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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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A 500 points gain for the day 
(Fri, 31 Oct Closing) 
 
After trading strong during post noon trading session, the Indian equity markets gathered momentum and locked in further gains before closing the day in the green. While the BSE Sensex today closed higher by 520 points, the NSE-Nifty closed higher by 153 points. Even Midcaps and Smallcaps closed in the green today. While the BSE Mid Cap index closed higher by 1.2%, the BSE Small Cap index was higher by 0.9%. Except for consumer durable stocks which lost 3% all sectoral indices closed in the green.

As regards global markets, Asian pack too closed strong today with all indices being in the green. The rupee was trading at Rs 61.4 to the dollar at the time of writing.

With festive season coming to an end, India's gold imports for the month of October are likely to halve to 50-60 tons. It may be noted that taking into consideration the festive season, India imported roughly 95 tons of gold in the month of September. Not only was the consumer sentiment positive but prices were also low which boosted demand. Even November is expected to be a muted season as far as imports are concerned. Roughly, 60 tons (similar as this month) is expected to be imported in November. However, the overall situation this year is much better than compared to last year when import duty was increased drastically to curtail imports and curb current account deficit. At the time of writing gold was trading lower by 2%.

Titan Company reported its 2QFY15 results recently. Net sales grew by 56% YoY during the quarter. Segment wise, while jewellery revenues grew by 65% YoY, the watches segment grew by 20% YoY. The seemingly robust performance in the jewellery segment was due to the low base effect of the same quarter in the previous financial year, wherein the segment had witnessed just a 4% growth in sales. Operating expenditure grew 58% YoY, faster than the pace of revenue growth. This led to operating profits growing by only 37% YoY, and a consequent fall in operating margins from 9.7% in 2QFY14 to 8.5% in the current quarter. A steep 34%YoY fall in other income further led to the bottomline growing at a still slower pace of 29% YoY during the quarter. The stock of Titan closed lower by over 6% today.

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Jun 23, 2017 (Close)

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