Stock market in India ended with sharp cuts on Wednesday tracking a weak trend in global markets ahead of the upcoming US presidential elections and caution on a possible rate-hike in the ongoing FOMC meet. However, the benchmarks fell sharply at the fag end of the day as selling pressure accentuated. The decline was led by oil & gas, pharma, energy, realty, banking, capital goods, auto and industrial stocks. Even the midcap and smallcap stocks were not spared.
Nifty closed with a loss of 108 points at 8,518, while BSE Sensex ended with a loss of 349 points at 27,572.
On the global front, Asian shares closed in red. The Nikkei 225 Average ended 1.8% lower. Hong Kong’s Hang Seng and China’s Shanghai Composite closed 1% lower.
TajGVK Hotels & Resorts rallied 5.8% to Rs 128. The company reported net profit of Rs 3.4 crore for the quarter ended September 30. EBITDA increased by 39.5% yoy to Rs 15.7 crore while EBITDA margins increased by 526 bps yoy to 23.9% driven by operational efficiencies.
Zensar Technologies soared 12.6% after its U.K. unit bought London-based Foolproof along with its two wholly owned subsidiaries and one wholly owned subsidiary in Singapore.
Mahindra & Mahindra Ltd climbed 3.5% on the BSE after the automaker’s sales grew 1% which included a 28% jump in exports for the month of October.
Bajaj Auto closed marginally lower after the company said that its domestic motorcycle sales rose 5% in the month of October 2016, at 212,997 units as against 202,042 units in the same month of last year.
MIC Electronics tumbled 10.5% to Rs 16.70 on BSE after consolidated net profit declined 71.6% to Rs 2 crore on 2% rise in net sales to Rs 54 crore in Q2 September 2016 over Q2 September 2015.
Escorts slipped 1.8% on BSE after the company reported strong tractor sales in October 2016 over October 2015. Domestic tractor sales rose 52% to 8,859 units in October 2016 over October 2015. Export rose 270% to 111 units in October 2016 over October 2015.
Dabur India advanced 1.5% after the company announced plans to acquire the personal care business of CTL group in South Africa, as per media reports.The acquisition will mark Dabur’s entry into the South African personal care market, the company said in a statement.
MOIL rallied 4.7% to Rs 381. The company has increased prices of various grades of manganese ore for the October-December quarter effective from November 1, 2016. The prices have been increased by 30% on the existing prices of all Ferro Grades of ore, while prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices.
Maithan Alloys tanked 13%. The company informed BSE that due to adverse market conditions, the production at the Kalyaneshwari Plant has been cut by 15 per cent with effect from October 31, 2016. Between July and October 2016, the cost of imported manganese ore, which accounts for the major cost of production has increased by 200%, imported coke by 80%, whereas the sales price of silico manganese, the finished product, has increased only by 30%.
The rupee was trading down six paise at 66.76 per US dollar.
Out of 1,477 stocks traded on the NSE, 1,212 declined and 238 advanced today.
Top 5 Nifty Gainers: Hero Motocorp (1.77%), BHEL (1.57%), L&T (1.29%), ITC Ltd. (0.86%) and Tata Steel (0.76%).
Top 5 Nifty Losers: ONGC (-2.47%), Asian Paints (-1.00%), NTPC (-0.83%), Sun Pharma (-0.76%) and Adani Ports & Sez (-0.67%)
To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9582000102.