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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Pharma and auto save the day 
(Wed, 31 Oct Closing) 
 
Indices in the equity market of India came to life during the closing stages of the day as they moved in the positive territory after spending some time below the breakeven point. Consequently, BSE-Sensex edged higher by around 75 points whereas gains on the NSE-Nifty came in at around 22 points. BSE Mid Cap and BSE Small Cap indices also closed higher, gaining 0.9% and 0.5% respectively. Nearly two stocks gained for every one that closed the day in the red on the Sensex.

While Asian indices closed mixed today, Europe is trading mostly in the positive currently. The rupee was seen trading at Rs 53.9 to the dollar at the time of writing.

It wasn't a co-ordinated effort today as the gains were mostly due to selective buying in the healthcare and auto counters. Banking heavyweights too performed well. With the RBI policy review being a non-event, investors are now looking forward to another big-ticket event, mostly from the west perhaps. However, any such news is likely to be short lived as per us as there seems to be hardly any structural change in place. Companies with strong balance sheets and competent management team are likely to be investor's best friends in the current uncertain environment.

Bharat Forge, one of India's largest auto ancillary companies, announced its quarterly results today. The company put up a lacklustre show with its bottomline falling 3% YoY on the back of a 5% decline in topline. Operating profits fell 11% YoY on the back of a 1.6% contraction in margins. Domestic revenues declined 16% YoY due to sluggish auto demand and weakness in industrial sectors. Export revenues on the other hand registered a small rise of 8% YoY. The company's half yearly bottomline grew 2% YoY on the back of a similar rise in topline. The stock closed lower by around 1% on the bourses today.

Tata Motors, India's largest manufacturer of commercial vehicles, has entered into an agreement with US-based Westport Innovations Inc to develop natural gas engines for the former's medium-duty trucks and buses. Westport is a global leader in natural gas engines and Tata Motors is looking to successfully complete the development phase which will result in Westport supplying key natural gas engine components based on proprietary technology developed in the platform. This agreement assumes importance in the backdrop of India developing a national infrastructure for CNG and LNG fuelling. Tata Motors closed higher by nearly 3% on the bourses today.

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May 23, 2017 12:20 PM

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