Sensex ends over 300 points lower, Nifty above 10,100 at end of October series; Airtel down 7%

CNBC

Closing Bell: The market remained under pressure throughout the session but recovered a bit at the end of October F&O expiry day.

The Sensex was down 343.87 points at 33690.09, while Nifty was down 99.90 points at 10124.90. About 930 shares have advanced, 1559 shares declined, and 1121 shares are unchanged. 
Barring IT, all the other sectoral indices ended in red. 
Wipro, Coal India, Kotak Mahindra Bank, ITC, Asian Paints are the top gainers on the Sensex, while Bharti Airtel, Vedanta, Yes Bank, Tata Motors and Sun Pharma are the top losers on the Sensex.
Results reation: Dish TV has reported 22.6 percent fall in net profit to Rs 19.7 crore for the quarter ended September 2018. It had posted a profit of Rs 25.5 crore in June 2018. The company's net subscriber’s additions was at 2 lakh, while ARPU stood at Rs 207. Its subscription revenue was down at Rs 1,453.6 crore against Rs 1,489 crore, QoQ.
Dish TV India was quoting at Rs 38.10, down Rs 6.75, or 15.05 percent, touched a 52-week low of Rs 36.80.   
Market Update:
Benchmark indices continued to trade lower, but were off day's low. The Sensex was down 265.94 points at 33,768.02 and the Nifty declined 78.60 points to 10,146.20.
About two shares declined for every share rising on the BSE.
Indiabulls Housing Finance was the biggest loser among Nifty50 stocks, falling 8 percent. Bharti Airtel was down 5.5 percent ahead of September quarter earnings.
HDFC, HDFC Bank, Reliance Industries, ICICI Bank, SBI and L&T were down 1-2 percent whereas TCS, Infosys, Wipro, HCL Technologies, IOC, ONGC and ITC were gainers.
Shalimar Paints Q2 Results Performance
Shalimar Paints said it has reported net loss at Rs 10.1 crore for the quarter ended September 2018 against loss of Rs 9.8 crore in same period last year.
Revenue during the quarter grew by 1.3 percent year-on-year to Rs 71.7 crore and EBITDA loss narrowed to Rs 6.8 crore from Rs 9.5 crore YoY.
Kajaria Ceramics Q2 Earnings Performance
Kajaria Ceramics's second quarter consolidated profit fell 11.2 percent year-on-year to Rs 50.6 crore on weak operational earnings, but revenue grew by 8.1 percent to Rs 725.3 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 10.7 percent to Rs 108.9 crore and margin contracted by 320 bps to 15 percent YoY. 
Sectoral Indices Performance
Nifty realty was down close to 2 percent dragged by Indiabulls Real Estate, Prestige Estates and Brigade Enterprises. However, Unitech zoomed 12 percent in this afternoon session.
Bank Nifty shed a percent with losses from ICICI Bank, Bank of Baroda, State Bank of India and IDFC Bank.
Nifty metal was down 2 percent dragged by Hindalco Industries, JSPL, JSW Steel, Vedanta, SAIL and NMDC.
However, IT sector is the only space in the green led by Wipro, Tata Consultancy Services, HCL Tech and KPIT Tech.
Oil Prices Fall
Oil prices fell as Asian and European stock markets plunged in the wake of Wall Street's biggest daily decline since 2011, with investors shedding risk in an uncertain political landscape.
Brent crude oil fell 0.2 percent, to a low of $76.02. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on October 3.
Financial markets have been hit hard by a range of worries, including the US-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy.
Weakness is also starting to show in container and dry-bulk rates, both of which have declined significantly in October, pointing to a slowdown in global trade.  
Maruti Q2 Performance:
Maruti Suzuki, the country's largest car maker, has reported a 9.8 percent on year degrowth in second quarter profit to Rs 2,240.4 crore, dented by weak operational performance and subdued sales volume.
Profit in corresponding period last fiscal stood at Rs 2,484.3 crore.
Revenue from operations for the quarter increased 3 percent year-on-year to Rs 22,433.2 crore despite fall in sales volume, driven by higher average selling price (ASP).
Sales volume during the quarter was subdued as the company sold 4,84,848 vehicles, down 1.5 percent year-on-year.
Europe Update
Stocks in Europe were mixed amid a global sell-off for equities, as investors digested corporate earnings and looked ahead to a rate decision by the European Central Bank (ECB).
Britain's FTSE was down half a percent while France's CAC gained half a percent. 
Order Win
NBCC has received letter of appointment from Ministry of Health & Family Welfare for planning, designing, & construction of All India Institute of Medical Sciences (AIIMS), Deoghar, Jharkhand under Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) amounting Rs 902 crore (approximately). 
PVR Posts Good Operational Show in Q2
PVR reported a rise of 33.5 percent (year-on-year) in its net profit for the September quarter at Rs 33.02 crore. The company had reported a profit of Rs 25.17 crore during the corresponding quarter of last year.
Its revenue rose 28 percent at Rs 708.5 crore for the quarter under review against Rs 555.3 crore that it posted in Q2 of FY18.
At an operating level, the company posted an earnings before interest, taxes, depreciation and amortaisation of Rs 124 crore for the quarter, a rise of 35.6 percent year on year from Rs 91.5 crore last year. 
OBC Q2 Performance
Public sector lender Oriental Bank of Commerce turned profitable in July-September quarter despite lower other income and operating income. The bank reported net profit at Rs 101.7 crore for the quarter against loss of Rs 1,750 crore in year-ago and loss of Rs 393.21 crore in June quarter.
Lower provisions and tax reversal helped the bank come back in black.
Net interest income grew by 1.8 percent year-on-year to Rs 1,275 crore with loan degrowth at 8.5 percent for quarter ended September 2018.
Asset quality improved sequentially as gross non-performing assets declined at 17.24 percent against 17.89 percent in June quarter. Net NPA also fell at 10.07 percent against 10.63 percent QoQ.
Market Update:
Benchmark indices were trading off day's low in afternoon with the Sensex falling 299.82 points to 33,734.14. Reliance Industries, HDFC, ICICI Bank and HDFC Bank were key contributors to the fall.
The Nifty slipped 90.20 points to 10,134.60.
All sectoral indices traded in the red barring IT. Nifty Bank, Auto, Financial Service, FMCG, Metal and Realty indices were down 1-2 percent.
PVR In Focus
Multiplex chain PVR has reported 31.2 percent on year growth in consolidated profit to Rs 33 crore despite higher tax. Strong revenue and operational income boosted profitability.
Revenue during the quarter increased 27.6 percent YoY to Rs 708.5 crore while EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 35.6 percent to Rs 124 crore and margin expanded by 100 bps YoY.
Mastek Q2 Earnings Performance:
Mastek's second quarter consolidated net profit grew by 11.8 percent sequentially to Rs 25.1 crore and revenue rises 5.3 percent to Rs 257.1 crore.
EBITDA (earnings before interest, tax, depreciation and amortisation) increased 1.2 percent to Rs 31.3 crore but margin contracted 50 bps QoQ. 
Stocks At 52-Week Low
More than 200 stocks touched 52-week low amid weak market conditions.
3i Infotech, Aditya Birla Capital, Andhra Bank, Bajaj Auto, Bandhan Bank, Bharat Forge, Bank of India, Bombay Dyeing, Ceat, CG Power, Container Corporation, CRISIL, DB Corp, DHFL, Edelweiss Financial, Dixon Technologies, Force Motors, Grasim, Hero MotoCorp, India Cements, L&T Finance, JM Financial etc hit fresh 52-week low today.
Hexaware Technologies Under Pressure:
Hexaware Technologies shed 9 percent intraday even the company reported robust numbers in the quarter ended September 2018.
Its consolidated net profit has grown 21 percent to Rs 172.1 crore for the quarter ended September 30, 2018. Revenue rose 21.8 percent to Rs 1,209.6 crore in the quarter under review from Rs 993 crore in the same period a year ago.
In dollar terms, company’s net profit increased 10.2 percent to USD 24.3 million, while revenue rose by 11.1 percent to USD 171.1 million in the September quarter.
Macquarie has maintained outperform call but lowered target price by 11 percent to Rs 500 per share.
Market Update:
Benchmark indices continued to reel under selling pressure as all sectoral indices traded in the red barring IT.
The 30-share BSE Sensex fell 347.85 points or 1.02 percent to 33,686.11 and the 50-share NSE Nifty declined 102.40 points or 1 percent to 10,122.40.
The broader markets underperformed frontline indices with the Nifty Midcap index falling 1.5 percent. About three shares declined for every share rising on the BSE.
BHEL Q2 Profit Jumps 60%:
State-run power equipment maker Bharat Heavy Electricals has registered a healthy 60.43 percent on year growth in second quarter profit to Rs 185.17 crore, driven by strong operational income in industry business.
Revenue during the quarter grew by 6.34 percent year-on-year to Rs 6,779.88 crore on the back of strong growth in industry segment.
Power business in Q2 increased 1.7 percent to Rs 5,153 crore YoY but its EBIT (earnings before interest and tax) declined sharply by 36.4 percent while industry segment registered a strong 31.7 percent on year increase at Rs 1,453.75 crore with EBIT showing a 3,810 percent YoY increase at Rs 69.6 crore, BHEL said.
Coal Imports
India's thermal coal imports rose at the fastest pace in three-and-a-half years in the September quarter, spurred by new demand and domestic infrastructure bottlenecks that are threatening government plans to cut foreign supplies.
Imports jumped 35 percent to 42.7 million tonnes during the three months ended September 30, according to data from American Fuels & Natural Resources, a Dubai-based trader of coal from the United States which tracks coal shipments around the region.
It was the fourth straight quarterly rise in coal imports and puts the energy-hungry nation on track for a rise in annual imports after two straight years of decline.
For the first nine months of 2018, imports of 124.6 million tonnes are up 20 percent from the same period a year earlier. 
PNB Fraud:
The Enforcement Directorate (ED) said it has attached valuables and jewellery worth Rs 255 crore in Hong Kong of diamond jeweller Nirav Modi in connection with the USD 2 billion alleged fraud in PNB.
The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets.
"The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong based companies controlled by him after the registration of the case (PNB money laundering) in India," it said.
These valuables, diamonds and jewellery were lying in a logistics company vault in Hong Kong, the agency said. Source: PTI
Market Update: Selling pressure has dominated on the market on Thursday morning, with the Nifty trading below 10,150. The Sensex is down over 250 points. 
Energy names continue to trade in the red, along with metals, automobiles, infrastructure and banking names. The midcap index is down around a percent as well. 
The Sensex is down 268.84 points or 0.79% at 33765.12, while the Nifty is down 81.30 points or 0.80% at 10143.50. The market breadth is negative as 419 shares advanced, against a decline of 1,058 shares, while 2,118 shares were unchanged.
Wipro and TCS are the top gainers, while Bharti Airtel, IndusInd Bank, and Indiabulls Housing have lost the most.  
Market opens: It is a gap down opening for the market on Thursday morning. The Nifty is down almost 100 points, while the Sensex has opened around 300 points lower. 
Selling is visible across all sectors, with banks, auto, metals, pharma and infrastructure sectors seeing some pain. The Nifty Midcap index is trading over a percent lower. 
The Sensex is down 296.17 points or 0.87% at 33737.79, while the Nifty is down 90.40 points or 0.88% at 10134.40. The market breadth is negative as 45 shares advanced, against a decline of 145 shares, while 3,405 shares were unchanged.
Bharti Airtel, Infosys, and Indiabulls Housing are the top losers, while NTPC and HDFC Bank have gained the most.  
Market at pre-opening: Benchmark indices are trading lower in the pre-opening trade with Nifty hovering around 10,150 level.
At 09:01 hrs IST, the Sensex is down 89.29 points at 33944.67, and the Nifty is down 73.80 points at 10151.
Interglobe Aviation, Hexaware and L&T Finance are down 10 percent, while IndusInd Bank shed 5 percent in the pre-opening trade.
Asian markets trade weak: Asian shares dived on Thursday as hundreds of billions of dollars haemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year, reported Reuters.
Market Outlook:
Samir Arora, Founder & Fund Manager at Helios Capital expects recovery in the US as equity market looks attractive. He is also positive on US equity given the strong earning expectations.
Talking about Indian equities, he said neither is he excited nor depressed, he told to CNBC-TV18. He feels October has been better than September for the Indian market.
Crude prices fall: Oil prices fell by around one percent on Thursday, coming under pressure from sharp selloffs in global stock markets, with US stocks posting the biggest daily decline since 2011 to wipe out the year’s gains, reported Reuters.
Wall Street declines: US stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500’s gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth, reported Reuters.