Broad-based sell-off on the bourses
Indian stock markets declined in the week ended Friday, 15 January 2016 on weak global cues. Investors were concerned over the prospects of slowing global growth in general and that of China in particular amid slew of weak economic data from China. The barometer index, the S&P BSE Sensex failed to retain the psychological 25,000 level which it had surpassed in the course of trading during the week. The Sensex and the 50-unit Nifty 50 index declined in four out of five trading sessions and managed to register modest gains in remaining one trading session.
The Sensex lost 479.29 points or 1.92% to settle at 24,455.04. The decline for the Nifty was higher than the Sensex's decline in percentage terms. The Nifty lost 163.55 points or 2.15% to settle at 7,437.80.
Broad market depicted weakness. The BSE Mid-Cap index shed 5.89%. The BSE Small-Cap index tumbled 7.45%. The decline in both these indices were higher than the Sensex's decline in percentage terms.
Meanwhile, foreign portfolio investors (FPIs) pressed selling button on Indian stocks during the week. FPIs sold shares worth a net Rs 2317.63 crore into the secondary equity market in four trading sessions from 11 to 14 January 2016.
Losses for IT and pharma sector stocks, public sector banks and index heavyweight HDFC pulled key benchmark indices lower in a volatile trading session on Monday, 11 January 2016. The Sensex fell 109.29 points or 0.44% to settle at 24,825.04, its lowest closing level since 4 June 2014.
Data showing stepping up of selling of Indian stocks by foreign portfolio investors (FPIs) hit sentiment adversely as Indian stocks fell for the second day in a row on Tuesday, 12 January 2016. The Sensex fell 143.01 points or 0.58% to settle at 24,682.03, its lowest closing level since 30 May 2014.
Gains in global stocks aided modest upmove for the two key equity benchmark indices in India in what was a highly volatile trading session on Wednesday, 13 January 2016. The Sensex rose 172.08 points or 0.7% to settle at 24,854.11, its highest closing level since 8 January 2016.
Losses for banking and metal sector stocks along with index heavyweights L&T and Reliance Industries (RIL) pushed key benchmark indices lower on Thursday, 14 January 2016. The Sensex fell 81.14 points or 0.33% to settle at 24,772.97, its lowest closing level since 12 January 2016.
After flip-flopping between gains and losses earlier during the session, the key benchmark indices ended the session with sharp losses after a sudden slide towards the latter part of the trading session on Friday, 15 January 2016. The Sensex lost 317.93 points or 1.28% to settle at 24,455.04, its lowest closing level since 30 May 2014.
Among the 30-share Sensex pack, 25 stocks fell and remaining 5 stocks rose in the week ended Friday, 15 January 2016.
Adani Ports and Special Economic Zone (down 9.68%), Bharat Heavy Electricals (down 11.19%), Coal India (down 0.88%), GAIL (India) (down 9.91%), NTPC (down 2.14%) and ONGC (down 4.23%) edged lower from the Sensex pack. Asian Paints (up 0.49%), ITC (up 0.12%) and Reliance Industries (up 4.79%) edged higher from the Sensex pack.
Auto stocks edged lower. Bajaj Auto (down 1.75%) and Hero MotoCorp (down 1.96%) declined.
Tata Motors lost 3.36% at Rs 341.55. The company's British luxury car unit Jaguar Land Rover (JLR) on Friday, 8 January 2016, announced that its global retail sales rose 5% to 4.87 lakh vehicles in calendar year 2015 over calendar year 2014.
Tata Motors announced after market hours on Wednesday, 13 January 2016, that a meeting of the board of directors of the company will be held on 18 January 2016 to consider and approve buyback of unsecured non-convertible debentures aggregating Rs 200 crore due to mature on 30 November 2018. The board will also consider buyback of unsecured non-convertible debentures aggregating Rs 250 crore due to mature on 28 May 2019. The buyback is part of the company's debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt.
Maruti Suzuki India (MSIL) rose 1.36% at Rs 4,273.30. The company announced during market hours on Thursday, 14 January 2016, that it has added driver airbag as an option in all variants of Alto 800 and Alto K10. Besides driver airbag, the left outside rear mirror is also available across all variants of Alto, MSIL said.
MSIL announced during trading hours on Friday, 15 January 2016, that it will leverage Auto Expo 2016 as an opportunity to communicate its direction for the Indian market. Besides new models and concepts, the company will showcase a new-generation vehicle platform and a new engine. The company said it will unveil its sport utility vehicle Vitara Brezza on 3 February 2016 and its concept car Ignis on 4 February 2016 at the Delhi Auto Expo 2016.
Mahindra & Mahindra (M&M) lost 1.32% at Rs 1,180.80. The company during market hours on Friday, 15 January 2016, announced the launch of its compact sports utility vehicle (SUV) - KUV100. This marks the company's entry into petrol vehicles. KUV100 starts at Rs 4.42 lakh ex-showroom Pune for the K2 petrol variant and Rs 5.22 lakh ex-showroom Pune for the K2 diesel variant. The vehicle is available in 7 variants with petrol and diesel engine options and with five/six seater options.
IT stocks declined. Wipro (down 2.25%) edged lower.
TCS lost 5.57% at Rs 2,263.50. TCS' consolidated net profit fell 0.03% to Rs 6083 crore on 0.73% growth in revenue to Rs 27364 crore in Q3 December 2015 over Q2 September 2015. The result was announced after market hours on Tuesday, 12 January 2016.
Infosys jumped 7.29% at Rs 1,140.20. The company's consolidated net profit as per International Financial Reporting Standards (IFRS) rose 2% to Rs 3465 crore on 1.7% increase in revenue to Rs 15902 crore in Q3 December 2015 over Q2 September 2015. The result was announced during market hours on Thursday, 14 January 2016. Infosys raised its revenue growth guidance for the year ending 31 March 2016 (FY 2016).
Bank stocks declined. Axis Bank (down 9.71%), HDFC Bank (down 1.78%), ICICI Bank (down 8.32%) and State Bank of India (down 11.58%) edged lower.
Pharma stocks edged lower. Cipla (down 2.41%), Dr Reddy's Laboratories (down 2.45%), Lupin (down 0.7%) and Sun Pharmaceutical Industries (down 0.89%) edged lower.
L&T tumbled 6.25% at Rs 1,106.05. L&T announced during market hours on Tuesday, 12 January 2016 that its construction division won orders worth Rs 1247 crore in the buildings & factories and power transmission & distribution segments. The company will announce Q3 December 2015 results on 29 January 2016.
Tata Steel slumped 9.38% at Rs 229.90. The company announced after market hours on Wednesday, 13 January 2016, that the sharp fall in international steel prices has triggered a downgrade of the company's corporate credit rating by Standard and Poor (S&P) by 1 notch.
HDFC lost 2.24% at Rs 1,148.85. The company after market hours on Tuesday, 12 January 2016, clarified that the total amount invested by mutual funds in non-convertible debentures and commercial paper issued by HDFC is 3.9% of the combined asset under management (AUM) of the mutual fund industry in debt segment as on 31 December 2015. The single issuer limit stipulated by Sebi for mutual funds is 10% of the net asset value of a scheme, as per the revised norms.
Separately, HDFC after market hours on Monday, 11 January 2016, said that HDFC Standard Life Insurance Company, a material subsidiary of the company, on 10 January 2016, incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the HDFC International Life and Re Company (HILRCL) with an initial capital outlay of $12.33 million.
HDFC during market hours on Monday, 11 January 2016, announced that the company has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 500 crore on private placement basis. The coupon rate on debentures is 8.43% per annum. The tenor of the debentures is two years. The issue opened and closed on the same day on 12 January 2016. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company, HDFC said.
Bharti Airtel lost 5.44% at Rs 306.30. The company during market hours on Wednesday, 13 January 2016 said that Orange will acquire Bharti Airtel International (Netherlands) BV's subsidiaries in Burkina Faso and Sierra Leone. Orange will acquire 100% of the two companies' share capital. The consolidated revenue of the two companies is around 275 million euros.
Hindustan Unilever (HUL) lost 0.94% at Rs 804.15. The company's profit after tax before exceptional items rose 7% to Rs 1024 crore in Q3 December 2015 over Q3 December 2014. Total income rose 2.87% to Rs 8120.60 crore in Q3 December 2015 over Q3 December 2014. The result was announced during trading hours on Friday, 15 January 2016.
On the macro front, the data released by the government after market hours on Tuesday, 12 January 2016 showed that inflation based on the consumer price index (CPI) accelerated last month. The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 from 5.41% in November 2015.
Another data released by the government after market hours on Tuesday, 12 January 2016 showed that India's industrial production witnessed a contraction during the festive Diwali month in November 2015 due to high base effect. Industrial Production declined 3.2% in November 2015 over a year ago period.
Data released by the government during market hours on Thursday, 14 January 2016 showed that inflation based on the wholesale price index (WPI) remained in negative zone last month. WPI inflation stood at minus 0.73% in December 2015, compared with a reading of negative 1.99% in November 2015.
In China, the data released on Friday, 15 January 2016 showed new yuan loans in December 2015 were well below the previous month's lending and broad M2 money supply growth also slowed.
The Sensex lost 479.29 points or 1.92% to settle at 24,455.04. The decline for the Nifty was higher than the Sensex's decline in percentage terms. The Nifty lost 163.55 points or 2.15% to settle at 7,437.80.
Broad market depicted weakness. The BSE Mid-Cap index shed 5.89%. The BSE Small-Cap index tumbled 7.45%. The decline in both these indices were higher than the Sensex's decline in percentage terms.
Meanwhile, foreign portfolio investors (FPIs) pressed selling button on Indian stocks during the week. FPIs sold shares worth a net Rs 2317.63 crore into the secondary equity market in four trading sessions from 11 to 14 January 2016.
Losses for IT and pharma sector stocks, public sector banks and index heavyweight HDFC pulled key benchmark indices lower in a volatile trading session on Monday, 11 January 2016. The Sensex fell 109.29 points or 0.44% to settle at 24,825.04, its lowest closing level since 4 June 2014.
Data showing stepping up of selling of Indian stocks by foreign portfolio investors (FPIs) hit sentiment adversely as Indian stocks fell for the second day in a row on Tuesday, 12 January 2016. The Sensex fell 143.01 points or 0.58% to settle at 24,682.03, its lowest closing level since 30 May 2014.
Gains in global stocks aided modest upmove for the two key equity benchmark indices in India in what was a highly volatile trading session on Wednesday, 13 January 2016. The Sensex rose 172.08 points or 0.7% to settle at 24,854.11, its highest closing level since 8 January 2016.
Losses for banking and metal sector stocks along with index heavyweights L&T and Reliance Industries (RIL) pushed key benchmark indices lower on Thursday, 14 January 2016. The Sensex fell 81.14 points or 0.33% to settle at 24,772.97, its lowest closing level since 12 January 2016.
After flip-flopping between gains and losses earlier during the session, the key benchmark indices ended the session with sharp losses after a sudden slide towards the latter part of the trading session on Friday, 15 January 2016. The Sensex lost 317.93 points or 1.28% to settle at 24,455.04, its lowest closing level since 30 May 2014.
Among the 30-share Sensex pack, 25 stocks fell and remaining 5 stocks rose in the week ended Friday, 15 January 2016.
Adani Ports and Special Economic Zone (down 9.68%), Bharat Heavy Electricals (down 11.19%), Coal India (down 0.88%), GAIL (India) (down 9.91%), NTPC (down 2.14%) and ONGC (down 4.23%) edged lower from the Sensex pack. Asian Paints (up 0.49%), ITC (up 0.12%) and Reliance Industries (up 4.79%) edged higher from the Sensex pack.
Auto stocks edged lower. Bajaj Auto (down 1.75%) and Hero MotoCorp (down 1.96%) declined.
Tata Motors lost 3.36% at Rs 341.55. The company's British luxury car unit Jaguar Land Rover (JLR) on Friday, 8 January 2016, announced that its global retail sales rose 5% to 4.87 lakh vehicles in calendar year 2015 over calendar year 2014.
Tata Motors announced after market hours on Wednesday, 13 January 2016, that a meeting of the board of directors of the company will be held on 18 January 2016 to consider and approve buyback of unsecured non-convertible debentures aggregating Rs 200 crore due to mature on 30 November 2018. The board will also consider buyback of unsecured non-convertible debentures aggregating Rs 250 crore due to mature on 28 May 2019. The buyback is part of the company's debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt.
Maruti Suzuki India (MSIL) rose 1.36% at Rs 4,273.30. The company announced during market hours on Thursday, 14 January 2016, that it has added driver airbag as an option in all variants of Alto 800 and Alto K10. Besides driver airbag, the left outside rear mirror is also available across all variants of Alto, MSIL said.
MSIL announced during trading hours on Friday, 15 January 2016, that it will leverage Auto Expo 2016 as an opportunity to communicate its direction for the Indian market. Besides new models and concepts, the company will showcase a new-generation vehicle platform and a new engine. The company said it will unveil its sport utility vehicle Vitara Brezza on 3 February 2016 and its concept car Ignis on 4 February 2016 at the Delhi Auto Expo 2016.
Mahindra & Mahindra (M&M) lost 1.32% at Rs 1,180.80. The company during market hours on Friday, 15 January 2016, announced the launch of its compact sports utility vehicle (SUV) - KUV100. This marks the company's entry into petrol vehicles. KUV100 starts at Rs 4.42 lakh ex-showroom Pune for the K2 petrol variant and Rs 5.22 lakh ex-showroom Pune for the K2 diesel variant. The vehicle is available in 7 variants with petrol and diesel engine options and with five/six seater options.
IT stocks declined. Wipro (down 2.25%) edged lower.
TCS lost 5.57% at Rs 2,263.50. TCS' consolidated net profit fell 0.03% to Rs 6083 crore on 0.73% growth in revenue to Rs 27364 crore in Q3 December 2015 over Q2 September 2015. The result was announced after market hours on Tuesday, 12 January 2016.
Infosys jumped 7.29% at Rs 1,140.20. The company's consolidated net profit as per International Financial Reporting Standards (IFRS) rose 2% to Rs 3465 crore on 1.7% increase in revenue to Rs 15902 crore in Q3 December 2015 over Q2 September 2015. The result was announced during market hours on Thursday, 14 January 2016. Infosys raised its revenue growth guidance for the year ending 31 March 2016 (FY 2016).
Bank stocks declined. Axis Bank (down 9.71%), HDFC Bank (down 1.78%), ICICI Bank (down 8.32%) and State Bank of India (down 11.58%) edged lower.
Pharma stocks edged lower. Cipla (down 2.41%), Dr Reddy's Laboratories (down 2.45%), Lupin (down 0.7%) and Sun Pharmaceutical Industries (down 0.89%) edged lower.
L&T tumbled 6.25% at Rs 1,106.05. L&T announced during market hours on Tuesday, 12 January 2016 that its construction division won orders worth Rs 1247 crore in the buildings & factories and power transmission & distribution segments. The company will announce Q3 December 2015 results on 29 January 2016.
Tata Steel slumped 9.38% at Rs 229.90. The company announced after market hours on Wednesday, 13 January 2016, that the sharp fall in international steel prices has triggered a downgrade of the company's corporate credit rating by Standard and Poor (S&P) by 1 notch.
HDFC lost 2.24% at Rs 1,148.85. The company after market hours on Tuesday, 12 January 2016, clarified that the total amount invested by mutual funds in non-convertible debentures and commercial paper issued by HDFC is 3.9% of the combined asset under management (AUM) of the mutual fund industry in debt segment as on 31 December 2015. The single issuer limit stipulated by Sebi for mutual funds is 10% of the net asset value of a scheme, as per the revised norms.
Separately, HDFC after market hours on Monday, 11 January 2016, said that HDFC Standard Life Insurance Company, a material subsidiary of the company, on 10 January 2016, incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC) called the HDFC International Life and Re Company (HILRCL) with an initial capital outlay of $12.33 million.
HDFC during market hours on Monday, 11 January 2016, announced that the company has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 500 crore on private placement basis. The coupon rate on debentures is 8.43% per annum. The tenor of the debentures is two years. The issue opened and closed on the same day on 12 January 2016. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company, HDFC said.
Bharti Airtel lost 5.44% at Rs 306.30. The company during market hours on Wednesday, 13 January 2016 said that Orange will acquire Bharti Airtel International (Netherlands) BV's subsidiaries in Burkina Faso and Sierra Leone. Orange will acquire 100% of the two companies' share capital. The consolidated revenue of the two companies is around 275 million euros.
Hindustan Unilever (HUL) lost 0.94% at Rs 804.15. The company's profit after tax before exceptional items rose 7% to Rs 1024 crore in Q3 December 2015 over Q3 December 2014. Total income rose 2.87% to Rs 8120.60 crore in Q3 December 2015 over Q3 December 2014. The result was announced during trading hours on Friday, 15 January 2016.
On the macro front, the data released by the government after market hours on Tuesday, 12 January 2016 showed that inflation based on the consumer price index (CPI) accelerated last month. The all-India general consumer price index (CPI) inflation inched up to 5.61% in December 2015 from 5.41% in November 2015.
Another data released by the government after market hours on Tuesday, 12 January 2016 showed that India's industrial production witnessed a contraction during the festive Diwali month in November 2015 due to high base effect. Industrial Production declined 3.2% in November 2015 over a year ago period.
Data released by the government during market hours on Thursday, 14 January 2016 showed that inflation based on the wholesale price index (WPI) remained in negative zone last month. WPI inflation stood at minus 0.73% in December 2015, compared with a reading of negative 1.99% in November 2015.
In China, the data released on Friday, 15 January 2016 showed new yuan loans in December 2015 were well below the previous month's lending and broad M2 money supply growth also slowed.
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