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Budget News

  • Stocks end volatile day with steep losses
  • October 25,2018  16:24
  • Key benchmark indices suffered strong losses in volatile trade led by slide in index pivotals HDFC, Reliance Industries and HDFC Bank. The Sensex settled below the psychological 34,000 level after sliding below that level in opening trade. Trading was volatile as traders rolled over positions in the F&O segment from the near month October 2018 series to November 2018 series. The October 2018 F&O contracts expired today, 25 October 2018.

    The Sensex fell 343.87 points or 1.01% to settle at 33,690.09, its lowest closing level since 6 April 2018. The index fell 195.20 points, or 0.57% at the day's high of 33,838.76. The index fell 480.78 points, or 1.41% at the day's low of 33,553.18.

    The Nifty 50 index fell 99.85 points or 0.98% to settle at 10,124.90, its lowest closing level since 28 March 2018. The index fell 58.15 points, or 0.57% at the day's high of 10,166.60. The index fell 145.45 points, or 1.42% at the day's low of 10,079.30.

    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. Stocks staged a mild recovery in early afternoon trade. Indices pared losses in afternoon trade. Volatility struck bourses in mid-afternoon trade. Market traded with weakness in late trade.

    The S&P BSE Mid-Cap index fell 0.58%. The S&P BSE Small-Cap index fell 0.98%.

    The market breadth, indicating the overall health of the market, was weak. On the BSE, 937 shares rose and 1569 shares fell. A total of 131 shares were unchanged.

    Among sectoral indices on BSE, the S&P BSE Telecom index (down 2.9%), the S&P BSE Realty index (down 1.79%), the S&P BSE Healthcare index (down 1.59%), the S&P BSE Basic Materials index (down 1.49%), the S&P BSE Finance index (down 1.33%), the S&P BSE Industrials index (down 1.18%), the S&P BSE Metal index (down 1.14%), the S&P BSE Bankex (down 1.06%), the S&P BSE Capital Goods index (down 1.06%) and the S&P BSE Energy index (down 1.06%), underperformed the Sensex. The S&P BSE Auto index (down 0.96%), the S&P BSE Power index (down 0.87%), the S&P BSE Oil & Gas index (down 0.61%), the S&P BSE FMCG index (down 0.6%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.53%), the S&P BSE Teck index (down 0.48%), the S&P BSE Consumer Durables index (down 0.42%), the S&P BSE Utilities index (down 0.18%) and the S&P BSE IT index (down 0.04%), outperformed the Sensex.

    HDFC Bank fell 1.08% to Rs 1,969.55. Index heavyweight and housing finance major HDFC fell 2.71% to Rs 1,693.25. Index heavyweight Reliance Industries (RIL) fell 1.57% to Rs 1,030.20.

    Vedanta (down 3.47%), Tata Motors (down 3.02%), Adani Ports & Special Economic Zone (down 2.98%), State Bank of India (down 2.29%) and Sun Pharmaceutical Industries (down 2.23%), were the other major Sensex losers.

    Coal India (up 1.66%), Kotak Mahindra Bank (up 1.41%), Asian Paints (up 0.89%), Mahindra & Mahindra (up 0.16%), Power Grid Corporation of India (up 0.16%), Bajaj Auto (up 0.09%) and TCS (up 0.06%), were the major Sensex gainers.

    Telecom major Bharti Airtel lost 6.60% ahead of its September quarterly result today, 25 October 2018.

    Yes Bank declined 2.77% ahead of its September quarterly result today, 25 October 2018.

    IT major Wipro rose 3.30%. 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.

    Car major Maruti Suzuki India fell 0.65% after net profit declined 9.8% to Rs Rs 2240.40 crore on 0.5% decline in net sales to Rs 21551.90 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 25 October 2018.

    The operating profit was Rs 2710.10 crore, lower by 9.5% over the same period previous year on account of increase in commodity prices, adverse foreign exchange movement and higher sales promotion expenses partially offset by cost reduction efforts. The company said it sold a total of 484,848 vehicles in Q2 September 2018, lower by 1.5% over the same period of the previous year. Sales in the domestic market stood at 455,400 units and exports were at 29,448 units.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.25, compared with its close of 73.16 during the previous trading session.

    In the global commodities markets, Brent for December 2018 settlement was up 23 cents at $76.40 a barrel. The contract had fallen 27 cents, or 0.35% to settle at $76.17 a barrel during the previous trading session.

    Overseas, European shares rose 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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