Sensex Today: Share market ends in red; Sensex closes 330 points lower, Nifty holds 11,900

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained positive with net buying logged at Rs 926.60 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with net selling logged at Rs 635.59 crore on Thursday.

Sensex on Thursday breached its previous high level of 40,676 to hit fresh high of 40,688 mark. Nifty made an intraday high to 12,021.40 level, trading 81 points away from the 52-week high of 12,103.05.

While Sensex made its highest closing at 40,653, Nifty ended above 12K mark at 12,016 for the first time after June 2019, backed by gains in industry heavyweight HDFC.

Sensex ends at all-time high of 40,653, Nifty above 12K

Eicher Motors, Allahabad Bank, MRF, Bharat Forge, M&M, Ashok Leyland,CRISIL, Bank Of Baroda,GAIL , Religare Enterprises, Sical Logistics, IDFC, IDBI Bank, Inox Wind, Tata Communications, Tata Power, Birlasoft Ltd, Rico Auto, Allcargo Logistics, Capacite Infraprojects, Century Plyboards, Chambal Fertilisers, Dredging Corporation, Equitas Holdings, Himatsingka Seide, KEC International,  Sobha, Subex,  Matrimony.com Ltd, Max India Ltd, NLC India, Triveni Engineering, BSL Ltd, Music Broadcast among other are the top listed companies to post their September qusrter results today, data available with the BSE shows.

Mindtree announced after market hours onThursday that Pradip Kumar Menon has resigned as CFO of the company.

China and the United States have agreed to roll back tariffs on each others’ goods in a “phase one” trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump .

A U.S. official, speaking on condition of anonymity, confirmed the rollback would be part of the first phase of a trade agreement that is still being put to paper for Trump and President Xi Jinping to sign.

(Reuters)

World stocks rallied to near record highs on Friday as investors cheered signs of progress in U.S.-China trade talks. European shares rose for a fifth straight session on Thursday to hit fresh four year highs. In the European market, Germany’s DAX Index increased 0.8% to 13,289.46, hitting the highest in more than 21 months with its fifth consecutive advance.

Asian market like Nikkei Index gained 0.4% while Taiwan and China Index declined marginally.

MSCI’s gauge of stocks across the globe rose slightly to stand at 543.70, just a hair off the record high of 550.63 reached in January 2018. The MSCI Emerging Market Index climbed 0.5% to 1,074.08, the highest in about six months after BOE kept unchanged interest rate at 0.75%.

Sensex, Nifty scale new high: Five factors that fuelled market rally

State-owned Bharat Petroleum Corporation Limited (BPCL) on Thursday reported 40.18 per cent year-on-year (YoY) jump in its net profit at Rs 1,708.45 crore for the second quarter ended September 30, 2019, aided by tax reversal of Rs 580.3 crore based on "favourable judgments from Income Tax Appellate Authorities over multiple issues". On the quarter-on-quarter basis, the profit grew 55 per cent compared to Rs 1,075.12 crore in the June quarter.

BPCL Q2 profit jumps 40% to Rs 1,708 crore on tax reversal; revenue slips 9%

Moody's Investors Service on Friday changed its outlook on India's ratings to "negative" from "stable", citing increasing risks that the country's economic growth will remain lower than in the past.

The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.

Moody's lowers India's outlook to 'negative' from 'stable'

Sensex trades 77 points higher in the pre-open session to 40,731 level on Friday against the previous close of 40,653, while Nifty50 has traded 46 points higher to 12,012 level compared to previous close fo 12,016.

 

Sensex Today : Benchmark indices Sensex and Nifty turned bearish by the opening bell, bakced by banking, pharma and metal stocks. Sensex opened 23 points lower at 40,630.56 level against the previous closing value of 40,653.74. Nity too started the day marginally  lower at 11,987.15 compared to last close of 12,016. On the sectoral front, most sectoral indices trade bearish with all banking and financial sector stocks declining, coupled with marginal declines registered in pharma and metal scrips.

Equity market that traded at record high levels in the Equity market that traded at record high levels in the week, has turned bearish today after Moody's Investors Service lowered India's outlook to 'negative' from 'stable' , as it estimated that the country's growth slowdown is in part long-lasting, reflecting government and policy ineffectiveness in addressing economic weakness.

India's economy grew only 5% year-on-year between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions, the rating agency said.
 

Ministry of Finance responded to Moody's Investor Service outlook on Friday.

"The Government has undertaken series of financial sector and other reforms to strengthen the economy as a whole. Government of India has also proactively taken policy decisions in response to the global slowdown. These measures would lead to a positive outlook on India and would attract capital flows and stimulate investments," the Ministry of Finance said.

The fundamentals of the economy remain quite robust with inflation under check and bond yields low. India continues to offer strong prospects of growth in near and medium term."
 

DLF shares rose 5.64% to Rs 203.3 on Friday after the realty major reported a 19% rise in consolidated net profit at Rs 445.85 crore for the September quarter of this fiscal year, mainly on lower expenses. The company aslo announced appointment of Vivek Anand as the group chief financial officer (CFO).

DLF share today trade 3% away from 52 week high of Rs 209.4 on the BSE.

Revenue, however, fell 15.82% to Rs 1,940.05 crore in the July-September quarter of 2019-20. The company has set a sales target of Rs2,700 crore for 2019-2020.

Shares of Bank of Baroda traded 1% higher at Rs 97.10 on the BSE, against the last closing value of Rs 96.10, ahead of lender's September quarterly results, scheduled to release today

YES Bank shares that traded 3.23% lower in the early trade recovered from losses and rose 4.59% to the intraday high of Rs 69.55 on the BSE today. The shares of the private lender turned negative post the company results. Although today the stock has outperformed the private banking sector by 2.28%, which has risen 0.05% intraday

 

Reliance Industries shares traded 1% lower to Rs 1,445.05 on Friday. The company in its recent filing said that its arm Reliance Strategic Business Ventures Limited (RSBVL) has increased its stake in US-based SkyTran Inc to 17.37%.

RIL shares trade mere 2.78% away from 52 week high of Rs 1,489.5

 

The Indian rupee opened on a cautious note and fell 30 paise to 71.27 against the US dollar in early trade on Friday after Moody's changed its India rating outlook to negative citing lower economic growth.

At the interbank foreign exchange, the rupee opened at 71.26 then fell to 71.27 against the US dollar, showing a decline of 30 paise over its previous closing.

The Indian rupee on Thursday had closed at 70.97 against the US dollar.

Rupee vs Dollar: Rupee declines 30 paise to 71.27 per dollar as Moody's cuts India rating outlook to negative

Sun Pharma shares fell nearly 4% to Rs 425.50 on the BSE depite the healthcare major reported consolidated profit at Rs 1,065 crore during the July-September period, against loss of Rs 269.6 crore in the same period last fiscal.

The healthcare firm's consolidated net sales grew 16.10 per cent to Rs 7,949.19 crore as against Rs 6,846.48 crore in the corresponding quarter.

India sales, which accounted for 31.6 per cent of total consolidated sales, rose 35 per cent year-on-year (YoY) to Rs 2,515 crore in September quarter of this fiscal.

Sun Pharma shares fell 3.39% to an intraday low of Rs 425.5 on the BSE.

Yesterday, following Q2 earnings, shares of Sun Pharmaceutical Industries were trading 3.50 per cent higher at Rs 442.50 apiece on the Bombay Stock Exchange.

Sun Pharma posts Rs 1,064 crore net profit in September quarter, India sales up 35%

Mindtree shares declined over 1% to Rs 698.75on the BSE after the technology major informed the exchanges that the Pradip Kumar Menon has resigned from the position of CFO. The company said Menon will be relieved from the services on November 15.

 

Shares of Berger Paints declined 2.5%to the intraday low of Rs 493.9 on the BSE today despite the company reporting a 67.1 % jump in its consolidated net profit to Rs 194.66 crore for the second-quarter ended September 30, 2019. The company had posted a consolidated net profit of Rs 116.46 crore in the year-ago period.

Company's consolidated revenue from operations rose by 7.2 % to Rs 1,598.58 crore for the SEptember quarter.