A divergent trend for various index constituents resulted in small gains for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 31.44 points or 0.12% to settle at 26,590.59. The 50-unit CNX Nifty rose 9.90 points or 0.12% to settle at 8,060.70. High volatility was witnessed since early afternoon trade after key indices held firm earlier during the trading session.
Stocks of state-run companies nudged higher. Most bank stocks declined. Index heavyweight and engineering and construction major L&T extended its recent slide triggered by the company's disappointing Q2 September 2015 results and a downward revision in the order inflow and revenue guidance for the full year. Steel stocks declined.
Reliance Communications (RCom) extended rally registered during the previous trading session triggered by the company's announcement of acquisition of telecom business of Sistema Shyam Teleservices (SSTL) through a stock swap.
The Sensex and the Nifty snapped a six-day losing streak. The Sensex rose 31.44 points or 0.12% to settle at 26,590.59, its highest closing level since 30 October 2015. The Sensex declined 44.67 points or 0.16% at the day's low of 26,514.48. The barometer index jumped 173.09 points or 0.65% at the day's high of 26,732.24.
The S&P CNX Nifty rose 9.90 points or 0.12% to settle at 8,060.70, its highest closing level since 30 October 2015. The Nifty declined 19.05 points or 0.23% at the day's low of 8,031.75. The index rose 49.55 points or 0.61% at the day's high of 8,100.35.
The market breadth indicating the overall health of the market was positive. On BSE, 1,482 shares rose and 1,217 shares fell. A total of 129 shares were unchanged. The BSE Mid-Cap index rose 0.28%. The BSE Small-Cap index rose 0.39%. Both these indices outperformed the Sensex.
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Among the sectoral indices on BSE, the S&P BSE IT index (up 0.91%), the S&P BSE Oil & Gas index (up 0.82%), the S&P BSE Power index (up 0.66%), the S&P BSE Teck index (up 0.64%), the S&P BSE Healthcare index (up 0.23%) and the S&P BSE FMCG index (up 0.12%) outperformed the Sensex. The S&P BSE Auto index (up 0.06%), the S&P BSE Metal index (up 0.05%), the S&P BSE Bankex (down 0.11%), the S&P BSE Realty index (down 0.12%), the S&P BSE Capital Goods index (down 0.54%) and the S&P BSE Consumer Durables index (down 0.71%) underperformed the Sensex.
The total turnover on BSE amounted to Rs 2575 crore, slightly higher than turnover of Rs 2569.90 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC fell 0.96% to Rs 334. The stock hit a high of Rs 338.70 and low of Rs 332.70 in intraday trade.
Shares of state-run companies edged higher on renewed buying. NTPC (up 2.03%), Bharat Electronics (up 2.2%), State Trading Corporation of India (up 1.91%), ONGC (up 1.74%), Oil India (up 0.55%), REC (up 3.43%), MMTC (up 0.34%), Neyveli Lignite Corporation (up 0.87%) and Bharat Heavy Electricals (Bhel) (up 0.2%) edged higher. Coal India shed 0.09%.
Shares of state-run oil marketing companies (PSU OMCs) edged higher on renewed buying. HPCL (up 0.61%) and BPCL (up 0.65%) gained.
Indian Oil Corporation (IOCL) rose 1.83%. IOCL posted net loss of Rs 329.17 crore in Q2 September 2015, lower than net loss of Rs 898.46 crore in Q2 September 2014. Total income fell 23.33% to Rs 85961.35 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 3 November 2015.
Power Grid Corporation of India gained 2.45% ahead of its Q2 results today, 3 November 2015.
Power Finance Corporation rose 1.81% after net profit rose 20.35% to Rs 1695.30 crore on 12.46% growth in total income to Rs 7024.09 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 3 November 2015.
Tech Mahindra rose 0.62%. On a consolidated basis, the company's 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 today, 3 November 2015.
In dollar terms, net profit rose 12.3% to $119 million on 2.2% growth in revenue to $1011 million in Q2 September 2015 over Q1 June 2015. Revenue growth stood at 3% in constant currency terms on sequential basis.
GAIL (India) was unchanged at Rs 310. GAIL (India)'s 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 today, 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.
Metal and mining stocks rose. Vedanta (up 1.24%), Hindalco Industries (up 1.54%), Hindustan Zinc (up 0.8%), National Aluminum Company (up 0.39%) gained. Hindustan Copper (down 0.26%) and NMDC (down 1.25%) fell.
Steel stocks declined. JSW Steel (down 0.64%), Bhushan Steel (down 0.8%), Jindal Steel & Power (down 3.63%), Tata Steel (down 1.4%), Steel Authority of India (Sail) (down 1.55%) edged lower.
Most bank stocks declined. Among public sector banks, UCO Bank (down 2%), Bank of Baroda (down 0.12%), Syndicate Bank (down 1.22%), Allahabad Bank (down 0.59%), Bank of India (down 0.23%), State Bank of India (SBI) (down 0.21%), and Union Bank of India (down 0.66%) edged lower. Punjab National Bank (up 0.54%), Corporation Bank (up 0.47%) Canara Bank (up 0.85%) and United Bank of India (up 0.92%) gained.
Among private sector banks, Axis Bank (down 0.69%), ICICI Bank (down 0.38%), Kotak Mahindra Bank (down 1.07%), and IndusInd Bank (down 0.7%) edged lower. HDFC Bank (up 0.06%), Federal Bank (up 0.27%), and Yes Bank (up 0.98%) gained.
Index heavyweight and engineering and construction major L&T extended its recent slide triggered by the company's disappointing Q2 September 2015 results and a downward revision in the order inflow and revenue guidance for the full year. The stock shed 1.17% to Rs 1,372.20. The scrip was volatile. The stock hit a low of Rs 1,367.40 in intraday trade, which is 52-week low for the counter. The stock hit a high of Rs 1,398 in intraday trade.
On 30 October 2015, L&T's management in a post earnings conference call reduced the company's order inflow guidance to around 5-7% for the current financial year as compared to earlier guidance of around 15%. Revenue growth guidance was also reduced to around 12.5% against earlier of around 15%. Lower commodity prices, weakening currency, lower demand worldwide and execution challenges were the major reasons for the reduction in guidance. The L&T management expects a significant pick up in business opportunities to happen only in the year ending 31 March 2017 (FY 2017).
Tata Motors lost 1.43%. The company has signed-up star football player Lionel Messi in a long-term association as its global brand ambassador to promote and endorse its passenger vehicles globally.
Hero MotoCorp gained 1.21% after total sales rose 11.25% to 6.39 lakh units in October 2015 over October 2014. It was the company's record monthly sales. The market share of the company in domestic scooter market surged to reach almost 20% at the end of October 2015 from 13% in September 2015.
Berger Paints India rose 2.99% after consolidated net profit rose 32.7% to Rs 88.96 crore on 5.7% growth in net sales plus other operating income to Rs 1167.31 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 3 November 2015.
Telecom stocks were mixed. Bharti Airtel (down 1.33%), Idea Cellular (down 0.46%) fell. MTNL (up 2.45%) and Tata Teleservices (Maharashtra) (up 0.14%) rose.
Reliance Communications (RCom) extended rally registered during the previous trading session triggered by the company's announcement of acquisition of telecom business of Sistema Shyam Teleservices (SSTL) through a stock swap. The stock surged 3.25% to Rs 82.50. The stock had gained 6.18% to settle at Rs 79.90 yesterday, 2 November 2015. Meanwhile, RCom after market hours yesterday, 2 November 2015, unveiled the quantum of dilution of equity arising from issue of shares to SSTL. RCom will issue 27.65 crore equity shares to SSTL, aggregating to 10% of the fully diluted paid up share capital of the company.
Nilkamal rose by maximum permissible daily limit of 20% to settle at Rs 1,174.50 after net profit rose 276.32% to Rs 25.74 crore on 5.13% rise in net sales to Rs 479.05 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015. Nilkamal's EBITDA (earnings before interest, taxes, depreciation and amortization) rose 71.92% to Rs 54.07 crore in Q2 September 2015 over Q2 September 2014.
Key benchmark indices snapped a six-day losing streak. The Sensex had declined 911.66 points or 3.31% in the preceding six trading sessions to settle at 26,559.15 yesterday, 2 November 2015, from its close of 27,470.81 on 23 October 2015. The Sensex has fallen 908.83 points or 3.3% in this calendar year so far (till 3 November 2015). From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,757.05 points or 7.07%. The Sensex is off 3,434.15 points or 11.43% from a record high of 30,024.74 hit on 4 March 2015.
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