The Indian equity market spent the entire day in a narrow range after the recent slide and ended marginally higher for the second consecutive session. The last trading session of the Samvat year 2072 today marked the beginning of the November series of derivatives contracts. Traders remained sidelined by mixed trends in Asia and on the back of expectations from the US Federal Reserve for an interest rate revision by the end of this year.
Nifty closed with a gain of 23 points at 8,638, while BSE Sensex ended with a gain of 26 points at 27,942.
On the global front, Asian stocks closed marginally higher. Japan’s Nikkei closed up 0.63%. China’s Shanghai Composite and Hong Kong’s Hang Seng closed lower.
European markets were trading lower as earnings season continues amid heightened expectations that the U.S. Federal Reserve will raise rates in the near-term. The FTSE 100 and DAX were marginally down 0.26% each, while the CAC 40 is trading marginally up.
Gems and jewellery stocks like Titan, Gitanjali Gems and PC Jewellers are shining supported by festive buying on the occasion of Dhanteras.
After the 3 day drubbing, Tata Group stocks closed higher on Friday. Tata Motors, Tata Motors DVR, Tata Communications, Tata Metaliks, Tata Elxsi, Tata Teleservices, Tata Sponge Iron, Tata Coffee, Tata Global Beverages were up between 2%-5% on BSE. Only TCS closed in red. Tata group companies lost a combined Rs 27,506.34 crore in market value over the past three days after the ouster of Tata Sons Chairman Cyrus Mistry and his subsequent warning that the group may have to write down about two-thirds of its net worth due to five unprofitable businesses.
Eicher Motors dropped 2.2% after the company posted a net profit after tax, minority interest and share of profit of associates of Rs 413 crore for the quarter ended September 30, 2016 as compared to Rs 284.6 crore for the quarter ended September 30, 2015.
VRL Logistics tanked 6% after the company posted a net profit of Rs 13.8 crore for the quarter ended September 30, 2016 as compared to Rs. 29.9 crore for the quarter ended September 30, 2015.
Colgate jumped 3.6% after the FMCG company posted a net income of Rs 181 crore for the quarter-ended September.
Tech Mahindra jumped 5%. Tech Mahindra posted a net profit of Rs 872 crore for the quarter ended September 30, 2016 as compared to Rs 983 crore for the quarter ended September 30, 2015.
Glenmark Pharma rallied 3%. Glenmark’s consolidated revenue was at Rs 2,224 crore ($336.55 mn) as against Rs 1,909 crore (US$295.45mn) recording an increase of 16.5%.
MOIL jumped 3% after the company signed a pact with the Madhya Pradesh government to conduct mineral exploration in the State.
The rupee was trading up three paise at 66.83 per US dollar.
Out of 1,519 stocks traded on the NSE, 577 declined and 889 advanced today.
Top 5 Nifty Gainers: HDFC (2.18%), BHEL (1.80%), GAIL (1.38%), M&M (1.13%) and Tata Steel (1.11%).
Top 5 Nifty Losers: Axis Bank (-1.61%), ONGC (-1.40%), Infosys Ltd (-1.15%), Tata Motors (-1.00%) and Sun Pharma (-0.89%)
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