Share markets in India ended their trading session on a flattish note. Sectoral indices ended on a mixed note with stocks in the IT sector and pharma sector witnessing most of the selling pressure. Stocks from the energy sector were witnessing buying interest.
At the closing bell, the BSE Sensex stood flat and the NSE Nifty closed down by 6 points (down 0.1%). The BSE Mid Cap index ended the day up 0.2%, while the BSE Small Cap index ended the day down by 0.2%.
The rupee was trading at 72.33 against the US$.
Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.5% and the Shanghai Composite was down by 0.8%. The Nikkei 225 was up 0.1%.
From the pharma sector, Sun Pharma share price was in focus today. The stock witnessed selling pressure today as the company reported a consolidated net loss of Rs 2.2 billion for the September quarter on account of a Rs 12 billion provision for the settlement of the Modafinil antitrust case in the US.
From the automobile sector, Mahindra & Mahindra share price was also in focus today as the company reported a 26% jump in net profit at Rs 17.7 billion for the September quarter.
Speaking of quarterly results, you can check our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.
Also, it’s interesting to note that there is typically a big contrast between quarterly and annual earnings performance of companies and the extent to which they find favor among investors.
Over the last two months, for instance, stocks of companies that showed earnings recovery in September quarter were as beaten down from 52-week highs as the stocks that underperformed in earnings.
Beware of following such herds.
