Moneycontrol Be a Pro
Get App
Live now
Nov 08, 2019 03:39 PM IST | Source:

Closing Bell: Sensex closes 330 pts lower after Moody's downgrade

Sensex closed 330.13 points or 0.81% in the red at 40323.61, and the Nifty closed 103.80 points lower or 0.86% at 11908.20. YES Bank, IndusInd Bank and ICICI Bank were the top gainers while Sun Pharma, Vedanta and ONGC were the top drags.

  • Nov 08, 04:11 PM (IST)

    Sanjeev Zarbade, VP PCG Research at Kotak Securities: Global markets had a good week as US markets rallied making new high on de-escalation of trade war with China. As a result, market sentiment was positive, which led to the BSE30 Index gaining 0.4 percent in the current week. 

    Markets were upbeat on slightly better-than-expected 2QFY20 results as well as hopes of a reform package from the government to address the NPA problem in the real estate sector. Yes Bank, Mahindra & Mahindra and TCS were among the major losers in the BSE-30 Index, while Vedanta, Tata Steel and HDFC were among the major gainers. 

    On the economy front, Moody’s downgraded India’s rating to negative from stable, noting slowdown in the economy. FPIs bought equities worth USD 782 million over the past five trading sessions while DIIs sold USD 563 million worth of equities in the same period. Market sentiment is positive but valuations of large caps are almost fair. Hence, investors should look for mid-caps as valuations are reasonable, but care should be taken to restrict to only those midcaps where the management quality is good and earnings growth has been healthy.

  • Nov 08, 04:10 PM (IST)

    Ashok Leyland Q2: Net profit went down 92.6 percent at Rs 38.9 crore against Rs 527.7 crore YoY. Revenue fell 48.4 percent at Rs 3,929.5 crore against Rs 7,621.1 crore YoY. EBITDA sent down 72.4 percent at Rs 228.6 crore against Rs 829.1 crore YoY.

  • Nov 08, 03:58 PM (IST)

    Magma Fincorp Q2: Consolidated net profit went down 61.4 percent at Rs 29.5 crore against Rs 76.6 crore YoY. Consolidated revenue grew 6.4 percent at Rs 663 crore against Rs 622.6 crore YoY.

  • Nov 08, 03:56 PM (IST)

    Novartis India Q2: Net loss at Rs 5.2 crore against Rs 9.4 crore YoY. Revenue went up 10.5 percent at Rs 118 crore against Rs 106.6 crore YoY.

  • Nov 08, 03:54 PM (IST)

    Aditya Birla Capital Q2: Net profit went up 37 percent at Rs 256 crore against Rs 186 crore YoY. Revenue went up 8 percent at Rs 4,299 crore against Rs 3,978 crore YoY.

  • Nov 08, 03:28 PM (IST)

    RBI asks banks not to charge savings A/c customers for NEFT w.e.f January 2020

  • Nov 08, 03:17 PM (IST)

    Moody's cuts outlook on 6 Indian financial companies: Moody's cuts outlook on 6 Indian financial companies to negative from stable: Moody's revised outlook of EXIM India, HDFC Bank, HUDCO and State Bank of India to negative. 

    Outlook on Bank of India, Canara Bank, Syndicate Bank and Union Bank maintained at stable.

  • Nov 08, 03:11 PM (IST)

    GAIL India Q2 misses analyst estimates, profit falls 22.4% to Rs 1,167.6 crore

    GAIL India reported a 22.4 percent saquentially decline in second quarter consolidated profit, dented by lower revenue and weak operating income. Profit dipped to Rs 1,167.6 crore during the quarter, from Rs 1,504 crore in June quarter. Lower tax cost and higher other income helped the company limit profit decline.

    Consolidated revenue in Q2FY20 was down 1.3 percent QoQ to Rs 18,235 crore, company said in its BSE filing. Revenue from natural gas marketing business fell 10 percent QoQ to Rs 16,857.98 crore during the quarter and its EBIT dropped 72 percent to Rs 241.72 crore QoQ.

  • Nov 08, 03:08 PM (IST)

    Suzuki postpones India auto plant opening amid sales slump and plans to delay opening of new India plant by 3 months: Nikkei

  • Nov 08, 02:57 PM (IST)

    Eicher Motors Q2 net profit jumps 18.5% YoY to Rs 570.5 crore

    Eicher Motors posted an 18.5 percent year-on-year jump in its second quarter (July-September) net profit at Rs 570.5 crore. Revenue fell 9.2 percent to Rs 2,181.9 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 25.8 percent to Rs 546.1 crore, while EBITDA margin dipped 550 bps to 25.1 percent.

    Other income stood at Rs 145 crore versus Rs 95.3 crore. Tax expense in Q2 stood at Rs 28.8 crore versus Rs 260 crore YoY.

Follow us on
Available On