Key benchmark indices were almost unchanged after swinging between gains and losses in a narrow band in early trade. The barometer index, the S&P BSE Sensex, was currently down 2.06 points or 0.01% at 27,096.11. The market breadth indicating the overall health of the market was strong.
Bharti Airtel and Maruti Suzuki India rose ahead of their Q2 results today, 30 October 2014. ICICI Bank declined ahead of its Q2 results today, 30 October 2014. Tech Mahindra rose on good Q2 results.
In overseas markets, Asian stocks were mixed. US stocks closed with slight losses yesterday, 29 October 2014, after the Federal Reserve ended its stimulative monthly bond-buying program and expressed confidence in US economic prospects.
Indian stocks may remain volatile today, 30 October 2014, as traders roll over positions in the futures & options (F&O) segment from the near month October 2014 series to November 2014 series. The near month October 2014 derivatives contracts expire today, 30 October 2014.
At 9:25 IST, the S&P BSE Sensex was down 2.06 points or 0.01% at 27,096.11. The index rose 48.27 points at the day's high of 27,146.44in early trade. The index fell 9.52 points at the day's low of 27,088.65 in early trade.
The CNX Nifty was up 0.50 points or 0.01% at 8,090.95. The index hit a high of 8,102.55 in intraday trade. The index hit a low of 8,085.20 in intraday trade.
The BSE Mid-Cap index was down 5.06 points or 0.05% at 9,645.23, underperforming the Sensex. The BSE Small-Cap index was up 24.03 points or 0.22% at 10,814.49, outperforming the Sensex.
The market breadth indicating the overall health of the market was strong. On BSE, 666 shares rose while 378 shares declined. A total of 33 shares were unchanged.
Tech Mahindra rose 3.18% on good Q2 results. The company's consolidated net profit rose 14.1% to Rs 720 crore on 7.2% increase in revenue to Rs 5488 crore in Q2 September 2014 over Q1 June 2014. Operating profit jumped 18.2% to Rs 1097 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours on Wednesday, 29 October 2014.
Sesa Sterlite declined 0.59% after announcing Q2 results. The company's consolidated net profit before exceptional items rose 15% to Rs 1658 crore on 8% rise in net sales/income from operations to Rs 19448 crore in Q2 September 2014 over Q2 September 2013. The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013, hence Q2 and H1 FY 2015 performance is compared with the adjusted proforma numbers of respective period, which are more representative of the performance during the period, Sesa Sterlite said in a press release. The result was announced at the fag end of session on Wednesday, 29 October 2014.
Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 8% to Rs 6381 crore in Q2 September 2014 over Q2 September 2013. The company said margins were lower primarily due to Oil & Gas given the weaker crude oil prices. Better price in zinc and aluminium were offset by higher costs due to lower volumes (per mine plan) in Zinc-India and higher coal/input costs in aluminium. The revenue growth of 8% did not translate into EBITDA growth of same proportion due to the lower volumes in higher margin businesses like zinc-India, Oil & Gas marginally offset by higher volumes/revenue in custom refining business. Also, the increase in royalty rates from 1 September 2014 impacted cost at Zinc India, Sesa Sterlite said.
Bharti Airtel rose 0.04% ahead of its Q2 results today, 30 October 2014.
ICICI Bank declined 0.02% ahead of its Q2 results today, 30 October 2014.
Maruti Suzuki India rose 0.3% ahead of its Q2 results today, 30 October 2014.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Wednesday, 29 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 785.61 crore on that day.
Asian stocks were mixed today, 30 October 2014. Key benchmark indices in Indonesia, South Korea, Hong Kong and Taiwan were down 0.43% to 0.57%. Key benchmark indices in Singapore, Japan and China rose 0.07% to 0.53%.
US stocks closed with slight losses on Wednesday, 29 October 2014, after the Federal Reserve ended its stimulative monthly bond-buying program and expressed confidence in US economic prospects.
The Federal Reserve Wednesday, 29 October 2014, ended its monthly bond purchase program and signaled confidence the US economic recovery would remain on track despite signs of a slowdown in many parts of the global economy. "The Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability," the central bank's policy committee said in a statement following a two-day meeting. The timing and pace of rate hikes would depend on incoming economic data, the Fed said.
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