Weakness persisted on the bourses in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was off 118.53 points or 0.43% at 27,243.43. The 50-unit CNX Nifty was off 31.60 points or 0.38% at 8,228.95. Axis Bank edged higher in choppy trade after reporting good Q2 results. Lupin tumbled after reporting weak Q2 results.
The market breadth indicating the overall health of the market was negative. On BSE, 1,421 shares fell and 1,123 shares rose. A total of 140 shares were unchanged. The BSE Mid-Cap index was up 0.09%. The BSE Small-Cap index was up 0.15%. Both these indices outperformed the Sensex.
In overseas stocks markets, Asian and European stocks dropped on caution ahead of the outcome of a monetary policy review from the US Federal Reserve which could provide clues about the timing of the Fed's first interest rate hike in a decade. The Fed is widely expected to leave benchmark interest rates unchanged near zero after the conclusion of a two-day monetary policy meeting tomorrow, 28 October 2015. US stocks mostly fell yesterday, 26 October 2015, as oil prices slumped.
Axis Bank edged higher in choppy trade after reporting good Q2 results. The stock was currently up 1.15% at Rs 527. The stock hit high of Rs 528 and low of Rs 515.80 so far during the day. Axis Bank's net profit rose 18.93% to Rs 1915.64 crore on 13.75% rise in total income to Rs 12001.01 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 27 October 2015.
The bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.48% as on 30 September 2015, with the ratio remaining unchanged from the level as on 30 June 2015. The ratio of net NPA was 0.44% as on 30 September 2014. The bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 1.38% as on 30 September 2015, with the ratio remaining unchanged from the level as on 30 June 2015. The ratio of gross NPA was 1.34% as on 30 September 2014.
Pharma shares declined. Cadila Healthcare (down 0.83%), Cipla (down 0.81%), Glenmark Pharmaceuticals (down 0.16%), GlaxoSmithKline Pharmaceuticals (down 0.25%), and Wockhardt (down 0.39%) declined. Sun Pharmaceutical Industries (up 1.46%), Aurobindo Pharma (up 1.36%), Dr Reddy's Laboratories (up 0.05%) rose.
Lupin tumbled after reporting weak Q2 results. The stock was currently off 5.15% at Rs 1,947.75. The stock hit high of Rs 2,023 and low of Rs 1,938 so far during the day. On a consolidated basis, Lupin's net profit fell 35.1% to Rs 408.80 crore on 2% rise in net sales to Rs 3178.30 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours today, 27 October 2015. Lupin attributed the weak financial performance to slowdown in drug approvals in the US and lack of material drug launches during the quarter.
Capital goods stocks edged lower. Bharat Heavy Electricals (Bhel) (down 1.72%), L&T (down 1.02%), BEML (down 0.87%), Crompton Greaves (down 0.38%) and ABB India (down 0.29%), declined. Thermax (up 2.2%), Bharat Electronics (up 1.27%) and Siemens (up 0.4%) rose.
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