Initial gains for key benchmark indices could not be sustained. The barometer index, the S&P BSE Sensex, fell 63.35 points or 0.24% at 26,527.24, as per the provisional closing data. The decline for the 50-unit CNX Nifty index was higher in percentage terms than that for the Sensex. The Nifty declined 31.10 points or 0.39% at 8,029.60, as per the provisional closing data. After paring gains from an initial upmove, key benchmark indices slipped into the red from green later.
The Sensex shed 80.28 points or 0.3% at the day's low of 26,510.31 in late trade, its lowest level since 2 November 2015. The barometer index jumped 209.47 points or 0.78% at the day's high of 26,800.06 in early trade, its highest level since 2 November 2015. The Nifty lost 33.40 points or 0.41% at the day's low of 8,027.30 in late trade, its lowest level since 2 November 2015. The index rose 55.40 points or 0.68% at the day's high of 8,116.10 in early trade, its highest level since 30 October 2015.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,463 shares fell and 1,261 shares rose. A total of 136 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.19%, outperforming the Sensex. The BSE Small-Cap index was provisionally down 0.33%. The decline in this index was higher than the Sensex's decline in percentage terms.
The total turnover on BSE amounted to Rs 2766 crore, higher than turnover of Rs 2583.22 crore registered during the previous trading session.
Cairn India edged lower after Vedanta Resources Plc said that it is aiming to complete the merger of Cairn India with Vedanta Limited by the second quarter of calendar year 2016. The stock lost 1.55%. Vedanta Limited rose 0.31%. Vedanta Resources Plc commented on the progress of the merger at the time of announcing its interim financial results for six months ended 30 September 2015.
Tech Mahindra edged lower in volatile trade after the announcement of second quarter September 2015 results. The stock shed 2.67% at Rs 542.25. The stock hit high of Rs 569 and low of Rs 540.40. Tech Mahindra's consolidated net profit rose 16.2% to Rs 785.60 crore on 5.1% rise in revenue to Rs 6615.50 crore in Q2 September 2015 over Q1 June 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 16.5% to Rs 1101 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours yesterday, 3 November 2015.
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Power Grid Corporation of India edged lower in volatile trade after the announcement of second quarter September 2015 results. The stock shed 0.27% to Rs 131.10. The stock hit high of Rs 134 and low of Rs 130.55. The company's net profit rose 20.54% to Rs 1448.04 crore on 16.65% rise in total income to Rs 5026.90 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015.
GAIL (India) declined 1.77% after the company announced weak Q2 results. Net profit dropped 66.19% to Rs 440.51 crore on 0.33% growth in total income to Rs 14466.68 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. There was no subsidy sharing burden for GAIL (India) in Q2 September 2015. There was no subsidy sharing burden for the company during the corresponding quarter of the previous year.
NMDC rose 0.42%. The company has announced that it has charted out 'Vision 2020' plan to increase the iron ore mining capacity to 75 million tonnes per annum (MTPA) by 2018-19 and 100 MTPA by 2021-22. NMDC's total iron ore production stood at 30.4 million tonnes in the year ended 31 March 2015 (FY 2015).
Meanwhile, NMDC cut lump ore prices by 4% while raising of prices of iron ore fines by 6.84% with effect from 3 November 2015. NMDC reviews iron ore prices at the beginning of every month.
Tata Motors surged 6.45% after reports after the company's British luxury car subsidiary Jaguar and Land Rover (JLR) reported a 76.1% growth in US sales to 8,187 vehicles in October 2015 over October 2014.
Shares of most private banks declined. Axis Bank (down 0.44%), HDFC Bank (down 0.17%), ICICI Bank (down 2.06%), and Kotak Mahindra Bank (down 1.43%), edged lower. Federal Bank (up 0.16%), Yes Bank (up 0.53%), and IndusInd Bank (up 0.21%) gained.
Sun Pharma Advanced Research Company fell 1.78% after the company reported a net loss of Rs 17.74 crore in Q2 September 2015 compared with net loss of Rs 1.47 crore in Q2 September 2014. The result was announced during trading hours today, 4 November 2015. Total income fell 7% to Rs 43.33 crore in Q2 September 2015 over Q2 September 2014.
Xpro India slumped 9.19% after the company reported net loss of Rs 8.61 crore in Q2 September 2015, lower than net loss of Rs 10.49 crore in Q2 September 2014. The result was announced after market hours yesterday, 3 November 2015. Xpro India's net sales declined 7.3% to Rs 62.93 crore in Q2 September 2015 over Q2 September 2014.
On the macro front, the outcome of a monthly survey showed that growth in India's services sector accelerated last month on the back of a pick up in new business. The seasonally adjusted Nikkei Services Business Activity Index reached eight-month high of 53.2 in October 2015. Services business sentiment regarding the 12-month outlook for activity remained positive in October. The degree of confidence signalled was the strongest since July.
In overseas stock markets, European stocks edged higher in volatile trade after a signal from the European Central Bank (ECB) that it stands ready to take more accommodative action. ECB President Mario Draghi reiterated in a speech yesterday, 3 November 2015, that ECB policy makers are ready to act on low-inflation risks if necessary. In October, Draghi had said the central bank might announce further measures as soon as December.
Earlier during the global day, Chinese stocks led gains in Asian equities after China's President Xi Jinping made economy-friendly comments and as the Chinese government reportedly unveiled proposals for a five-year financial market reform plan. A signal that the European Central Bank (ECB) stands ready to take more accommodative action also lifted sentiment in Asian markets. In mainland China, the Shanghai Composite ended with gains of 4.31%. Hong Kong's Hang Seng index settled with gains of 2.15%. Xi was quoted as saying that China can maintain annual economic growth of around 7% over the next five years. The Chinese President, however, cautioned that there are uncertainties, including weak global trade and high domestic debt, according to media reports.
US stocks rose for a second straight day yesterday, 3 November 2015, as strong monthly auto sales data for October 2015 boosted investor sentiment. The tech-heavy Nasdaq Composite Index attained a record closing high.
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