The BSE Sensex and NSE Nifty fell for a fourth consecutive day as market participants continued to square-up positions as Thursday was the last trading session of the October derivatives expiry.
The BSE Sensex and NSE Nifty fell for a fourth consecutive day as market participants continued to square-up positions following last trading session of the October derivatives expiry on Thursday. Concerns that likely Fed rate hike in December would see outflows from emerging markets, too dampened sentiments. Sensex closed 201 points down at 26,838.14 while Nifty closed 59.45 points down at 8,111.75.
In the 50-share index, YES Bank, Dr Reddy’s Labs, Vedanta, Lupin, Ultratech Cement gained between 0.80 per cent and 2.30 per cent. On the other hand, BHEL, BPCL, Axis Bank, Coal India and Gail slid between 2.40 per cent and 4.50 per cent.
Sectorwise, the BSE Power index suffered the most by falling 1.11 per cent, followed by BSE Bankex (1.10 per cent), BSE Capital Goods index (1.09 per cent), BSE FMCG index (0.98 per cent), BSE Metal index (0.85 per cent) and BSE Oil & Gas index (0.82 per cent).
The BSE Consumer Durables index (up 0.39 per cent) and the BSE Auto index (up 0.04 per cent) remained the only gainers.
“I think until the first week of November, we will play out the result seasons, and thereafter the market will find some stability,” said Deven Choksey, managing director at KR Choksey Securities.
Earnings though kept the markets buzzing and there were lots of scrip specific actions based on the performance. Yes Bank gained 1.95 per cent after the bank reported a 26.5 per cent increase in net profit for the September quarter due to lower provisions and higher net interest income and other income. On the other hand, search provider Just Dial declined over 11 per cent after its quarterly earnings adjusted for other income missed analysts’ estimates.
The broader markets too fell in the last, making a negative closing despite posing some resistance in the early deals.
Markets through the day
3.30 pm: The October F&O series made a disappointing closing, with markets extending losses for the fourth straight session tracking the weakness in Asian markets after US Fed in a direct reference put in play a rate hike at its next policy meeting in December. Sensex closed 201 points down at 26,838.14 while Nifty closed 59.45 points down at 8,111.75.
3.17 pm: Sensex was down 208 points at 26,831. The BSE Midcap index and BSE Smallcap index were down 0.44 per cent and 0.43 per cent, respectively.
2.55 pm: Shares of Bharat Forge plunged over 5 per cent in the afternoon trade on Thursday after the company reported marginal rise in its Q2 net profit figures. The company reported 0.33 per cent rise in its net profit after tax at Rs 175.06 crore for the quarter ended September 30, 2015 as compared to Rs 174.49 crore for the same quarter in the previous year. However, the company’s total income has decreased marginally by 2.22 per cent to Rs 1142.27 crore for the quarter under review from Rs 1168.25 crore for the corresponding quarter of the previous year. Sensex was down 168 points at 26,871.
2.17 pm: For the second quarter ended September 30, 2015, NTPC posted net profit of Rs 2,898.28 crore, up 40 per cent, against Rs 2,071.63 crore in the corresponding quarter a year ago. NTPC shares were trading 0.73 per cent up at Rs 130.50 apiece. Sensex was down 158.19 points at 26,881.
1.50 pm: Nifty Gainers and Losers:
1.47 pm: Rajesh Exports shares were up 1.56 per cent at Rs 646.45 apiece. The scrip jumped after the company informed BSE that it has bagged an export order worth Rs 125 crore as an initial order of a special range of jewellery for the European markets. Valcambi has a strong marketing network in Europe developed over a period of more than 50 years. Valcambi has agreed to market Rajesh Exports products in Europe provided the products meet European standards and designs.
1.15 pm: SKS Microfinance shares were trading 1.70 per cent up at Rs 432.90. SKS Microfinance will avail its first refinance limit from MUDRA whereby MUDRA (Micro Units Development & Refinance Agency), launched by the Government of India for financing micro entrepreneurs engaged in small business activities like manufacturing, processing, service sector and trade, has sanctioned a refinance line of Rs 100 crore at 10% per annum to SKS Microfinance. The development is expected to contribute to bringing down the cost of interest-bearing liabilities at SKS. Sensex was down 172 points at 26,867.
12.58 pm: Brokers said squaring-up of positions by participants with today being the last trading session of the October derivatives expiry dampened sentiment. A weak trend at other Asian bourses after the Federal Reserve hinted at a possible US interest rate hike in December also hit sentiment. Sensex was down 178 point at 26,868. YES Bank shaers were trading up over 2 per cent post Q2 results.
12.43 pm: Shares of Torrent Power surged over 9 per cent, to touch one-year high level, after the firm reported consolidated net profit of Rs 246.27 crore for the quarter ended September 30. The stock climbed 8.97 per cent to Rs 199.80 — its 52-week high — on BSE. Sensex was down 145 points at 26,894. The market breadth on BSE was positive, out of 2,507 stocks traded, 1,180 stocks advanced, while 1,151 stocks declined on the BSE.
12.20 pm: Meanwhile, YES Bank posted 26.5 per cent rise in its net profit at Rs 610.40 crore for the quarter ended September 30, 2015. The company posted net profit of Rs 482.54 crore in the corresponding quarter a year ago. Shares of YES Bank were trading 1.19 per cent up at Rs 738 apiece.
11.56 am: After falling over 7 per cent on Wednesday the share price of Axis Bank plunged as much as 3 per cent on Thursday amid concerns about the bank selling its loans to asset reconstruction companies at steep discount during the last quarter. The share price of Axis Bank was at Rs 470.50, down 2.58 per cent, against Rs 482.95 in the previous trading session. Sensex was down 84.80 points at 26,954.
11.24 am: Stocks from consumer durables, realty and auto counters were supporting the markets’ uptrend, while those from FMCG, banking and capital goods counters were adding to the underlying cautious undertone. In scrip specific development, Shares of TRF have surged after the company reported a consolidated net profit of Rs 4.14 crore for the quarter ended September 30, 2015 (Q2) against a loss of Rs 9 crore in the year ago quarter.
10.50 am: Just Dial share price slid as much as 8 per cent on Thursday after the company reported lower-than-expected second quarter earnings on Wednesday post market hours. For the quarter ended September 30, 2015, the company posted net profit of Rs 46.30 crore, up 47.03 per cent, against Rs 31.49 crore in the corresponding quarter a year ago. Net sales of the company jumped 16.19 per cent year-on-year to Rs 171.27 crore. Sensex was down 75 points at 26,965.
10.15 am: The benchmark BSE Sensex fell over 93 points to slip below the 27,000-mark in early trade today as participants cut down bets in view of the October series expiry in the derivatives segment amid weak Asian cues. At 10.15 am, Sensex was down 44 points at 26,996.
9.40 am: Rupee and bonds weakened on Thursday after the US Federal Reserve signalled it may increase its policy rates at the next meeting in December, stoking fears of foreign fund outflows from domestic markets. The rupee depreciated by 27 paise to
65.20 against the dollar in early trade on Thursday. Sensex was d0wn 63 points at 26,976. Nifty was down 27.05 points at 8,144.
9.21 am: Share price of Raymond fell as much as 4.4 per cent in the early trade after the diversified group reported a massive fall of 86.14 per cent in its consolidated net profit at Rs 9.44 crore for the second quarter ended September 30, 2015 on account of under-performance of its engineering business. Sensex was down 39 points at 27,000.
Domestic equity markets opened on a flat note on Thursday. Sensex opened 43 points up at 27083.70. Nifty opened 4.45 points up at 8,175.45.
In the 30-share index, Cipla and Dr Reddy’s Lab were trading over 1 per cent up in the opening trade.
Bharat Electronics, Bharat Forge, Crompton Greaves, Dishman Pharmaceuticals, Dr Reddy’s Labs and Emami are some of companies which may announce their earnings on Thursday.
Benchmark indices extended losses for a third consecutive session on Wednesday. Sensex closed 213.68 points down at 27,039.76 while Nifty closed 61.70 points down at 8,171.
(With inputs from agencies)