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Sensex settles below 35,000 mark amid negative Asian cues
(05-Nov-2018  , 16:36 Hours IST)

Key equity indices settled with modest losses on first trading day of the week due to negative Asian stocks. Key barometers remained in negative zone for majority of the day's trading session. The Sensex settled below the psychological 35,000 level after sliding below that level in early trade.

The Sensex fell 60.73 points or 0.17% to settle at 34,950.92. The index rose 111.76 points, or 0.32% at the day's high of 35,123.41. The index fell 200.05 points, or 0.57% at the day's low of 34,811.60.

The Nifty 50 index fell 24.80 points or 0.24% to settle at 10,528.20. The index rose 5.80 points, or 0.05% at the day's high of 10,558.80. The index fell 76 points, or 0.72% at the day's low of 10,477.

Domestic stocks drifted lower in early trade on negative Asian stocks. Key benchmark indices cut losses in morning trade. Fresh selling dragged the key benchmark indices to intraday low in mid-morning trade. Indices were off day's low in early afternoon trade. Stocks hovered in narrow range with small losses in afternoon trade. Markets hovered in small range with negative bias in mid-afternoon trade. Indices cut losses in late trade.

The S&P BSE Mid-Cap index fell 0.47%. The S&P BSE Small-Cap index fell 0.28%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1290 shares rose and 1308 shares fell. A total of 194 shares were unchanged.

Among sectoral indices on BSE, the S&P BSE Power index (down 1.59%), the S&P BSE Oil & Gas index (down 1.42%), the S&P BSE Utilities index (down 1.04%), the S&P BSE Healthcare index (down 0.64%), the S&P BSE Consumer Durables index (down 0.51%), the S&P BSE Capital Goods index (down 0.4%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.39%), the S&P BSE Industrials index (down 0.34%), the S&P BSE Auto index (down 0.33%), the S&P BSE FMCG index (down 0.31%) and the S&P BSE Finance index (down 0.27%), underperformed the Sensex. The S&P BSE Teck index (down 0.08%), the S&P BSE Telecom index (down 0.01%), the S&P BSE IT index (up 0.02%), the S&P BSE Bankex (up 0.12%), the S&P BSE Energy index (up 0.12%), the S&P BSE Metal index (up 0.15%), the S&P BSE Basic Materials index (up 0.47%) and the S&P BSE Realty index (up 1.55%), outperformed the Sensex.

IndusInd Bank (down 3.29%), NTPC (down 2.72%), Hero MotoCorp (down 1.54%), HDFC (down 1.46%), Vedanta (down 1.44%), Adani Ports & Special Economic Zone (down 1.33%) and ICICI Bank (down 1.27%), were the major Sensex losers.

Wipro (up 1.52%), Reliance Industries (up 1.33%), Bajaj Auto (up 0.94%), Coal India (up 0.86%), Tata Steel (up 0.78%) and Yes Bank (up 0.45%), were the major Sensex gainers.

State Bank of India jumped 3.45%. The bank's net profit fell 40.26% to Rs 944.87 crore on 1.80% increase in total income to Rs 66,607.98 crore in Q2 September 2018 over Q2 September 2017. The result was announced at the fag end of trading session today, 5 November 2018.

Axis Bank rose 2.35%. Net profit of Axis Bank rose 82.62% to Rs 789.61 crore on 15.5% rise in total income to Rs 15959.37 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

Separately, Axis Bank announced that its board approved the appointment of Amitabh Chaudhry, as managing director-designate in executive position of the bank, with effect from 19 November 2018 upto 31 December 2018 (both days inclusive). This will facilitate smooth transition and familiarize Amitabh Chaudhry with the business and operations of the bank, before he assumes charge as the managing director & CEO of the bank, with effect from 1 January 2019, as approved by RBI.

Shares of state-run power transmission major Power Grid Corporation of India lost 2.18% ahead of its Q2 result today, 5 November 2018.

GAIL (India) rose 0.61% after net profit rose 49.89% to Rs 1962.96 crore on 55.33% increase in revenue from operations to Rs 19275.32 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 5 November 2018.

ONGC declined 1.59%. The company's net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017. Oil production fell 6.9% to 4.93 million tonnes, but gas output was up 2.9% at 6.13 billion cubic metres in Q2 September 2018 over in Q2 September 2017. The result was announced on Saturday, 3 November 2018.

Cipla lost 7.33% after consolidated net profit fell 15.64% to Rs 366.91 crore on 1.01% decline in net sales to Rs 3947.93 crore in Q2 September 2018 over Q2 September 2017. The result was announced during trading hours today, 5 November 2018.

Umang Vohra, MD and Global CEO, Cipla, said that the company had a modest quarter but maintained a strong performance in its private market segment across geographies. Cipla's limited competition assets in the US are ramping up to drive quarter-on-quarter growth. The company also recently announced the approval of Metoprolol, another limited competition asset. As the firm enters the second half of this fiscal, multiple headwinds are likely to impact its reported performance. Having said that, the company is focusing on positioning its businesses for long term growth.

On the macro front, October data pointed to a stronger improvement in India's service sector, with an accelerated upturn in new work underpinning quicker rises in activity and jobs. Cost inflationary pressures eased, resulting in a softer increase in selling prices. Meanwhile, business sentiment remained positive, but was hampered by political uncertainty. At 52.2 in October, the seasonally adjusted Nikkei India Services Business Activity Index posted in expansion territory for the fifth straight month. Moreover, rising from 50.9 in September, the latest figure pointed to the quickest rate of growth since July.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.03, compared with its close of 72.45 during the previous trading session.

In the global commodities markets, Brent for January 2018 settlement was down 3 cents at $72.80 a barrel. The contract had fallen 6 cents, or 0.08% to settle at $72.83 a barrel during the previous trading session.

Overseas, European stocks were trading with small gains. Asian stocks declined as fears of faster rate hikes in the United States and uncertainty around the US-China trade war dented risk sentiment. Growth in activity in China's service sector slipped to a 13-month low in October, a private gauge showed Monday. The Caixin China services purchasing managers' index slipped to 50.8 in October from 53.1 in September, Caixin Media Co. and research firm Markit said.

US stocks declined on Friday, 2 November 2018 after optimism over a potential US-China trade deal ebbed after White House economic adviser Larry Kudlow reportedly downplayed the potential for a quick deal with China.

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