Sensex Logs Worst Two-Month Fall Since Feb. 2016 Despite Last Day Rebound
Visitors take photographs in front of a bull statue at the India International Exchange (INDIA INX) building operated by India International Clearing Corp., a subsidiary of BSE Ltd., in Gujarat International Finance Tec-City (GIFT City), Gujarat, India.(Photographer: Dhiraj Singh/Bloomberg)

Sensex Logs Worst Two-Month Fall Since Feb. 2016 Despite Last Day Rebound

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Closing Bell: Sensex Surges 550 Points Led By IT, Financial Stocks

The Indian equity benchmarks posted their worst two-month decline since February 2016, despite a last day rally in October, amid a widening rift between the government and the central bank.

The S&P BSE Sensex rose 551 points or 1.63 percent to 34,442 and the NSE Nifty 50 Index climbed 1.85 percent or 188 points to 10,387. For most part of the day, the benchmarks were rangebound however sentiment improved after the government said it respects and nurtures central bank's autonomy.

In the last two months Nifty has declined 11.4 percent, its worst two-month performance since February 2016, when the index fell 12.4 percent.

In today's trade, all sector gauges barring the S&P BSE Metal Index ended higher led by the S&P BSE IT Index's 3.5 percent surge.

Mid- and small-cap shares witnessed buying as the S&P BSE MidCap Index rose 1.6 percent and the S&P BSE SmallCap Index climbed 1.4 percent.

Tata Motors Posts Higher Than Anticipated Q2 Loss

Tata Motors Ltd. reported higher than anticipated net loss during the July-September period.

Key earnings highlights (Q1, YoY):

  • Net loss of Rs 1,049 crore versus net profit of Rs 2,482.8 crore. (Est. Rs 874 crore.)
  • Revenue up 2.5 percent at Rs 72,112.1 crore.
  • Ebitda down 16.4 percent at Rs 6,757.6 crore.
  • Margin at 9.4 percent versus 11.5 percent.

Jet Airways Falls On Receiving Notices For Payment Delays

Shares of the Mumbai-based airline operator slumped as much as 11 percent to Rs 209 after it received notices for payment delays/defaults from few aircraft lessors, Jet Airways said in an exchange notification.

  • Lessors mindful of current challenges faced by Indian aviation industry
  • Company is current on its payment to Airports Authority of India

NBFCs Gain After PNB Housing Finance Raises Money Via Commercial Paper

Sentiment for shares of non-banking finance companies turned positive after PNB Housing Finance raised Rs 2,450 crore through commercial papers.

Nifty Financial Services Index rose 2.4 percent led by gains in HDFC, Indiabulls Housing Finance, IIFL and Edelweiss Financial Services.

Sensex Logs Worst Two-Month Fall Since Feb. 2016 Despite Last Day Rebound

Lupin Advances After Profit Meets Estimates In Q2

Shares of the Mumbai-based drugmaker rose as much as 2.2 percent to Rs 896 after its profit met Bloomberg consensus estimates in September quarter.

Key earnings highlights:

  • Revenues flat at Rs 3,951 crore versus Rs 3,952 crore
  • Net profit down 41 percent at Rs 266 crore versus Rs 455 crore; Estimate of Rs 273 crore
  • Ebitda up down 36 percent at Rs 549 crore versus Rs 853 crore.
  • Margin at 13.9 percent versus 21.5 percent
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