Wednesday, 2 November 2016

Sensex, Nifty, Midcap fall 1%; M&M, HUL, NTPC outperform

Equity benchmarks as well as broader markets continued to reel under pressure with the Nifty struggling below 8550 level, tracking weakness in global peers on uncertainty over US elections. 

10:35 am Auto sales: Mahindra and Mahindra (M&M) has reported muted auto sales growth in October but strong demand post normal monsoon boosted tractor business.

The utility vehicle manufacturer sold 52,008 units in the month gone by, a growth of only 1.2 percent over 51,383 units sold in year-ago period but month-on-month performance was strong, showing a 12.7 percent surge in sales on festive season demand.

"The festive season has brought about some cheer for the automotive industry with improved sentiments on the back of a near normal monsoon, rural surge in demand and some new vehicle launches. Power brands such as Bolero, Scorpio, TUV300 and the Pickups have performed well," Pravin Shah, President & Chief Executive (automotive) said.

Exports showed a whopping 28 percent growth at 3,279 units while domestic sales declined 0.2 percent to 48,729 units, year-on-year.

10:20 am FII view: Alexander Redman of Credit Suisse says emerging market investors continue to meaningfully reduce their exposure to India. The asset weighted average GEM fund moved from a 76 percent above benchmark stance on India to 67 percent overweight, on the month.

He further says emerging market earnings revisions at an aggregate level are struggling to break into positive territory for the first time since early 2011 even as countries accounting for 60 percent of the MSCI EM benchmark on a free-float adjusted basis now have positive or neutral revisions.

Malaysia, Chile, India & South Africa have the most net downgrades to 12-month forward EPS (earnings per share) estimates, Redman feels.

Also read - Buy, sell, hold: 5 largecap stocks analysts are watching out 

10:00 am Market Check: Equity benchmarks as well as broader markets continued to reel under pressure with the Nifty struggling below 8550 level, tracking weakness in global peers on uncertainty over US elections.

The 30-share BSE Sensex was down 250.82 points or 0.90 percent at 27625.79 and the 50-share NSE Nifty fell 83 points or 0.96 percent to 8543.25. The BSE Midcap and Smallcap indices declined over 1 percent each on weak market breadth.

About three shares declined for every share rising on the exchange.

ICICI Bank, ITC, Reliance Industries, Tata Motors, SBI and TCS were top contributors to Sensex's fall, down 1-2 percent whereas Mahindra & Mahindra, HUL and NTPC outperformed, rising 1-2 percent.

Most Asian markets dropped more than 1 percent after Wall Street's "fear index" spiked on jitters over the US presidential elections.
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