Indian market ends in red; Tata Motors tanks by 10%
Indian market ends in red; Tata Motors tanks by 10%
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Asian market closed on mixed note with only Hong Kong shares surging. The Nikkei 225 was down by 0.03% and Shanghai Composite index was below 0.11%. The Hang Seng was abive 0.46%.
Indian rupee closed at 67,605 down by 0.250 points or 0.37% against US dollar.
Tata Motors was top loser on BSE by slipping over 10%, trading at Rs 457.25. This is followed by Cyrus Mistry ousters and ban of high-denomination notes.
Since November 08, 2016, the share price of Tata Motors have been declining continuously.
Days after demonetisation of big notes has turned out to be biggest night mare for Indian market. The domestic equity indices have declined to fourth-consecutive days. Sensex closed at 26,304.63 down by 514.19 points or 1.92%, while Nifty at 8108.45 below 187.85 points or 2.26%.
Markets under pressure, most sectors in red.
Shares of Tata Teleservices was down by 5.46% on BSE, trading at Rs 6.06. CRISIL rating agency on Tuesday revised the company's rate to 'A-' from earlier 'A'.
Rate cut hope rises.
European market were trading positive. The Europe's leading market DAX was trading at 10,693.69 surging by 26 points or 0.24%. Meanwhile the UK's FTSE 100 Index was trading at 6753.18 above 0.34% and France's CAC 40 was up by 0.43% at 4508.55.
Key IT stocks like Wipro, Infosys and TCS took the top three spot of gainers on BSE. Wipro took the lead by trading at Rs 449.50 up by 1.84%, followed by TCS at Rs 2133.75 above by 1.36% and Infosys was trading at Rs 934.25 higher by 1.35%.
Shares of Hindustan Petroleum Corporation Limited slumped by over Rs 30 or 6.89% on BSE, trading at Rs 417.60. The company announced its Q2 result in which it reported net profit of Rs 701.32 crore for second quarter September 30, 2016, against net loss of Rs 317.13 crore in the corresponding period of the previous year.
Nifty reaches below 8200-mark.
Brent crude and gold prices surged on trading session
Shares of Maruti Suzuki took a massive beating of investors on today's trading session. The shares slumped by over Rs 230 or 4.47% on BSE, trading at Rs 4908.45. The company today announced to set up a Japan-lndia Institute of Manufacturing (JIM) in Mehsana, Gujarat.
In one weeks, the shares of Maruti has declined by 13.45%.
Despite winning a deal from Hartford Steam Boiler, the shares of L&T Infotech slumped on BSE. It was trading at Rs 606 down by Rs 13 or 2.04%.
Bank Nifty was trading at 19,726.65 slipping by 12.15 points or 0.06%. Private Banks were the top loser on the index.
The losers were - IndusInd Bank at Rs 1151.35 down by Rs 40 or 3.44%, followed by Yes Bank at Rs 1190 (2.05%), Kotak Mahindra Bank at Rs 800.10 (1.90%), Federal Bank at Rs 76.20 (1.42%), Axis Bank at Rs 494.85 (0.78%) and ICICI Bank at Rs 275.90 (0.18%). HDFC Bank was the only gainer by trading at Rs 1283 up by Rs 8 or 0.59%.
While public sector banks were trading positive in the range of 0.50% - 8%.
Shares of Tata Motors tumbled despite reporting net profit this Q2 earnings. The stock was trading at Rs 465.70 on BSE, down by Rs 42 or 8.22%. Yesterday the company reported consolidated net profit of Rs 848 crore as compared to net loss of Rs 1,740 crore during the same period last year.
All PSU Banks were trading positive. The Nifty PSU Bank index was at 3,433.05 above 112.80 points or 3.40%. Bank of Baroda was the top gainer, trading at Rs 172.15 up by 7.26%.
This was followed by Union Bank at Rs 148.65 above 3.30%, Bank of India at Rs 125.90 (3.15%), State Bank of India at Rs 281.35 (3.06%), Andhra Bank at Rs 55.95 (2.94%) and Canara Bank at Rs 319.85 (2.55%).
Stocks of both Oriental Bank and Punjab National Bank were up by 2.47% trading at Rs 126.60 and Rs 159.55 respectively. Also Syndicate Bank, Allahabad Bank and IDBI Bank shares surged in the range of 1.40% - 1.70%.
Asian market were a mixed bag on Tuesday trading session. China's Shanghai Composite index was trading at 3201.74 down by 8.63 points or 0.27%, while Japan's Nikkei 225 was at 17,667.32 below 10.88 points or 0.06%. On the other hand, Hong Kong's Hang Seng was positive at 22,314.62 above 92.40 points or 0.42%.
Indian rupee was trading at 67.715 against US dollar. The domestic currency was below 0.140 points or 0.21% from its previous closing of 67.855 against US dollar.
Here is how auto index has performed after November 08, 2016.
Source: EquityMaster.
Auto stocks have continued to underperform after the announcement of demonetisation of big notes namely Rs 500 and Rs 1000. The S&P BSE Auto index was trading at 19,967.89 tumbling by 594.79 points or 2.89%.
All stocks were trading negatives with Tata Motors taking the top spot of loser, trading at Rs 479.45 down by 5.51%. It was followed by Maruti Suzuki at Rs 4947.90 (3.67%), Motherson Sumi at Rs 292.25 (3.29%), Ashok Leyland at Rs 84.95 (2.80%) and Eicher Motors at Rs 21,180.95 (2.60%).
Mahindra and Mahindra, Bajaj Auto and Hero Motorcorp were also negative trading in the range of 0.56% - 1.95%.
After being shut for three days, Indian equity indices made a weak start on Tuesday morning. Sensex slipped by 304.05 points or 1.13% trading at 26,514.77, while Nifty was at 8224.95 below 71.35 points or 0.86%.
The 30-scrip index recorded 7 advances and 23 declines and that of 51-scrip index had 21 advances and 30 declines.
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