After languishing in negative zone in morning trade, key benchmark indices extended losses and hit fresh intraday low in mid-morning trade. The market breadth indicating the overall health of the market turned negative from positive. The barometer index, the S&P BSE Sensex, was currently off 104.09 points or 0.37% at 27,942.57. Asian stocks and US equity index futures dropped after the latest Japanese data showed a surprise economic contraction in the world's third-largest economy in Q3 September 2014.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 645.90 crore on Friday, 14 November 2014, as per provisional data.
Tata Motors gained in volatile trade after announcing Q2 September 2014 result after market hours on Friday, 14 November 2014. Ashok Leyland rose after the company said it has bagged two large integrated transport projects in Tanzania and Zimbabwe, together worth $79.20 million.
The Sensex was currently trading below the psychological 28,000 mark. Earlier, the Sensex alternately swung above and below the psychological 28,000 level after initial slide. The barometer index had settled above the psychological 28,000 level during the previous trading session on Friday, 14 November 2014.
In overseas markets, Japanese stocks led decline in Asian stocks after the latest data showed that Japan's GDP unexpectedly shrank in the third quarter.
In the foreign exchange market, the rupee edged higher against the dollar.
Brent crude futures edged lower following news Japan, the world's fourth-biggest crude importer, had slipped into recession and after comments from the West's energy watchdog that a return to high oil prices was unlikely soon.
At 11:15 IST, the S&P BSE Sensex was down 104.09 points or 0.37% at 27,942.57. The index lost 111.94 points at the day's low of 27,934.72 in mid-morning trade. The index rose 5.61 points at the day's high of 28,052.27 at onset of the trading session.
The CNX Nifty was down 38 points or 0.45% at 8,351.90. The index hit a low of 8,350.10 in intraday trade. The index hit a high of 8,382.60 in intraday trade.
The market breadth indicating the overall health of the market turned negative from positive in mid-morning trade. On BSE, 1,357 shares declined and 1,246 shares gained. A total of 73 shares were unchanged.
The BSE Mid-Cap index was up 39.59 points or 0.39% at 10,194.40. The BSE Small-Cap index was up 51.58 points or 0.46% at 11,268.97. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 1196 crore by 11:15 IST, compared with Rs 780 crore by 10:15 IST.
Auto stocks were mixed. Maruti Suzuki India rose 0.36%. Mahindra & Mahindra (down 1.23%) and Eicher Motors (down 1.36%) declined.
Tata Motors gained 3.06% to Rs 539.85. The stock was volatile. The stock hit high of Rs 541 and low of Rs 518.80 so far during the day. Tata Motors' consolidated net profit declined 7.1% to Rs 3291 crore on 6.5% growth in revenue (net of excise) to Rs 60564 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 14 November 2014.
Tata Motors said that revenue rose as continuing weak operating environment in the standalone business was more than offset by increase in wholesale volumes, richer product mix and market mix at its British luxury care unit Jaguar Land Rover (JLR).
JLR's net profit declined 11.24% to GBP 450 million on 4.2% growth in revenue at GBP 4808 million in Q2 September 2014 over Q2 September 2013. JLR's profit before tax (PBT) fell 8.8% to GBP 609 million in Q2 September 2014 over Q2 September 2013. The decline in PBT was due to unfavourable revaluation of foreign currency debt and unrealised hedges and higher depreciation and amortisation, Tata Motors said. JLR's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 15.3% to GBP 933 million in Q2 September 2014 over Q2 September 2013. Continued strong revenue and operating performance were driven by wholesale volume increase, richer product mix supported by the ongoing success of Ranger Rover Sport, Range Rover and Jaguar F-TYPE, robust market mix with strong sales in emerging markets, Tata Motors said in a statement.
Ashok Leyland rose 1.56%. The company today, 17 November 2014, said it has bagged two large integrated transport projects in Tanzania and Zimbabwe, together worth $79.2 million. Besides the supply of trucks, buses, LCVs, spares and allied support services (includes training and developmental consultancy), these projects will address a variety of mobility requirements in various tourism and economic development programs. Exim Bank has financed these projects under their NEIA scheme, that supports project exports from India, Ashok Leyland said.
Among two-wheeler makers, Hero MotoCorp rose 1.19%. TVS Motor Company dropped 3.31%.
Bajaj Auto rose 0.51% to Rs 2,659.30. The stock scaled a record high of Rs 2,676.80 in intraday trade.
Tata Coffee gained 5.09% to Rs 571 after the company said that a meeting of the Board of Directors will be held on 25 November 2014 to consider the proposal of stock split of the equity shares. The announcement was made during trading hours today, 17 November 2014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 61.655, compared with its close of 61.725 during the previous trading session on Friday, 14 November 2014.
Brent crude futures edged lower following news Japan, the world's fourth-biggest crude importer, had slipped into recession and after comments from the West's energy watchdog that a return to high oil prices was unlikely soon. Brent for January settlement was off 46 cents at $78.95 a barrel. The contract had edged higher during the previous trading session on Friday, 14 November 2014, amid speculation that OPEC may cut its oil production, a move that would help stabilize plunging prices. Brent for January settlement had risen $1.92 a barrel to settle at $79.41 on Friday, 14 November 2014.
The International Energy Agency (IEA) said in its monthly report which was released on Friday, 14 November 2014, that the oil market had entered a new era with lower Chinese economic growth and booming US shale output, making a quick return to high prices unlikely. The IEA said prices could fall further in 2015 after dropping below $80 a barrel for the first time since 2010.
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Vienna on 27 November 2014 to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.
Japanese stocks led decline in Asian stocks today, 17 November 2014, after the latest data showed that Japan's GDP unexpectedly shrank in the third quarter. Key benchmark indices in Singapore, Taiwan, Japan and South Korea were off 0.22% to 0.95%. In Indonesia, the Jakarta Composite index was up 0.22%.
Japan's real GDP shrank 1.6% on an annualized basis in July-September third quarter as firms cut inventories and held back on capital investment. The figure marked the second quarter of contraction, after the economy shrank 7.3% in the April-June second quarter after the national sales tax ticked up to 8% from 5% on 1 April 2014.
In mainland China, the Shanghai Composite index was up 0.68%. In Hong Kong, the Hang Seng was off 0.47%. A trading program linking Hong Kong's stock market with Shanghai began today, 17 November 2014. For the first time, the pilot program allows eligible mainland investors to trade stocks listed on the Stock Exchange of Hong Kong (SEHK) directly through the Shanghai Stock Exchange (SSE). At the same time, it allows Hong Kong and overseas investors to trade stocks listed on the SSE directly through the SEHK, also for the first time. China will waive capital gains tax for foreign investors buying mainland through the Connect, according to statement released by the Finance Ministry last week.
China's banks reported the biggest jump in bad loans last quarter since 2005. Nonperforming loans rose 72.5 billion yuan ($11.8 billion) from the previous quarter to 766.9 billion yuan, the China Banking Regulatory Commission said in a statement on Saturday, 15 November 2014. Soured credit accounted for 1.16% of lending, up from 1.08% three months earlier.
Trading in US index futures indicated that the Dow could fall 62 points at the opening bell today, 17 November 2014. US stocks ended Friday's uneven trading session fractionally higher. The main benchmarks switched between small gains and losses throughout the trading session, as investor reaction to upbeat economic data, namely retail sales and consumer confidence, was mostly muted.
Sales at US retailers rose in October, snapping back from the first decline in eight months as gasoline prices continued to plunge, data showed on Friday, 14 November 2014. The uptick in spending last month, especially when gasoline is stripped out, suggests households could be prepared to spend more during the holiday season than they have in years. The prices paid for imported goods fell in October, largely due to plunging global oil prices, the US Labor Department said Friday, 14 November 2014. The preliminary November reading on the University of Michigan/Thomson Reuters consumer-sentiment index rose to the highest level since July 2007.
Leaders from the G 20 group of nations agreed on Sunday, 16 November 2014, to boost flagging global growth, tackle climate change and crack down on tax avoidance but ties between the West and Russia plummeted to a new low over the crisis in Ukraine. Group of 20 leaders agreed to take measures that would boost their economies by a collective $2 trillion by 2018 as they battle patchy growth and the threat of a European recession. Citing risks from financial markets and geopolitical tensions, the leaders said the global economy is being held back by lackluster demand, according to their communiqufollowing a two-day summit that ended yesterday, 16 November 2014, in Brisbane. The group submitted almost 1,000 individual policy changes designed to lift growth and said they would hold each other to account to ensure they are implemented.
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