The BSE Sensex ended with a loss of 156 points at 27,274. The BSE Sensex opened at 27,466 touched an intra-day high of 27,499 and low of 27,194.
The NSE Nifty closed with a loss of 51 points at 8,434. The NSE Nifty opened at 8,503.60 hitting a high of 8,504 and low of 8,400.
The stock market fluctuated between gains and losses as a sell-off among drug makers was countered by a rally among FMCG companies.
Traders were unable to find any comfort with reports that in a major breakthrough for rollout of the Goods and Services Tax regime from April 1 next year, the government has finalized four-tier GST tax structure of 5%, 12%, 18% and 28% that aims to lower tax incidence on most goods and keep out essential items.
On the economy front, Chief Economic Advisor Arvind Subramanian has said that the GST Council’s decision to peg the tax rate on items of mass consumption at 5% will bring down prices and soften inflation.
Today’s decline was led by the pharma, metal, realty, capital goods, consumer durables, banking, auto and telecom stocks, while FMCG, IT and technology stocks were among the gainers on the BSE.
Among the Nifty stocks, HCL Tech, ITC, Tata Motors DVR, Wipro, HUL, Zee and ICICI Bank were among the gainers whereas Sun Pharma, Dr Reddy's, Bharti Infratel, Aurobindo Pharma and Hero MotoCorp were among the losers today.
The India VIX (Volatility) index was up 2.32% at 16.8475. Out of 1,478 stocks traded on the NSE, 1,292 declined and 159 advanced today.
The rupee was trading marginally higher by one paise at 66.73 per US dollar.
Asian markets closed in red as investors remained cautious ahead of the U.S. presidential election next week as well as the release of the U.S. jobs data for October later in the day.
China’s Shanghai Composite and Hong Kong’s Hang Seng closed marginally lower, while Japan’s Nikkei closed lower by 1%.
In Europe, the FTSE 100 was trading down by 1%. DAX and the CAC 40 were trading flat around 0.80% each.
Titan Company Ltd slumped 2.2% on the BSE. The company has posted a profit after taxes of Rs 180.7 crore for the quarter ended September 30, 2016 as compared to Rs 146.4 crore for the quarter ended September 30, 2015.
Shares of the FMCG stocks rallied 1.4% after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC zoomed 3.6%, Colgate gained 3.4% while Dabur advanced 1.8%.
Larsen and Toubro slipped 1.7%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.
Pharmaceuticals stocks were under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year. The BSE Healthcare slipped 4% or 657 points at 15,150 as against the previous close of 15,807. The BSE Healthcare opened at 15,686 and hit a high of 15,406 and a low of 15,036. Sun Pharma fell 7%, Dr Reddy's dropped 5.2% and Aurobindo Pharma tanked 3.6%.
Mphasis slipped 1.3%. The IT company registered a 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.
TD Power Systems fell 4.6%. TD Power posted a net profit of Rs 1.3 crore for the quarter ended September 30, 2016 as against a net profit of Rs 1.1 crore in the same quarter a year ago.
Tube Investment dragged 2.3% to Rs 638. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 as against Rs 25 crore in the corresponding quarter a year ago.
A total of 26 stocks registered a fresh 52-week high in trade today, whereas 32 stocks touched a new 52-week low on the NSE.
The NSE Nifty closed with a loss of 51 points at 8,434. The NSE Nifty opened at 8,503.60 hitting a high of 8,504 and low of 8,400.
The stock market fluctuated between gains and losses as a sell-off among drug makers was countered by a rally among FMCG companies.
Traders were unable to find any comfort with reports that in a major breakthrough for rollout of the Goods and Services Tax regime from April 1 next year, the government has finalized four-tier GST tax structure of 5%, 12%, 18% and 28% that aims to lower tax incidence on most goods and keep out essential items.
On the economy front, Chief Economic Advisor Arvind Subramanian has said that the GST Council’s decision to peg the tax rate on items of mass consumption at 5% will bring down prices and soften inflation.
Today’s decline was led by the pharma, metal, realty, capital goods, consumer durables, banking, auto and telecom stocks, while FMCG, IT and technology stocks were among the gainers on the BSE.
Among the Nifty stocks, HCL Tech, ITC, Tata Motors DVR, Wipro, HUL, Zee and ICICI Bank were among the gainers whereas Sun Pharma, Dr Reddy's, Bharti Infratel, Aurobindo Pharma and Hero MotoCorp were among the losers today.
The India VIX (Volatility) index was up 2.32% at 16.8475. Out of 1,478 stocks traded on the NSE, 1,292 declined and 159 advanced today.
The rupee was trading marginally higher by one paise at 66.73 per US dollar.
Asian markets closed in red as investors remained cautious ahead of the U.S. presidential election next week as well as the release of the U.S. jobs data for October later in the day.
China’s Shanghai Composite and Hong Kong’s Hang Seng closed marginally lower, while Japan’s Nikkei closed lower by 1%.
In Europe, the FTSE 100 was trading down by 1%. DAX and the CAC 40 were trading flat around 0.80% each.
Titan Company Ltd slumped 2.2% on the BSE. The company has posted a profit after taxes of Rs 180.7 crore for the quarter ended September 30, 2016 as compared to Rs 146.4 crore for the quarter ended September 30, 2015.
Shares of the FMCG stocks rallied 1.4% after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC zoomed 3.6%, Colgate gained 3.4% while Dabur advanced 1.8%.
Larsen and Toubro slipped 1.7%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.
Pharmaceuticals stocks were under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year. The BSE Healthcare slipped 4% or 657 points at 15,150 as against the previous close of 15,807. The BSE Healthcare opened at 15,686 and hit a high of 15,406 and a low of 15,036. Sun Pharma fell 7%, Dr Reddy's dropped 5.2% and Aurobindo Pharma tanked 3.6%.
Mphasis slipped 1.3%. The IT company registered a 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.
TD Power Systems fell 4.6%. TD Power posted a net profit of Rs 1.3 crore for the quarter ended September 30, 2016 as against a net profit of Rs 1.1 crore in the same quarter a year ago.
Tube Investment dragged 2.3% to Rs 638. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 as against Rs 25 crore in the corresponding quarter a year ago.
A total of 26 stocks registered a fresh 52-week high in trade today, whereas 32 stocks touched a new 52-week low on the NSE.
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