Sensex, Nifty End At 4-Month Lows As Investors Worry Over U.S. Election Outcome

Closing Bell

Indian shares ended lower for a second straight session as investors rushed towards safe haven assets after latest polls showed that the U.S. presidential election could turn out to be a lot tighter than anticipated.

The S&P BSE Sensex lost 0.3 percent to 27,430 while the NSE Nifty declined 0.3 percent to 8,484. This is the 50-share index’s first time closing below the 8,500-mark since July 11 of this year.

The market breadth was firmly in favour of the bears at 1,170 declines, 468 advances and 253 stocks remaining unchanged.

Ambuja Cements Rebounds After Q3 Earnings

Shares of the cement maker jumped 2 percent to Rs 245 after reporting its third quarter earnings.

It reported a net profit of Rs 277 crore for the quarter-ended September, as against Rs 244 crore estimated by analysts in a Bloomberg poll. Net sales for the three-month period stood at Rs 2,000 crore, according to the company’s statement to the exchanges, which was lower than the Rs 2120 crore estimated by analysts.

The big boost came in the form of other income at Rs 223 crore for the quarter. It had an other income of Rs 74.1 crore in the same period last year.

MCX Rallies on Plans to Start Commodity Options Trade in Gold

Shares of the commodity exchange rallied as much as 11.3 percent, its biggest intraday gain since September 29.

According a report by Bloomberg News, MCX is planning to start the country’s first options trading as early as next month by allowing investors to transact in gold, the most traded precious metal on the bourse.

Logistics Stocks Perk Up On GST Rate Report

Shares of the logistics companies gained anywhere between 4.5 percent and 0.3 percent after Bloomberg reported, quoting an unnamed government official, that the much-awaited Goods and Service Tax rates are likely to be finalized today.

The official told Bloomberg News that the rates may be fixed at slabs of 5 percent, 12 percent, 18 percent and 28 percent.

Top Gainers

• Gati (+4.2% to Rs 143)
• Patel Integrated (+4.3% to Rs 90)
• Snowman Logistics (+2.5% to Rs 65)
• Allcargo Logistics (2.2% to Rs 195)

Quite Start to Trade in European Markets

TTK Prestige Extends Losses After Missing Q2 Earnings Estimate

Shares of the kitchen appliances maker declined as much as 1.8 percent to Rs 6,398 after it missed street expectations with its second quarter results.

It managed a net profit of Rs 35.59 crore for quarter-ended September, compared to Rs 38.60 crore anticipated by analysts according to a Bloomberg poll.

TTK clocked net sales of Rs 883 crore for the three-month period, compared to Rs 746 crore YoY

Also Read: Strides To Get $30M From Escrow Account After Settling Agila Deal Claims With Mylan

Whirlpool Recovers Losses After Q2 Net Rises 64%

Shares of the home appliances maker recovered its losses and gained 0.1 percent after reporting a 64 percent jump in second quarter net profit at Rs 58.72 crore. It had made a profit of Rs 35.71 crore in the September quarter of last year.

It clocked sales of Rs 883 crore for the three-month period, compared to Rs 740 crore year-on-year. Other income came in at Rs 18.62 crore, up 34.2 percent YoY.

HCC Rises 3.2% After JV Wins Rs 374 Crore Order

Shares of the construction firm gained as much as 3.2 percent after its joint venture bagged an order worth Rs 340 crore from Narmada Valley Development Authority.

The contract is for constructing Bistan Lift Irrigation Scheme on a turnkey basis. The scope of the project includes two pumping stations, connecting pipeline of 167 kms and micro irrigation systems including automation systems etc, the company said in its filing.

CESC Heads for Biggest Drop of 2016 on Regulatory Decision

Shares of the electricity generator and supplier slumped as much as 6.4 percent, the biggest single-day decline since August of last year, after the regulator barred higher captive coal mining cost recovery.

GNFC Plunges 19%

Shares of the fertiliser maker fell as much as 19.2 percent to Rs 217 after ET Now reported, citing company official, that it has shut down its Dahej TDI plant after a gas leak. The stock is the worst performer on the BSE500 Index with volumes at 5.7 times its three-month daily average, according to Bloomberg data.

India Services PMI Rises to 54.5 in October

The Nikkei India Services Purchasing Managers' Index, or PMI, rose to 54.5 in October from 52.0 in September. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

The service sector joined its manufacturing counterpart in offering a more upbeat level of performance this month, providing reassurance in the sustainability of the upturn of India's economy, said Pollyanna De Lima, economist at IHS Markit.

Auto Index Rebounds On Oct Sales Boost

Also Read: Jindal Steel & Power Misses Interest Payments for Third Time

Opening Bell

Indian shares opened lower for a second straight session, tracking the selloff in global equities, as the race for the top job at the White House tightened.

The S&P BSE Sensex was little changed at 27,520 while the Nifty briefly slipped below the 8500-mark for the first time since July 11. However, the market breadth was encouraging at 992 advances, 460 declines and 395 stocks remaining unchanged.

Movers & Shakers: Strides Shasun, IL&FS Engineering, Premier Explosives And More

Stocks to Watch

• Hero MotoCorp: Clocks record sales in October; sells over 6 lakh bikes for third consecutive month
• IL&FS Engineering: Defaulted on 6 percent OCCRPS, CRPS redemption; Q2 loss Rs 80.67 crore versus Rs 81.87 crore loss YoY
• Jaiprakash Associates: Says interest on some NCDs unpaid for over 3 months
• Sonata Software: Q2 net Rs 37.82 crore versus Rs 39.33 crore; to pay Rs 3.5 per share as interim dividend
• SAIL: April-Oct. saleable steel output rose 22 percent YoY; export volumes rose more than 3 times in same period
• Tech Mahindra: Signs 5-year cooperation pact with Stockmann on ICT
• TVS Motor: Sells 308,690 units in October versus 274,622 units YoY
• Nagarjuna Agrichem: A section of workers agitate over bonus payment

For a complete list of stocks to watch, click HERE

Earnings to Watch

• Ambuja Cements
• Berger Paints
• Mphasis
• Shoppers Stop
• ICRA
• Monsanto India
• Dr. Lal Path Labs
• TTK Prestige
• Thangamayil Jewellery
• Whirlpool of India

Here Are 5 Things to Watch Out for Today

Talking Points

• India summons Pakistan envoy over ceasefire violations along LoC
• Pakistan withdraws six diplomats from New Delhi (AP)
• RBI wants banks to configure ATMs to dispense more Rs 100 notes (PTI)
• PE investment in real estate sector up 22 percent at Rs 28,000 crore in Jan-Sept: Cushman & Wakefield

• Parle enters super premium chocolate category with launch of Friberg
• India allows some importers to defer import duty payment
• ICJ said to reject India’s plea on Vodafone arbitration (ET Now)
• Edelweiss ARC, Brookfield may bid for Essar Steel loans (ET Now)

Good Morning!

The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, declined 0.3 percent to 8,514.

Asian stocks extended their fall this morning after the Federal Reserve’s decision to stand pat on monetary policy did little to reduce market anxiety ahead of the U.S. presidential election. Tokyo markets were closed for a holiday.

Mexico’s peso -- which is seen as a barometer for market perceptions of the presidential vote -- slid after the latest polls showed the race tightening.

Traders lapped up sovereign bonds, gold, the yen and Swiss franc even as prospects of a December rate increase from the Federal Reserve could not save the dollar. Oil sank as a record increase in U.S. stockpiles boosted pressure on OPEC to reduce production.

Also Read: Fear of Trump Pushes Gold Above $1,300 as Investors Seek Haven