Market Wrap-up:
Market dips in the back of three main reasons:
After opening with a positive bias market was once again unable to sustain at around the 8000 levels and ended almost unchanged as investors turned cautious ahead of the Bihar poll outcome on Sunday, secondly on weak quarter two earnings and thirdly on better-than-expected US jobs data due later today which could raise the prospects of a rate hike by the US Fed this year.
HEADLINES FOR THE DAY:
EARNINGS CORNER:
Results on 9th November 2015:
WEEKLY CALLS FROM TECHNICAL FRONT:
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Rajnish Singh is a staff writer at www.trifidresearch.com/blog
Get best Fundamental & technical analysis Report of Indian share markets here.
Market dips in the back of three main reasons:
After opening with a positive bias market was once again unable to sustain at around the 8000 levels and ended almost unchanged as investors turned cautious ahead of the Bihar poll outcome on Sunday, secondly on weak quarter two earnings and thirdly on better-than-expected US jobs data due later today which could raise the prospects of a rate hike by the US Fed this year.
HEADLINES FOR THE DAY:
- REC LTD, PFC shares tanks on discom rehab plan.
- Polaris gains as promoters to get Rs 640 crore from sale.
- Dr.Reddy's Lab shares tanks after US FDA warning letter
EARNINGS CORNER:
- Country's largest lender SBI (State Bank of India) beats analyst expectations posted a 25.1 percent jump in standalone profit in July-Sept earnings, which stood at Rs 3879 crore against Rs 3100.40 on the back of other income and operating profit. Low provisions also increased profitability, but higher tax cost limited growth. NII up 7.4% to Rs 14252 crore against Rs 13274.6 crore. NPA improved.
- Tata Motors reported loss of Rs 430 crore for the second quarter against a profit of Rs 3290.8 crore compared on a yearly basis, loss led by Jaguar Land Rover cars damaged in Tianjin Port explosion and finance cost. Consolidated revenue up 1.1%, which stood at Rs 61318 crore from Rs 60641 supported by JLR sales in UK, Europe and US as well as strong growth in medium & heavy commercial vehicles.
- M&M (Mahindra and Mahindra) posted 2.4 pct fall in standalone profit to Rs 923.6 crore for the quarter second against Rs 946.60 crore for the same quarter last year, profit fall due to tractor business and higher tax cost. Revenue for the quarter also plunged 1.8 pct which now seen at Rs 9245 crore from 9410 crore led by 10.2 pct fall in volume.
- Mothersumi (Motherson Sumi) posted robust Q2 earnings, net profit jump 176 pct to Rs 287 crore from Rs 104 crore in the corresponding quarter last fiscal, Total revenue jump 14% to Rs 9037 against Rs 7922 crore.
- BHEL shocked after posting a loss for the second quarter, which stood at Rs 205 crore against a profit of Rs 124.84 crore compared on Y-o-Y basis. Lower revenue and weak operational performance hit the bottom line, but other income and tax write back limited losses. Revenue tanks 3.35 pct to Rs 5938 crore against Rs 6144 crore.
- Bank of Baroda shocks with quarter two earnings, profit tanks 88.7 percent, which is massive degrowth for the bank, net profit stood at Rs 124.48 crore against Rs 1104 crore led by higher provisions on slippages.NII also decline 4.6% to Rs 3244 against Rs 3401 crore.
- Eicher Motors posted strong numbers, net profit up 55 pct to Rs 255.5crore for the second quarter against Rs 165 crore, total income also rise by 37 pct which stood at Rs 3122.5 against Rs 2275 crore.
- ONGC posted weak figures this time, net tanks 11 percent sequentially to Rs 4,842 crore in the second quarter led by lower revenue and weak operational performance. Revenue plunges 9.4 percent to Rs 20679 crore against Rs 22825 crore in the preceding quarter.
- Punjab National Bank (PNB) missed analyst’s expectations, but yet posted a profit for the July-Sept quarter, which rise by 8 percent on yearly basis stood at Rs 621 crore led by lower other income, increase in provisions, slow growth in operating profit and net interest income. NII up 4.1 percent to Rs 4322 crore from Rs 4151.2 crore. Asset quality improved.
- Union Bank reported strong Q2 numbers, profit jump 77.3% to Rs 658.20 crore impacted by other income, operating profit and lower provisions.
Results on 9th November 2015:
- Allahabad Bank, BPCL, Bank of India, Central Bank, Coal India, Eros Int, Havells, Indian Hotel Jain Irrigation , NBCC, OIL India, Rec Ltd, Tata Power, Timken are coming up with its Q2 (Quarter 2) results on Monday.
WEEKLY CALLS FROM TECHNICAL FRONT:
- KRBL EQ shown strength despite of weak markets, the more buying strength seen in stock as its heading towards its fresh high, Buying opportunity seen from current levels as trend Line in daily and Intraday charts also giving conformation for buying. Buy above 226.30 targets 230.80/235.40 maintain SL of 221.
- KEC EQ has given breakouts of its resistance in a negative market and closed around it. More buying may be seen in next few trading sessions. Buy above 138 targets 140.80/143.60 SL 135.
Get more information at www.trifidresearch.com
Rajnish Singh is a staff writer at www.trifidresearch.com/blog
Get best Fundamental & technical analysis Report of Indian share markets here.