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Sensex, Nifty slips from highs as crude oil gains in the second half, IT stocks drag

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The Nifty slipped 75 points from highs to close 6 points in the red at 10,576, while the Sensex was flat, settling at 35,141.

Sensex, Nifty slips from highs as crude oil gains in the second half, IT stocks drag
Indian equity market ended the Wednesday’s trading session largely in the red as crude oil prices recovered in the second half. The Nifty slipped 75 points from highs to close 6 points in the red at 10,576, while the Sensex was flat, settling at 35,141. The Midcap index too fell 142 points from the day’s high to close flat at 17,484, dragging market breadth in favour of declines with the Nifty advance-decline ratio at 3:4.
Banks were relatively better performers with Nifty Bank gaining 162 points to 25,930. IT stocks were a major drag on the equity market as the rupee climbed to nearly two-month high. Support to indexes came in from two biggest private bank, ICICI Bank and HDFC Bank.
Indian auto major M&M reported a weak quarter with an EBIT margin coming in 280 bps lower at 7.8 percent and tractor margin slipping 90 bps to 20.2 percent. The auto ancillary company Motherson Sumi’s earnings too came in lower-than-expected with net profit coming in at Rs 371 crore against the poll of Rs 483 crore. The margin came in at 8.6 percent, below the poll estimate of 9.8 percent.
Sun Pharma was the top index loser with a fall of over 7 percent after reporting a weak July-September quarter on . Oil marketing companies gained in the range of 3-5 percent after an overnight fall of over 7 percent in crude prices.
In the futures market, Nifty 10,600 Call option added nearly 3 lakh shares in the open interest with premium slipping 10 percent. Nifty 10,500 Put option added 1.4 lakh shares in the open interest with premium moving a percent higher. The Nifty November Futures closed with a premium of 17 points against a premium of 33 points on Tuesday.
On macro-economic front, the wholesale price inflation (WPI) for October came in at a four-month high of 5.28 percent against the estimate of 4.93 percent. Core inflation too came in 20 basis points higher at 5.1 percent.
Stocks in Asia were mostly lower on Wednesday as oil prices slipped further into negative territory. Hong Kong’s Hang Seng index was down by 0.5 percent.
The mainland China markets also posted losses with the Shanghai composite shedding 0.85 percent to close at around 2,632.24, while the Shenzhen composite declined by 0.4 percent to finish the trading day at about 1,378.36.
The country’s reported industrial output for October was 5.9 percent, higher than expectations from a Reuters poll. Fixed asset investment for October also came in above expectations at 5.7 percent higher as compared to a year ago. Retail sales in October, however, came in below expectations at 8.6 percent higher year-on-year.
In Australia, the ASX 200 fell 1.74 percent to close at 5,732.8, while South Korea’s Kospi was lower by 0.15 percent at 2,068.05.
In Japan, however, stocks bucked the overall downward trend for the day. The Nikkei 225 gained 0.16 percent to close at 21,846.48, while the Topix index rose 0.17 percent at 1,641.26.

Market Movers

CompanyPriceChng%Chng
SBI Life Insura1,076.65 26.20 2.49
Bajaj Finserv13,525.05 323.85 2.45
Hindalco400.05 8.30 2.12
Divis Labs4,921.15 96.40 2.00
UltraTechCement7,616.70 126.40 1.69
CompanyPriceChng%Chng
Bajaj Finserv13,525.35 324.75 2.46
UltraTechCement7,605.05 116.10 1.55
Sun Pharma703.55 9.55 1.38
Titan Company1,722.55 21.90 1.29
Tata Steel1,298.10 16.20 1.26
CompanyPriceChng%Chng
JSW Steel704.55 -13.00 -1.81
Wipro590.45 -8.70 -1.45
Reliance2,076.85 -28.85 -1.37
SBI423.30 -5.60 -1.31
M&M754.30 -9.90 -1.30
CompanyPriceChng%Chng
SBI423.30 -5.85 -1.36
Reliance2,077.70 -27.50 -1.31
M&M754.35 -9.50 -1.24
Tech Mahindra1,120.05 -10.25 -0.91
Larsen1,597.85 -14.15 -0.88

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.41750.01750.02
Euro-Rupee87.80800.20200.23
Pound-Rupee102.80400.49200.48
Rupee-100 Yen0.67430.00130.20