The BSE Sensex and NSE Nifty fell for the fifth consecutive day on Friday as quarterly results from ITC and Larsen & Toubro disappointed investors and raised concerns about the health of the corporate sector. The sentiments were also affected after Moody’s projected that RBI will keep rates on hold for the remainder of 2015, with a small chance of another cut early next year. Sensex closed 181.31 points down at 26,656.83 while Nifty settled 45.95 points down at 8,065.80.
ITC shares fell as much as 5.2 per cent after the company’s September quarter earnings missed analysts’ estimates. The stock was the biggest drag on the NSE Nifty. The share price of the FMCG major closed 4.47 per cent down at Rs 334.35.
Shares in industrial heavyweight Larsen & Toubro fell 4.11 per cent after its second-quarter net profit missed street estimates. The company also downgraded its order inflow guidance to 5-7 per cent from 15 per cent earlier.
But not all companies fell after earnings. ICICI Bank jumped 2.04 per cent after it reported a 12 per cent increase in quarterly profit due to faster retail loans growth.
Shares of Kotak Mahindra Bank jumped 3.77 per cent after the company reported a better-than-expected 28 per cent increase in quarterly profit and a stable bad loan ratio.
Dr Reddy’s Laboratories gained 1.32 per cent after the drugmaker posted record quarterly earnings on Thursday, outpacing analysts expectations as sales across North America, Europe and India rose.
Sectorwise, the BSE Capital Goods index slid the most by losing 2.65 per cent, followed by BSE FMCG index (down 2.34 per cent), BSE Realty index (down 1.39 per cent), BSE Auto index ( down 1.20 per cent), BSE Metal index (down 0.93 per cent). On the other hand, BSE Bankex and BSE Power index gained 0.92 per cent and 0.45 per cent, respectively.
Markets through the day
3.30 pm: Sensex closed 181.31 points down at 26,656.83 while Nifty settled 45.95 points down at 8,065.80.
3.22 pm: Jet Airways gained over 10 per cent while SpiceJet jumped over 9 per cent after India’s civil aviation secretary announced a slew of proposed reforms that included raising foreign direct investments in airlines to 50 per cent. Sensex was down 195 points at 26,643.
2.46 pm: Shares of Apollo Tyres fell over 7 per cent after the company reported 10.46 per cent fall in its consolidated total income at Rs 2995.93 for the quarter ended September 30, 2015. The company posted total income of Rs 3346.01 crore in the corresponding quarter a year ago. Consolidated net profit of the company jumped 8 per cent year-on-year to Rs 278.74 crore. Bottomline figures fell 4 per cent on quarter-on-quarter basis. Sensex was down 216 points at 26,621. Nifty was down 46.45 points at 8,057.
2.22 pm: Larsen & Toubro reported 15.56 per cent rise in its consolidated net profit figures at Rs 995.90 crore for the quarter ended September 30, 2015. The company posted net profit of Rs 861.75 crore in the corresponding quarter a year ago. The share price of L&T was trading 1.47 per cent down at Rs 1,450. Sensex was down 142 points at 26,696.
2.14 pm: Sensex was down 141.34 points at 26,696.8. The share price of IPCA Laboratories was down around 1 per cent after the company reported 80.93 per cent fall its net profit at Rs 11.69 crore for the quarter ended September 30, 2015 as compared to Rs 61.3 crore for the same quarter in the previous year.
2.09 pm: ITC share price plunged as much as 5 per cent on Friday after the FMCG major reported posted a marginal increase of 0.25 per cent in its standalone net profit at rS 2,431.25 crore for the second quarter ended September 30, 2015-16. The BSE FMCG index was down 2.24 per cent at 8,035.46.
1.44 pm: ICICI Bank shares were trading 1.31 per cent up after the bank announced 11.85 per cent increase in its standalone net profit figures for the second quarter ended September 30, 2015. ICICI Bank registered net profit of Rs 2709.01 crore in the corresponding quarter a year ago. In another announcement, ICICI Bank said that the Board of Directors has approved the sale of 9 per cent shareholding in ICICI Lombard
General Insurance Company Limited to its joint venture partner, Fairfax Financial Holdings Limited. The proposed transaction values the company at Rs 17,225 crore (US$ 2.6 billion). The transaction is subject to governmental and regulatory approvals.
1.37 pm: Shares of the Kotak Mahindra Bank were trading 2.39 per cent up after the company reported consolidated net profit of Rs 942 crore for the second quarter ended September 30, 2015-16. Sensex was trading 55.85 points down at 26,782.29. Nifty was down 9.50 points at 8,102.25.
1.15 pm: In the 50-share index, NTPC, Kotak Mahindra Bank, Hindalco, YES Bank and Grasim were up between 1.80 per cent and 5.50 per cent. On the other hand, ITC, M&M, ONGC, BHEL and Tech Mahindra were down between 1 per cent and 4.80 per cent. Nifty was down 7.50 points at 8,104.
1.00 pm: NTPC share price was up 5.16 per cent at Rs 134.40. The scrip jumped after the company reported 39.61 per cent rise its net profit at Rs 2,898.28 crore for the quarter ended September 30, 2015 as compared to Rs 2,071.63 crore for the same quarter in the previous year. The BSE Power index was up 1.79 per cent at 1942.77. Sensex was 47.47 points at 26,790.
12.36 pm: Moody’s Analytics, the research and analysis arm of Moody’s Corporation, projected the RBI to keep rates on hold for the remainder of 2015, with a small chance of another cut early next year. The BSE Auto index was down 0.43 per cent while the BSE Bankex and BSE Realty index were up 0.77 per cent and 0.92 per cent, respectively.
12.02 pm: Sensex was up 0.22 per cent at 26,896. Nifty was up 0.32 per cent at 8137.60. Meanwhile, unveiling the much-awaited draft civil aviation policy, the government on Friday proposed tax incentives for airlines, maintenance and repair works of aircrafts besides mooting 2 per cent levy on all air tickets to fund regional connectivity scheme.
11.24 am: In a significant move, the Civil Aviation Ministry has pitched for over 50 per cent Foreign Direct Investment (FDI) in domestic carriers in case the open skies policy is implemented. Under open skies policy, overseas airlines can operate unlimited number of flights into and out of India. Shares of Jet Airways were trading over 1.7 per cent up at Rs 406.35 apiece. SpiceJet share was trading 3.60 per cent up at Rs 44.65. Sensex was up 65 points at 26,904.09.
11.04 am: Share price of Grasim Industries jumped over 2 per cent after the company on Thursday reported 12.97 per cent rise its net profit at Rs 338.24 crore for the quarter ended September 30, 2015 as compared to Rs 299.41 crore for the same quarter in the previous year. The company’s total income has increased by 12.90 per cent to Rs 2,044.81 crore for the quarter under review from Rs 1,811.23 crore for the corresponding quarter of the previous year. Sensex was up 55 points at 26,892.
10.10 am: Realty, healthcare, banking and power sectoral indices of
BSE were in the positive zone.
9.47 am: The rupee recovered by 7 paise to 65.24 against the US dollar in early trade on Friday at the Interbank Foreign Exchange market on increased selling of the American currency by exporters. Sensex was up 57 points at 26,895.
9.44 am: Blue Star has entered into a Joint Venture (JV) in MEP contracting business with WJ Towell & Company LLC, Oman, by acquiring 51 per cent stake in the JV entity, Blue Star Oman Electro-Mechanical Company LLC. The share price of Blue Star was trading 1.49 per cent down at Rs 374. Sensex was down 2 points at 26,835.
9.40 am: Future & Option (F&O) total turnover stood at 5,16,209.36 crore on October 29 and the total number of contracts traded on the day were 1,96,23,236.
9.38 am: According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 2039.79 crore in index futures and options segments, as per Thursday’s data, October 29, 2015.
FIIs were net sellers of index futures to the tune of Rs 47.81 crore and they bought index options worth Rs 2087.60 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 997.74 crore, while they bought stock options worth Rs 3.48 crore.
9.16 am: Sensex was down 6.36 points at 26,831.78. Nestle India stocks will be in focus on Friday after the company post market hours on Thursday reported a 60.1 per cent decline in its standalone net profit at Rs 124.20 crore for the third quarter ended September 2015 after Maggi noodles controversy. Nestle shares were down 0.99 per cent at Rs 6,220 apiece in the early trade.
9.15 am: The BSE Sensex and NSE Nifty opened on a flat note on Friday. Sensex opened 40.34 points up at 26,878.48. Nifty opened 11.8 points up at 8,123.55.
Dr Reddy’s Lab will also be in focus as the drug major on Thursday reported 25.74 per cent increase in its consolidated net profit at Rs 721.89 crore for the second quarter ended September 30, 2015.
(With inputs from agencies)