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  • Market tumbles as crude oil boils

    Market tumbled today, 7 November 2017, as rising crude oil prices and weakening rupee spoiled investors sentiment. The barometer index, the S&P BSE Sensex, fell 360.43 points or 1.07% to 33,370.76, as per the provisional closing data. The Nifty 50 index fell 101.65 points or 0.97% to 10,350.15, as per the provisional closing data.

    India imports majority of its crude requirements and a rise in crude oil prices increases concerns on fiscal deficit, inflation and gives lesser room for the government to boost growth through spending on infrastructure. A weak rupee raises the cost of importing crude oil.

    Indices opened higher on positive global cues. Trading turned volatile as key indices hit fresh intraday low in mid-morning trade, sharply reversing trend after hitting fresh intraday high in early trade. The Sensex reversed trend in morning trade after hitting record high level in early trade. Buying soon emerged at lower levels, helping key indices pare losses after hitting fresh intraday low in mid-morning trade. Key benchmark indices hovered in negative terrain in early afternoon trade. Recovery proved short lived as fresh selling dragged the key indices to fresh intraday low in afternoon trade.

    The Sensex hit its lowest level in almost one week in late trade. The Nifty hit its lowest level in one week in late trade. The Sensex rose 134.76 points, or 0.40% at the day's high of 33,865.95 in early trade, its record high level. The index fell 389.37 points, or 1.15% at the day's low of 33,341.82 in late trade, its lowest level since 1 November 2017. The Nifty rose 33.95 points, or 0.32% at the day's high of 10,485.75 in early trade. The index fell 111 points, or 1.06% at the day's low of 10,340.80 in late trade, its lowest level since 31 October 2017.

    Among secondary barometers, the BSE Mid-Cap index provisionally fell 1.47%. The BSE Small-Cap index provisionally fell 1.35%. The decline in both these indices was higher than the Sensex's decline in percentage terms.

    The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,886 shares fell and 866 shares rose. A total of 119 shares were unchanged. Breadth was strong in early trade.

    The total turnover on BSE amounted to Rs 5228.57 crore, higher than turnover of Rs 5126.87 crore registered during the previous trading session.

    Metal shares tumbled. Steel Authority of India (down 6.74%), Hindustan Copper (down 4.43%), National Aluminium Company (down 3.49%), Tata Steel (down 2.26%), Hindalco Industries (down 2.22%), JSW Steel (down 1.66%), Bhushan Steel (down 1.65%), Jindal Steel & Power (down 1.57%), Hindustan Zinc (down 1.53%), Vedanta (down 1.08%) and NMDC (down 0.42%), edged lower.

    Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.93% at $3.128 per pound on the COMEX.

    Bharat Heavy Electricals lost 5.46%, with the stock extending intraday slide after the company announced Q2 September 2017 earnings. The result was announced during market hours today, 7 November 2017. Bhel's net profit rose 5.88% to Rs 115.42 crore on 5.83% decline in net sales to Rs 6168.36 crore in Q2 September 2017 over Q2 September 2016.

    Cipla lost 7.19%, with the stock retracting from 52-week high after reporting Q2 September 2017 results. The result was announced during market hours today, 7 November 2017. Cipla's consolidated net profit rose 19% to Rs 423 crore on 9% growth in total income from operations to Rs 4082 crore in Q2 September 2017 over Q2 September 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 18% to Rs 804 crore in Q2 September 2017 over Q2 September 2016. EBITDA margin edged up to 19.7% from 18.1% a year ago.

    Umang Vohra, MD and Global CEO, Cipla, said that the quarterly numbers reflect a progressive recovery for the company, as it recorded strong growth momentum across key markets. Cipla's US growth is getting a major boost with initiation of much-awaited product approvals. The domestic business witnessed significant ramp-up in-line with strong off-take. The company's efforts to improve cost efficiency continue to yield benefits, Vohra added.

    Lupin slumped 16.88% after the company announced that a combined warning letter was issued by the US drug regulator for the company's Goa and Indore, Pithampur Unit II, sites. The announcement was made during market hours today, 7 November 2017. Lupin said that the company has received warning letter issued by the United States Food & Drug Administration (USFDA) yesterday, 6 November 2017, for the company's formulation manufacturing facilities at Goa and Indore, Pithampur II.

    The company had responded to all the observations after earlier receiving 3 Form 483 observations in Goa on 7 April 2017 and 6 Form 483 observations in Pithampur Unit II on 19 May 2017. The company said that it is deeply disappointed to have received the current outcome. While there will be no disruption of existing product supplies from either of these locations, there will likely to be a delay of new product approvals from these two facilities. The company said that it upholds quality and compliance issues with utmost seriousness and remains fully committed to be compliant with cGMP quality standards across all its facilities. The company plans to address the concerns raised by the USFDA expeditiously and will work with the USFDA to resolve these issues at the earliest.

    On macro front, the government announced on Monday, 6 November 2017, a multi-agency investigation headed by the Central Board of Direct Taxes (CBDT) chairman, after media reports leaked financial documents called the Paradise papers that show alleged offshore dealings of 714 Indian individuals and entities. The government said the multi-agency group would also have representatives from the Enforcement Directorate, the Reserve Bank of India and the Financial Intelligence Unit.

    A collective of international journalists obtained the Paradise Papers from Bermuda-based offshore law firm Appleby and Singapore's business consulting company Asiaciti. The Finance Ministry said that the investigation units of the Income Tax Department have been alerted to take note of revelations for immediate appropriate action.

    Overseas, European shares were mixed as investors monitored a fresh batch of corporate earnings.

    Asian shares ended higher after Wall Street rose and turmoil in Saudi Arabia sent crude prices to two-year highs. Japan's Nikkei 225 ended with strong gains. Nikkei opened lower but later rose to the highest level since January 1992 as foreign investors chased the market higher on hopes for strong earnings from Japan Inc.

    Meanwhile, President Donald Trump arrived in South Korea Tuesday as a part of his 12-day trip to Asia.

    US stocks rose moderately Monday, helping the three main stock benchmarks to close at all-time highs. Healthy corporate earnings and merger talks between chip makers Broadcom and Qualcomm kept stocks in positive territory despite unsettling political developments in Saudi Arabia. The S&P 500 index rose 0.13%, the Dow Jones Industrial Average rose 0.04% and the Nasdaq Composite Index advanced 0.33%.

    In the global commodities market, Brent for January 2018 settlement was down 33 cents at $63.94 a barrel. The contract had jumped $2.20 a barrel or 3.54% to settle at $64.27 a barrel during the previous trading session.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 65.015, compared with its close of 64.68 during the previous trading session.

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