nifty At 9,660 By Mid-2017: Jai Bala
Two-wheeler sales have hit the demonetisation speed breaker, reports @Krishanu90 https://t.co/2tPf5rRPAt
— BloombergQuint (@BloombergQuint) November 18, 2016
FIIs bought index futures worth Rs 345 crore on Thursday as they continued to dump shares, reports @AgamVakil
— BloombergQuint (@BloombergQuint) November 18, 2016
Read| https://t.co/iGvKvmclQO pic.twitter.com/XMyOwLKBWp
For a complete list of stocks to watch, click HERE
Reliance Jio’s subscriber growth slows, data speeds drop 50% https://t.co/KdVy8hLU94 pic.twitter.com/whjfxZ725w
— BloombergQuint (@BloombergQuint) November 17, 2016
BSE changes methodology for indices. https://t.co/TcJnkw3Zpb pic.twitter.com/1T26RVDL7C
— BloombergQuint (@BloombergQuint) November 17, 2016
Instead of currency ban, the government could’ve tried bold tax reform, says @Raghav_Bahl in a chat with Ravi Bansal https://t.co/pnIByFYmq0
— BloombergQuint (@BloombergQuint) November 17, 2016
Are words the only ammunition Cyrus Mistry has?
— BloombergQuint (@BloombergQuint) November 17, 2016
By @menakadoshi https://t.co/ZAt66beD5m
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, is little changed at 8,089.
Most Asian stocks rose, with Japan shares rallying to the cusp of a bull market, while dollar extended its advance after Fed Chair Janet Yellen signalled an interest-rate hike could be imminent.
Janet Yellen says Fed interest rate hike could come 'relatively soon'. https://t.co/pFqjmoh3FJ pic.twitter.com/gOtvFZkZHl
— BloombergQuint (@BloombergQuint) November 17, 2016
Yellen, who made no mention of the prospective policies of the incoming administration of President-elect Donald Trump, reiterated the expectation of Fed officials that future rate increases will be “gradual”. Pricing in federal funds futures contracts already imply a greater than 95 percent chance of a quarter-point hike next month.
Following her statements, the S&P 500 Index neared an all-time high while Treasuries along with crude oil prices. Copper rebounded, ending a two-day slide, amid signs of resilient demand from U.S. home builders.
Global equities rise as Yellen indicates that a rate hike could be imminent.
— BloombergQuint (@BloombergQuint) November 18, 2016
Read| https://t.co/XTp12EzJ0M pic.twitter.com/0rCq0R7KBT
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