Key benchmark indices hovered close to their intraday low in mid-morning trade as weakness in Asian stocks marred sentiment. At 11:30 IST, the barometer index, the S&P BSE Sensex was down 244.69 points or 0.87% at 27,846.73. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently down 61.15 points or 0.7% at 8,630.15. The Sensex was currently below the psychological 28,000 mark after falling below that mark in early trade. The Sensex hit its fresh lowest level in more than a week in mid-morning trade.
The Sensex lost 251.08 points or 0.89% at the day's low of 27,840.34 in mid-morning trade, its lowest level since 18 October 2016. The barometer index shed 40.87 points or 0.14% at the day's high of 28,050.55 in early trade. The Nifty lost 73.40 points or 0.84% at the day's low of 8,617.90 in morning trade, its lowest level since 18 October 2016. The index fell 34 points or 0.39% at the day's high of 8,657.30 in early trade.
In overseas stock markets, Asian stocks dropped following in the footsteps of lower closing for US stocks overnight, which pulled back on disappointing earnings.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 1,293 shares rose and 1,078 shares fell. A total of 190 shares were unchanged. The BSE Mid-Cap index was currently up 0.08%. The BSE Small-Cap index was currently up 0.37%. Both these indices outperformed the Sensex.
Most FMCG stocks declined. Tata Global Beverages (down 0.2%), Bajaj Corp (down 0.01%), Marico (down 1.05%), Britannia Industries (down 0.76%), Procter & Gamble Hygiene and Health Care (down 0.35%), Colgate Palmolive India (down 1.32%), Nestle India (down 0.19%), Jyothy Laboratories (down 0.63%), GlaxoSmithkline Consumer Healthcare (down 1.69%), and Godrej Consumer Products (down 2.47%) declined. Dabur India rose 0.9%.
Hindustan Unilever (HUL) rose 0.01% ahead of its Q2 results today, 26 October 2016.
Realty stocks were mixed. Unitech (down 0.33%), Sobha (down 0.7%), and Godrej Properties (down 0.23%) declined. Indiabulls Real Estate (up 2.45%), NBCC (India) (up 0.27%), DLF (up 0.36%), Housing Development & Infrastructure (HDIL) (up 0.75%), and Oberoi Realty (up 2.52%) edged higher.
P I Industries gained 4.37% after net profit surged 77.98% to Rs 101.38 crore on 20.89% growth in net sales to Rs 536.88 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. P I Industries' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 53% to Rs 128 crore in Q2 September 2016 over Q2 September 2015 benefiting from a favorable product mix and better operating leverage.
L&T Finance Holdings rose 3.6% after consolidated net profit rose 15.16% at Rs 248.06 crore on 16.55% growth in total income to Rs 2141.57 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. L&T Finance Holdings said that rigorous focus on identified businesses and strong execution on strategic initiatives has led to robust business growth. In these focus businesses, disbursements have grown by 28% while total assets have increased by 24% in Q2 September 2016 over Q2 September 2015. L&T Finance Holdings continued to leverage technology to deliver superior customer experience and to gain market share. Mobility solutions with integrated rule based decision engines has helped sharply reduce turnaround time and standardise credit decisions, the company said.
IDFC Bank rose 1.47% after net profit galloped 550.27% to Rs 387.76 crore on 2615.82% growth in total income to Rs 2493.13 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. IDFC Bank commenced its banking operations on 1 October 2015. Accordingly, the results for Q2 September 2016 are not comparable with corresponding previous quarter.
The bank's gross non-performing assets (NPAs) stood at Rs 3219.68 crore as on 30 September 2016 as against Rs 3029.87 crore as on 30 June 2016. The ratio of gross NPAs to gross advances stood at 5.96% as on 30 September 2016 as against 6.09% as on 30 June 2016. The ratio of net NPAs to net advances stood at 2.44% as on 30 September 2016 as against 2.32% as on 30 June 2016.
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