A divergent trend was witnessed in afternoon trade as the barometer index, the S&P BSE Sensex, was trading with minor gains while the Nifty 50 index was trading with minor losses. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 6.48 points or 0.02% at 34,448.53. The Nifty 50 index was down 7.75 points or 0.07% at 10,378.85
Broader market was trading on a strong note. Among secondary barometers, the BSE Mid-Cap index was up 1.1%. The BSE Small-Cap index was up 1.35%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1562 shares rose and 842 shares fell. A total of 134 shares were unchanged.
Yes Bank (up 7.13%), L&T (up 4.13%), IndusInd Bank (up 3.92%), Axis Bank (up 3.63%) and Tata Motors (up 2.04%) edged higher from the Sensex pack.
Infosys (down 2.72%), Hindustan Unilever (down 1.58%) and Wipro (down 1.55%) edged lower from the Sensex pack.
Tata Motors rose 2.02% after the company announced its Q2 September 2018 result after market hours yesterday, 31 October 2018. Tata Motors reported consolidated net loss of Rs 1009.49 crore in Q2 September 2018 as compared with net profit of Rs 2501.67 crore in Q2 September 2017. Total income rose 2.61% to Rs 72729.30 crore in Q2 September 2018 over Q2 September 2017.
Jaguar Land Rover (JLR) revenues for the quarter were 5.6 billion, 10.9% lower year-on-year primarily reflecting lower wholesales. The lower wholesales combined with higher depreciation and amortization led to a pre-tax loss for the quarter of 90 million. Earnings before interest, tax and depreciation (EBITDA) were 511 million (9.1% margin).
N Chandrasekaran, Chairman commented that Tata Motors has improved market shares whilst delivering robust improvement in profitability in both the commercial vehicles and passenger vehicles and generated positive free cash flows. In JLR, market conditions, particularly in China, have deteriorated further.
On the economic front, the combined Index of Eight Core Industries stood at 127.20 in September 2018, which was 4.3% higher as compared to the index of September 2017. Its cumulative growth during April to September 2018-2019 was 5.5%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The data was unveiled after market hours yesterday, 31 October 2018.
Meanwhile, India climbed another 23 points in the World Bank's ease of doing business ranking to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS. The details were revealed in World Bank's Doing Business Report which is an assessment of business regulation across 190 economies.
India has improved its rank in 6 out of 10 indicators and has moved closer to international best practices (Distance to Frontier score) on 7 out of the 10 indicators. But, the most dramatic improvements have been registered in the indicators related to 'Construction Permits' and 'Trading across Borders'.
Overseas, shares in Asia were trading higher on the first day of November trading after a roller coaster October rocked stocks in the region.
The Caixin China manufacturing purchasing managers' index edged up to 50.1 in October from 50.0 in September, Caixin Media Co. and research firm Markit said Thursday. The 50 level separates an expansion in manufacturing activity from a contraction.
The Bank of Japan kept its ultra-easy monetary policy in place as concerns grow about the impact of US-China trade tensions on the Japanese economy. The board voted 7-2 to maintain short-term interest rates at minus 0.1% and the target for the 10-year Japanese government bond yield at around zero. The BOJ reiterated Wednesday that it would keep extremely low interest rates for an extended period and allow the 10-year JGB yield to move in a more flexible manner.
US stocks climbed Wednesday to close out an ugly October on a positive note as solid earnings from high-profile brands cheered investors and revived strong buying interest in equities.
On the US data front, private-sector employers added 227,000 new jobs in October, according to payroll firm Automatic Data Processing.
Labor costs rose 0.8% in the third quarter, according to the Labor Department's employment cost index report. Year-over-year, compensation growth remained at the 2.8% level seen in the second quarter, a 10-year high.
Chicago-area PMI came in at 58.4, down from 60.4, according to FactSet. While a reading above 50 indicates expanding activity, this was the lowest reading of the index since April.
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