Sensex Ends 339 Points Lower After 1690-Point Swing On Trump Win, Modi Black Money Move Jolts
Indian shares declined after Prime Minister Narendra Modi announced an unprecedented ban on high-denomination banknotes to curb black money. Then came the double whammy of Republican candidate Donald Trump pulling off a surprise win in U.S. presidential election, defeating opponent Hillary Clinton, who was widely seen as a market favourite.
The S&P BSE Sensex dropped 1.2 percent to 27,252 after falling as much as 6.1 percent in early trade. While NSE Nifty rebounded from the 8,000-mark, to close 1.3 percent lower at 8,432. The market breadth remained abysmal for the entire day, closing the day at 1,204 declines, 199 advances and 17 stocks remaining unchanged.
Speciality Restaurants Reports Q2 Net Loss At Rs 2.57 Crore
Shares of the restaurant chain operator declined 4.3 percent after reporting a loss in its second quarter earnings.
The company posted a net loss of Rs 2.57 crore for quarter-ended September, compared to a Rs 1.02 crore profit in the year ago period. Net sales came in at Rs 79.63 crore for the three-month period, against Rs 79.68 crore year on year.
Lupin Q2 Net Income, Sales Miss Estimate; Stock Shed Gains
Shares the drug maker gave up most of its gains after reporting a miss in its second quarter earnings.
The Mumbai-based firm posted a net profit of Rs 662 crore for quarter-ended September, compared to an estimate of Rs 708 crore by analysts polled by Bloomberg. Net group sales also missed street expectations at Rs 4,290 crore.
The total costs of the company for the quarter stood at Rs 3,470 crore versus Rs 2,780 crore.
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