Sensex, Nifty Decline After Short-Lived Rebound

Indian equity benchmarks closed lower, dragged by metals, energy and basic materials stocks, in a volatile session. Focus shifts to two-day FOMC meeting which begins later today, as taper announcement is expected.

The S&P BSE Sensex index fell 0.18% to 60,029.06. The NSE Nifty 50 Index declined by similar magnitude to 17,888.95. The 50-stock gauge rose above 18,000 in intraday trade for the first time in three sessions. Reliance Industries Ltd. contributed the most to the index decline, decreasing 1.5%. Tata Steel Ltd. had the largest drop, falling 3.8%. Today, 28 of 50 shares fell, while 22 rose.

The broader indexes outperformed their larger peers with the S&P BSE MidCap index adding over 0.5% and the S&P BSE SmallCap index gaining over 1%. Twelve out of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Realty rising over 3.5%.

The market breadth was skewed in favour of bulls. About 1,952 stocks advanced, 1,301 declined and 148 remained unchanged.

BSE signed a MoU with HDFC Bank to further encourage and promote listing of start-ups and SMEs across India.

• Through this MoU, HDFC Bank and BSE will evaluate banking and lending solution for start-ups undergoing listing process on start-ups and SME platform.

• HDFC Bank will identify potential start-ups and SMEs and assist them to partner with intermediaries to list on BSE.

• Under th MoU, both BSE and HDFC Bank have agreed to conduct and participate in joint outreach activities and contribute to each other's publications on the Start-up ecosystem in India.

Source: Exchange Filing

• Moody's upgraded Macrotech Developers Ltd.'s corporate family rating to B3 from Caa1.

• Outlook on the ratings is positive.

• Upgrade reflects an improvement in Macrotech's credit profit due to debt reduction measures by the management and strong recovery in its operating performance

Source: Moody's Statement

Shares of Century Plyboards India Ltd. rose 4.68% in intraday trade to Rs 600 apiece after the company reported net income for the September quarter above average analyst estimate.

Second Quarter Results (Consolidated, QoQ)

• Net profit at Rs 99.43 crore vs Rs 31.07 crore (Bloomberg Consensus Estimate: Rs 72.4 crore)

• Revenue at Rs 813.64 crore vs Rs 457.74 crore (Estimate: Rs 650 crore)

• Total costs at Rs 674.54 crore vs Rs 418.50 crore

• Other income at Rs 6.54 crore vs Rs 5.23 crore

Of the 20 analysts tracking the company, 16 maintained 'buy' and four maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 23.5%