Equity

Market edges lower in early trade
(15-Nov-2017, 09:18 Hours IST)  

Key benchmark indices edged lower in early trade tracking weakness in global stocks. At 9:17 IST, the barometer index, the S&P BSE Sensex was down 46.79 points or 0.14% at 32,895.08. The Nifty 50 index fell 19.65 points or 0.19% at 10,166.95. Data showing widening of India's trade deficit in October also dampened investor sentiment.

The S&P BSE Mid-Cap index fell 0.1%. The decline in this index was lower than the Sensex's slide in percentage terms. The S&P BSE Small-Cap index lost 0.16%. The decline in this index was higher than the Sensex's slide in percentage terms.

Overseas, Asian stocks edged lower with energy-related players in the region falling on weakening oil prices. US stocks fell yesterday, 14 November 2017 as concerns about a potential global economic slowdown and US tax reform dampened investor sentiment.

Closer home, the breadth, indicating the overall health of the market, was negative. On BSE, 684 shares declined and 512 shares rose. A total of 37 shares were unchanged.

Sun Pharmaceutical Industries was down 1.49% at Rs 518.30 after consolidated net profit fell 59.5% to Rs 1001.79 crore on 15% decline in net sales to Rs 6590.06 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 November 2017.

Dilip Shanghvi, managing director of the company said that a challenging US generic pricing environment coupled with continued investments in building the company's global specialty business impacted Q2 performance. The company expects its performance to gradually improve in the second half of this year.

GAIL (India) fell 2.05% at Rs 447.10. The company's net profit rose 41.6% to Rs 1309.63 crore on 4.5% growth in net sales to Rs 12409.65 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 November 2017.

Reliance Industries (RIL) was down 0.21% at Rs 884.30. The company said that it is considering an issuance of senior unsecured fixed rate notes for an aggregate amount of $800 million in a transaction not subject to, or exempt from, registration requirements under US Securities Act of 1933, as amended (the US Securities Act) during the week beginning on Monday, 20 November 2017 or any time thereafter, depending on the market conditions. The proceeds of the issue will be utilized for refinancing of the existing borrowings. The announcement was made after market hours yesterday, 14 November 2017.

HCL Technologies fell 0.34% at Rs 866.25. The company announced a five-year IT infrastructure services contract with Jardine Lloyd Thompson Group (JLT), one of the worlds' leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The announcement was made after market hours yesterday, 14 November 2017.

Bank of Baroda was up 0.97% at Rs 176.10. The bank's net profit fell 35.6% to Rs 355.36 crore on 3.7% growth in total income to Rs 12490.39 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 14 November 2017.

On the macro front, data released by the government after market hours yesterday, 14 November 2017 showed that India's trade deficit widened to $14.01 billion in October 2017 as against the deficit of $11.13 billion during October 2016. Exports fell 1.1% in October while imports grew by 7.6%.

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