An employee looks at a computer monitor at a brokerage firm in Mumbai, India (Photographer: Prashanth Vishwanathan/Bloomberg) 

Sensex, Nifty Close At 3-Week Low As Rate Cut Hopes Fade

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Closing Bell

Indian equity benchmarks closed at a three-week low after accelerating inflation tempered expectations of a rate cut by the central bank next month.

The S&P BSE Sensex declined 0.3 percent to 32,941 while the NSE Nifty 50 Index lost 0.4 percent to 10,186. The market breadth was firmly skewed towards the sellers by end of trade.

Sensex, Nifty Close At 3-Week Low As Rate Cut Hopes Fade

Data released late Monday showed consumer prices in October rose at the fastest pace in seven months, and may accelerate further amid rebounding oil prices. The Reserve Bank of India meets next month to rule on rates.

Sensex, Nifty Close At 3-Week Low As Rate Cut Hopes Fade

Fourteen of the 19 sector gauges compiled by the BSE Ltd. declined, led by the S&P BSE Capital Goods Index’s 1.41 percent slump. The S&P BSE Realty was the best performer, up 0.74 percent.

Countdown

Grasim Second Quarter Net Income Misses Estimates

Grasim reported net income for the second quarter which missed the average analyst estimates. The stock was down 0.54 percent to Rs 1,218. It is down 7 times in 8 sessions.

Q2 Earnings Highlights

  • Net income Rs 575 crore versus estimate Rs 587 crore
  • Revenue Rs 4,040 crore
  • Total costs Rs 3,460 crore
  • Other income Rs 269 crore

Eicher Motors Q2 Net Profit Slightly Below Estimates

Eicher Motors Ltd.’s second quarter profit rose in line with analyst estimates, led by record sales of its Royal Enfield motorcycles.

Net profit for the July-September quarter rose 25 percent from the year-ago period to Rs 518 crore, Eicher Motors said in a stock exchange filing today. The Bloomberg consensus estimate stood at Rs 540 crore.

The bottom line was boosted by a “best ever” 22 percent growth in sales of Royal Enfield motorcycles during the reported period, according to a separate media statement.

For more on Eicher Motors’ earnings, click here

Tata Global Second Quarter Net Income Beats Highest Estimate

Tata Global reported net income for the second quarter that beat the highest analyst estimate.

Q2 Earnings Highlights

  • Net income Rs 144 crore versus estimate Rs 131 crore
  • Revenue Rs 1,690 crore versus estimate of Rs 1,669 crore
  • Total costs Rs 1,520 crore
  • Other income Rs 33.54 crore