Nifty, Sensex May Head Higher If Today's Low Holds – Thursday closing report

We had mentioned in Wednesday’s report that Nifty, Sensex might continue to rise. The major indices of the Indian stock markets were range-bound on Thursday and ended flat over Wednesday’s close. On the NSE, there were 1,134 advances, 596 declines and 329 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:

 

 
Despite firm global cues and a slight recovery in the domestic currency, the key equity indices traded flat during the afternoon session of trade on Thursday as investors remained cautious ahead of key macro-economic data release and tension between the RBI and government. Export-oriented stocks, IT (information technology) and healthcare struggled as the rupee recovered to around 73.79 a US dollar from Wednesday's close of 73.95. Buying was witnessed in banking, finance and capital goods counters on BSE.
 
A faster rise in demand accelerated the pace of India's manufacturing sector output in October, key economic data released on Thursday showed. According to the Nikkei India Manufacturing Purchasing Managers' Index (PMI), the composite indicator of manufacturing performance increased to 53.1, from 52.2 in September. An index reading of above 50 indicates an overall increase in economic activity, or growth, and below 50 an overall decrease.
 
Revenue collections under the Goods and Services Tax (GST) crossed the Rs 1 lakh crore mark in October, Finance Minister Arun Jaitley said on Thursday.
 
HCL Technologies (HCL) on Thursday announced its collaboration with California-based Pivotal Software to help enterprises create a new generation of Cloud-native applications. As part of the collaboration, HCL will use Pivotal's software offerings and Platform Acceleration Lab (PAL), the company said in a statement. The company’s shares closed at Rs1,015.50, down 3.80% on the NSE.
 
Automobile major Maruti Suzuki India's overall sales, including exports for October, inched up by 0.2%. The company said on Thursday that total sales rose to 146,766 units in the month, compared to 146,446 units sold in the year-ago period. "Maruti Suzuki India Ltd sold a total of 146,766 units in October. This includes 138,100 units in domestic market and 8,666 units of exports," the company said in a statement. In the domestic market, it sold 138,100 units during October, up by 1.5% from 136,000 units sold in the corresponding month in 2017. However, the carmaker exported 8,666 units, registering a decline of 17% from 10,466 units shipped out in the year-ago month. Maruti Suzuki shares closed at Rs6,702.00, up 1.29% on the NSE.
 
Jet Airways said that it has received notices for payment "delays or defaults" from some aircraft lessors. "Whilst the company is in receipt of notices for payment delays or defaults from few aircraft lessors, they are mindful of the challenges currently faced by the Indian aviation industry and they have been supportive of the company's efforts," the airline said in a BSE filing. "We also wish to clarify that the company is current on its payments to Airports Authority of India (AAI) and no show-cause notice has been received by the company from AAI." The airline is financially suffering from an increase in Brent fuel price by more than 36 per cent, along with a weak rupee and a mismatch between high fuel prices and low fares primarily undermined its financial performance during the quarter under review. Jet Airways also plans to go in for a cost reduction programme to reduce expenses totalling Rs2,000 crore over two years. In addition, the company has decided for a "balance-sheet restructuring" which entails capital infusion and debt reduction. The company’s shares closed at Rs225.65, up 1.69% on the NSE.
 
Automobile major Tata Motors reported a standalone net profit of Rs109.14 crore during the quarter ended September 30, on the back of rise in sales. During the same period last year, the company reported a net loss of Rs283.37 crore, Tata Motors said in a statement. Total standalone income during the second quarter of the financial year 2018-19 was Rs18,102.56 crore, 33.77% higher from Rs13,532.64 crore earned during the corresponding period of FY18. It further said its total revenue from operations during the period under review rose by 32.85% to Rs 17,644.13 crore. In Q2 FY19, wholesales (including exports) grew 25% to 190,283 units with broad-based growth across the entire portfolio. Tata Motors shares closed at Rs178.75, up 0.06% on the BSE.
 
Global IT company Tata Consultancy Services on Wednesday announced the acquisition of W12 Studios, an award-winning digital design studio based in London, for an undisclosed sum. TCS shares closed at Rs1,934.60, down 0.15% on the BSE.
 
State-run Canara Bank reported Rs300-crore net profit, registering 15.4% annual growth for second quarter of fiscal 2018-19 from Rs260 crore in the same period a year ago. Canara Bank shares closed at Rs251.75, down 3.89% on the BSE.
 
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:
 
 

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Nifty, Sensex May Continue to Rise – Wednesday closing report

We had mentioned in Tuesday’s closing report that Nifty, Sensex were still on course to head higher. The major indices of the Indian stock markets rallied on Wednesday and closed with gains over Tuesday’s close. On the NSE, there were 1,143 advances, 597 declines and 318 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:

 

 
The key domestic indices recovered from early losses on Wednesday, with the S&P BSE Sensex reclaiming the 34,000-mark even as the rupee slipped close to 74 per dollar. The weakness in the domestic currency was in line with almost all major currencies in the emerging market vis-a-vis the US dollar. The Indian rupee was trading around Rs73.99 a dollar from its previous close of 73.68. The Chinese yuan was also hit hard. The dollar is at a 16-month high, as the bond yields are gaining strength, pointed out market analysts. The markets are fluctuating between the negative and positive territory but the underlying tone is negative and is expected to remain so till the elections. The weakness in the global markets was triggered after US President Donald Trump last week hinted at taking more protectionist measures, fuelling further trade war concerns.
 
Facing criticism for invoking a hitherto unused section to issue instructions to the RBI (Reserve Bank of India), the government on Wednesday said that it respected the autonomy of the central bank but within the framework of the RBI Act. Amid 3% stake sale by the Centre in Coal India through an offer for sale (OFS), the miner's Chairman Anil Kumar Jha on Wednesday said it is aiming to produce 652 million tonnes of coal this year and also urged for foreign collaboration in technology to achieve desired production level. Coal India shares closed at Rs266.00, down 3.57% on the NSE.
 
State-run lender Bank of Baroda reported a rise of 19.72% in its standalone net profit for the second quarter of 2018-19 aided by lower provisioning for non-performing assets (NPAs). According to the lender, the net profit during the quarter under review rose to Rs425 crore from Rs355 crore reported for the corresponding period of the previous financial year. The bank's net interest income grew by 20.75% to Rs4,492 crore during the quarter ended September 30, 2018, compared to Rs3,720 crore in the corresponding period of the previous fiscal. As per the statement, the provisioning for NPAs decreased by 1.12% to Rs2,657 crore from Rs2,687 crore made during the corresponding period of last fiscal. "Gross NPA (GNPA) was Rs55,121 crore, including Rs534 crore impact of translation, as on September 30, 2018, compared to Rs55,875 crore as on June 30, 2018. GNPA ratio declined to 11.78% Q-o-Q from 12.46% as on June 30, 2018," the bank said in a statement. "Net NPA ratio declined to 4.86% as on September 30, 2018 from 5.40% as on June 30, 2018. Absolute amount of net NPA also declined to Rs21,059 crore from Rs22,384 crore as on June 30, 2018." Bank of Baroda shares closed at Rs110.35, up 0.32% on the NSE.
 
Automobile major Tata Motors announced the roll-out of its first SUV "Harrier" from its all-new manufacturing line. "Tata Harrier needed a completely new approach to product development and manufacturing processes," the company said in a statement. "The completely new world-class assembly line has been built in a record time of six months with the best manufacturing practices adopted from Jaguar Land Rover. It boasts of 90 per cent automation levels with over 100+ 'KUKA and ABB' robots." The five-seater monocoque SUV is engineered on the new generation "Optimal Modular Efficient Global Advanced" architecture, which is derived from Land Rover "D8" architecture and developed in collaboration with Jaguar Land Rover. Tata Motors plans to the launch the SUV early 2019. Tata Motors shares closed at Rs178.65, up 0.79% on the NSE.
 
Engines and generators manufacturer Cummins India reported a rise of 38.36% in its standalone net profit for the quarter ended September 30, 2018. According to the company, the net profit during the period under review rose to Rs211.56 crore from Rs152.90 crore during the Q2 of the previous fiscal. In addition, the company's net sales grew by 30% to Rs1,452 crore as compared to Rs1,118 crore recorded in the same quarter last year. "Domestic sales in the current quarter at Rs 1,003 crore were the highest ever recorded. This is due to strong demand across all our three markets -- industrial, powergen and distribution," Cummins India Managing Director Sandeep Sinha said in a statement. Cummins India shares closed at Rs744.95, up 10.64% on the NSE.
 
Birla Corporation posted a consolidated net profit of Rs16.29 crore in the quarter ended September 30, 2018 as compared to Rs1.46 crore in the year-ago period. Its income from operations during the quarter was at Rs1,464.56 crore, up by 19% from Rs1,234.03 crore in the corresponding quarter last year.  Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were Rs205.87 crore, compared to Rs188.71 crore in year-ago period, resulting in growth of 9%. "The results of this quarter and the half year have been led by impressive volume growth and improved price realization in the Central region, primarily Uttar Pradesh, which is a core market for the group," it said in a statement. The MP Birla group's flagship company also reported its cement sales for the quarter stood at 30.68 lakh tonnes, compared to 26.52 lakh tonnes in Q2 FY 2017-18, reflecting an increase of 16%. The company’s shares closed at Rs563.40, down 1.27% on the NSE.
 
RP-Sanjiv Goenka Group's Phillips Carbon Black Ltd (PCBL) is at an "advanced stage" of finalising a site in one of the southern states for its Rs600 crore greenfield project, Group Chairman Sanjiv Goenka said. The company’s shares closed at Rs225.90, up 1.03% 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:
 

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