Indian equities washed out all the day's gains in the last one hour of trade on Monday and closed lower for the third consecutive session, falling 0.4%. This was led by sell-off in oil & gas, capital goods, realty, auto (four wheeler), metal and PSU banks stocks. Weak European cues too weighed on the markets.
In the early trade, the 30-share BSE Sensex rallied nearly 200 points following strong global cues post Italian Senate backed austerity package last week. However, the index finally closed at 17,118.74 down 74.08 points and the 50-share NSE Nifty lost 20.50 points, to end at 5,148.35.
Earnings from some companies like M&M, Shree Renuka Sugars and Tata Steel too dampened the mood of investors.
Sandeep Shah, chief executive officer of Sampriti Capital told CNBC-TV18 in an interview that this quarter has had the worse quarterly results in couple of years. According to him, the broad trend clearly suggests further downgrades in the coming one or two quarters.
Heavyweights Reliance Industries and ONGC fell 1-1.7%; BHEL and SBI were down 2-2.5%.
M&M crashed 6% today post disappointing numbers in Q2. The company reported a net profit of Rs 737 crore while CNBC-TV18 expected at 773 crore. Operating profit margin grew at 11.87% in Q2FY12 versus 16.4% in a year ago period.
Metal stocks too melted down; Tata Steel lost another 4%. SAIL, JSPL, Hindalco and Sterlite were down 1-2.8%.
Anil Dhirubhai Ambani Group companies' shares were on bears' radar; Reliance Infrastructure and Reliance Power plunged 6-7%; Reliance Communications was down 2.2%.
Shree Renuka Sugars tanked 26% on huge volumes post company reported huge loss in Q2. Country's largest sugar company by market cap posted a consolidated net loss of Rs 615.8 crore in Q2CY11 due to forex loss of Rs 569.8 crore. EBITDA dropped 17.8% to Rs 244 crore.
Balrampur Chini Mills crashed 11% post the company reported a net loss of Rs 39 crore in Q2FY12 versus loss of Rs 78.3 crore in a year ago period.
Among other sugar stocks, Triveni Engineering slipped 9% and Bajaj Hindusthan dropped 6%.
However, Bharti Airtel was the leading start, rising 2.4%. Infosys, HDFC Bank, Wipro, HDFC and HUL gained 1-1.6%.
Pharma stocks like Sun Pharma and Dr Reddy's Labs moved up over 1%. Ranbaxy Labs shot up 3.6%.
The broader indices underperformed benchmarks; the BSE Midcap and Smallcap fell over 1.6%. Declining outnumbered advancing ones by 1992 to 900 on the BSE.
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At 15 hours IST : Sensex slips; M&M, Rel Infra, Rel Power, Tata Steel crashIndian equity benchmarks turned negative and shed more than 200 points from the day's high. This was due to disappointing second quarter numbers of some companies and fall in European markets. The 30-share BSE Sensex fell 69 points to 17,123.44 and the 50-share NSE Nifty lost 17 points to 5,151.70.
Among the largecaps, M&M crashed 6.4% post dismal performance in Q2. Tata Steel, Reliance Infrastructure and Reliance Power plunged 4-5%. Maruti Suzuki, Hindalco and Tata Motors fell 2-3%.
Heavyweights SBI, ONGC and BHEL dropped 1.5-2%. Tata Motors, Sterlite, JSPL and Coal India were down 0.7-1.8%. Reliance Industries was down 0.7% and L&T lost 0.3%.
However, Bharti Airtel, HDFC Bank, Sun Pharma, Hero Motocorp and Wipro gained 1.4-2.4%. Ranbaxy Labs was the biggest gainer, rising 3.5%.
SBI, Dr Reddy's Labs, Shree Renuka Sugars, Onelife Capital, Tata Steel, ICICI Bank, M&M and Reliance Industries were most active shares on exchanges.
About theree shares declined for every share rising on the National Stock Exchange.
At 14:10 hours IST : Nifty turns flat; oil & gas, capital goods declineThe 50-share NSE Nifty erased all its gains to turn flat following mixed trend in European markets. The fall in oil & gas, capital goods and Tata group stocks capped upside in the afternoon trade; SBI, ICICI Bank and ITC too turned negative. However, support from technology, telecom, healthcare, auto (only two-wheeler) stocks. HDFC & HDFC Bank too continued witnessing buying interest. The Sensex fell 0.4 points to 17,192.45 while the Nifty gained just 3 points at 5,171.75.
The biggest loser was M&M, which fell 4% after posting less-than-expected numbers in Q2. The company posted a net profit of Rs 737 crore while CNBC-TV18 expected it at Rs 773 crore.
Tata Steel lost 2.65%. Frontrunners like Reliance Industries, ITC, BHEL, L&T and Tata Motors were down 0.2-0.7%. SBI, ONGC, Sterlite and Maruti fell over 1%.
However, HDFC Bank, Bharti, Sun Pharma and Hero Motocorp gained 2-2.5%. Infosys held its 1% gains.
Among others, HDFC, HUL, TCS, Wipro, Bajaj Auto, NTPC, Cipla and Hindalco moved up 0.3-0.9%.
The broader indices underperformed benchmarks; the BSE Midcap and Smallcap fell 0.8% each.
In the midcap space, Shree Renuka Sugars crashed 28% post the company reported a loss of more than Rs 600 crore in Q2. It has been seeing huge short positions.
S Kumars Nationwide, Balrampur Chini, NCC and Educomp Solutions lost 9-15%.
However, Infotech Enterprises, Wockhardt, Shree Global, Sunteck Realty and Hexaware Tech gained 2.6-8%.
Market breadth wosened further; about two shares declined for every share rising on the National Stock Exchange.
At 14:05 hours IST : Sensex trims gains; SBI, Tata Steel, Coal India dipIndian equity benchmark Sensex has remained in a northward direction since morning, though it lost about 100 points from the day's high due to fall in SBI, Tata Steel, L&T, Coal India and BHEL. Reliance Industries too slipped from the day's high. However, technology, telecom, private banks, FMCG and healthcare stocks continued to help the markets. The 30-share BSE Sensex rose 105.6 points to 17,298.32 and the 50-share NSE Nifty gained 33.4 points at 5,202.25.
HDFC Bank and Sun Pharma were the biggest gainers, rising 3% each. Infosys, Bharti Airtel, TCS and Wipro were consistently supporting the markets, gaining 1-1.9%.
Reliance Industries, HDFC, ICICI Bank, HUL, NTPC and Sterlite Industries moved up 0.4-0.7%.
However, the fall in SBI, Tata Steel, M&M, Coal India and Maruti has limited the upside - these stocks lost 1-1.5%. L&T, ONGC and BHEL too were marginally lower.
The broader indices slipped into red - the BSE Midcap and Smallcap indices declined 0.5%.
The market breadth turned negative; about 540 shares gained as against 733 shares declined on the National Stock Exchange.
On the global front, Asian markets like Shanghai, Hang Seng, Kospi and Taiwan gained 2% each. Nikkei was up 1% and Straits Times up 1.6%.
At 11:50 hours IST : Sensex maintains uptrend; HDFC Bank, RIL, Infosys soarConsistent buying in telecom, technology, oil & gas, healthcare, PSU power and HDFC groups' stocks has been supporting the BSE benchmark to hold early trade gains. Asian markets too were quite supportive, rising 1-2%. The 30-share BSE Sensex soared 151 points to 17,344.24 and the 50-share NSE Nifty gained 44 points at 5,213.05.
For sometime now, the upside for the Nifty is around 5,400 levels to 5,600 levels, said Sandeep Shah, chief executive officer of Sampriti Capital.
Heavyweights Reliance Industries, TCS and Infosys climbed over 1%. HDFC Bank, Bharti Airtel, Hindalco and Hero Motocorp jumped 2-3%.
Among others, HUL, Wipro, Bajaj Auto, JSPL, NTPC, DLF and Sterlite gained 0.7-1.4%.
However, M&M, Tata Steel, Coal India and BHEL fell around 1%. ITC, ICICI Bank and SBI slipped 0.2% each.
Sun Pharmaceutical has announced a 19% year-on-year increase in its net profit to Rs 598 crore for the September quarter on the back of robust performance across its business. The drug makers' sales for the quarter also grew 42% to Rs 1,894 crore versus Rs 1,331.42 crore. The stock gained 2.9%.
Meanwhile, October inflation was marginally up at 9.73% as compared to previous month. Fuel group inflation increased at 14.79% in October versus 14.09% in September 2011. Foods products inflation too moved up at 11.06% versus 9.23% during the same period.
At 10:41 hours IST : Nifty holds 5200; tech, telecom, oil & gas lead supportIndian equity benchmarks continued its upward journey, though they have seen some profit booking at higher levels. Technology, private banking, FMCG, telecom, metal, healthcare and oil & gas companies' shares were seeing some buying interest. However, L&T, BHEL, SBI, Tata Motors and Coal India were under pressure. The 30-share BSE Sensex gained 150 points at 17,342.67 and the 50-share NSE Nifty rose 43 points to 5,212.20 while Asian markets climbed 1-2.5% on the hopes of progress in the eurozone.
Among largecaps, Sun Pharma, Hero Motocorp, Hindalco, HDFC Bank, Bharti Airtel and Ranbaxy Labs rallied 2-3%. Heavyweights Reliance Industries and ICICI Bank rose over 0.5%. Infosys and TCS jumped over 1.5%.
However, BPCL, Coal India, Tata Power, M&M, BHEL, SBI and Tata Power were down 0.4-1%.
SBI, Infotech Enterprises, Shree Renuka, Reliance Industries, JSW Steel, Hero Motocorp and ICICI Bank were most active shares on exchanges.
In the midcap space, Infotech Enterprises, Shriram City, Shree Global, Sunteck Realty and Wockhardt gained 3.5-7%.
However, Shree Renuka crashed 20% on huge loss in the quarter ended September 2011. Balrampur Chini (ahead of results today), Dish TV India, SKS Microfinance (has continued its fall since last week post disappointing numbers) and Hotel Leela slipped 5-7%.
Triveni Engineering was down 4.5% and Bajaj Hindusthan dropped 3%.
Market breadth was in favour of advances - about 1194 shares gained as against 933 shares declined on the BSE.
At 9:19 hours IST : Sensex opens 1% higher on strong global cuesThe BSE benchmark Sensex bounced back with 1% gain on Monday after falling more than 2% last week. This was on the back of strong global cues post the Italian Senate backed austerity package. Asian markets rallied 1-2%. Banks and metals, which were weakest part in last week, bounced back sharply.
The 30-share BSE Sensex gained 175 points at 17,368.21 and the 50-share NSE Nifty rose 54.5 points to 5,223.35.
DLF, Tata Steel, Hindalco, Sterlite, SBI, HDFC Bank, Axis Bank, Tata Motors (ahead of results), L&T, IDFC, Sun Pharma (up 2% post strong numbers), Reliance Communications and Cairn India gained.
However, Coal India slipped 2% post disappointing results in Q2.
The CNX Midcap moved upi 59 points to 7,183. About 661 shares gained as against 267 shares dropped on National Stock Exchange.
Shree Renuka tumbled 22% to Rs 40.50 post forex loss in the September ended quarter of 2011. CLSA downgraded the stock to underperform from buy.
Balrampur Chini tanked 6% ahead of results. Analysts are expecting bad results today.
Results Reaction - LIC Housing Finance slipped 4.5%; Jet Airways tanked 2.7%; SpiceJet declined 3.5%; JP Infra lost 2.5% Educomp fell 2% IVRCL was up 3%; IGL rose 1%; GTL Infrastructure was up 0.5%; and Pipavav gained 1%.
Kingfisher rose 3%; SBI Chairman said the bank has given guarantee to oil companies on behalf of KFA. The company is planning to cut debt.
Global cuesGlobal markets bounced smartly. Italian Senate backed austerity package after Obama calls Merkel, Sarkozy and Italian president. Greek new Prime Minister Lucas Papademos sworn in and Mario Monti replaced Italy
