Market ahead of Consumer Price Index (CPI) data of India

Indian Market closed negative, ahead of Consumer Price Index (CPI) data of India, Nifty below 11850.

Indian Stock Market opened in red as indicated by the SGX Nifty in the morning. The market was trading volatile and in a tight range in the morning. The poor IIP numbers weak global cues dragged down the Indian market today ahead of Consumer Price Index (CPI) number.

Market movement ahead of Consumer Price Index (CPI)of India

At close, Nifty was down 73 points, closed at 11840.45 and Sensex declined 229.02 points and closed at 40116.06. The PSU banks dragged the NSE banking index Bank Nifty by 574 points and closed at 30541.50. 

The Nifty midcap 100 index fell 0.68% or 113.50 points and closed at 16698.60. Whereas the Nifty smallcap 100 index declined almost 1% or 53.65 points and closed at 5688.85.

The expectation consumer price index (CPI) of India numbers has created volatile in the morning. As the global market was not supportive, profit booking in some socks are seen today. The top gainers in Nifty50 stocks are Britannia, TCS, Reliance, Nestle and Bajaj Finserv are the gainers. The losers are Yes Bank, GAIL, Zee Ent, Adani Ports, and SBI.

Among the Sectors, Banks, Capital goods, Media, Healthcare, Infrastructure are dragged the market down. The sectors that closed in green today are Oil & Gas, IT & software, Insurance, and Aviation.

Stocks in news today

The Board of directors of Lupin has approved stake sale in its Japanese step down subsidiary. The share price of Lupin fell marginally 0.73% and closed at Rs 730.35 per share.

A report on Moneycontrol.com says that a Private equity firm is going to infuse capital of Rs 525 crore in Edelweiss Financial.in its investment advisory business. The share price of Edelweiss Financial gained 5%  and closed at Rs 122.15 per share    

Stocks are in news because of Q2 numbers

The Coal India reported a 14% rise in its Q2 consolidated net profit at Rs 3522.7 crore as against the Rs 3084.54 crore in the same period last year. The company’s total income declined to Rs 22,012.94 crore in the September end quarter as against 23,486.35 crore last year. 

The global research firm has maintained a Buy rating and raised the target from Rs 250 to Rs 270 per share. The share price of Coal India fell 1.24%  and closed at Rs 207.25 per share

The consolidated net profit of ABB India in Q2 rose 3.8% at Rs 135.3 crore against Rs 130.40 crore. The revenue of the company was also up 1.2% at Rs 1745.6 crore as against Rs 1726 crore on QoQ basis. The share price of ABB India gained 2.77%  and closed at Rs1497.65 per share

The Vakrangee reported net profit at Rs 10.9 crore, the company’s revue went down 49% at Rs 152 crore as against Rs 298.5 crore on YoY basis. The share price of Vakrangee fell 0.75% and closed at Rs 39.65 per share

Godrej Industries reported better than expected numbers for the September end quarter. The share price of Godrej Industries closed flat at Rs 430.40 per share.

Weak Q2 numbers

Zydus Wellness has reported loss in the September quarter ended. The company reported a consolidated net loss of Rs 12 crore against the profit of Rs 41.4 crore in the same period last year. The share price of Zydus Wellness fell 6.16%  and closed at Rs 1491.35 

BHEL has reported Q2 earnings after the market hours today. It has reported a 36% fall in Net profit at Rs 118.6 crore versus Rs185.2 crore. The company’s revenue was down 8.2% at Rs 6225.7 crore against Rs 6779.9 crore on YoY basis. The share price of BHEL fell 3.38% on expectation of weak Q2 result and closed at Rs 54.60 per share.

Hindalco reported Q2 earnings last Monday after marker, Its net profit fell 74% YoY to Rs 78 crore as against Rs 309 crore in the same period last year. Its standalone revenue got declined by 8% to Rs 9965 crore in Q2FY20 as against Rs 10,843 in the same period last year. The share price of Hindalco declined 3.5%  and closed at Rs 193.15

Crude and Rupee Update:

India is the fourth largest country that imports crude oil, it can easily increase the consumer price index of India but luckily crude is trading lower these days due to oversupply and less demand. The Brent crude is trading almost 1% lower today. Currently, it is trading at $61.45 per barrel. The Indian rupee closed at Rs 72.07, it has got appreciating of 0.40% higher than the previous close.

Conclusion:

October Consumer Price Index (CPI) inches higher at 4.62% against 3.99% last month. The accelerates in Inflation is due to the increase in food price. Indian Market will react on the CPI numbers tomorrow.

Traders should follow the global cues and remain cautious before WPI numbers tomorrow.

You may also like to read, Nifty, Bank nifty share price target for 14th Nov19

Indian stock market prediction for November 2019 Series

PSU Bank Merger: Know which stocks to buy now

If you like the post please share with others

Happy Investing

Editor’s Desk