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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian share markets open weak
Fri, 26 Oct 09:30 am

The major Asian stock markets have opened the day on a weak note with stock markets in China (down 1.7%) , Japan (down 1.0%) and South Korea (down 1.5%) leading the losses in the region. However, markets in Indonesia (up 0.1%) and Singapore (up 0.4%) are trading firm. The Indian share market indices have opened the day in the red. Barring auto and consumer durables, all sectoral indices have opened in the negative led by stocks in the pharma and energy sector.

The Sensex today is down by around 75 points (0.4%), while the NSE-Nifty is down by around 23 points (0.4%). Mid cap stocks have opened on a flat note while small cap stocks have opened in the green with BSE Small Cap index up by around 0.1%. The rupee is trading at Rs 53.56 to the US dollar.

Auto stocks have opened the day on a mixed note with Maharashtra Scooters Ltd and Mahindra & Mahindra (M&M) Ltd leading the gains. However, Hero Motocorp Ltd and Bajaj Auto Ltd witnessed selling pressure.

M&M Ltd has announced its results for the second quarter of financial year 2013 (2QFY13). The revenue growth for the quarter came at 33% on a year on year basis (YoY). The revenue from the automotive sales jumped 58 % in the quarter mainly due to surge in demand for SUVs that helped the company defy the slowdown in India's car market. The operating margin for the quarter stood at 11.4%, down from 12% in 2QFY12.M&M's margins were hit during the quarter due to decline in the tractor sales. However, this was offset by an increase in the car sales. The domestic tractor sales were down by 13.8% YoY due to slowdown in the economic growth and poor monsoons. The company reported a 22% year on year growth in the net profits .The growth in net profits was boosted by an increase in other income and higher dividends from subsidiary companies like Mahindra Finance and Mahindra Holding.

The stocks in the paint sector have opened the day on a mixed note with Akzo Nobel Ltd and Jenson & Nicholson Ltd leading the gains. However, Berger Paints and Asahi Songwon Colors witnessed selling pressure. Asian Paints Ltd has reported results for the second quarter of financial year 2013 (2QFY13). The company's income from operations for the quarter witnessed a growth of 16.8% YoY. It has taken a hit in the volume growth and the revenue growth was mainly on account of price increases carried out in the earlier quarters. The operating margins for the quarter stood at 14.5% versus 17.5% in the previous quarter (1QFY13). While raw material costs for the company increased in line with sales, the growth in staff and other expenses was higher than the sales growth putting margins under pressure. The company has reported a 14.6% year on year growth in the consolidated net profit. Its international business (18% of its consolidated revenues) helped to boost profitability. Historically, the September quarter is a weak quarter for the company due to monsoons. The current quarter is expected to be better as a pickup in demand is likely due to festive season. The company's Board of Directors of has recommended an interim dividend of Rs 9.5 per share for the first six months of FY13.

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Oct 19, 2017 (Close)

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