Indian equity benchmarks edged lower led by decline in heavyweights like Infosys, State Bank of India, Larsen & Toubro and Tata Motors.The S&P BSE Sensex declined 0.16 percent to 33,213 and the NSE Nifty 50 Index slipped 0.27 percent to 10,335. However, this month Sensex rose 6.17 percent, posting biggest monthly gain of 2017.Ten out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal Index's 1.76 percent drop. On the other hand, the S&P BSE Telecom Index was the top sectoral gainer, up 1.46 percent..Consumer goods maker Dabur India Ltd. posted lower-than-anticipated quarterly earnings weighed down by currency and geopolitical disturbances.Net profit rose 1.2 percent year-on-year to Rs 362 crore versus estimate of Rs 370 croreRevenue fell 1.2 percent to Rs 1,958.9 crore versus estimate of Rs 2,032 croreEbitda up 2.9 percent at Rs 419.9 croreEbitda margin 21.4 percent versus 20.6 percent (YoY)Speaking to BloombergQuint Lalit Malik, chief financial officer at the Ghaziabad-based company said profit growth of 1.3 percent came because of GST implementation and steep currency devaluation in Egypt, Nigeria and Turkey. Healthcare segment will well next quarter and we hope maintain volume growth of 5-10 percent, added Malik..Cyient has 1.11 crore shares (9.9 percent) equity change hands at Rs an average price of Rs 525 per share. Stock falls 3.2 percent to Rs 540.Bank of Baroda has 34.1 lakh shares change hands in blockBharti Infratel has 57 lakh shares change hands in a blockLanco Infratech has 11 lakh shares change hands in a block on the National Stock ExchangeNetwork 18 has 90 lakh shares (0.9 percent equity) change hands at Rs 49.30 in multiple blocks on the NSE and BSEBharat Electronics has 12 lakh shares change hands in a blockBuyers and sellers were not immediatelySource: Bloomberg.Shares of the Mumbai-based infrastructure company ended 1.27 percent lower at Rs 163.5 after it reported July-September quarter earnings.Net profit at Rs 17.21 crore against loss of Rs 6.75 croreRevenue from operations up 342 percent to Rs 158.6 crore (YoY)Total costs at Rs 162.16 crore versus 53.79 croreSpeaking to BloombergQuint, Sandeep Garg, managing director at Welspun Enterprises said the company's balance sheet remains strong with zero debt on a standalone basis. He added that the company expects revenue in the range of Rs 12,000 crore this financial year and profits to grow at 30 percent on annually..The S&P BSE Sensex was headed for the best monthly gain of 2017, up over 6 percent in OctoberBharti Airtel, State Bank of India, Reliance Industries, Adani Ports and ONGC were among the top five Sensex stocks, up 12-28 percent so far, this monthBroader markets also posted best monthly gains in October with the S&P BSE MidCap and S&P BSE SmallCap indices rising 7.5 and 9.2 percent respectively.Marico Ltd.’s quarterly results matched analyst estimates during the July-September on healthy volume growth.Net profit rose nearly 3 percent to Rs 185 crore versus estimate of Rs 184 croreNet sales increased 6.7 percent to Rs 1,536.2 crore (YoY)Ebitda rose 2.4 percent to Rs 259 croreEbitda margin at 16.9 percentSpeaking to BloombergQuint Saugata Gupta, MD & CEO at Marico said the company had a near normal second quarter and going ahead in the second half of current financial year it will post volume growth of 8-10 percent..Shares of the FMCG company rose over a percent despite missing Bloomberg consensus estimates in the September quarter.Net profit at Rs 362 crore versus estimate of Rs 370 croreRevenue at Rs 1,958 crore versus estimate of Rs 2,032 croreTotal costs at Rs 1,590 crore.Shares of the Mumbai-based drugmaker rose 3.85 percent to Rs 1,283 after its revenue beat consensus Bloomberg estimates in July-September quarter.Net profit up rises marginally to Rs 132 croreRevenue at Rs 540 crore versus estimate of Rs 496 croreTotal costs at Rs 370 crore.Shares of the Gurugram-based tractor maker declined 0.9 percent after its profit missed consensus Bloomberg estimates in July-September quarter.Net profit more than doubled to Rs 77.5 crore versus estimate of Rs 78.6 crforeRevenue at Rs 1210 crore versus estimate of Rs 1,300 croreTotal costs at Rs 1,100 crore.Shares of the Ahmedabad-based air cooler maker rose as much as 9.4 percent, the most in over seven months, to Rs 1,472 after it beat consensus Bloomberg estimates in September quarter.Net profit more than doubles to Rs 50.67 crore versus estimate of Rs 44.5 croreRevenue rises 42 percent to Rs 184 crore versus estimate of Rs 174 croreTotal costs at Rs 122 croreOther income at Rs 10.43 crore.Shares of the publishing and broadcasting company declined 1.3 percent to Rs 363 after its profit missed consensus Bloomberg estimates in September quarter.Net profit slips 12 percent to Rs 78.68 crore versus estimate of Rs 88.2 croreRevenue rises 5.4 percent to Rs 568 crore versus estimate of Rs 561 croreTotal expenses at Rs 453 crore versus 409.7 crore.Shares of the country's third biggest private lender extended gains, rising as much as 7.3 percent, the most in over 20 months, to Rs 519.45. Bain Capital is said to be in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector, The Economic Times newspaper reported citing unnamed sources..Shares of the website operator rose 2.2 percent to Rs 1,161 after its net profit beat consensus Bloomberg estimates in July-September quarter.Net profit declines 1.9 percent to Rs 78.5 crore versus estimate of Rs 66.5 croreRevenue rises 7 percent to Rs 225.2 crore versus estimate of Rs 233 croreOne-time loss of Rs 4.08 crore.Shares of the Chennai-based mobile handset maker rose as much as 1.4 percent to Rs 161.70 after the company declared its July-September quarter earnings.Net profit rises 12.35 percent to Rs 112.57 crore versus Rs 100.19 crore (YoY)Revenue from operations at Rs 10,544 crore versus Rs 9,725 crore (YoY)Total expenses at Rs 10,399.15 crore versus Rs 9,595 crore.Shares of the Hyderabad-based drugmaker rose as much as 1.9 percent to Rs 2,485 after it beat consensus Bloomberg estimates in July-September quarter.Revenues down 1.6 percent at Rs 3,559 crore versus estimate of Rs 3,715 croreNet profit down 1.3 percent at Rs 305 crore versus estimate of Rs 385 croreEBITDA up 6.5 percent at Rs 668 crore versus estimate of Rs 601 croreMargins at 18.8 percent versus 17.4 percent against estimate of 16.2 percentGlobal generics revenues down 1 percentPharma Services & Active Ingredients (PSAI) revenues down 2 percentProprietary revenues up 10 percentNorth America revenues down 11 percent (YoY)Europe revenues up 36 percentIndia revenues up 2 percent (YoY)Emerging market revenues up 14 percentCapital expenditure at Rs 280 croreR&D spend low as milestone payments deferred.Newly-listed Reliance Home Finance's net profit more than doubled in the July-September quarter.Net profit jumped 105 percent to Rs 41 crore from Rs 20 crore (YoY)Revenue from operations rose 51 percent to Rs 289 crore versus Rs 258 crore (YoY)Total expenses advanced 49 percent to Rs 348 crore versus Rs 234 crore (YoY)Speaking to BloombergQuint Ravindra Sudhalkar, executive director and CEO at the Mumbai-based mortgage lender said loan book of affordable housing remains around 19-20 percent and he expects affordable housing assets under management (AUM) to grow at nearly 50 percent over next three years..Shares of the Chandigarh-based steel wheel rim maker rose as much as 1 percent to Rs 875 after it won first export order new truck wheels plant in Chennai, the company said in a stock exchange filing.Total order is for 30,000 truck wheels to be supplied over next 12 months..Shares of the Delhi-based automotive air-conditioning system maker rose as much as 2.7 percent to Rs 279.85 after it won order worth Rs 10 crore from the Indian Railways, Subros said in a stock exchange filing.The company has also been shortlisted by two major Tier 1 suppliers of Indian Railways — Bombardier India and Medha Servo Drives for future projects with Integral Coach Factory, Chennai..Shares of the country's biggest telecom service provider were trading 0.7 percent lower at Rs 487.45 ahead of its July-September quarter earnings which will be announced later today.Here's what to watch in Q2:.Shares of the Secunderabad-based chemical maker rose as much as 16.7 percent, the most in 20 months, to Rs 516, also its record high after the company reported September quarter earnings.Revenue up 17 percent at Rs 201 croreNet profit up 34 percent at Rs 29 crore.EBITDA up 29 percent at Rs 51 croreMargin at 25.37 percent versus 22.96 percent.Shares of the Anil Ambani-led telecom operator rose as much as 16.2 percent, the most since August 14, to Rs 18.30 a day after lenders agreed to take control of Reliance Communications Ltd. after the company’s debt-reduction plan failed.Deal HighlightsThe banks have decided to convert Rs 7,000 crore of loans into equityThe conversion will take place between December 7 and 15The lenders will get at least 51 percent stake in the operator after they invoked the Strategic Debt Reduction mechanismRCom has been struggling to repay loans amid hyper-competition and skimming tariffs in the telecom industry.Shares of India's third largest private lender rose as much as 4.1 percent, the most since October 25, to Rs 503.95. Bain Capital is said to be in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector, The Economic Times newspaper reported citing unnamed sources..Indian equity benchmarks edged lower tracking weakness in heavyweights like HDFC Bank, Reliance Industries, Infosys and Dr. Reddy's Labs.The S&P BSE Sensex fell 0.15 percent to 33,215 and the NSE Nifty 50 Index declined 0.2 percent to 10,341.Ten out of 19 sector gauges were trading lower led by the S&P BSE Information Technology Index's 0.6 percent drop. On the other hand, the S&P BSE Consumer Durables Index was the top sectoral gainer, up 0.8 percent..The mood at India's sovereign bond market has turned from bad to worse. The central bank's move to drain liquidity while sticking to its scheduled bond auctions is weighing on the market.Higher crude oil prices and a concern on fiscal discipline has further added to the misery. Yield on the 10-year note jumped 8 basis points in the last session coming precariously close to 6.90 percent and yields have risen 41 basis points since July end. Now this high yield may attract buyers but given the weak outlook on further rate cuts, it won't be enough to turn the sentiment. Investors expect a range of 6.85-6.90 percent yield on the 10-year note. Market will also be watching out for the fiscal deficit data today.In the currency market, Indian rupee clocked its biggest gain in a fortnight in the last session, rising 0.3 percent. However, with a number of global events on the horizon, including key monetary policy decisions and economic data, investors are likely to stay away from riskier assets. The rupee may trade in a range of 64.75-65 a dollar in the session..Nifty November futures closed at 10,388.4, premium of 24.8 pointsNovember contracts: Nifty open interest up 2 percent; Bank Nifty open interest up 3 percentIndia VIX closed 5.5 percent higher at 12.11Max open interest for Nov series shifts from 10,500 to 10,400 Call (open interest at 32.1 lakh, up 9 percent)Max open interest for November series at 10,000 Put (open interest at 48.9 lakh, up 5 percent).Bharti AirtelDr. Reddy’s LaboratoriesAjanta PharmaBlue StarCapital FirstCholamandalam Investment And FinanceContainer CorpDabur IndiaDivi's LaboratoriesEscortsFuture RetailIDBI BankInfo EdgeInox LeisureInterGlobe AviationIRB Invit FundJSW SteelKPIT TechnologiesMax Ventures And IndustriesPolaris Consulting & ServicesSanofi IndiaSBI Life InsuranceSintex Plastics TechnologyStrides ShasunSymphonySyndicate BankWelspun EnterprisesZee Media Corporation.Balaji Amines (Q2FY18, YoY)Revenue up 17 percent at Rs 201 croreNet profit up 32 percent at Rs 29 croreEBITDA up 29 percent at Rs 51 croreMargin at 25.37 percent versus 22.96 percentBharat Electronics (Q2FY18, YoY)Revenue up 45 percent at Rs 2476 croreNet profit up 19.1 percent at Rs 412 croreEBITDA up 75.8 percent at Rs 595 croreMargin at 24.0 percent from 19.9 percentAutomobile Corp of Goa (Q2FY18, YoY)Revenue up 39.2 percent at Rs 142 croreNet profit up 51 percent at Rs 7.7 croreEBITDA up 25.7 percent at Rs 9.3 croreMargin at 6.5 percent from 7.3 percentLakshmi Machine Works (Q2FY18, YoY)Revenue down 1.4 percent at Rs 573 croreNet profit up 21.05 percent at Rs 46 croreEBITDA up 21.15 percent at Rs 63 croreMargin at 10.99 percent from 8.95 percentCentral Bank of India (Q2FY18, YoY)Net Interest Income up 0.8 percent at Rs 1708 croreNet loss of Rs 750 crore from net loss of Rs 642 croreGNPA at 17.72 percent versus 18.23 percent (QoQ)NNPA at 9.53 percent versus 11.04 percent (QoQ)Provisions up 54.6 percent at Rs 1962 crore (QoQ)LIC Housing Finance (Q2FY18, YoY)Revenue up 7 percent at Rs 3687 croreNet profit down 1 percent at Rs 489 croreNet interest income up 2.6 percent at Rs 916.5 croreTata Steel (Q2FY18, YoY)Revenue up 25 percent at 32,464 croreNet profit at 1018 crore from a loss of Rs 49 croreEBITDA up 53 percent at 4,726 croreMargin at 15 percent versus 12 percentBharti Infratel (Q2FY18, YoY)Revenue up 11 percent to Rs 3,648 croreNet profit down 17.6 percent to Rs 638 croreEBITDA up 12.4 percent to Rs 1,634 croreMargin at 44.8 percent versus 44.2 percentSintex Industries (Q2FY18, YoY)Revenue up 70 percent at Rs 727.5 croreNet profit down 38 percent at Rs 28 croreEBITDA down 10 percent at Rs 60.5 croreMargin at 8.3 percent versus 15.7 percentIDFC (Q2FY18, YoY)Revenue from operations fell 2 percent to Rs 2647 croreNet interest income down 22.7 percent at Rs 837 croreNet profit down 35.8 percent at Rs 181 croreAstra Microwave (Q2FY18, YoY)Revenue down 39 percent at Rs 54.55 croreNet profit down 48.7 percent at Rs 10 croreEBITDA down 31.6 percent at Rs 21.55 croreMargin at 39.5 percent versus 35.2 percentOnmobile (Q2FY18, QoQ)Revenue up 1.2 percent at Rs 166 croreNet profit down 26 percent at Rs 1.85 croreEBITDA down 15 percent at Rs 17 crore vs Rs 20 croreMargins at 10.2 percent versus 12.2 percentEIH (Q2FY18, YoY)Revenue down 0.1 percent at Rs 272.3 croreEBITDA down 35 percent at Rs 8.8 croreMargins at 3.2 percent versus 5 percentProfit fell 47.4 percent to Rs 2 crore.Mahindra Logistics Ltd. initial public offer opens today with an issue price of Rs 425-429 per share.Aster DM Healthcare plans to list in Mumbai; IPO roadshows in November, December..Infosys: Ex-entitlement basis for buyback eligibilityShifted to BZ cateogory for 2 quarters: Bharati Defence, Servalakhsmi Paper, Sharon Bio, and Shilpi Cable Technologies.Suhyog Terminals & Manaksia Steels: Circuit filter revised to 10 percent.Bharat Road NetworkCorporation San Finance bought 8 lakh shares or 1 percent equity stake at Rs 173.22 eachPI IndustriesCartica Capital sold 44.25 lakh shares or 3.2 percent equity stake at Rs 775 eachPrakash IndustriesBNP Paribas Arbitrage sold 9.74 lakh shares or 0.6 percent equity stake at Rs 141.34 eachVeto Switchgear CablesVeto Electropowers India sold 1 lakh shares or 0.5 percent equity stake at Rs 203 eachSORIL Holdings and Ventures LtdAnil Bansilal Lodha sold 5 lakh shares or 1 percent equity stake at Rs 90.95 each.Credit Suisse on Kajaria CeramicsMaintain ‘Neutral’ with price target of Rs 675.Volume growth remains muted at 5 percent during the previous quarter.Higher cost could have hurt margins; higher oil prices can pressure margins in the second half of current financial year.EPS for the current and next financial year cut by 8 percent and 10 percent respectively, on lower sales growth and margins.Medium-term industry growth and Kajaria’s positioning are attractive, near-term growth remains muted.Goldman Sachs on Kajaria CeramicsMaintain ‘Buy’; Cut price target to Rs 825 from Rs 850.July-September results were operationally in-line.Despite construction market remaining muted, expect 11 percent and 20 percent growth in volume and Ebitda respectively.Cut Ebitda for five financial years till March 2023 by 2-3 percent due to change in mix and EPS by 4-7 percent on higher tax rate.Kajaria to benefit from increased penetration in the tiles sector, government focus on housing and consolidation.Morgan Stanley on IDFC-ShriramMerger called off most positive for Shriram Transport Finance.Expect improvement in asset quality and return on asset expansion.Expect earnings to grow at a compound annual growth rate of 34 percent over three financial years till March 2020 and return on equity to improve to 19 percent by the financial year ending march 2020.Morgan Stanley on MaricoMaintain ‘Underweight’ with price target of Rs 270Earnings during the previous quarter remained in-line; Rising input costs impact margins.Expect only 8 percent earnings growth in the current financial year.Management expects volume growth of 8-10 percent in the second half of current financial year for domestic business.Operating margins to be 20 percent in the current financial year, owing to input cost pressures and increased ad spend.Citi on MaricoMaintain ‘Buy’ with price target of Rs 360.Steady rebound in the previous quarter; Margins better than expected.Expect better trends in the second half of current financial year, partially aided by the weak base of the present quarter (demonetisation) and stable margins.Strong competitive positioning is a key positive, could be further enhanced longer term with the Goods and Services Tax.Jefferies on HDFCMaintain Hold; Hiked price target to Rs 1,720 from Rs 1590.Previous quarter was in-line with asset under management growth of 17 percent.Non-provisioning loans are trending up gradually - nothing too worrisome.Expect asset under management and earnings per share to grow at a compound annual growth rate of of 18 percent and 11 percent respectively over the three financial years till March 2020.Weak volumes and asset quality worries are the downside risks.Better volume and net interest margins are the upside risks.Macquarie on HDFCMaintain ‘Outperform’ with price target of Rs 1,890.July- September period was stable and RERA impact not as pervasive.Asset under management growth was stable; Will see favourable base in the second half of current financial year.Net interest margins declined as non-individual loan spreads shrunk faster than individual loan yieldsListing of HDFC Standard Life in current quarter will be the next catalyst for the stock.Credit Suisse on LupinMaintain ‘Underweight’; Cut price target to Rs 900 from Rs 920.Weak quarter with 14 percent decline in U.S. sales QoQ.Cut earnings per share estimates for the current and next financial year by 4 percent and 7 percent respectively to factor weakness of U.S. sales.Lupin has high risk that the financial year ending March 2020 profit is likely to be flat.CLSA on Tata SteelMaintain ‘Buy’ with a price target of Rs 880.September quarter showed good growth, but slight miss.Margins should improve in both India and Europe in the second half of current financial year.Steel prices in both India and Europe have started to improve and coking coal costs have remained lower.Remain positive on strong outlook for its India business and likelihood of European joint venture going through.Morgan Stanley on UPLMaintain ‘Overweight’; Cut price target to Rs 960 from Rs 1,018.Previous quarter results were in-line at operating level.Cut earnings per share estimates for the three financial years till March 2020 by 5 percent, 10 percent and 10 percent each, to factor in INR appreciation and higher tax rates.Market conditions remain challenging, but UPL should grow profitably ahead of the market.Expect revenue to grow at 13 percent growth rate over the three financial years till March 2020 and 225 basis points margin expansion over the next three years.Build positions into weakness ahead of a seasonally strong quarter.Citi on UPLMaintains Buy; Cut price target to Rs 1,020 from Rs 1,080.July-September: Holding fort in a challenging year.Cut EPS estimates for the three financial years till March 2020 by 6.5 percent, 5.2 percent and 4.3 percent respectively to account for lower topline growth guidance.Company’s ability to grow and gain market share illustrate structural improvements in business model and should support valuations.Morgan Stanley on LIC Housing FinanceMaintain Overweight with price target of Rs 750.Previous quarter was weak due to higher than expected provisions and lower net interest margins.Overall loan growth was broadly steady, but home loan growth remained sluggish.Most of the near-term pressure on net interest margin could have come through and NIM should eventually head higher..IDFC and Shriram Group called off merger as both parties were unable to agree on a mutually acceptable swap ratioBharti Infratel has decided to explore and evaluate acquisition of stake in one or more tranches in Indus TowersReliance Communications makes debt resolution proposals to cut debt by Rs 17,000 crore through asset monetisationZen Technologies got Rs 224 crore order from Indian governmentTitagarh Wagons in pact for JV with Italy's MERMEC for Railway Signalling SystemGTL Infrastructure completed exchange of existing bonds to reduce its debtBalaji Amines to invest Rs 66 crore in Balaji Speciality Chemicals Pvt Ltd.Thomas Cook acquired 100 percent stake in TC Forex Services from Tata Capital Ltd.Bain Capital is said to be in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector. (Economic Times)Canada’s Brookfield Asset Management and Resurgent Power have bid for debt-ridden Jaiprakash Power Ventures. (Economic Times)The Air France-KLM combine is close to forming a commercial joint venture with Jet Airways (Economic Times).Lenders to take over Anil Ambani’s RComBharti Infratel looks to take over Indus TowersIDFC-Shriram Group call off merger talksCourt a step away from naming Ketan Parekh a proclaimed offenderChina factory PMI falls from five-year highExisting investors pump $13 million as BigBasket nears deal with PaytmBank recap boost to help clear bad loan mess, says Kotak’s SriniwasanIndia expects improvement in World Bank’s ease of doing business rankingEarnings Today: Can Bharti Airtel shrug off Jio impact in Q2?Losses at fraud-hit Ricoh India hit Japanese parentThree Trump associates charged in Russia collusion probe.Good Morning!The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, declined 0.1 percent to 10,390.Most equities in Asia declined as bonds added to gains, showing caution is creeping into markets with investors assessing developments on tax reform and ahead of key monetary policy decisions, economic data and earnings reports. .Here are some key upcoming events this week:The U.S. central bank’s next rate decision is on Wednesday, with economists expecting policy makers to hold rates for now and to increase them at the December meeting.The U.S. October payroll report comes out Friday.Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.A probable Bank of England rate hike on Thursday will be the first in a decade.Euro-area GDP growth is seen slowing, while GDP reports from France and Spain and national CPI prints from the big four euro-zone economies are also among data piling up this week.The slew of earnings releases will culminate with Apple Inc. results on Friday.CommoditiesWest Texas Intermediate crude was little changed at $54.05 a barrel. It climbed 0.5 percent to $54.15 a barrel Monday, the highest in eight months.Gold was steady at $1,275.66 an ounce.