Sensex Volatile, Nifty Drops Over 140 Points From Day’s High As Auto Shares Drag ; Yes Bank, Axis Bank top losers

Benchmark indices BSE Sensex and NSE’s Nifty 50 advanced over 1% today as second-quarter earnings seem to have boosted investor sentiment amid continued recovery in global markets. Infosys shares rose over 3.5% after the company announced its September-quarter results on Tuesday after markets. In Asian markets, stocks in Japan, China and Australia shares rose after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies. Oil prices edged up as industry data showed a surprise decline in US crude inventories, while global gold prices held near recent 11-week highs at $1,223.18. Minutes of the last Fed meeting are due out later Wednesday are expected to show policy makers remain committed to further gradual tightening. Here are the latest updates from the markets:

India’s NSE Nifty 50 Index wiped out intraday gains as auto, housing finance and real estate shares came under selling pressure.

The Nifty 50 Index fell 0.1 percent to 10,577 and the S&P BSE Sensex rose 0.3 percent or 113 points to 35,275.

Eight of 11 sector gauges compiled by the National Stock Exchange declined led by Nifty Realty and Nifty Auto Indices’ over 1.5 percent fall. On the flipside, the Nifty FMCG Index was top gainer, up 1 percent.

Mid- and small-cap shares were underperforming larger peers as the Nifty Midcap 100 Index declined 0.9 percent and the Nifty Smallcap 100 Index dropped 1 percent.

Indiabulls Housing Finance Slumps On Heavy Volumes
Shares of the Mumbai-based non-banking mortgage lender fell as much as 13.26 percent, the most since Sept. 25, to Rs 787 on heavy volumes.

Trading volume was three times its 20-day average, data compiled by Bloomberg showed.

As many as 95 lakh shares changed hands on the National Stock Exchange, according to information on the National Stock Exchange.

Hero MotoCorp Swings Despite Profit Meeting Estimates In Q2
Shares of the country’s largest two-wheeler maker swung after its profit met in September quarter.

Key earnings highlights:

Revenue up 8.6 percent at Rs 9,091 crore.
Net profit down 3.4 percent at Rs 976.3 crore.
Ebitda down 5.3 percent at Rs 1,378.7 crore.
Margin at 15.2 percent versus 17.4 percent.
Other Income at Rs 223.7 crore versus Rs 117.6 crore.

F&O Check: Nifty 10,800 Call Most Active On NSE
Nifty’s 10,800 strike price call option contract was among the most active option contracts on the National Stock Exchange.

Premium on the contract rose 14 percent to Rs 33.95. Over 2.93 lakh shares were added to the open interest which stood at 33.34 lakh shares.

ITC Advances After Block Deal
ITC has 11.9 lakh shares change hands in a block deal. Stock up 2.6 percent at Rs 290.

Nifty Drops Over 140 Points From Day’s High
Nifty 50 Index dropped over 140 points from day’s high as banking, finance and auto stocks came under selling pressure.

The Nifty 50 Index declined 19 points or 0.2 percent to 10,565 and the S&P BSE Sensex was little changed at 35,163.

Top Five Nifty Losers

Indiabull Housing Finance fell 8.9 percent
Yes Bank fell 5.3 percent
Bajaj Finance drops 4.3 percent
BPCL down 4.2 percent
Axis Bank down 3.4 percent

NIIT Technologies Swings After Q2 Earnings
Shares of the Noida-based IT services company swung between gains and losses after it reported July-September quarter earnings.

Key earnings highlights:

Net profit up 30 percent at Rs 112 crore versus Rs 85.8 crore; Bloomberg estimate of Rs 93.61 crore (QoQ)
Revenue up 10 percent at Rs 907.4 crore versus Rs 825 crore (QoQ)
EBIT up 32.7 percent at Rs 130.4 crore versus Rs 98.3 crore (QoQ)
Margin at 14.4 percent versus 11.9 percent (QoQ)

KRBL, Rupa Among Shares Moving On Heavy Volumes
KRBL: The Delhi-based rice exporter rose as much as 5.6 percent to Rs 365. Trading volume was 29 times its 20-day average.
Rupa & Co.: The Kolkata-based innerwear maker rose as much as 12.21 percent to Rs 363. Trading volume was 13.5 times its 20-day average.
Dilip Buildcon: The Bhopal-based road construction company fell as much as 14.7 percent to Rs 458. Trading volume was 8 times its 20-day average.
Century Plyboards: The Kolkata-based plywood maker fell as much as 8.4 percent to Rs 189. Trading volume was 7 times its 20-day average.