Indian market failed to cheer the earnings-heavy week with benchmark indexes ending at fresh 7-month lows on Friday. The NSE Nifty50 closed with a fall of 95 points at 10,030, after hitting the day’s low of 10,004, while the BSE Sensex plunged 341 points to 33,349. For the week, the Sensex and Nifty posted a fall of over 2 percent. The Nifty Bank slipped nearly 3 percent on a weekly basis.
Among sectoral indices this week, the biggest loser was Nifty Pharma followed by media and IT. The major fall was seen in the financials with Nifty Bank slipping 396 points to 24,421. Nine out of 12 Nifty Bank stocks closed lower with Axis Bank, Kotak Mahindra Bank and Yes Bank being top losers.
The Nifty Midcap Index relatively outperformed against frontlines. The Index closed 19 points in the red at 16,257. Market breadth was mildly in favour of declines with NSE Advance-Decline ratio 3:4.
FMCG major ITC reported its Q2 earnings with profit coming at Rs 2,955 crore against the poll of Rs 2,907 crore. ITC’s revenue came in at Rs 11,069 crore against the estimate of Rs 10,961 crore. Cigarette volume saw a growth of 6-7 percent against the estimate of 5-6 percent.
From the pharma space, Dr Reddy’s reported almost in-line earnings except in its European business, which saw its sales falling 11 percent against the corresponding quarter.
In the futures market, Nifty Futures closed the first day of November series with a premium of 13 points. In the options, Nifty 10,100 Call added 5 lakh shares in the open interest with premium at 29 percent and Nifty 10,000 Put added 3.5 lakh shares with premium moving 24 percent higher.
On the global front, Asia markets were mostly lower as major indexes see-sawed between gains and losses, with analysts questioning if a potential rebound will last.
In China, the Shanghai composite fell 0.19 percent to close at 2,598.85 while the Shenzhen composite slipped 0.17 percent to 1,290.62. Hong Kong’s Hang Seng index declined 0.92 percent in late-afternoon trade.
Japan’s Nikkei 225 gave up gains to slip 0.4 percent at close to 21,184.6, while the Topix index declined by 0.31 percent to 1,596.01.
South Korea’s Kospi dropped 1.75 percent to close at 2,027.15, while the Kosdaq index fell 3.46 percent to 663.07. Shares of major chipmaker SK Hynix saw a recovery from earlier losses, gaining 3.55 percent while Samsung Electronics was flat.
Australia’s ASX 200 closed near flat at 5,665.2, with the heavily weighted financial sub index up by 0.35 percent. Shares of the country’s so-called Big Four banks saw gains: ANZ advanced 0.44 percent, Commonwealth Bank gained 0.83 percent, the National Australia Bank was up 0.69 percent and Westpac rose 0.46 percent.