In past six trading sessions, BSE Sensex and NSE Nifty have now fallen nearly 6% while the bank Nifty has plunged nearly by 9%.
The Indian stock market extended its losing streak for the sixth consecutive trading session as traders and investors preferred to remain cautious ahead of the key economic data like the September IIP and October CPI data to be released later in the day.
In addition, the Indian rupee’s constant weakness against the US$ and worries of the FED tapering its stimulus package continued to dent the sentiment on Dalal Street. The rupee fell against the dollar for the fifth consecutive day, coming close to the Rs64 per dollar mark
If that was not enough, October domestic sales declined by 3.88%, snapping a two-month streak of positive growth as the sector continued to reel under weak macro-economic conditions. Motorcycle manufacturers, however, had reasons to celebrate in October, posting the highest sales volume in a single month since 1997-1998. Domestic passenger car sales in October stood at 1,63,199 units as against 1,69,788 in the same month last year.
Among the top losers were the BSE Metal index down 1.8% followed by BSE Power index down 1.75%, BSE Auto index down 1.6%, BSE Banking index down 1.6%. Even the BSE Mid-Cap and Small-Cap index were down 0.7% each.
Only the BSE FMCG index gained by half a percent during the day the only index to close in the positive terrain.
Finally, BSE Sensex closed at 20,282 down 209 points, while NSE Nifty closed at 6,018 down 60 points over the previous close.
JP Associates, Tata Motors, Axis Bank, DLF, Tata Power, Asian Paints, PNB, ICICI Bank and Bank of Baroda were among the top losers.
On the other hand, Ranbaxy, M&M, ITC, Cairn India, Sun Pharma and Kotak Bank were among the top gainers in the Nifty.
The advance-decline ratio favoured the bears. On the BSE, 1479 stocks declined against 985 advancing stocks, while 126 remained unchanged.
The INDIA VIX was up 4.4% at 20.86. It hit a day’s high of 20.86 and low of 18.73.
Stock News
Shares of Hindalco slightly edged lower by half a percent and ended at Rs111 per share on Tuesday. Commenting on the same, Amar Ambani Head of Research at IIFL said, “Hindalco’s topline of Rs63bn was lower than our estimate due to weaker volume growth in the copper business. Copper production volumes declined 1.3% yoy to 77,000 tons. The company’s operating profit was impacted by higher coal costs. The impact of weaker aluminium EBIT was offset by stronger than expected copper business EBIT. We believe the company’s earnings would soar in FY15 boosted by the increase in volumes in both, Novelis as well as aluminium business. We maintain our buy rating on the stock with a price target of Rs129.”
Idea Cellular slashed 2G data tariffs by up to 90% across the country and 3G tariffs by as much as 33% for six months starting November 15. The reduced tariffs will be available to existing and new prepaid and postpaid users. The stock edged higher by 0.3% to close at Rs160.
Britannia Industries surged 3.7% to close at Rs909 after the company posted a net profit of Rs956.8mn for the quarter ended September 30, 2013 as compared to Rs. 456mn for the quarter ended September 30, 2012.
Shares of Canara Bank gained by 1% to close at Rs250. The bank reported a year-on-year fall of 5.59% in the net profit number to Rs6.25bn for the quarter ended September 30..
Shares of Corporation Bank plummeted by 9% to close at Rs274 after bank reported a 96% drop in net profit for the quarter ended September 30.
Shares of National Aluminium was up 4% after the company posted a net profit of Rs791mn for the quarter ended September 30, 2013 as compared to Rs47.8mn for the quarter ended September 30, 2012.
In addition, the Indian rupee’s constant weakness against the US$ and worries of the FED tapering its stimulus package continued to dent the sentiment on Dalal Street. The rupee fell against the dollar for the fifth consecutive day, coming close to the Rs64 per dollar mark
If that was not enough, October domestic sales declined by 3.88%, snapping a two-month streak of positive growth as the sector continued to reel under weak macro-economic conditions. Motorcycle manufacturers, however, had reasons to celebrate in October, posting the highest sales volume in a single month since 1997-1998. Domestic passenger car sales in October stood at 1,63,199 units as against 1,69,788 in the same month last year.
Among the top losers were the BSE Metal index down 1.8% followed by BSE Power index down 1.75%, BSE Auto index down 1.6%, BSE Banking index down 1.6%. Even the BSE Mid-Cap and Small-Cap index were down 0.7% each.
Only the BSE FMCG index gained by half a percent during the day the only index to close in the positive terrain.
Finally, BSE Sensex closed at 20,282 down 209 points, while NSE Nifty closed at 6,018 down 60 points over the previous close.
JP Associates, Tata Motors, Axis Bank, DLF, Tata Power, Asian Paints, PNB, ICICI Bank and Bank of Baroda were among the top losers.
On the other hand, Ranbaxy, M&M, ITC, Cairn India, Sun Pharma and Kotak Bank were among the top gainers in the Nifty.
The advance-decline ratio favoured the bears. On the BSE, 1479 stocks declined against 985 advancing stocks, while 126 remained unchanged.
The INDIA VIX was up 4.4% at 20.86. It hit a day’s high of 20.86 and low of 18.73.
Stock News
Shares of Hindalco slightly edged lower by half a percent and ended at Rs111 per share on Tuesday. Commenting on the same, Amar Ambani Head of Research at IIFL said, “Hindalco’s topline of Rs63bn was lower than our estimate due to weaker volume growth in the copper business. Copper production volumes declined 1.3% yoy to 77,000 tons. The company’s operating profit was impacted by higher coal costs. The impact of weaker aluminium EBIT was offset by stronger than expected copper business EBIT. We believe the company’s earnings would soar in FY15 boosted by the increase in volumes in both, Novelis as well as aluminium business. We maintain our buy rating on the stock with a price target of Rs129.”
Idea Cellular slashed 2G data tariffs by up to 90% across the country and 3G tariffs by as much as 33% for six months starting November 15. The reduced tariffs will be available to existing and new prepaid and postpaid users. The stock edged higher by 0.3% to close at Rs160.
Britannia Industries surged 3.7% to close at Rs909 after the company posted a net profit of Rs956.8mn for the quarter ended September 30, 2013 as compared to Rs. 456mn for the quarter ended September 30, 2012.
Shares of Canara Bank gained by 1% to close at Rs250. The bank reported a year-on-year fall of 5.59% in the net profit number to Rs6.25bn for the quarter ended September 30..
Shares of Corporation Bank plummeted by 9% to close at Rs274 after bank reported a 96% drop in net profit for the quarter ended September 30.
Shares of National Aluminium was up 4% after the company posted a net profit of Rs791mn for the quarter ended September 30, 2013 as compared to Rs47.8mn for the quarter ended September 30, 2012.
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