Indian Stock Market Down On Negative Global Cues, L&T And JP Associates’ Disappointing Results

Sensex fell 219.43 points or 1.3% to 167789.74
Nifty fell 75.00 points or 1.5% to 4988.60
Mid Cap fell 2.1%. Small Cap fell 2%.
BSE 500 fell 1.5%. Sensex losers: 23

Of 13 BSE Sectoral indices 9 posted losses
Advancers: 871, Decliners: 1875, Unchanged: 79
Advance/Decline Ratio: 9:10

Sensex Day’s Range: 17031.54 - 16721.26
Nifty Day’s Range: 5064.25 - 4968.45
52-Week Range: 17493.17- 7697.39

Sensex losers included JP Associates -6.8%, DLF -4.9%, ICICI Bank -4.1%, L & T -3.9%, Tata Motors -3.6% and Reliance Infra -3.1%.

Sensex gainers were: Infosys +2.1%, ITC +1.6%, HUL +1.4%, Bharti Airtel +1.2%, Mahindra & Mahindra +1.1%, HDFC Bank +0.4% and R Com +0.3%.

Realty index fell 4.6% led by HDIL -5.5%, Unitech -5.4%, DLF -4.9%, Sobha Developers -4.4% and Ansal Properties -4.2%.

Capital Goods index fell 2.7% helped by Elecon Engg -6.9%, Punj Lloyd -4.6%, Bharat Bijlee -4% at Rs 1014.30 and L & T -3.9%.

Bankex slipped 2.1% supported by Karnataka Bank -4.3%, Canara Bank -4.3% at Rs 372.85, Indian Overseas Bank -4.2% at Rs 127.40, ICICI Bank -4.1% and Kotak Bank -2.7%.

Metal index tanked 1.8% assisted by Jai Corp -4.9%, JSW Steel -4.9%, SAIL -4.1%, Jindal Saw -3.9% and NMDC -2.3%.

Other sectoral losers were: Oil & Gas -1.6%, Power -1.5%, Healthcare -1.5%, PSU -1.4% and Auto -1%.

Sectoral gainers were: FMCG +1%, IT +0.8% and Teck -+0.6%.

Turnover:
Volumes crossed the Rs 1 lakh crore mark; total traded turnover was at Rs 1, 09,430.04 crore. This included Rs 17,257.94 crore from the NSE cash segment, Rs 86,383.23 crore from the NSE F&O and the balance Rs 5,788.87 crore from the BSE cash segment.

Buzzers:
Austin Engineering +17.2% at Rs 88.05, Kirloskar Bros +10.7% at Rs 233.20, Transcorp Int +10% at Rs 36.30, Temptation Food +9.9% at Rs 40.45, Bang Overseas +9.9% at Rs 58.75 and Himalaya International +9.9% at Rs 32.75.

Heavy Losers:
Elgi Equipments -10.4% at Rs 78.85, Pritish Nandy -10% at Rs 32.85, Liberty Phosphate -9.9% at Rs 35.05, Henkel India -8.8% at Rs 49.15, Shree Pacetronics -8.8% at Rs 36.50 and IEC Education -8.6% at Rs 35.00.

Asian Markets:
Asian markets ended lower; Kospi and Taiwan Weighted fell 1.2-1.4%. Shanghai, Hang Seng, Nikkei and Straits Times slipped 0.4-0.6%. Jakarta Composite lost 1.8%.

Midcap Movers:
Kirloskar Brothers shot up 10.7% on positive Q2 numbers. AstraZeneca rose 9.5%. Marico, Pidilite Industries and Asian Star gained 2.2-3.8%.

Midcap Losers:
Prism Cement, IRB Infra, IVRCL Infrastructure, Reliance Media and STC India fell 5.5-6.5%.

Smallcap Movers:
Cambridge Solutions, C and C Construction, Jai Balaji Industries, Finolex Cables and Ajmera Realty were up 6-10%.

Smallcap Losers:
Elgi Equipments, Henkel India, Dhanalakshmi Bank, Rain Commodities and Sanghvi Movers slipped 7-10%.

L & T results disappoint:
L&T reported Q2 numbers today, which disappointed the street. Its Q2 net profit jumped 26% to Rs 580 crore and net sales went up 2.4% to Rs 7,866 crore while the street expected net sales at Rs 8,951.2 crore and net profit at Rs 584.5 crore. The stock lost 3.8%.

JP Associates fails to impress:
Jaiprakash Associates tanked 6.8% post weak Q2 numbers. Lower-than-expected construction revenues and cement EBIT margins were the key disappointments. Its net sales were up 52% at Rs 1,889 crore and PAT was up 4.27 times at Rs 870 crore (including extraordinary income of Rs 942 crore towards sale of treasury shares). Its operating profit margin declined to 27.5% from32.6%.

Inflation:
Inflation for the week-ended October 10 came in slightly higher than expectations at 1.21% as against 0.92% week-on-week. A CNBC-TV18 poll conducted earlier saw the inflation number coming at 1.12%. The Wholesale Price Index (WPI) for all commodities was up 0.12% at 242.2.

Congress party wins state polls - TV
India’s ruling Congress party-led alliance won two state polls on Thursday and was set to form the government in a third, local television said, a result that gives more room for the alliance to push economic reforms.

The party retained power in Maharashtra and Arunachal Pradesh, and were expected to hold on to power in Haryana, party officials said.

China’s economy grows 8.9 pct:
China’s economy expanded at the fastest pace in a year as stimulus spending and record lending growth helped the nation lead the world out of recession.

Gross domestic product rose 8.9 percent in the third quarter from a year earlier, the statistics bureau said in Beijing today. The median of 34 estimates in a Bloomberg News survey was for a 9 percent gain. Separate reports showed industrial production and retail sales accelerated in September.

European Markets:
European markets were tradin: FTSE: -1.0%, DAX: -1.3%, CAC -1.4%.

Crude:
Crude was quoting at $80.85 a barrel.

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