Trading for the day began on a weak note as the key benchmark indices drifted lower in early trade as most Asian stocks fell. At 9:29 IST, the barometer index, the S&P BSE Sensex, was down 231.30 points or 0.69% at 33,458.79. The Nifty 50 index was down 77.60 points or 0.77% at 10,047.30.
The S&P BSE Mid-Cap index was down 0.71%. The S&P BSE Small-Cap index was down 0.66%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 498 shares rose and 815 shares fell. A total of 50 shares were unchanged.
Overseas, most Asian stocks were trading lower. US stock benchmarks staged a comeback yesterday, 25 October 2018, regaining much of the ground lost in a rout during the prior session.
In economic data, the US pending home sales edged up 0.5% to a reading of 104.6 in September from 104.1 in August, the National Association of Realtors said Thursday.
Meanwhile, the European Central Bank reaffirmed its plan to end the asset-buying program at the heart of its quantitative-easing strategy in December provided data show inflation remains on track to eventually meet its target. The ECB left interest rates unchanged and repeated that they will remain at present levels at least through the summer of 2019.
Back home, Dr Reddy's Laboratories rose 0.07% ahead of its September quarterly result today, 26 October 2018.
ICICI Bank fell 1.06% ahead of its September quarterly result today, 26 October 2018.
ITC dropped 1.13% ahead of its September quarterly result today, 26 October 2018.
Yes Bank lost 7.26% after net profit fell 3.79% to Rs 964.70 crore on 43.91% rise in total income to Rs 8704.68 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 25 October 2018.
Bharti Airtel fell 1.49%. On a consolidated basis, Bharti Airtel's net profit fell 57.48% to Rs 249.20 crore on 6.22% decline in net sales to Rs 20422.50 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 25 October 2018.
On the macro front, the fiscal deficit of the Central government has widened in the first half of 2018-19 to 95.3% of the Budget Estimate (BE), mainly on account of slow growth in revenue collections. The deficit was at 91.3% of BE at September-end of the last financial year.
The Government of India has received Rs 7,09,483 crore (39.03% of corresponding BE 18-19 of Total Receipts) upto September 2018 comprising Rs 5,82,783 crore Tax Revenue (Net to Centre), Rs 1,08,969 crore of Non-Tax Revenue and Rs 17,731 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans (Rs 7,786 crore) and Disinvestment of PSUs (Rs 9,945 crore).
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