The Indian stock market closed lower after PM Modi announced an unprecedented ban on high-denomination bank notes to curb black money. The recovery in the markets was led by shares of pharma majors with significant exports to the US.
The domestic market crashed on opening with the Sensex sinking over 1,600 points while the Nifty slumped to near 8,000 levels. Sentiment also remained subdued due to uncertainty sparked by the country’s move to withdraw larger bank notes from circulation.
The domestic market pared losses and hit intraday high in mid-afternoon trade after Republican Donald Trump was declared as the 45th President of the US. The Sensex recovered after hitting its lowest intraday level in more than five months, while the Nifty recovered after hitting its lowest intraday level in 4.5 months.
Nifty closed with a loss of 112 points at 8,432, while BSE Sensex ended with a loss of 339 points at 27,253.
Among other Asian markets which closed in red, Hong Kong’s Hang Seng was down 2.2% and Japan’s Nikkei closed lower by 5.6%, however, Shanghai Composite Index fell 0.61%.
European stocks fell sharply on Wednesday and were poised for their worst day since the Brexit vote in the UK as global markets were left stunned by the rising possibility of Republican candidate and political outsider Donald Trump becoming the next US President. The FTSE 100 and CAC 40 were marginally lower, while DAX slipped 1%.
Lupin advanced 1.3% after the pharma company posted a net profit after tax and minority interest of Rs 662 crore for the quarter ended September 30, 2016 as compared to Rs 419.8 crore for the quarter ended September 30, 2015.
Tata Communications slipped 1.5%. The company on Tuesday reported a dip of 64% in its consolidated net profit at Rs 40 crore for the September quarter, mainly due to impairment charges on its investment in South Africa-based firm Neotel. The company had posted a net profit of Rs 112.3 crore in the same period a year ago.
Va Tech Wabag rallied 6%. The company posted a net profit of Rs 28.4 crore for the quarter ended September 30, 2016 as compared to Rs 24.12 crore for the quarter ended September 30, 2015.
Mangalore Refinery and Petrochemicals fell 1.5% after the company reported a net profit of Rs 415.9 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 913.4 crore in the corresponding quarter last year.
PTC India Financial Services zoomed 7% to Rs 41.35 on the BSE. PFS reported a decline of 59% in standalone net profit at Rs 84.9 crore for the July-September quarter of the fiscal. Company’s profit in corresponding July-September quarter was at Rs 211.4 crore.
The rupee was trading marginally up by 13 paise at 66.48 per US dollar.
Out of 1,468 stocks traded on the NSE, 1,230 declined and 204 advanced today.
Top 5 Nifty Gainers: Tata Steel (8.18%), CIPLA (6.12%), SBI (5.68%), Adani Ports & Sez (4.94%) and ICICI Bank (4.28%).
Top 5 Nifty Losers: Asian Paints (-1.90%), Infosys Ltd. (-0.88%), HDFC (-0.79%), Wipro (-0.32%) and Lupin Ltd. (-0.13%)
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