An employee is reflected in a glass panel as he monitors securities on a computer at a brokerage firm in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Nifty Posts Worst F&O Expiry In Nearly Seven Years

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Closing Bell: Sensex, Nifty Resume Decline Amid Global Rout

Indian equity benchmarks resumed decline after a day's breather as an equities rout that wiped out this year’s gains for U.S. stocks spread to Asia.

The S&P BSE Sensex fell 1 percent or 344 points to 33,691 and the NSE Nifty 50 Index dropped 0.98 percent or 100 points to 10,125.

Nifty 50 Index fell 7.8 percent in the October F&O series, which was its worst performance since November 2011 when it fell 8.6 percent.

“We haven’t corrected enough, and this trend might continue,” AK Prabhakar, head of research at IDBI Capital, told BloombergQuint by phone.

Investors should use any pullback rally or dead cat bounce only to reduce their positions, he said. Many stocks are looking attractive compared to what they were trading at five years ago, but nobody has priced in the worst-case scenario as we have a rising interest rate scenario and a credit crisis, according to him.

All sector gauges compiled by BSE ended lower led by the S&P BSE Telecom Index's 3 percent drop.

Mid- and small-cap shares also ended lower as the S&P BSE MidCap Index fell 0.6 percent and the S&P BSE SmallCap Index declined 0.6 percent.

Bandhan Bank Falls After Block Deal

  • Bandhan Bank has 17 lakh shares change hands in a block deal. Stock down 2.5 percent at Rs 383.

Buyers and seller were not immediately known

Source: Bloomberg

Rising Crude, Fuel Prices Impacted Sales Volumes, Says Maruti Suzuki

Rising crude oil and fuel prices impacted sales and higher upfront insurance payment of nearly Rs 9,000 on an average also impacted cost of owing a car, RC Bhargava, chairman of Maruti Suzuki told media persons during the press conference.

Press briefing highlights:

  • Rising crude oil and fuel prices have impacted sales volumes
  • Higher upfront insurance payment of nearly Rs 9,000 on an average has impacted cost of owing car
  • Will continue to make efforts to deliver a 10 percent volume growth YoY
  • Will be a difficult task to deliver and meet 10 percent growth guidance
  • Maruti Suzuki Brezza still remains on a 6-month waiting period

Maruti Suzuki Recovers After Profit Beats Estimates In September Quarter

Shares of the country's largest carmaker recovered from intraday lows and rose as much as 1.2 percent to Rs 6,849.95 after its earnings beat Bloomberg consensus estimates in September quarter.

Key earnings highlights:

  • Net profit down 10 percent at Rs 2,240 crore versus Rs 2,484 crore (YoY); Estimate of Rs 2,000 crore
  • Revenue up 3 percent at Rs 22,433 crore versus Rs 21,768 crore (YoY); Estimate of Rs 22,130 crore
  • Ebitda down 7 percent at Rs 3,431 crore versus Rs 3,677.5 crore (YOY)
  • Margin at 15.3 percent versus 16.9 percent

Market Check: Sensex Down Over 250 Points; Bharti Airtel Top Loser Ahead Of Q2

Indian equity benchmarks continue to trade lower dragged by ICICI Bank, Reliance Industries and HDFC twins.

The Sensex fell 0.7 percent or 228 points to 33,810 and the NSE Nifty 50 Index declined 0.6 percent or 63 points to 10,160.

Seventeen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 2.5 percent gain. On the flipside, the S&P BSE Oil & Gas Index was top gainer, up 0.4 percent.