Sensex, Nifty end flat; Pharma stocks lead

The Indian equity market closed flat on Thursday on F&O expiry day amid excessive volatility. In continuation to Wednesday’s trade, sentiments were downbeat in the first half, tracking escalation in Tata Group’s feud and feeble Asian markets. Indices surged in mid-afternoon trade after buying was seen in pharma and FMCG shares. Firm opening in European markets too supported sentiments.

Finally, the BSE Sensex ended with a gain of 79 points at 27,916. The BSE Sensex opened at 27,809, touched an intra-day high of 27,958 and low of 27,666.

The NSE Nifty closed almost unchanged at 8,615. The NSE Nifty opened at 8,607 hitting a high of 8,625 and low of 8,550. The Nifty closed October F&O at 8,600.

However, selling pressure was seen in auto, consumer durables, metal, industrial, oil & gas, IT, telecom and realty stocks which dragged indices lower. On the other hand, FMCG, pharma and finance stocks ended in the green.

Among the Nifty stocks, HDFC, Dr Reddy's, ICICI Bank, ITC, Bharti Airtel, Cipla and HDFC Bank were the gainers whereas Bharti Infratel, Asian Paints, Hero MotoCorp, Yes Bank and Zee were among the losers today.

On the economy front, Prime Minister Modi stated that the presentation of the union budget has been advanced by a month to ensure speedier implementation of projects and programmes and he has urged states to align their plans with this new schedule.

The India VIX (Volatility) index was down 2.54% at 14.0850. Out of 1,543 stocks traded on the NSE, 1,011 declined and 487 advanced today.

The BSE Midcap closed in red and Smallcap indices ended marginally up.

The rupee was trading down three paise at 66.86 per US dollar.

On the global front, Asian stocks dropped as investors reacted to a slew of earnings at companies from Samsung Electronics to Nintendo. Japan’s Nikkei closed down 0.27%. China’s Shanghai Composite and Hong Kong’s Hang Seng closed lower.

European stocks were trading lower as investors focused on earnings and new data but continued to fret with rising concerns that OPEC countries would not reach an agreement over a production cut. The FTSE 100 and CAC 40 were marginally down 0.3% each, while the CAC 40 slipped 0.65%.

A total of 69 stocks registered a fresh 52-week high in trade today, whereas 15 stocks touched a new 52-week low on the NSE.

ONGC closed flat at Rs 291 on the BSE. The company has posted a net profit of Rs 4,975 crore for the quarter ended September 30, 2016 as compared to Rs 4681.4 crore  for the quarter ended September 30, 2015.

Maruti Suzuki closed marginally lower at Rs 5859. The company has posted a net profit of Rs 2,398 crore for the quarter ended September 30, 2016 as compared to Rs 1,497 crore for the quarter ended September 30, 2015.

TVS Motor Company soared 3% after the company has reported a revenue growth of 20.6% for the quarter ended September 2016. Total revenue grew to Rs. 3726.31 crore in the quarter ended September 2016.

Infibeam Incorporation rallied 7% after the company said that it has entered into an Memorandum of Understanding (MoU) with IL&FS Township & Urban Assets (ITUAL) for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners. Infibeam Incorporation shall set up a special purpose vehicle (SPV) which will be located at GIFT Two Building, GIFT City.

Just Dial tumbled 5.3% after the company posted a net profit of Rs 29.6 crore for the quarter ended September 30, 2016 as compared to Rs 40.5 crore for the quarter ended September 30, 2015.

Lakshmi Machine Works Ltd fell 5.5% to Rs 4,245 after the company said its net profit for the September quarter fell 31.7% to Rs 37.92 crore against Rs 55.54 crore a year ago.

ITC Ltd gained 2% on the BSE. The company posted a net profit of Rs 2,500 crore for the quarter ended September 30, 2016 as compared to Rs 2,262.5 crore for the quarter ended September 30, 2015.

Hinduja Ventures Ltd rose 4.5% to Rs 550 after the company said in a notice to BSE that it will sell 1.35% stake in Indusind Media at Rs 466 a share. Further, the board has decided to sell 61,147,056 equity shares of Rs 10 each held by the company in Hinduja Energy (India) Limited and has appointed a committee of directors to look into this matter.

Noida Toll Bridge Co Ltd hits 20% lower circuit at Rs 17.85. The ride between Delhi and Noida on the DND Flyway became toll-free after the Allahabad high court on Wednesday ordered the private concessionaire to stop collecting user-fee from commuters, saying they were being illegally taxed.

Sensex, Nifty under pressure; Tata Group stocks most active

The Sensex was down 79.20 points at 27757.31 and the Nifty down 40.85 points at 8574.40. 


The BSE Midcap and Smallcap indices were down more than 1 percent on weak breadth. About 1638 shares declined against 775 advancing shares on the exchange.

 Tata Group stocks continued to reel under pressure and remained in the most active list due to ongoing Tata-Mistry issue. Tata Motors, Tata Steel and TCS fell 1-2 percent, continuing to fall for the third consecutive session. 

Markets in Asia Pacific were mostly lower, with energy plays in the region under pressure after oil prices extended their losing streak during the US session. 

Hong Kong's Hang Seng index slipped 1.07 percent. Chinese mainland shares traded lower, with the Shanghai composite down 0.17 percent. Japan's Nikkei 225 average was down 0.3 percent.

European stocks opened lower amid rising concerns that OPEC countries will not reach an agreement over a production cut and a raft of corporate earnings. 

The Pan-European STOXX 600 index was down 0.18 percent. 

Sun Pharma today said it has launched generic versions of Daiichi Sankyo medicines, used in treatment of high blood pressure, in the US market.

In a BSE filing, Sun Pharmaceutical Industries said "its wholly owned subsidiary has launched in US, the authorized generic versions for all strengths of Benicar, Benicar HCT, Azor and Tribenzor of Daiichi Sankyo Inc".

 Four medicines include Olmesartan Medoxomil, Olmesartan Medoxomil-Hydrochlorothiazide, Amlodipine Besylate-Olmesartan Medoxomil and Amlodipine Besylate-Hydrochlorothiazide -Olmesartan Medoxomil tablets. 

The launch is pursuant to a distribution and supply agreement between Sun Pharma's wholly owned subsidiary and Daiichi Sankyo Inc, which grants the Sun Pharma subsidiary, exclusive rights to distribute these tablets in the US for a pre-determined period.

Public sector lender Vijaya Bank showed stellar performance in July-September quarter with profit growing 34 percent year-on-year to Rs 154.5 crore on strong net interest income, other income and operational growth despite provisions remained at elevated level. Asset quality also improved. 

Net interest income during the quarter grew by 19.5 percent to Rs 827.8 crore while non-interest income doubled to Rs 388.3 crore on yearly basis. 

Operating profit reported a whopping 43 percent growth at Rs 570.9 crore compared with year-ago period.

Nifty slips below 8600 mark... IT, Auto drag

The Indian equity market fell for a third day. The Sensex slipped 100 points, while the Nifty50 fell below its 8,600 mark. Tata Group shares extended fall on Thursday after the company have sought the clarification. Indian Hotels slumped 8%, Tata Teleservices tanked 7 per cent, Tata Communications, Tata Power, Tata Motors are down between 2-4%. 

The S&P BSE Sensex is trading at 27,774 down 62 points, while NSE Nifty is trading at 8,577 down 28 points.

The BSE Mid-cap Index is trading down 0.51% at 13,353 whereas BSE Small-cap Index is trading down 0.12% at 13,413.

ITC, Sun Pharmaceuticals, HDFC, Dr Reddy's, Adani Ports, ONGC and Cipla are among the gainers, whereas Tata Motors, Tata Steel, Asian Paints, Wipro, HUL and SBI are losing sheen on BSE.

Some buying activity is seen in realty, oil & gas and FMCG sectors, while are telecom, banking, auto, capital goods, IT, industrial and pharma showing weakness on NSE.

The INDIA VIX is up 1.60% at 14.6850. Out of 1,877 stocks traded on the NSE, 647 declined, 826 advanced and 404 remained unchanged today.

A total of 34 stocks registered a fresh 52-week high in trades today, while 10 stocks touched a new 52-week low on the NSE.

A waves of worries is hitting the Tata shores as stock exchanges have sought clarification from listed entities of the Tata Group about a letter by Cryus Mistry, the ousted chairman, regarding a US$ 18 bn possible writedown at the Tata firms. Reports suggest corporate governance issues also could be brought up in the coming days as a legal tussle ensues. The US markets were mostly subdued with disappointing results. Asian markets are flat. UK GDP numbers, Home sales numbers and updates on durable goods in US, China industrial data are all on tap. Oil has cooled to 3-week low.

Asian markets opened flat as renewed strength in US$ & rise in bond yields with the US 10 year hitting 1.79% saw profit booking in equities continue. With nearness to US election results & an inevitable rate hike on the cards global equity markets have seen huge under performance this October. Weak earnings have also added to the sentiment with heavyweight Samsung joining the list of disappointing earnings. 

On the international front, depending on which polls you track, the situation is mixed as far as the race to the White House is concerned with some suggesting a narrow gap between Clinton and Trump while one has a massive lead for Clinton.