 "Nifty ends 46 points lower")
Markets ended lower dragged by weak earnings from L&T and ITC.
The 30-share Sensex ended down 181 points at 26,657 and 50-share Nifty ended down 46 points at 8,066.
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(Updated at 1:30pm)
Markets have started the November series on a muted note amid weakness in the European peers weighed down by FMCG major ITC after the earnings came below street expectations. Meanwhile, ICICI Bank met street expectations which capped the downside.
The 30-share Sensex ended down 181 points at 26,657 and 50-share Nifty ended down 46 points at 8,066.
___________________
(Updated at 1:30pm)
Markets have started the November series on a muted note amid weakness in the European peers weighed down by FMCG major ITC after the earnings came below street expectations. Meanwhile, ICICI Bank met street expectations which capped the downside.
At 1:30 pm, the Sensex was trading at 26,784, down by 54 points while the Nifty has 9 points at 8,103. BSE Midcap index is up 0.55 while BSE Smallcap index is flat with a negative bias. The market breadth is negative with 1,203 advances against 1,225 declines on the BSE.
KEY EVENT
Bank of Japan decided to maintain its monetary stimulus program unchanged, keeping the current pace of asset purchases at about ¥80 trillion ($660 billion) annually. However, the central bank downgraded its projections for the country’s growth and inflation in view of slowing global economy.
RUPEE
The rupee has rebounded in today’s trade and is trading at 65.17 up 12 paise on on increased dollar selling by exporters.
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STOCK TRENDS
Cigarette maker ITC September quarter results missed street expectations posting a flat profit of Rs 2,431 crore and a revenue fall of over 1% to Rs 8,904 crore year-on-year basis. The stock has cracked 5%.
NTPC gained over 5% after posting around 40% increase in net profit to Rs 2,898.28 crore for the second quarter ended on 30 September on account of higher power generation.
ICICI Bank has shot up by 2% after the company posted earnings in line with the street expectations.
Engineering conglomerate L&T is trading 1% higher ahead of the quarterly results today.
Nestle India has slipped 1% after its net profit fell 60% from the year-ago period to Rs.124.2 crore on account of lower sales.
Dr Reddy’s Laboratories has gained nearly 2% after the September quarter net profit grew 26% to Rs.722 crore, beating analysts’ estimates, helped by strong sales in North America, Europe and India.
Pharma major Cipla has gained over 1% after the company decided to sell its 25 per cent stake in Biomab Holding, a Hong Kong company that makes biosimilar drugs for the Chinese market, for nearly $26 million.
Bharti Airtel has decided to sweeten the deal for its prepaid data customers that constitute 94% of its subscriber base. After offering free voice minutes to high-value 4G consumers, Airtel is now going after the not-so-creamy layer. The stock is up 0.6%.
Glenmark Pharmaceuticals has surged 5% after the company today announced that it has recieved tentative approval by the United States Food & Drug Administration (USFDA) for its Lacosamide tablets in dosages of 50mg, 100mg, 150mg and 200mg.
Bharat Electronics (BEL) has gained 2% after the company posted 41% increase in its net profit at Rs 207 crore for the quarter ended September 30, 2015 as against Rs 147 crore for the same quarter last year.