Nifty, Sensex down for 4th day
Benchmark indices Nifty and Sensex opened on a positive note and snapped their three-day losing streak on the bourses ahead of the October Consumer Price Index data scheduled for release later today. Realth and healthcare stocks uplifted the sentiment while auto and FMCG stocks soured the mood in trade.
At about 9:20 am, the Sensex was up 229.05 points or 0.29 percent at 79,725.20, and the Nifty was up 71.50 points or 0.30 percent at 24,212.80. About 1757 shares advanced, 590 shares declined, and 109 shares unchanged.
"FIIs continued to be net sellers on Friday, the 30th consecutive day of selling by them. Markets could be seen reacting to domestic CPI data for October to be announced tomorrow. We expect markets to remain volatile due to global factors and subdued quarterly results," Siddhartha Khemka, Head of Wealth Management and Research at Motilal Oswal, said. "However, stock-specific action could continue because of the last leg of Q2 numbers to be announced this week. Key results tomorrow include BSE, Motherson, Zydus Life, and Hyundai Motors amongst others," he added.
Britannia Industries, one of the largest FMCG players in the country, tanked over 2 percent to become the top loser on the Nifty after it reported a weak Q2 where its consolidated net profit of Rs 531.5 crore, down 9.4 percent over Rs 586.5 crore in the year-ago period. The revenue from operations rose to 4,667.6 crore, up 5 percent from the year-ago period.
Hindalco Industries saw active trading, rising over a percent, after it exceeded market expectations, reporting a rise in net profit to Rs 3,909 crore for the quarter ending September 30, up from Rs 3,298 crore in the same period last year, according to the company's filing. Revenue from operations increased by 7 percent to Rs 58,203 crore, compared to Rs 54,169 crore a year ago.
The broader markets, mainly the mid-small cap index, also mirrored positive trends, breaking into the green after the two rose 0.5 and 0.6 percent, respectively. The broader has gained nearly 25 percent since the start of the year, comfortably outpacing Nifty's gain of 13 percent during the same period. India VIX, the index that measures market volatility, jumped 0.3 percent to hover over the 14 levels.
"The Nifty index made a small upward move on the daily chart, but buyers couldn’t keep prices high. At the same time, there wasn’t a strong drop, which may give some hope for a recovery from recent lows," Deepak Jasani Head of Retail Research HDFC Securities, said. "Overall, the trend remains unsteady with a slight downward tilt, and Nifty is moving within a wide range of 24,300/24,600 to 23,800," he added.
Among sectors, Nifty Realty was the brightest spark after it rose over 1 percent in the morning. Counters like DLF, Macrotek, and Godrej Properties pulled the index higher. Nifty Healthcare and Energy also up to 0.6 percent.
Laggards included Nifty Auto led by M&M and Maruti Suzuki. The FMCG index was red after heavyweights like Nestle and Britannia traded lower.
Trent, Hindalco, ICICI Bank, Airtel, and HDFC Life were the top gainers on the Nifty. Britannia, Asian Paints, HDFC Bank, Maruti Suzuki, and Nestle India were the top losers.
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