MARKET WRAP: Sensex slips 79 pts, Nifty ends at 10,585; IT stocks weigh

The Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS) and the Nifty Metal index slipped 0.9 per cent due to a decline in NMDC

The benchmark indices ended slightly lower on Friday led by a fall in information technology (IT) and metal stocks.

The S&P BSE Sensex ended at 35,159, down 79 points, while the broader Nifty50 index settled at 10,585, down 13 points.

Among the sectoral indices, the Nifty IT index fell 0.8 per cent weighed by Infosys and Tata Consultancy Services (TCS). The Nifty Metal index slipped 0.9 per cent due to a decline in NMDC. On the other hand, the Nifty Pharma index settled 1.4 per cent higher led by a rise in Sun Pharma.

In stock-specific action, Bharti Airtel fell 2.9 per cent to Rs 297 on the BSE after Moody's Investors Service placed it's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The stock had fallen as much as 5.21 per cent to Rs 290 on the BSE in intra-day trade.
 

The rupee traded on a firm note during the day, rising to 72.58 per dollar, up from its previous close of 73 against the greenback.

Global Markets

Asian stocks pulled back from a one-month high on Friday as the Federal Reserve looked set to deliver another interest rate hike next month, paring gains made earlier this week after US midterm elections triggered a global equities rally.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3 per cent and was headed for a loss of more than 1 per cent for the week. On Thursday, the index hit its highest level since Oct. 8. Hong Kong’s Hang Seng lost 2.4 per cent and the Shanghai Composite Index fell 1.2 per cent. South Korea’s KOSPI edged down 0.05 per cent and Japan’s Nikkei shed 1.05 per cent.

(with Reuters input)

3:35 PM

Top sectoral gainers and losers on NSE

3:35 PM

S&P BSE Sensex: Top gainers & losers

3:33 PM

Market at close

The S&P BSE Sensex ended 79 points lower at 35,159 while NSE's Nifty50 index settled at 10,585, down just 13 points.  

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Pidilite's stock up 10% post weak Q2 results, will uptrend continue?

Pidilite Industries’ September quarter (second quarter or Q2) operational performance was almost in line with expectations with profit margin contracting amid inflationary pressures and consolidated net profit down 9 per cent year-on-year (YoY) at Rs 2.31 billion. Yet, the stock is up 10 per cent post results.

 

So what explains this, and will the uptrend continue? One reason is that the stock had already fallen over 20 per cent from a peak level of Rs 1,195 in August on worries over rising oil prices, and consequently expectations of weak Q2 results. READ MORE

3:05 PM

Nearly Rs 4 trillion of shares still held in physical form, shows analysis

The regulator may have a heavy task at hand with its recent attempts to phase out physical share certificates. While most trading happens in demat form, physical shares account for a significant chunk of holdings by value.

 

A Business Standard analysis of the latest shareholding patterns of 3448 listed companies show that as much as Rs.3.91 trillion worth of shares are still held in physical form. A total of 3282 companies had some physical shares as of September 2018. READ MORE

2:51 PM

Stock Reaction: HAL rises post Q2 earnings

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DCM Shriram bullish on sugar business; chalks out Rs 6.6 bn expansion plan

Diversified group DCM Shriram has contracted around 40,000 tonnes of sugar exports so far and will undertake shipments of entire 92,000 tonnes quota assigned to it by April-May next year, its Chairman Ajay Shriram said.

 

He appreciated the central government's various measures, especially on ethanol side, in the last one year to deal with the problems faced by the millers on account of surplus production and low sales realisation. READ MORE

2:30 PM

S&P BSE Sensex top gainers and losers

2:15 PM

Car sales grow marginally by 0.38%, passenger vehicles up 1.6% in October

 

Domestic passenger vehicle sales rose 1.55 per cent to 2,84,224 units in October as against 2,79,877 units in the same month last year. Car sales grew marginally by 0.38 per cent to 1,85,400 units last month as against 1,84,706 units in October last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Friday. Read more

2:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,133.75	-103.93	-0.29
S&P BSE SENSEX 50	11,052.61	-26.21	-0.24
S&P BSE SENSEX Next 50	32,234.82	+157.17	+0.49
S&P BSE 100	10,859.81	-13.77	-0.13
S&P BSE Bharat 22 Index	3,466.39	-0.78	-0.02

1:43 PM

Govt to infuse Rs 30.5 billion as fresh capital in Allahabad Bank

 

Public-sector lender Allahabad Bank on Thursday informed stock exchanges that it had received a communication from the finance ministry stating it was getting a capital infusion to the tune of Rs 30.54 billion. Read more

1:30 PM

India Cements Q2 net plunges 94 pc to Rs 1.43 cr

India Cements Friday reported 93.95 per cent drop in standalone net profit at Rs 1.43 crore during the quarter ended September 2018. The company had reported a net profit of Rs 23.67 crore in the same quarter of the previous fiscal. Total income of the company stood at Rs 1,390.84 crore during second quarter of 2018-19 fiscal. It was Rs 1,274.9 crore in the year-ago period, India Cements said in a BSE filing. Read more

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EARNINGS IMAPCT

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