Sensex ends flat, Nifty below 10,400; midcaps see strong trade
01 Nov 2018
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Market at Close: First session of November 2018 began on a subdued note, with the Nifty ending below 10,400-mark.
Banks were the gainers during the session, while infrastructure and metals rose during trade as well. Pharmaceuticals, IT, and consumption names were the big losers in trade today.
However, there was some outperformance in the broader markets, with the Nifty Midcap index rising a percent.
At the close of market hours, the Sensex closed down 10.08 points or 0.03% at 34431.97, while the Nifty ended lower by 6.10 points or 0.06% at 10380.50. The market breadth is positive as 1,590 shares advanced, against a decline of 990 shares, while 124 shares were unchanged.
Yes Bank, Axis Bank, and Hindalco were the top gainers, while Infosys, NTPC, HCL Tech and Dr Reddy’s Labs lost the most.
MANAGEMENT OUTLOOK: Mumbai-based Prabhat Dairy plans to expand its goodness centres, which were launched in May, as it ventures on a retail expansion drive to more than double its annual revenue.
The centres sell products such as lassi, masala chaas and milk shakes.
The company, which has over 40,000 distributors in Maharashtra, plans to hand-pick franchisees that have the requisite real estate and willingness to invest Rs 4 lakh in the business, Joint Managing Director Vivek Nirmal told Moneycontrol.
Prabhat Dairy is keen on expanding its goodness zones as it wants to increase its retail reach and targets a revenue of Rs 1,000 crore in the next two years from Rs 400 crore at present.
Market Update: Equity benchmarks are trading lower, with the Sensex down over 100 points. The Nifty is around 10,350-mark.
The Sensex is down 105.55 points or 0.31% at 34336.50, and the Nifty down 36.80 points or 0.35% at 10349.80. The market breadth is positive as 1,440 shares advanced, against a decline of 768 shares, while 1,449 shares were unchanged.
Yes Bank and Larsen & Toubro were the top gainers, while Infosys, Wipro, HCL Tech and Tech Mahindra lost the most.
Buzzing stock: Shares of Container Corporation are trading higher by a percent as investors reacted positively to its September quarter performance.
The company reported a 46.80 percent its standalone net profit to Rs 336.05 crore for the quarter ended September 30, 2018.
It had clocked a standalone net profit of Rs 228.91 crore for the corresponding quarter of the previous fiscal, it said in a filing to the BSE.
Market opens: It’s a strong start, in line with pre-opening trends, on the market on Thursday morning. The Nifty has surpassed 10,400, while the Sensex is higher by over 150 points.
At 09:15 hrs IST, the Sensex is up 160.97 points or 0.47% at 34603.02, while the Nifty is higher by 38.60 points or 0.37% at 10425.20.
Among sectors, automobiles, infrastructure, energy and metal names are trading in the green, while IT names along with pharmaceuticals are trading lower. The Nifty Midcap index is higher by 0.4 percent.
Shares of Larsen & Toubro are higher by 5 percent after the company reported strong numbers for September quarter.
Market at pre-open: Benchmarks have started higher in the pre-opening trade, with the Nifty surging past 10,400.
At 09:01 hrs, the Sensex is up 174.15 points or 0.51% at 34616.20, while the Nifty is higher by 41.40 points or 0.40% at 10428.00.
The Indian rupee has opened higher at 73.87 per US dollar.
STOCK ALERT: Global research firm Macquarie has maintained an outperform rating on Larsen & Toubro but has hiked the target price to Rs 1,880 from Rs 1,825. It sees a potential upside of 45 percent.
The firm said that L&T delivered spotless set of numbers and were a handsome beat on all fronts.
The revenue growth has shifted into next gear, led by sharply better infrastructure order execution.
It expects margins and order inflows to have potential to surprise positively on guidance.
Asian markets trade higher: Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world's largest economy, reported Reuters.
US markets close higher: US stocks rebounded for a second day on Wednesday, as investors snapped up beaten-down technology and internet favourites and strong company results lifted spirits after equities had been spooked this month, reported Reuters.
