Recovery in bank stocks aided intraday recovery for key benchmark indices in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was off 80.69 points or 0.29% at 27,281.27. The 50-unit CNX Nifty was off 25.25 points or 0.31% at 8,235.30. Earlier, the Nifty hit 1-1/2-week low when it fell 43.50 points or 0.52% at the day's low of 8,217.05 in mid-morning trade. The Sensex hit its lowest level in almost a week when it fell 152.44 points or 0.55% at the day's low of 27,209.52 in mid-morning trade.
The market breadth indicating the overall health of the market was negative. On BSE, 1,363 shares fell and 1,081 shares rose. A total of 153 shares were unchanged. The BSE Mid-Cap index was up 0.2%. The BSE Small-Cap index was up 0.1%. Both these indices outperformed the Sensex.
In overseas stocks markets, Asian stocks dropped on caution ahead of the outcome of a monetary policy review from the US Federal Reserve which could provide clues about the timing of the Fed's first interest rate hike in a decade. The Fed is widely expected to leave benchmark interest rates unchanged near zero after the conclusion of a two-day monetary policy meeting tomorrow, 28 October 2015. US stocks mostly fell yesterday, 26 October 2015, as oil prices slumped.
Telecom stocks declined. Reliance Communications (down 1.14%), MTNL (down 0.09%) and Tata Teleservices (Maharashtra) (down 1.65%) declined. Idea Cellular rose 1.35%. Shares of Bharti Airtel were currently almost unchanged for the day at Rs 351.60.
Aviation stocks rose after InterGlobe Aviation, the owner of India's largest passenger airline IndiGo, yesterday, 26 October 2015, raised Rs 832.03 crore from a clutch of anchor investors by selling shares at the upper end of Rs 700-765 per share price band for its initial public offer (IPO). Jet Airways (India) (up 1.82%) and SpiceJet (up 5.98%) edged higher. The IPO of InterGlobe Aviation opened for bidding today, 27 October 2015. The issue comprises of fresh issue of equity shares aggregating Rs 1272.20 crore and offer for sale of up to 2.28 crore shares by existing shareholders of the company.
Manpasand Beverages rose 1.23% after the company's announcement that it has entered into a tie up with ice cream and food retailing major Havmor Ice Cream. The company made announcement after market hours yesterday, 26 October 2015. Manpasand Beverages' flagship mango-based brand 'Mango Sip' and recently launched 'Fruits Up' brand will be made available at around 210 food outlets of Havmor spread across Gujarat, Murnbai and Punjab to start with.
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Asian Granito India gained 4.03% after net profit rose 13.9% to Rs 4.50 crore on 9.5% growth in net sales to Rs 235.40 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours yesterday, 26 October 2015.
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