A bout of volatility was witnessed as key benchmark indices regained positive terrain after slipping into the red for a brief period in afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 85.89 points or 0.32% at 26,645.04. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The Nifty was currently up 19.20 points or 0.24% at 8,070. The Sensex declined 44.67 points or 0.16% at the day's low of 26,514.48 in afternoon trade. Earlier, the barometer index jumped 173.09 points or 0.65% at the day's high of 26,732.24 in early trade. The Nifty declined 19.05 points or 0.23% at the day's low of 8,031.75 in afternoon trade. The index rose 49.55 points or 0.61% at the day's high of 8,100.35 in early trade, its highest level since 30 October 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,472 shares rose and 1,100 shares fell. A total of 123 shares were unchanged. The BSE Mid-Cap index was currently up 0.38%. The BSE Small-Cap index was currently up 0.52%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks reversed initial losses. Asian stocks edged higher as investors shook off concerns about Chinese growth. US stocks edged higher yesterday, 2 November 2015, as investors brushed off weak manufacturing data and focused instead on a spate of deals and earnings.
IT stocks edged higher on renewed buying. HCL Technologies (up 0.06%), TCS (up 1.15%), Infosys (up 1%), and Oracle Financial Services Software (up 1.5%) edged higher. Wipro declined 0.17%.
Tech Mahindra rose 0.35% ahead of its Q2 results today, 3 November 2015.
Index heavyweight Reliance Industries (RIL) rose 0.87% to Rs 967.50. The stock hit high of Rs 968.85 and low of Rs 962 so far during the day.
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Capital goods stocks were mixed. BEML (down 1.36%), Havells India (down 1.64%) and Crompton Greaves (down 0.06%) declined. Bharat Heavy Electricals (Bhel) (up 0.85%), Thermax (up 0.5%) and Siemens (up 1.49%) 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 company's order inflow and revenue guidance for the full year. The stock was currently off 0.61% to Rs 1,379.90. The scrip was volatile. The stock hit a low of Rs 1,368 in intraday trade so far, which is 52-week low for the counter. The stock hit a high of Rs 1,398 so far during the day.
On Friday, 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).
Lakshmi Machine Works rose 4.73% after net profit rose 20.58% to Rs 56.48 crore on 6.88% rise in net sales to Rs 608.22 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015.
Jaypee Infratech slumped 4.75% after the company reported net loss of Rs 159.57 crore in Q2 September 2015 compared with net profit of Rs 115.90 crore in Q2 September 2014. The result was announced after market hours yesterday, 2 November 2015. Jaypee Infratech's net sales declined 60.5% to Rs 337.77 crore in Q2 September 2015 over Q2 September 2014.
United Spirits rose 5.27% after the company reported net profit of Rs 929.30 crore in Q2 September 2015 compared with net loss of Rs 26.90 crore in Q2 September 2014. The result was announced during trading hours today, 3 November 2015. United Spirits (USL)'s total income rose 4.36% to Rs 2151.49 crore in Q2 September 2015 over Q2 September 2014. The divestment of the United Breweries (UBL) shares during the quarter generated Rs 870 crore of free cash that has been used to retire debt and has reduced the company's net debt position to less than Rs 4000 crore from over Rs 5000 crore six months ago, the company said in a release. During the quarter, the company sold 85 lakh equity shares held by the company in UBL (constituting 3.21% of the paid up equity share capital of UBL) for a total sale consideration net of brokerage of Rs 868.60 crore (against book value of Rs 15 crore). The profit on sale of UBL shares amounting to Rs 853 60 crore has been disclosed as a part of exceptional items.
On the macro front, the latest data showed that the index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) rose 3.2% in September 2015 over September 2014. The data was announced after market hours yesterday, 2 November 2015.
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