Share Market Update: Sensex ends 38 points lower, Nifty at 11,582 level; DHFL hits fresh 52-week low

Opening Session

On Thursday, Sense opened at 39,223.01 against the last closing of 39,058.83 and Nifty50 started the day's trade at 11,661.65 against the previous closing of 11,604

Sectors Update

Sectorally, except auto scrips, all the other indices traded in the green by the early session, with highest gains registered in media, metal, financial services and private banking scrips.

Earnings scheduled today

 ITC, Maruti Suzuki, Colgate Palmolive, InterGlobe Aviation, ICRA, Raymond, PNB Housing Finance, IDFC First, Cummins, Bandhan Bank, Motilal Oswal Financial Services Ltd, Reliance Naval and Engineering,Reliance Nippon Life Asset Management, Gujarat State Fertilizers & Chemicals, Shriram Transport, HDFC Asset Management Company, DCM Shriram,  Anup Engineering, Westlife Developement, United Spirits, Vascon Engineers, Tata Steel Bsl, Arvind Ltd, Orient Carbon, Parag Milk, Jubilant Industries, Coromandel Engineering Company and Kaycee Industries are among the top listed companies that are due to post results today, data available with BSE shows.

Global Market Update

Domestic equity market has opened positive led by firm global cues. Elsewhere in Asia, markets have opened positive. On the Singaporean Exchange, SGX Nifty is trading up 24 points at 11,662.50. On the Wall Street, US stocks closed higher with the major indexes managing to shake off weakness from corporate quarterly results from the country's biggest names. Although currently, US Futures flat- to-negative.

FII and DII remain negative

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 213.23 crore from Indian equities. Similarly domestic institutional investors (DIIs) too logged net selling at Rs 137.38 crore on Wednesday.  

Oil declines further

Oil prices dipped on Thursday after sharp gains in the previous session following a surprise draw in U.S. crude inventories, with concerns over a weak demand outlook adding to downward pressure. Brent Crude was at $60.78/bbl, down 0.64% and later traded at 60.84 per barrel, down 0.54%.  

L&T gains over 2% post Q2 reults

Shares of Larsen and Toubro rose 2.45 % intraday to Rs 1,466 on the BSE after the engineering and construction company reported better-than-expected results for the September quarter and logged nearly 7% rise in net profit. Behemoth Larsen and Toubro (L&T) has reported a 6.83 per cent year-on-year (YoY) growth in consolidated net profit at Rs 2,770.43 crore for the second quarter of the financial year 2019-20 (Q2 FY20).

"The Mumbai-based company had posted a consolidated net profit of Rs 2,593.41 crore in the same quarter last year," L&T said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations jumped 15.16 per cent to Rs 35,328.45 crore for the quarter ended September 30, 2019, as against Rs 30,678.13 crore in the year-ago period.  The International revenue during the quarter stood at 12,118 crore, which constituted 34 per cent of the total revenue, L&T said in the exchange filing.

L&T Q2 profit up 7% at Rs 2,770 crore, order book crosses Rs 3 lakh crore

Gold prices remain unchanged

Internationally, gold prices remained flat on Thursday. Spot gold was unchanged at $1,493.01 per ounce as of and U.S. gold futures were too flat at $1,495.70 per ounce.

HCL Technologies rises 6% intraday

Shares of HCL Technologies rose gained almost 8% to the day's high of Rs 1,160 on the BSE in Thursday's early trade after the IT major reported 6.9 per cent year-on-year (YoY) growth in consolidated net profit at Rs 2,711 crore for the second quarter ended September 30, 2019. The profit was 21.6 per cent higher compared to Rs 2.230 crore in the March quarter.

"The Noida-headquartered company had posted consolidated net profit of Rs 2,534 crore in the same quarter last year," HCL Technologies said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations grew by 18 per cent to Rs 17,527 crore in Q2FY20 as compared to Rs 14,860 crore in Q2FY19, helped by the acquisition of security and digital solution providers AppScan and BigFix from IBM in July. HCL Tech's revenue stood at Rs 16,427 crore in the June quarter. HCL Technologies Q2 profit up 7% at Rs 2,711 crore, raises FY20 revenue guidance to 15-17%

HeroMoto Corp declines 1.55% post results

Shares of Hero MotoCorp declined 1.55% to Rs 2670.05 on BSE today, after the world's largest two-wheeler manufacturer, reported 10 per cent year-on-year decline in its consolidated net profit at Rs 883.78 crore for the second quarter ended September 30, 2019.

"The auto major had posted a net profit of Rs 981.99 crore in the same quarter last year," Hero MotoCorp said in a filing to the Bombay Stock Exchange.

Hero MotoCorp's revenue from operations fell by 16.71 per cent to Rs 7,571crore in Q2FY20 versus Rs 9,091crore in Q2FY19.

The Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) margin for the quarter stood at 14.5 per cent, the company said. Hero MotoCorp Q2 profit slips 10% to Rs 884 crore, revenue from operations down 17%

HDFC Life Insurance rises 1.3% intraday post results

Share price of HDFC Life Insurance Company gained 1.33% intraday to Rs 611 on the BE today after the compay clocked a 7.6 per cent growth in profit after tax at Rs 308.7 crore for the second quarter ended September 30, 2019, as compared to Rs 287 crore in the same   quarter last yeat.

The private life insurer had posted profit before tax of Rs 326.77 crore in Q2FY20 versus Rs 296.32 crore in Q2FY19, HDFC Life Insurance said in a filing to the Bombay Stock Exchange.

The life insurer, a joint venture between HDFC and Standard Life Aberdeen, earned a total premium of Rs 7,453.7 crore in September quarter, compared to Rs 6,777.55 crore in the last year, registering a growth of 10 per cent.

HDFC Life Insurance Q2 profit rises 7.6% to Rs 309 crore, total premium up 10%

Market viewpoint

In domestic cues, market opened today with gains as early leads indicate BJP forming government in both Maharashtra & Haryana assembly polls. While Sensex rose 300 points to the day's high of 39,327 level, Nifty rose 19 points to the high of 11,679.60 mark.

Rupee opens at highest level in 10 sessions

The Indian rupee appreciated by 21 paise to 70.70 against the US dollar in early trade on Thursday as easing crude prices strengthened investor sentiments. Trading in emerging market currencies was subdued after British Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote. Besides, markets are also awaiting fresh cues on the potential US-China trade deal, they added. At the interbank foreign exchange the rupee opened at 70.79, then gained further and touched a high of 70.70, registering a rise of 21 paise over its previous close. On Wednesday, rupee had settled at 70.91 against the US dollar. Rupee vs Dollar: Rupee rises to 70.70 per USD amid weak dollar demand, easing crude prices

U.S. SEC investigates Infosys

Infosys on Thursday said the US Securities and Exchange Commission had launched an investigation into whistleblower allegations against Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy. "The company has been in touch with the Securities and Exchange Commission ("SEC") regarding the anonymous whistleblower complaints ("anonymous complaints") and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the SEC's investigation," Infosys told stock exchanges.

US securities exchange to probe whistleblower complaints against Infosys

MTNL hits 5% upper circuit post merger with BSNL announcement

Shares of MTNL rose 4.95% intraday and hit 5% upper circuit o fRs 6.19, after the Union Cabinet on Wednesday approved the merger of two ailing state-owned telecom companies - Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL). There are only buyers and no sellers offering the stock currently.

Equity market turns bearish

Share Market Live: After a bullish start, equity benchmark indices Sensex and Nifty turned negative on Thursday, backed by selling pressure in banking and pharma indices. While Sensex has fallen 50 points 39,006 level, Nifty declined 15 points 11,584 mark. Sectorally, all the indices are currently trading in red, with PSU Bank indexlosing over 1%.

DHFL hits fresh 52-week low

Shares of Dewan Housing Finance Corporation fell 5% intraday to hit a fresh 52-week low of Rs 18.45 after the exchange bourses asked for clarification on the recent fund diversion reports and company being probed by the Enforcement Directorate in connection with its alleged link with global terrorist Dawood Ibrahim's aide Iqbal Mirchi. There are only offers and no bids on the stock price. DHFL lent Rs 14,000 crore to 25 group firms, reveals forensic audit  

Sensex, Nifty trade bullish

Share Market Live: After a volatile morning session, Sensex and Nifty have turned bullish by Thursday's afternoon backed by strong buying pressure in realty and media scrips. While Sensex has risen 60 points 39,116 level, Nifty declined 9 points 11,613 mark.

Indices turn volatile, trade bearish now

Share Market Live: Equity market has turned volatile on Thursday amid bearish trend seen in broader indices Sensex and Nifty, backed by strong selling pressure in PSU Banking that has declined over 3%, followed by fall in pharma and other banking scrips. While Sensex fell 100 points 38,991 level, Nifty declined 29 points 11,574 mark.

Cummins India declines 6.6% post Q2 results

Shares of Cummins India fell over 6.62% intarday to Rs 540 on the BSE, after the company reported 11% decline in sales to  Rs 1,285 cr, as compared to Rs 1,452 cr recorded in the same quarter last year and 2% fall compared to Rs 1,316 cr recorded in the preceding quarter. Profit before tax for the current quarter declined 29% to Rs 210 cr as compared to Rs 298 cr recorded in the same quarter last year. Although it was 8% higher compared to Rs 194 cr recorded in the preceding quarter.