Market is set to open sharply lower. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could slide 152 points at the opening bell.
Meanwhile, Bihar Chief Minister Nitish Kumar led Grand Alliance (Mahagathbandhan) scored a stunning win in the Bihar assembly elections for which counting took place yesterday, 8 November 2015, dealing a major blow to the Bharatiya Janata Party (BJP). The Grand Alliance won 178 out of the total 243 seats while the BJP secured 53 seats.
The BJP-led National Democratic Alliance (NDA) has a comfortable majority in Lok Sabha, but lags in numbers in the Rajya Sabha, the upper house, where members are elected by the strength of legislators in the states. The Bihar elections were seen as decisive for setting the Centre's economic agenda with some half a dozen state assemblies in the queue to go to the polls in the next few months.
In overseas markets, Asian stocks outside China and Japan edged lower. In mainland China, the Shanghai Composite was up 2.19%. China's trade balance rose less-than-expected in October 2015, official data showed yesterday, 8 November 2015. In a report, National Bureau of Statistics of China said that Chinese trade balance rose to $61.64 billion in October, from $60.34 billion in the preceding month. In Japan, the Nikkei 225 was up 2.14%. US stocks registered small gains on Friday, 6 November 2015.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 219.17 crore on Friday, 6 November 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 39.45 crore on Friday, 6 November 2015, as per provisional data.
Among key corporate earnings, Tata Motors reported consolidated net loss of Rs 429.76 crore for Q2 September 2015 compared with net profit of Rs 3290.86 crore in Q2 September 2014. Total income rose 1.15% to Rs 61563.45 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Friday, 6 November 2015.
As per International Financial Reporting Standards, Tata Motors British luxury car unit Jaguar Land Rover's (JLR) revenue stood at GBP 4,831 million for the quarter ended 30 September 2015 as against GBP 4,808 million for the quarter ended 30 September 2014. Operating profit (EBITDA) stood at GBP 589 million for the quarter ended 30 September 2015 as against GBP 933 million for the quarter ended 30 September 2014. An exceptional charge of GBP 245 million has been recognised for about 5,800 vehicles involved in the Tianjin Port explosion. Post the exceptional charge, loss after tax stood at GBP 92 million for the quarter ended 30 September 2015 as against profit after tax of GBP 450 million for the quarter ended 30 September 2014.
ONGC's net profit declined 11.07% to Rs 4842.02 crore on 0.03% increase in total income to Rs 21817.26 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Friday, 6 November 2015. ONGC said that there was an adverse impact to the tune of Rs 596 crore on its gross revenue on account of the subsidy sharing burden in Q2 September 2015. During the corresponding period of the previous year, ONGC's gross revenue was negatively impacted to the tune of Rs 13641 crore on account of the subsidy-sharing burden.
Sun Pharmaceutical Industries' (Sun Pharma) consolidated net profit fell 46.02% to Rs 1106.66 crore on 12.23% decline in total income to Rs 7028.93 crore in Q2 September 2015 over Q2 September 2014. The result was announced on Saturday, 7 November 2015. Sun Pharma's results during the quarter were impacted due to base effect. The company had benefitted significantly in Q2 September 2014 from the 180-day exclusivity on Valsartan tablets in the US. The company's earnings before interest, taxation, depreciation and amortization (EBITDA) margin declined to 28% in Q2 September 2015 compared with 38% in Q2 September 2014.
Dilip Shanghvi, Managing Director of Sun Pharma said that the company's performance in Q2 September 2015 and first half of the current financial year was impacted by lower sales growth, volatile currency movements and supply constraints. Integration of Ranbaxy is progressing well and while some of the costs have been incurred, the benefits will be visible going forward, Shanghvi said.
Bharat Heavy Electricals (Bhel) after market hours on Friday, 6 November 2015 said it has secured prestigious orders, cumulatively valued at Rs 4614 crore, for setting up two supercritical thermal power projects involving one unit each of the country's highest rating 800 megawatts (MW) sets in Andhra Pradesh.
A divergent trend for various index constituents resulted in a flat closing for the Nifty 50 index and small losses for the barometer index, the S&P BSE Sensex on Friday, 6 November 2015. The Sensex lost 38.96 points or 0.15% to settle at 26,265.24, its lowest closing level since 1 October 2015.
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