Key benchmark indices ended with minor losses amid divergent trend in index pivotals. The barometer index, the S&P BSE Sensex, fell 2.50 points or 0.01% to settle at 35,141.99. The Nifty 50 index fell 6.20 points or 0.06% to settle at 10,576.30. Intraday volatility was high as the Sensex and the Nifty, both, alternately swung between positive and negative zone throughout the trading session. Gains triggered by steep fall in crude oil prices were offset by weak global cues.

Most IT shares declined after the rupee edged higher against the dollar. Public sector oil marketing companies (PSU OMCs) gained after overnight slide in crude oil prices.

The Sensex fell 2.50 points or 0.01% to settle at 35,141.99. The index hit high of 35,351.88 and low of 34,986.86 in intraday trade.

The Nifty 50 index fell 6.20 points or 0.06% to settle at 10,576.30. The index hit high of 10,651.60 and low of 10,532.70 in intraday trade.

Among secondary barometers, the BSE Mid-Cap index rose 0.19%. The BSE Small-Cap index fell 0.21%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1203 shares rose and 1393 shares fell. A total of 136 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE IT index (down 2.24%), the S&P BSE Teck index (down 1.86%), the S&P BSE Healthcare index (down 1.65%) underperformed the Sensex. The S&P BSE Oil & Gas index (up 1.18%), the S&P BSE FMCG index (up 0.94%), the S&P BSE Bankex (up 0.52%) outperformed the Sensex.

Maruti Suzuki India (up 3.16%), Asian Paints (up 2.73%), ONGC (up 2.72%), State Bank of India (up 2%) and IndusInd Bank (up 1.95%) were the major Sensex gainers.

Kotak Mahindra Bank (down 3.04%), Tata Motors (down 1.67%), Yes Bank (down 1.37%), Axis Bank (down 0.95%) and Vedanta (down 0.8%) were the major Sensex losers.

Mahindra & Mahindra (M&M) fell 2.62% after the company announced Q2 results during trading hours today, 14 November 2018. combined profit from ordinary activities after tax (after EI) rose 26% to Rs 1779 crore in Q2 September 2018 over Q2 September 2017. Combined revenues and other income rose 8% to Rs 13638 crore in Q2 September 2018 over Q2 September 2017. Combined operating profit margin (OPM) was reported at 14.5% in Q2 September 2018, lower than 16% in Q2 September 2017.

The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

In its outlook, M&M said that going forward, growth will be a function of evolving liquidity conditions as well as private and government spending. Among global factors, crude oil price behaviour and US-China trade policy manoeuvring will be the key factors to watchout for.

Most IT shares declined after the rupee edged higher against the dollar. Tech Mahindra (down 3.86%), HCL Technologies (down 3.53%), Infosys (down 1.84%), TCS (down 2.85%), Wipro (down 0.41%), MphasiS (down 0.94%), Oracle Financial Services Software (down 1.3%) edged lower. MindTree (up 0.34%), Hexaware Technologies (up 0.24%) and Persistent Systems (up 1.2%) edged higher.

In the foreign exchange market, the partially convertible rupee was hovering at 72.2925, compared with its close of 72.67 during the previous trading session. Appreciation in rupee dents top line of IT firms as these companies derive most of their revenues in dollar terms.

Public sector oil marketing companies (PSU OMCs) gained after overnight slide in crude oil prices. BPCL (up 4.52%), HPCL (up 4.75%) and Indian Oil Corporation (up 2.9%) edged higher.

Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

Sun Pharmaceutical Industries fell 7.36% after the company reported consolidated net loss of Rs 108.84 crore in Q2 September 2018 as compared to net profit of Rs 1001.79 crore in Q2 September 2017. Total income rose 5.56% to Rs 7288.78 crore. The result was announced after market hours yesterday, 13 November 2018.

Adjusted net profit for Q2 September 2018 was at Rs 996 crore with resulting adjusted net profit margin at 14.5%. After accounting for the provision of Rs 1214 crore for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs 219 crore.

Glenmark Pharmaceuticals fell 3.09%. The company's consolidated net profit advanced 93.35% to Rs 414 crore on 26.33% rise in total income to Rs 2888.39 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.

Ashok Leyland slumped 10.46%. The company's net profit surged 37.49% to Rs 459.58 crore on 24.53% rise in total income to Rs 7636.13 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.

The board of directors of the company have taken note of the resignation of Vinod K Dasari CEO & MD from the company with effect from 31 March 2019. Dheeraj Hinduja, chairman will take over as executive chairman with immediate effect.

Deepak Fertilisers & Petrochemicals Corporation fell 4.66% after consolidated net profit dropped 56.68% to Rs 18.51 crore on 44.45% rise in total income to Rs 1782.44 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.

The board of directors of the company approved the issue of non-convertible debentures aggregating Rs 500 crore on private placement basis or raising term loan aggregating Rs 500 crore from banks / financial institutions.

In the global commodities markets, Brent for January 2019 settlement was up 39 cents at $65.86 a barrel. The contract fell $4.65 a barrel or 6.63% to settle at $65.47 a barrel during the previous trading session.

India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.

On the economic front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 5.28% (provisional) for the month of October 2018 (over October 2017) as compared to 5.13% (provisional) for the previous month and 3.68% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 4.64% compared to a build up rate of 2.12% in the corresponding period of the previous year. The data was disclosed during trading hours today, 14 November 2018.

Overseas, European stocks were trading lower on Wednesday after Italy defied the European Union's call to revise its spending targets and oil prices dived further into bear market territory. Most Asian shares edged lower as investors worry about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.

US stocks closed mostly lower after a volatile session Tuesday as oil prices tumbled, dragging the energy sector sharply lower, and a resolution of the US-China trade war remained elusive.

On the US data front, the National Federation of Independent Business small-business optimism index declined 0.5 points to a seasonally adjusted 107.4 in October, a four-month low. Further, the US ran a $100 billion deficit in October, wider than the $63 billion deficit recorded in October 2017 as spending rose by double digits and receipts only increased by 7%, according to the Treasury Department.

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