Indian Stock Market - Tata Motors spurts after good Q2 results

Key benchmark indices extended recovery in mid-morning trade as concerns about India's fiscal and current account deficit eased after a sharp slide in crude oil prices on Wednesday, 7 November 2012. The barometer index, BSE Sensex, was down 61.88 points or 0.33%, up 104.08 points from the day's low and off 9.32 points from the day's high. The market breadth was negative. Index heavyweight Reliance Industries (RIL) hovered in negative zone. Index heavyweight and cigarette major ITC was also in red.
Bank stocks slipped on profit booking. Capital goods stocks declined. Tata Motors surged after announcing Q2 result after trading hours on Wednesday, 7 November 2012.
Key benchmark indices cut initial losses triggered by fears about upcoming fiscal challenges for the United States, the world's biggest economy. Key benchmark indices traded off initial lows in morning trade as concerns about India's fiscal and current account deficit eased after a sharp slide in crude oil prices on Wednesday, 7 November 2012. Market extended recovery in mid-morning trade.
At 11:18 IST, the BSE Sensex was down 61.88 points or 0.33% to 18,840.53. The index lost 165.96 points at the day's low of 18,736.45 at the onset of the trading session, its lowest level since 6 November 2012. The index fell 52.56 points at the day's high of 18,849.85 in mid-morning trade.
The S&P CNX Nifty was down 24.15 points or 0.42% to 5,735.95. The index hit a low of 5,693.95 in intraday trade, its lowest level since 6 November 2012. The index hit an intraday high of 5,738.40 in intraday trade
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,208 shares declined and 1,107 shares advanced. A total of 123 shares were unchanged.
The total turnover on BSE amounted to Rs 1061 crore by 11:20 IST compared to Rs 506 crore by 10:20 IST.
From the 30-share Sensex pack, 23 stocks declined while the rest of them rose.
Index heavyweight Reliance Industries (RIL) was down 0.82% to Rs 793.90. The stock hit a high of Rs 797.20 and low of Rs 790.25 so far during the day.
Index heavyweight and cigarette maker ITC shed 0.12% to Rs 289.45. The Ministry of Health and Family Welfare last month notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. The Ministry of Health and Family Welfare said in a statement on 22 October 2012 that three sets of warnings each have been notified for smoking as well as smokeless forms of tobacco product packages. The well-designed health warnings and messages are part of a range of measures to communicate health risks due to tobacco use. Pictorial health warnings communicate health risks in a visible way, provoke a greater emotional response and increase the motivation of tobacco users to quit and to decrease their tobacco consumption, the ministry's statement said. Graphic warning labels have a greater impact than text-only labels and can be recognized by low-literacy audiences and children, the statement added.
Shares of ITC had hit record high on 19 October 2012 after the company announced strong Q2 results during trading hours on that day. The stock had hit record high of Rs 299.20 in intraday trade on 19 October 2012. ITC's net profit jumped 21.27% to Rs 1836.42 crore on 18.65% growth in income from operations to Rs 7226.58 crore in Q2 September 2012 over Q2 September 2011.
Bank stocks slipped on profit booking. Private sector banking giant ICICI Bank fell 1.35%. ICICI Bank's net profit jumped 30% to Rs 1956 crore in Q2 September 2012 over Q2 September 2011. Net interest income jumped 35% to Rs 3371 crore and non-interest income jumped 17% to Rs 2043 crore in Q2 September 2012 over Q2 September 2011. Net interest margin improved to 3% in Q2 September 2012 from 2.61% in Q2 September 2011. Cost-to-income ratio reduced to 40.9% in Q2 September 2012 from 44.4% in Q2 September 2011. The result was announced on 26 October 2012.