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Home > News > Top News

  • Benchmarks further pare intraday losses
  • October 25,2018  13:28
  • The market further pared losses in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 245.44 points or 0.72% at 33,788.52. The Nifty 50 index was down 68.65 points or 0.67% at 10,156.10. Negative global stocks impacted sentiment on the domestic bourses.

    The Sensex was currently trading below the psychological 34,000 level after sliding below that level in opening trade. Trading for the day began on a weak note as the key benchmark indices saw a gap-down opening on negative Asian stocks. Stocks extended slide in morning trade on selling pressure in index pivotals. Key indices continued to trade with weakness near the day's low in mid-morning trade. Indices pared losses in afternoon trade.

    The S&P BSE Mid-Cap index was down 0.82%. The S&P BSE Small-Cap index was down 1.19%. Both these indices underperformed the Sensex.

    The market breadth, indicating the overall health of the market, was weak. On the BSE, 741 shares rose and 1573 shares fell. A total of 123 shares were unchanged.

    Trading was volatile as traders roll over positions in the F&O segment from the near month October 2018 series to November 2018 series. The October 2018 F&O contracts expire today, 25 October 2018.

    Vedanta (down 3.33%), Adani Ports & Special Economic Zone (down 3.25%), ICICI Bank (down 2.55%), State Bank of India (down 2.17%), Tata Motors (down 1.58%), Axis Bank (down 1.56%) and Reliance Industries (down 1.6%), were the major Sensex losers.

    Telecom major Bharti Airtel was down 3.80% at Rs 304.70 ahead of its Q2 results today, 25 October 2018.

    ONGC (up 1.75%), Mahindra & Mahindra (up 1.14%), TCS (up 0.68%), Yes Bank (up 0.61%), Kotak Mahindra Bank (up 0.60%) and Asian Paints (up 0.48%), were the major Sensex gainers.

    Wipro rose 2.98%. On a consolidated basis, Wipro's net profit fell 9.94% to Rs 1885.60 crore on 4.03% increase in revenue to Rs 14541 crore in Q2 September 2018 over Q1 June 2018. IT services revenues rose 4.9% to Rs 14,377 crore in Q2 September 2018 as against Rs 13,700 crore in Q1 June 2018. The result was announced after trading hours yesterday, 24 October 2018.

    For the quarter ending 31 December 2018, Wipro expects revenue from IT services business to be in the range of $2,028 million to $2,068 million. Comparable revenue excluding India PSU and India Government business for the quarter ended 30 September 2018 was $2,007 million. This translates to sequential growth outlook of 1% to 3%.

    Abidali Z. Neemuchwala, CEO and member of the board said that Wipro has delivered a strong quarter on both revenue and margin growth. The demand environment is robust, especially for digital transformation and enterprise scale modernization services.

    Overseas, most European shares declined as investors digested corporate earnings and looked ahead to a rate decision by the European Central Bank (ECB).

    ECB is due to meet later Thursday and will announce if there has been any changes to policy. Meanwhile, the spat between Rome and Brussels over next year's budget continues. Italian Finance Minister Giovanni Tria said Wednesday that he sees no reason to present a new budget, after the European Commission said the plan was not good enough and wanted a new version within three weeks' time.

    Most Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs. US stocks dropped yesterday, 24 October 2018 as mixed corporate earnings and weak housing data fueled anxiety that rising prices will crimp economic growth.

    China's recent stock market troubles and political drama in Europe surrounding Italy's budget row with the European Union as well as Britain's efforts to exit from the EU also have combined to hurt investor sentiment.

    On the US data front, the flash reading of IHS Markit's manufacturing purchasing managers index rose to a five-month high of 55.9 in October from 55.6, while the flash services PMI rose to a two-month high of 54.7 from 53.5 in September. A reading of at least 50 indicates improving conditions.

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