Indian shares declined as gains in lenders and healthcare companies were countered by extended selloff in automakers, real estate developers and FMCG firms.
The S&P BSE Sensex dropped 0.9 percent to 27,262 while the NSE Nifty too fell 0.9 percent to 8,445. The market breadth was firmly in favour of the sellers at 1142 declines, 319 advances and 390 stocks remained unchanged.
Here are the stocks in focus for the day:
Earnings Reaction
Shares of Sun Pharmaceuticals rose 6.3 percent to Rs 708 after its profit jumped 1.2 times to Rs 2,235 crore in the July to September quarter.
Higher other operating income and lower finance cost, aided the profit after tax (PAT) figure to come in at Rs 1,624 crore, 37.6 percent higher than estimates.
Sun Pharma's profit jumps 117% in the second quarter https://t.co/8htcgsG7Eq pic.twitter.com/2UlRzpW5Sa
Wockhardt fell 5.7 percent to Rs 767 percent. The Mumbai-based healthcare company reported a 74.6 percent decline in profit in the July-September quarter.
Wockhardt's profit slumps, margins contract in second quarter https://t.co/hCDWjAjq6g pic.twitter.com/fkM5qWr5qE
Tata Motors
Shares of Tata Motors fell 2.5 percent to Rs 520.
The car-maker's global wholesales crossed the 1 lakh-mark in October, growing 9 percent on a year-on-year basis. The company managed to sell 1,01,057 vehicles during the month, including units from Jaguar Land Rover.
However, shares fell because of the cash crunch in India after Prime Minister Narendra Modi's government demonetised Rs 500 and Rs 1,000 banknotes starting November 9. The move is anticipated to adversely affect realty and auto stocks.
Aditya Birla Nuvo
Shares of the company fell 2.2 percent to Rs 1,301 after its Managing Director Lalit Nair resigned. The resignation was received by the board members and will be applicable from “close of business hours on November 30, 2016”.
The company also released its second quarter earnings on the exchanges, posting a 12 percent decline in profit to Rs 283 crore, according to the company's press release.
Tata Chemicals
Shares of Tata Chemicals fell 2.5 percent to Rs 493 after its independent directors affirmed their confidence in ousted Tata Sons' Chairman Cyrus Mistry, according to a media statement released shortly after a board meeting at Bombay House.
This was the second occasion when Mistry received support from independent directors of a Tata company, the first being those of Indian Hotels.
Also Read: Tata Sons Statement Reflects Desperation, Cyrus Mistry's Scathing Reply
This is the 2nd Tata Group company whose independent directors have backed Cyrus Mistry.@azmanusmani reportshttps://t.co/XrdJvvwQ2O
Shoppers Stop
Shares of the retail chain operator fell 1.8 percent to Rs 340 after it announced that it has closed three of its showrooms due to low profitability and and lower-than-expected business from those outlets.
The company has closed its Shoppers Stop store in Inorbit Mall, Pune and Nirmal Lifestyle, Mulund. The stores made up for 0.66 percent and 0.44 percent of the company's revenue respectively.
Additionally, the brand has closed a ‘Hypercity' store at Inorbit Mall, Pune which brought in 1.4 percent of Hypercity's turnover in the last financial year.
Ahead of Earnings
- Bank of Baroda (+3 percent to Rs 170)
- Jet Airways (India) (-2 percent to Rs 431)
- State Bank of India (+2.7 percent to Rs 288)
- Tata Steel (-1.6 percent to Rs 430)
- Mahindra & Mahindra (-2.1 percent to Rs 1,294)
- Bharat Petroleum Corporation (-2.2 percent to Rs 650)
- MOIL (-10.3 percent to Rs 311)
- Muthoot Finance (-6.6 percent to Rs 331)
- L&T Technology Services (-2.5 percent to Rs 770)
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