Trading for the week ended on a dull note as the key benchmark indices suffered modest losses weighed down by selling pressure in index pivotals Reliance Industries and Infosys. The barometer index, the S&P BSE Sensex, lost 79.13 points or 0.22% to settle at 35,158.55. The Nifty 50 index fell 13.20 points or 0.12% to settle at 10,585.20. Sentiment was weighed down by negative global stocks.
Domestic stocks edged lower in early trade on negative Asian stocks. Stocks cut losses in morning trade. Indices extended intraday recovery with the Sensex and the Nifty regaining the positive zone in mid-morning trade. Key indices hovered in a small range near the flat line in early afternoon trade, alternately swinging between positive and negative zone. Indices reversed trend and were trading with modest losses in afternoon trade. Stocks hovered in negative zone in mid-afternoon. Indices traded with losses in late trade.
The Sensex lost 79.13 points or 0.22% to settle at 35,158.55. The index hit high of 35,287.29 and low of 35,011.23 in intraday trade.
The Nifty 50 index fell 13.20 points or 0.12% to settle at 10,585.20. The index hit high of 10,619.55 and low of 10,544.85 in intraday trade.
The S&P BSE Mid-Cap index rose 0.66%. The S&P BSE Small-Cap index rose 0.58%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1337 shares rose and 1200 shares fell. A total of 142 shares were unchanged.
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Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 1.08%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.85%) and the S&P BSE Consumer Durables index (up 0.85%), outperformed the Sensex. The S&P BSE Metal index (down 1%), the S&P BSE Teck index (down 1.06%) and the S&P BSE IT index (down 1.19%), underperformed the Sensex.
Bharti Airtel (down 2.45%), State Bank of India (down 1.27%), Tata Steel (down 1.23%), ITC (down 1.04%) and Vedanta (down 0.52%) were the major Sensex losers.
Yes Bank (up 5.49%), Asian Paints (up 3.79%), Adani Ports & Special Economic Zone (up 3.49%), Sun Pharmaceutical Industries (up 2.32%) and Hero MotoCorp (up 2.04%) were the major Sensex gainers.
Index heavyweight Reliance Industries dropped 1.55% to Rs 1,093.35
Index heavyweight and IT major Infosys lost 2.15% to Rs 661.45
GAIL (India) shed 1.85%. GAIL (India) announced award of contract for the purchase of 616 km of line pipe worth Rs 1100 crore for the Barauni -Guwahati pipeline, putting on fast track project execution of the crucial 729 km feeder line linking North East India with the Pradhan Mantri Urja Ganga pipeline network. The award of the contract will ensure commencement of spurline laying activities of the Barauni Guwahati pipeline from December 2018. The under construction pipeline will connect the upcoming 'Indradhanush' gas grid network to the national gas network. The announcement was made on Thursday, 8 November 2018.
IT stocks saw mixed trend. Wipro (down 0.15%), TCS (down 1.7%), Oracle Financial Services Software (down 0.14%) and HCL Technologies (down 0.07%) declined. Tech Mahindra (up 1.14%), MindTree (up 1.81%) and Hexaware Technologies (up 2.26%) rose.
Mphasis rose 1.68%. The company announced its acquisition of Stelligent Systems LLC, a technology services company specializing in DevOps automation on Amazon Web Services (AWS). Headquartered in Reston, VA, Stelligent provides DevOps and DevSecOps solutions on AWS. The company is a premier consulting partner on AWS Partner Network (APN) and holds both AWS DevOps and financial services expertise in deploying their customers' applications on AWS with greater speed, agility, and security. The acquisition is an all-cash deal valued at $25 million. The announcement was made on Thursday, 8 November 2018.
Majesco rose 0.44% after the compaany announced that PT PFI Mega Life Insurance (PFI Mega Life), the joint venture life insurance company of Prudential Financial Inc and CT Corpora, has selected Majesco Policy for life & annuities and group along with a point of sale and activity management solution specifically used within the Asia Pacific region. The announcement was made on Thursday, 8 November 2018.
MRF rose 1.27%. The company's net profit declined 12.30% to Rs 263.04 crore on 9.39% rise in net sales to Rs 3928.16 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Thursday, 8 November 2018. Stock markets were shut on 8 November 2018 on account of Diwali Balipratipada.
Linde India jumped 20% to Rs 582.65 after the company's founder, the BOC Group, sought proposal to delist the company's equity shares from the stock exchanges. The BOC Group holds 6.39 crore equity shares, representing 75% of the paid up share capital of Linde India. The announcement was made during trading hours today, 9 November 2018.
Overseas, European shares declined, joining a global market retreat that spread from Wall Street to Asian markets after the Federal Reserve noted a dip in US business investment and suggested a rate hike was on track for December. Lingering worries over US-China trade relations also dented sentiment.
On the data front, China's consumer inflation remained at the second-highest level so far this year, buoyed by an acceleration in non-food prices, official data showed Friday. The consumer price index rose 2.5% in October from a year earlier, unchanged from the growth in September, the National Bureau of Statistics said.
US stocks closed mostly lower yesterday, 8 November 2018 as the Federal Reserve kept interest rates unchanged in an unanimous decision and signaled that it would continue to tighten monetary policy at a gradual pace. As expected, the Fed kept its benchmark target for rates unchanged in a 2% to 2.25% range.
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