Amid a divergent trend among various index constituents, key benchmark indices provisionally settled near the flat line. The barometer index, the S&P BSE Sensex, lost 16.15 points or 0.06% at 26,543, as per the provisional closing data. The Nifty rose 9.90 points or 0.12% at 8,060.70, as per the provisional closing data. While the Sensex registered small losses, the Nifty registered small gains. High volatility was witnessed since early afternoon trade after key indices held firm earlier during the trading session. The Sensex declined 44.67 points or 0.16% at the day's low of 26,514.48 in afternoon trade. Earlier, the barometer index jumped 173.09 points or 0.65% at the day's high of 26,732.24 in early trade. The Nifty declined 19.05 points or 0.23% at the day's low of 8,031.75 in afternoon trade. The index rose 49.55 points or 0.61% at the day's high of 8,100.35 in early trade, its highest level since 30 October 2015.
The market breadth indicating the overall health of the market was positive. On BSE, 1,455 shares rose and 1,238 shares fell. A total of 135 shares were unchanged. The BSE Mid-Cap index was provisionally up 0.28%. The BSE Small-Cap index was provisionally up 0.39%. Both these indices outperformed the Sensex.
In overseas stock markets, European stocks edged lower in volatile trade. Earlier during the global day, Asian stocks edged higher as investors shook off concerns about Chinese growth. US stocks edged higher yesterday, 2 November 2015, as investors brushed off weak manufacturing data and focused instead on a spate of deals and earnings.
The total turnover on BSE amounted to Rs 2575 crore, slightly higher than turnover of Rs 2569.90 crore registered during the previous trading session.
Most bank stocks declined. Among public sector banks, UCO Bank (down 2%), Bank of Baroda (down 0.12%), Syndicate Bank (down 1.22%), Allahabad Bank (down 0.59%), Bank of India (down 0.23%), State Bank of India (SBI) (down 0.21%), and Union Bank of India (down 0.66%) edged lower. Punjab National Bank (up 0.54%), Corporation Bank (up 0.47%), Canara Bank (up 0.85%) and United Bank of India (up 0.92%) gained.
Among private sector banks, Axis Bank (down 0.69%), ICICI Bank (down 0.38%), Kotak Mahindra Bank (down 1.07%), and IndusInd Bank (down 0.7%) edged lower. HDFC Bank (up 0.06%), Federal Bank (up 0.27%), and Yes Bank (up 0.98%) gained.
Index heavyweight and engineering and construction major L&T extended its recent slide triggered by the company's disappointing Q2 September 2015 results and a downward revision in the order inflow and revenue guidance for the full year. The stock shed 1.17% to Rs 1,372.20. The scrip was volatile. The stock hit a low of Rs 1,367.40 in intraday trade, which is 52-week low for the counter. The stock hit a high of Rs 1,398 in intraday trade.
On Friday, 30 October 2015, L&T's management in a post earnings conference call reduced the company's order inflow guidance to around 5-7% for the current financial year as compared to earlier guidance of around 15%. Revenue growth guidance was also reduced to around 12.5% against earlier of around 15%. Lower commodity prices, weakening currency, lower demand worldwide and execution challenges were the major reasons for the reduction in guidance. The L&T management expects a significant pick up in business opportunities to happen only in the year ending 31 March 2017 (FY 2017).
Tata Motors lost 1.43%. The company has signed-up star football player Lionel Messi, in a long-term association as its global brand ambassador to promote and endorse its passenger vehicles globally.
Hero MotoCorp gained 1.21% after total sales rose 11.25% to 6.39 lakh units in October 2015 over October 2014. It was its record monthly sales. The market share of the company in domestic scooter market surged to reach almost 20% at the end of October 2015 from 13% in September 2015.
Berger Paints India rose 2.99% after consolidated net profit rose 32.7% to Rs 88.96 crore on 5.7% growth in net sales plus other operating income to Rs 1167.31 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 3 November 2015.
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