Modest losses pushed the barometer index, the S&P BSE Sensex, to 1-1/2-week closing low and the 50-unit CNX Nifty index to its lowest closing level in almost two weeks. The Sensex fell 108.52 points or 0.40% to settle at 27,253.44. The Nifty fell 27.65 points or 0.33% to settle at 8,232.90. The Sensex and the Nifty remained in negative zone throughout the trading session. Losses for index heavyweight HDFC and stocks of state-run companies led decline for the two key benchmark indices which fell for the second straight trading session.
Maruti Suzuki India nudged higher after reporting strong Q2 result. Lupin tumbled after reporting weak Q2 results. Vedanta slipped after announcing weak Q2 results. Shares of state-run oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. Banking stocks witnessed a mixed trend. Axis Bank edged lower in choppy trade after announcing Q2 result. Index heavyweight and housing finance major HDFC extended its post-result slide.
The Sensex fell 108.52 points or 0.40% to settle at 27,253.44, its lowest closing level since 16 October 2015. The index fell 152.44 points or 0.55% at the day's low of 27,209.52. The index fell 65.66 points, or 0.24% at the day's high of 27,296.30.
The Nifty fell 27.65 points or 0.33% to settle at 8,232.90, its lowest closing level since 15 October 2015. The index fell 43.50 points or 0.52% at the day's low of 8,217.05. The index fell 18.60 points, or 0.23% at the day's high of 8,241.95.
The market breadth indicating the overall health of the market was negative. On BSE, 1,450 shares fell and 1,259 shares rose. A total of 147 shares were unchanged. The BSE Mid-Cap index rose 0.16%. The BSE Small-Cap index rose 0.15%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2793 crore, higher than turnover of Rs 2665.21 crore registered during the previous trading session.
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In overseas stocks markets, Asian and European stocks dropped on caution ahead of the outcome of a monetary policy review from the US Federal Reserve which could provide clues about the timing of the Fed's first interest rate hike in a decade. The Fed is widely expected to leave benchmark interest rates unchanged near zero after the conclusion of a two-day monetary policy meeting tomorrow, 28 October 2015. US stocks mostly fell yesterday, 26 October 2015, as oil prices slumped.
Among the sectoral indices on BSE, the S&P BSE Auto index (up 0.38%), the S&P BSE FMCG index (up 0.10%), the S&P BSE Realty index (down 0.01%), the S&P BSE IT index (down 0.02%), the S&P BSE Teck index (down 0.03%), the S&P BSE Bankex (down 0.12%), the S&P BSE Healthcare index (down 0.19%) and the S&P BSE Power index (down 0.27%) outperformed the Sensex. The S&P BSE Metal index (down 0.48%), the S&P BSE Oil & Gas index (down 0.66%), the S&P BSE Capital Goods index (down 0.7%) and the S&P BSE Consumer Durables index (down 1.43%) underperformed the Sensex.
Stocks of state-run companies declined. ONGC (down 3.07%), Steel Authority of India (down 2.48%), MOIL (down 2.39%), Oil India (down 2.35%), GAIL (India) (down 2.24%), Power Grid Corporation of India (down 1.44%), Bharat Heavy Electricals (down 1.42%) and Coal India (down 0.32%) edged lower. NTPC (up 0.26%) and NMDC (up 0.41%) edged higher.
Shares of state-run oil marketing companies (PSU OMCs) edged higher as global crude oil prices fell. HPCL (up 0.54%), BPCL (up 1.15%) and Indian Oil Corporation (up 1.71%), edged higher. Decline in crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at government controlled prices. The government has already decontrolled pricing of petrol and diesel.
In the global commodities markets, Brent for December settlement was currently off 26 cents at $47.28 a barrel. The contract had fallen 45 cents or 0.93% to settle at $47.54 a barrel during the previous trading session.
Banking stocks witnessed a mixed trend. Among PSU banks, Syndicate Bank (up 3.79%), IDBI Bank (up 1.77%), Dena Bank (up 1.76%), Union Bank of India (up 1.21%), Andhra Bank (up 0.91%), UCO Bank (up 0.31%), Bank of Maharashtra (up 0.29%), Punjab and Sind Bank (up 0.27%), Punjab National Bank (up 0.26%), Allahabad Bank (up 0.06%) and Bank of India (up 0.04%) edged higher. Indian Bank (down 0.37%), Canara Bank (down 0.57%), Central Bank of India (down 0.59%), Corporation Bank (down 0.67%), State Bank of India (down 1%), United Bank of India (down 1.55%) and Bank of Baroda (down 2.21%) edged lower.
Among private sector banks, Federal Bank (down 0.96%), City Union Bank (down 0.57%), ICICI Bank (down 0.53%) and IndusInd Bank (down 0.43%), edged lower. Kotak Mahindra Bank (up 0.18%), Yes Bank (up 0.66%) and HDFC Bank (up 0.88%) edged higher.
Axis Bank ended almost unchanged for the day after seeing intraday volatility after announcing Q2 results. The stock rose 0.03% at Rs 521.30. The stock hit high of Rs 528.30 and low of Rs 515.80 in intraday trade. Axis Bank's net profit rose 18.93% to Rs 1915.64 crore on 13.75% rise in total income to Rs 12001.01 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 27 October 2015.
The bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.48% as on 30 September 2015, with the ratio remaining unchanged from the level as on 30 June 2015. The ratio of net NPA was 0.44% as on 30 September 2014. The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 1.38% as on 30 September 2015, with the ratio remaining unchanged from the level as on 30 June 2015. The ratio of gross NPA was 1.34% as on 30 September 2014.
Maruti Suzuki India advanced 2.44% to Rs 4,494.60 after net profit surged 42.1% to Rs 1225.60 crore on 13.2% growth in net sales to Rs 13574.80 crore in Q2 September 2015 over Q2 September 2014. Maruti attributed the strong financial performance to increase in sales volumes, material cost reduction initiatives and favourable foreign exchange movement.
Lupin tumbled after reporting weak Q2 results. The stock lost 5.25% at Rs 1,945.65. The stock hit high of Rs 2,023 and low of Rs 1,932.90 in intraday trade. On a consolidated basis, Lupin's net profit fell 35.1% to Rs 408.80 crore on 2% rise in net sales to Rs 3178.30 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 27 October 2015. Lupin attributed the weak financial performance to slowdown in drug approvals in the US and lack of material drug launches during the quarter.
Vedanta ended almost flat after announcing weak Q2 results. The stock rose 0.14% to Rs 104.85. The stock hit high of Rs 106.40 and low of Rs 102.10 in intraday trade. On consolidated basis, Vedanta's attributable profit after tax before exceptional items fell 41% to Rs 974 crore in Q2 September 2015 over Q2 September 2014. Revenue fell 16% to Rs 16349 crore in Q2 September 2015 over Q2 September 2014.
Shares of index heavyweight and housing finance major HDFC extended its post-result slide. The stock dropped 2.87% at Rs 1,275.15. The stock had declined 2.09% to settle at Rs 1,312.85 yesterday, 26 October 2015. HDFC's net profit rose 18.19% to Rs 1604.56 crore on 12.13% rise in total income to Rs 7480.24 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours yesterday, 26 October 2015.
Key benchmark indices declined for the second consecutive trading session. The Sensex has declined 217.37 points or 0.79% in the preceding two trading sessions from its close of 27,470.81 on 23 October 2015. The Sensex has risen 1,098.61 points or 4.20% in this month so far (till 27 October 2015). The Sensex has fallen 245.98 points or 0.89% in this calendar year so far (till 27 October 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 2,419.90 points or 9.74%. The Sensex is off 2,771.30 points or 9.23% from a record high of 30,024.74 hit on 4 March 2015.
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