Key benchmark indices hovered between the gains and losses near the flat line in early trade as mixed Asian stocks provided no clear direction for the domestic bourses. At 9:30 IST, the barometer index, the S&P BSE Sensex fell 23.57 points or 0.07% at 33,018.93. The Sensex was trading above the psychological 33,000 level after slipping below that mark. The Nifty 50 index dropped 19.15 points or 0.19% at 10,276.20.
Among secondary indices, the S&P BSE Mid-Cap index rose 0.18%. The S&P BSE Small-Cap index gained 0.12%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was positive. On the BSE, 739 shares rose and 592 shares declined. A total of 67 shares were unchanged.
ICICI Bank (down 1.83%), HDFC Bank (down 1.22%) and HDFC (down 1.01%) dropped from the Sensex pack in early trade.
Hindustan Unilever (HUL) lost 0.31% after the company announced its Q2 results. The company reported a 16% growth in comparable net profit at Rs 1276 crore in Q2 September 2017 over Q2 September 2016. Net sales rose 6.5% to Rs 8199 crore in Q2 September 2017 over Q2 September 2016. Profit after tax before exceptional items grew by 14% to Rs 1236 crore in Q2 September 2017 over Q2 September 2016. Earnings before interest, tax, depreciation and amortization (EBITDA) rose 20% to Rs 1682 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 25 October 2017.
While transition to GST impacted trade purchases in early part of the quarter, consumer offtake remained stable, HUL said. Trade conditions continue to improve and the wholesale channel is steadily normalizing, it added.
HUL's board of directors declared interim dividend of Rs 8 per share for the year ending 31 March 2018 (FY 2018).
Harish Manwani, Chairman of HUL, said that the company was able to swiftly implement GST and pass on the net benefit through price reductions to consumers across the country.
Wipro dropped 0.05%. The company said that it has completed the acquisition of Cooper Software, Inc, a design and business strategy consultancy headquartered in San Francisco. The impact of Cooper acquisition is expected to reflect in the financials of the company for the quarter ending 31 December 2017. The announcement was made after market hours yesterday, 25 October 2017.
Yes Bank dropped 1.97% ahead of its Q2 September 2017 result today, 26 October 2017.
Overseas, Asian stocks were mixed after Wall Street shares pulled back from record highs overnight. US stocks fell yesterday, 25 October 2017, on a batch of soft quarterly earnings, with the Dow Jones Industrial Average suffering its worst day in seven weeks after rising to a record peak the previous session.
Among macro data, durable-goods orders in US rose 2.2% in September. Excluding transportation, orders increased 0.7%. New-home sales ran at a 667,000 annual pace in September, an 18.9% increase compared with August, and a 17% increase compared with a year ago.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
