A bout of volatility was witnessed as key benchmark indices trimmed gains after extending intraday gains in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 64.80 points or 0.24% at 26,902.94. The 50-unit CNX Nifty was up 23.05 points or 0.28% at 8,134.80. The market breadth indicating the overall health of the market was positive. On BSE, 1,221 shares rose and 897 shares fell. A total of 126 shares were unchanged. The BSE Mid-Cap index was up 0.67%, outperforming the Sensex. The BSE Small-Cap index was up 0.12%, underperforming the Sensex.
In overseas stock markets, Japanese shares edged higher in volatile trade after the Bank of Japan (BoJ) kept monetary policy unchanged after the latest policy review. The BoJ kept maintained its pledge to increase base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen ($662 billion) through aggressive asset purchases. US stocks finished slightly lower yesterday, 29 October 2015, succumbing to weaker-than-expected readings on gross domestic product and pending home sales a day after the Federal Reserve signaled a December rate increase remains possible.
Index heavyweight and cigarette major ITC shed 1.69% to Rs 343.85. The stock hit high of Rs 351 and low of Rs 343.45 so far during the day. ITC is scheduled to announce its Q2 September 2015 result today, 30 October 2015.
Index heavyweight and engineering and construction major L&T edged higher in volatile trade ahead of the announcement of its second quarter results. The stock was currently up 1.17% at Rs 1,488.85. The stock hit high of Rs 1,498 and low of Rs 1,462 so far during the day. L&T is scheduled to announce its Q2 September 2015 result today, 30 October 2015.
Power generation stocks rose on renewed buying. Reliance Infrastructure (up 2.54%), CESC (up 0.59%), Torrent Power (up 1.47%), Reliance Power (up 2.75%), NHPC (up 1.66%), Jaiprakash Power Ventures (up 0.09%), Adani Power (up 2.42%) and JSW Energy (up 2.72%) edged higher. Tata Power Company shed 0.43%.
NTPC jumped 5.52%. The stock had dropped 2.19% to settle at Rs 129.55 in volatile trade yesterday, 29 October 2015, after the company announced strong Q2 September 2015 results. The company's net profit rose 39.9% to Rs 2898.28 crore on 5.25% rise in total income to Rs 18173.90 crore in Q2 September 2015 over Q2 September 2014.
FMCG stocks declined. Marico (down 1.85%), Tata Global Beverages (down 0.74%), Procter & Gamble Hygiene and Health Care (down 0.59%), Jyothy Laboratories (down 0.08%), Bajaj Corp (down 0.88%), Dabur India (down 0.55%) and GlaxoSmithkline Consumer Healthcare (down 0.03%) declined.
Britannia Industries (up 0.81%), Colgate-Palmolive (India) (up 1.19%), Godrej Consumer Products (up 0.19%) and Hindustan Unilever (up 0.27%) rose.
Nestle India lost 0.91% after net profit fell 60.1% to Rs 124.20 crore on 32.1% decline in net sales to Rs 1736.20 crore in Q3 September 2015 over Q3 September 2014. The result was announced after market hours yesterday, 29 October 2015. Nestle India said that the Maggi noodles issue disrupted its business in Q3 September 2015. In addition to loss of sales from the business disruption, net sales worth Rs 15.32 crore have been reversed during the quarter in relation to Maggi noodles stock being withdrawn from trade partners and market, Nestle India said.
Emami dropped 2.65% after consolidated net profit fell 32.97% to Rs 61.34 crore on 16.46% increase in total income to Rs 587.54 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 29 October 2015. Emami said its bottom line was impacted because of amortization of Kesh King intangibles. The company had acquired hair & scalp care business under the Kesh King' and allied brands for Rs 1684 crore (including duties & taxes) in June 2015. Emami's earnings before interest, taxes, depreciation and amortization (EBIDTA) rose 34.5% to Rs 152 crore in Q2 September 2015 over Q2 September 2014. EBITDA margin edged higher to 26.5% in Q2 September 2015 from 23.1% in Q2 September 2014.
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