The major indices of the Indian stock markets were range-bound on Monday and closed with small losses over Friday’s close. On the NSE, there were 870 advances, 887 declines and 318 unchanged. The trends of the major indices in the course Monday’s trading are given in the table below:
Negative Asian markets and profit booking checked the upmove of equity indices on Monday. Except for IT (information technology), selling pressure was witnessed in almost all the counters led by the oil and gas stocks. Consumer durables, banking and finance stocks also traded lower. The investor sentiments were also weighed down ahead of the release of the key macro-economic data (PMI service data) and a declining rupee. The domestic currency was trading 59 paise lower, at 73.03 to a US dollar, from its Friday close of 72.44. In addition, the benchmark Brent crude was below the $73 a barrel.
The US on Monday unleashed its "toughest ever" sanctions against Iran, a move that has already sparked mass protests in the oil-rich nation. US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC. More than 700 individuals, entities, vessels and aircraft were now on the sanctions list, including major banks, oil exporters and shipping companies.
The Trump administration has granted exemptions to eight countries to continue importing Iranian oil, without naming them. They are reported to include US allies India, Italy, Japan and South Korea. Iranian President Hassan Rouhani has vowed to sell his country's oil and break the sanctions. Iran's military has said that it would hold air defence drills on Monday and Tuesday to prove the country's capabilities. Before travelling to a campaign rally for the US midterm elections, President Trump said Iran was already struggling under his administration's policies.
Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation. Reliance Industries shares closed at Rs1,092.00, up 1.59% on the NSE.
The coming week is truncated on account of festivities in India, but (dotted with an) important series of events within and outside the country. Trading at stock exchanges won't take place on November 7th and 8th on account of Diwali, other than the brief traditional Muhurat Trading on Diwali day.
Silicon Valley-based online education platform, Udacity announced its collaboration with Pune-based KPIT Technologies to upskill and also, build its engineering talent ecosystem for autonomous technology in India, including self-driving cars and autonomous flight. KPIT Technologies shares closed at Rs217.00, up 3.43% on the NSE.
The Steel Authority of India Ltd (SAIL) reported a standalone profit after tax of Rs553.69 crore for the second quarter of 2018-19. The company had posted a net loss of Rs539.06 crore in the July-September period of the previous financial year. "The numbers indicate a fast recovery in the company's profitability, operational performance and a collective effort towards driving the full advantage of modernisation and expansion," the company said in a statement. The company's turnover during the period under review rose 23% to Rs16,541 crore. SAIL shares closed at Rs66.30, down 4.67% on the NSE.
State Bank of India (SBI) reported Q2FY19 standalone results with net interest income (NII) at Rs20,905.69 crore (Rs18,585.90 crore), up 12.5% year-on-year. Net profit was at Rs944.87 crore (Rs1,581.55 crore), down 40.3% year-on-year. Provisions were at Rs10,184.50 crore (Rs16,715.20 crore). Gross non-performing assets (GNPA) were at 9.95% (9.83%) and Net non-performing assets (NNPA) were at 4.84% (5.43%). SBI shares closed at Rs295.30, up 3.45% on the BSE.
Indraprastha Gas reported Q2FY19 results with revenues at Rs1,568.73 crore (Rs1,231.35 crore), up 27.4% year-on-year. Profit after tax was at Rs187.23 crore (Rs168.87 crore), up 10.90% year-on-year. Earnings per share were at Rs2.68 (Rs2.41). Indraprastha Gas shares closed at Rs284.25, up 0.85% on the NSE.
Natco Pharma reported Q2FY19 consolidated results with revenues at Rs543.50 crore (Rs426.70 crore), up 27.40% year-on-year. Net profit was at Rs182.50 crore (Rs84.80 crore), up 115.20% year-on-year. Earnings per share were at Rs9.89 (Rs4.82). Natco Pharma shares closed at Rs757.00, down 2.29% on the NSE.
Exide Industries reported Q2FY19 results with revenues at Rs2,720.35 crore (Rs2,58.37 crore), up 15.30% year-on-year. Net profit was at Rs268.41 crore (Rs135.52 crore), up 98.81% year-on-year. Earnings per share were Rs3.16 (Rs1.60). Interim dividend of Rs1.60 per share was declared. Exide Industries shares closed at Rs250.90, down 1.05% on the NSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: