Benchmark indices tanked over 2% on the very first trading session of the week over the concerns of future growth of economy after the demonetization move of Govt of India, besides the US bond market yield also surged which has increased the possibility of foreign money outflow from the emerging economies.
The selling was observed all around the sectors except for the IT shares. Nifty closed the session to settle at 8126.35.
Global Markets Update
Jaguar Land Rover is jumping on the electric SUV bandwagon. The company plans to deliver its I-Pace vehicle in 2018, with other luxury carmakers close behind.
European shares climbed higher in early trading on Tuesday, helped by energy stocks tracking a rally in crude oil prices and bond-proxy sectors such as utilities rebounding following a slight drop in yields.
Hindustan Petroleum Corporation missed analyst’s expectation as net profit tanks sharply by 66.6% which stood at Rs 701.3 crore on the back of weak operational performance. Revenue during the quarter dips by 7.4 percent to Rs 47822.5 crore against Rs 51661 crore in previous quarter.
Bharat Forge shares gains 4 percent in an otherwise market ahead of board meeting to consider US acquisition. The meeting of finance and risk management committee is scheduled, on November 18, to consider and approve the proposed acquisition of a target entity based out of North America.
Hindalco surged after posted three-fold jump in standalone net profit at Rs 440 crore on the back of strong operational performance.
Tata Motors shares tanks in early trades after the auto major’s second quarterly profit fell short of expectations as posted consolidated profit after tax of Rs 848 crore led by robust sales of its British arm Jaguar Land Rover across various overseas markets.
Bank of Baroda shares gains in an otherwise market after reported over four-fold jump in net profit at Rs 552 crore for the second quarter. Net interest income increased 5.6% to Rs 3426 crore.
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