The Indian equity market opened lower dragged by global concerns. The Nifty breached the crucial 8500 level for the first time since July 11 weighed down by losses in IT, oil & gas, banks, auto, and capital goods stocks.
The Nikkei India Services PMI rose to 54.5 in October from 52 in September. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
At 9:37 AM, the S&P BSE Sensex is trading at 27,567 up 40 points, while NSE Nifty is trading at 8,528 up 14 points.
The BSE Mid-cap Index is trading down 1.40% at 13,254 whereas BSE Small-cap Index is trading down 1.44% at 13,362.
ICICI Bank, Tata Steel, Cipla, Hero MotoCorp, Dr Reddy’s and RIL are among the gainers, whereas ONGC, Bharti Airtel, M&M, Wipro and Sun Pharmaceuticals are losing sheen on BSE.
Some buying activity is seen in metal, consumer durables, banking, realty, pharma, finance and basic materials sectors, while IT sector is showing weakness on BSE.
The INDIA VIX is down 0.62% at 16.6925. Out of 1,865 stocks traded on the NSE, 360 declined, 1,125 advanced and 380 remained unchanged today.
A total of 19 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.
Hindalco Industries Ltd is currently trading at Rs 164.85, up by Rs 8.5 or 5.44% from its previous closing of Rs 156.35 on the BSE.
Lupin slipped 1.2%. The company has received approval from the US drug regulator for a contraceptive tablet. The product is a generic version of Janssen Pharmaceuticals Inc.’s drug.
Mphasis Ltd is currently trading at Rs 509.9, down by Rs 11.4 or 2.19% from its previous closing of Rs 521.3 on the BSE. The company will announce its Q2 numbers today.
Hero MotoCorp gained 1.7%. Hero MotoCorp reported a 3.6% increase in sales at 663,153 units in October.
TVS Motor Company slipped 1.4%. The company posted 12% increase in total sales at 308,690 units in October. The Chennai-based company had sold 274,622 units in the same month last year.
IL&FS Engineering tanked 6% after the company reported net loss of Rs 81 crore for the quarter ended September 30, 2016 against net loss of Rs 82 crore in the same quarter a year ago.
Ambuja Cements inched up 0.48% to Rs 242. Ambuja Cements will announce its Q2 numbers today.
Zensar Technologies tumbled 3.8%.The company has acquired Foolproof Ltd along with its three wholly owned subsidiaries for an undisclosed amount.
Monsanto India Ltd is trading flat on the BSE. The company will announce its Q2 numbers today.
Strides Shasun Ltd soared 6.6%. The company said it and Mylan agree to settle regulatory and general claims on Agila transaction. After payment to Mylan, Strides to receive approximately $30 million from regulatory escrow.
Aurobindo Pharma is trading lower by 1% to Rs 784. Aurobindo Pharma has expressed interest in acquiring Portuguese drug maker Generis Farmaceutica for about $200 million, as per media reports.
Oudh Sugar Mills soared 2%. The company posted its net profit at Rs 18.6 crore in the quarter ended September 2016 as against net loss of Rs 19 crore in the corresponding quarter last year.
Gulshan Polyols soared 5.2% after the company informed BSE that the board of directors of the company is scheduled to be held on November 05, to consider and discuss the matter of sub-division of equity shares of the company.
MMTC gained 2.3% to Rs 53. MMTC plans to sell sovereign gold coins to non-resident Indians through branches of Indian banks with which it has tied-ups.
Asian markets opened flat to mildly positive after a huge drubbing in the last session. Globally the Fed maintained status quo on rates which saw yields fall along with the US $. Oil weakness saw energy stocks lead the declines even as financials rallied in the last hour. Next few days could see the uncertainty prevail with opinion divided on the outcome of the elections. However given the market behavior over the last 1 month most participants feel the probability of a Trump victory could well have been priced in with markets having only a knee jerk reaction on the day of the results.
India has the potential to move much ahead said PM Narendra Modi at a journalism awards event presented by IIFL Wealth & Asset Management. While the government says it will continue to undertake needed measures to strengthen economy, boost GDP growth and create jobs, rating agencies are not impressed as yet.
S&P retained India’s rating at ‘BBB-‘ with a stable outlook. Citing low per capita income and weak public finances, it ruled out an upgrade even for next year.
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