Stocks of state-run companies, private sector banks and index heavyweights ITC, HDFC and Infosys led gains for key benchmark indices. The barometer index, the S&P BSE Sensex, rose 178.40 points or 0.65% to 27,466.06, as per the provisional closing data. The gains for the Sensex were higher in percentage terms than those for the 50-unit CNX Nifty index. The 50-unit CNX Nifty rose 43.75 points or 0.53% to 8,295.45, as per the provisional closing data. The Sensex and the Nifty hovered in positive zone throughout the trading session. Gains in global stocks aided upmove on the domestic bourses.
The Sensex and the Nifty, both, hit their highest level in more than 9 weeks at the onset of the trading session. The Sensex rose 267.40 points or 0.97% at the day's high of 27,555.06 at the onset of the trading session, its highest level since 20 August 2015. The Nifty rose 76.40 points, or 0.92% at the day's high of 8,328.10 at the onset of the trading session, its highest level since 20 August 2015.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,423 shares fell and 1,293 shares rose. A total of 156 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.21%. The BSE Small-Cap index provisionally fell 0.28%. Both these indices underperformed the Sensex.
The total turnover on BSE amounted to Rs 2531 crore, lower than turnover of Rs 2913.39 crore registered during the previous trading session.
In overseas stock markets, Asian and European stocks edged higher after the European Central Bank (ECB) signaled its readiness to expand its ongoing bond-buying program. After the conclusion of ECB's regular monetary policy meeting yesterday, 22 October 2015, ECB President Mario Draghi indicated at a press conference that the central bank could move next month to expand stimulus measures in the face of sluggish global growth that is exacerbating worries about persistently low inflation in the eurozone. The ECB embarked on a massive bond-buying program in March this year. US stocks surged yesterday, 22 October 2015, rallying on economic data, better-than-expected earnings and dovish comments from Draghi.
Index heavyweights and housing finance major HDFC rose 1.91% at Rs 1,340.95. The stock hit a high of Rs 1,344 and a low of Rs 1,321 in intraday trade.
Index heavyweights and cigarette major ITC rose 2.73% at Rs 358. The stock hit a high of Rs 358.90 and a low of Rs 351.95 in intraday trade.
Auto stocks declined. Escorts (down 3.06%), Maruti Suzuki (India) (down 2.11%), Ashok Leyland (down 1.04%), Mahindra & Mahindra (down 0.94%), Hero MotoCorp (down 0.77%), Eicher Motors (down 0.29%), TVS Motor Company (down 0.26%) and Bajaj Auto (down 0.16%) edged lower. Tata Motors rose 0.47%.
Cairn India edged higher after reporting a smaller-than-expected fall in second-quarter profit. The stock rose 2.76% at Rs 158.30. The company's consolidated net profit fell 70.46% to Rs 672.67 crore on 39.95% decline in total income to Rs 2743.28 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015.
In the wake of sustained low crude price environment, Cairn India said that it is actively engaging with the government along with other industry players on various strategic issues, which include a revision of the cess charged on oil production to be in-line with crude prices, PSC Extension policy and fair price realization of domestically produced hydrocarbons amongst others. Mayank Ashar, Managing Director and CEO of Cairn India said that with good visibility in near term on multiple projects in the pipeline, the management is optimistic of the company meeting its production projections for the current financial year.
Idea Cellular lost 7.29% at Rs 140.55 after consolidated net profit dropped 13.06% to Rs 809.26 crore on 1.24% decline in total revenue to Rs 8689.06 crore in Q2 September 2015 over Q1 June 2015. The result was announced after market hours on Wednesday, 21 October 2015.
Idea Cellular's consolidated net profit rose 7.06% to Rs 809.26 crore on 13.48% growth in total income to Rs 8722.72 crore in Q2 September 2015 over Q2 September 2014.
Idea Cellular will launch its 4G LTE services in 10 service areas, covering 750 large and small towns by the first half of 2016.
IT major Wipro fell 1.83% at Rs 567.35. The stock hit a high of Rs 577.80 and a low of Rs 565.25 in intraday trade. The company's consolidated net profit rose 7% to Rs 2240 crore on 7% growth in gross revenue to Rs 12510 crore in Q2 September 2015 over Q2 September 2014. The results are as per International Financial Reporting Standards (IFRS). The company announced the results after market hours on Wednesday, 21 October 2015.
Wipro's revenue from IT services business rose 2.1% to $1.83 billion in Q2 September 2015 over Q1 June 2015. The sequential growth stood at 3.1% in constant currency terms. Wipro expects revenue from its IT services business to be in the range of $1.84 billion to $1.87 billion in Q3 December 2015. The company added 67 new customers in its IT services business in Q2 September 2015.
Sun Pharmaceutical Industries (Sun Pharma) rose 0.02% at Rs 889. The company after market hours on Wednesday, 21 October 2015, announced that the company along with its subsidiary has entered into a settlement agreement with Acorda Therapeutics. Inc. to resolve the pending patent litigation involving Ampyra (dalfampridine) extended-release tablets in the United States. As a result of the settlement agreement, Sun Pharma will be permitted to market a generic version of Ampyra in the United States at a specified date in 2027, or potentially earlier under certain circumstances, the company said. As per IMS MAT July 2015 data, Ampyra recorded annual sales of approximately $325 million in the US.
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