A bout of volatility was witnessed in morning trade as key benchmark indices slipped into the red from positive terrain and hit fresh intraday low. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 33.52 points or 0.13% at 25,919.63. The Nifty 50 index was currently down 14.40 points or 0.18% at 7,987.90. The Sensex was trading below the psychological 26,000 mark after reclaiming that mark in early trade. The Nifty slipped below the psychological 8,000 level.
The market breadth indicating the overall health of the market was strong. On BSE, 1,200 shares rose and 779 shares declined. A total of 113 shares were unchanged. The BSE Mid-Cap index was currently up 0.34%. The BSE Small-Cap index was currently up 0.24%. Both these indices outperformed the Sensex.
In overseas stock markets, Asian stocks extended previous session's gains as investors tried to share in the exuberance of Wall Street's record run. Japanese stock markets were closed for a holiday. US stocks closed at record highs for a second straight session yesterday, 22 November 2016. The Dow Jones Industrials Average and S&P 500 cleared psychological milestones but major indexes simultaneously reached record highs for a second straight day with Dow closing above the 19,000 level for the first time. Markets have been in a strong uptrend since the presidential election two weeks ago. Donald Trump's unexpected victory was viewed as a positive for Wall Street, because the president-elect is expected to advocate for policiesincluding massive corporate tax cuts and financial and environmental deregulationseen as supportive for economic growth.
L&T rose 3.69% after consolidated net profit jumped 84.31% to Rs 1434.63 crore on 8.73% growth in total income to Rs 25491.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 22 November 2016.
The company's consolidated profit after tax (PAT) before exceptional items rose 41% to Rs 1032 crore in Q2 September 2016 over Q2 September 2015. As a part of implementation of its strategic plan, the company has divested the General Insurance business. Gross revenue on consolidated basis rose 8.2% to Rs 25011 crore in Q2 September 2016 over Q2 September 2015. Consolidated order inflow increased by 11% year on year (YoY) to Rs 31119 crore in Q2 September 2016. International orders constituted 24% of the total order inflow. Consolidated order book stood at Rs 251773 crore as on 30 September 2016, higher by 4% on YoY basis. International order book constituted 29% of the total order book.
On the business outlook, L&T said, it has integrated range of comprehensive offerings in its various operating segments and is implementing its strategic plan of profitable growth and higher return on equity. On the international front, the company continues to strengthen its position and pursue select prospects in the core infrastructure and energy sector. L&T said it is well placed to benefit from the emerging opportunities and sustain its leadership position across the sectors.
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Shares of other capital goods companies were mixed. BEML (down 0.85%), Bharat Heavy Electricals (Bhel) (down 0.4%), Thermax (down 0.01%), and Siemens (down 0.16%) declined. ABB India (up 0.38%), Havells India (up 0.92%) and Crompton Greaves (up 0.14%) gained.
Telecom stocks gained. Tata Teleservices (Maharashtra) (up 1.17%), Reliance Communications (up 0.85%) and Idea Cellular (up 0.07%) gained.
Bharti Airtel rose 0.79% after the company announced that it has successfully completed the acquisition of rights to use 20 MHz of spectrum in 2300 Band (BWA) from Aircel, for Andhra Pradesh circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, Bharti Airtel has completed the transaction in all 8 telecom circles. The company announced after market hours yesterday, 22 November 2016.
Shares of Bharti Infratel fell 0.58%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
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