Market benchmarks Sensex and Nifty started on a cautious note today and fell sharply later in the backdrop of a deepening global slowdown and contraction in domestic factory output, amid weakness in global equities led by uncertainty over US-China trade deal.
In view of the slowdown blues, State Bank of India’s economic research team also had sharply cut India’s GDP forecast for FY2020 to 5 per cent from 6.1 per cent.
After jumping over 100 points in opening session, the 30-share index pared gains due to a fresh sell-off and was down 229.02 points, or 0.57 per cent, to 40,116.06.
Similarly, the broader NSE Nifty declined 73 points, or 0.61 per cent, to 11,840.45.
Sectoral indices such as Banking, Metal, Pharma, FMCG, Financial Services, and Media met with losses and fell between 1 and 2 per cent.
Media sector was the worst performer today on the back of heavy selling pressure. The Nifty Media index lost 4.50% at 1,793.85, followed by PSU Bank index, which fell by 3.15% to 2,383.60.
The market breadth, indicating the overall health of the market, was weak. On the BSE, out of the 2,734 shares traded, 967 shares rose and 1,597 shares fell. A total of 170 shares were unchanged.
NIFTY SECTORAL INDICES
BSE GROUP B STOCK GAINERS
BSE GROUP A GAINERS
Nifty 50 November Futures (11,930): Tread with caution
NIFTY AUTO STOCKS
HAL shares zoom 6% on results
Hindustan Aeronautics Ltd (HAL) shares were up over 6% on the BSE in the backdrop of significant rise in quarterly earnings. The stock was up 6% to Rs 8123.75 on the BSE.
The company saw over two-fold increase in its net profit for the quarter ended September 2019 to Rs 624.46 crore against Rs 289.42 crore in the corresponding quarter last fiscal. The company's EPS was higher at Rs 18.67 in the September quarter this year versus Rs 8.66 in the same quarter last year.
Wage revision offer fair, says HAL management; unions continue strike
BSE CAPITAL GOODS
Results on November 13
Cadila Healthcare, ABB India, IRCTC, BHEL, NALCO, RCF, Sintex Industries, Thermax, Bajaj Hindusthan, New India Assurance, Blue Star, HUDCO, Coffee Day Enterprises, Bata India, Sadbhav Infrastructure, Adani Power, Ashoka Buildcon, Jagran Prakashan, Lemon Tree Hotels, Mphasis, Balaji Telefilms, Pidilite Industries, Adani Green Energy, Deepak Fertilizers, RITES, Muthoot Finance.
Sun TV shares plunge on weak Q2 results
The stock of Sun TV Network plunged 6.5 per cent on the NSE to 494.85 after it's disappointing Q2 result.
Sun TV Network Ltd on Tuesday reported a marginal increase of 1.04 per cent in consolidated profit after tax at ₹368.79 crore for the second quarter ended September 30 against ₹364.99 crore in the year ago period.
Sun TV to invest ₹300 crore in Bengali, Marathi channelsBengali channel to go on air in Feb
Markets opened the day on a volatile note as equities fluctuated on alternative buying and selling by traders.
While IT, FMCG and Metals stocks gained ground, offsetting losses in the Banking and Automobile sectors.
Asian stocks fell today on concerns over U.S.-China trade deal
Britannia climbed Rs 129, or 4.50%, to Rs 3,291.05 on the NSE today. The stock was driven mainly by the report on strong quarterly earnings. The company had shown 62% increase in net profit for the September quarter period this year to Rs 402 crore as against Rs 248 crore in the corresponding quarter of previous fiscal.
The stock of High Energy Batteries was locked in 20% upper circuit on the BSE today. The company has returned to black this quarter on better revenues on higher sales this quarter.
A buoyant capital market does not always translate into improved investment activity in the economy.
Astra Microwave Products (₹80.3): Buy
Investors with a short-term perspective can buy the small-cap stock, Astra Microwave Products at current levels. Following a medium-term downtrend, the stock found support at ₹70.5 in late August this year.
Asian stocks and Wall Street futures fell on Wednesday, as growing worries that US-China trade talks are stalling and concern about intensifying unrest in Hong Kong hurt demand for risky assets.