Key benchmark indices traded almost unchanged after recovering from lower levels in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was almost unchanged at 33,265.61. The Nifty 50 index was down 4.30 points or 0.04% at 10,359.35. Investors took some cash off the table after indices scaled record highs yesterday, 30 October 2017.
Indices opened lower, tracking mixed cues in the Asian market and lower close for US stocks overnight. Trading turned volatile as the session proceeded as key benchmark indices re-entered negative terrain after hitting fresh intraday high in morning trade. Stocks hit fresh intraday low in mid-morning trade as selling pressure intensified. Market recovered from lower level later during the session.
Among secondary barometers, the BSE Mid-Cap index was up 0.2%. The BSE Small-Cap index was up 0.46%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,337 shares rose and 1,197 shares fell. A total of 148 shares were unchanged.
Auto stocks were mixed. Mahindra & Mahindra (M&M) (down 1.53%), Bajaj Auto (down 0.15%), Tata Motors (down 1.34%) and TVS Motor Company (down 0.03%) declined. Ashok Leyland (up 1.94%), Maruti Suzuki India (up 0.02%), Eicher Motors (up 0.43%), and Hero MotoCorp (up 0.64%) gained.
Most capital goods stocks gained for the sixth straight day. Bharat Heavy Electricals (Bhel) (up 2.3%), BEML (up 1.19%), ABB India (up 0.07%), CG Power & Industries (up 2.44%), SKF India (up 0.89%), and Siemens (up 1.21%) gained. L&T fell 1.3%.
Bharat Electronics gained 5.39% after net profit rose 19.1% to Rs 412.39 crore on 46.1% rise in net sales to Rs 2431.73 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
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Balaji Amines spurted 18.14% after net profit rose 34.2% to Rs 29.16 crore on 16.9% rise in net sales to Rs 201.19 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 30 October 2017.
Separately, Balaji Amines said after market hours yesterday, 30 October 2017, that its board of directors approved investment in Balaji Speciality Chemicals. Balaji Speciality Chemicals is into manufacturing of specialty chemicals. The company shall acquire upto 55% stake in Balaji Specialty Chemicals in one or more trenches. Balaji Amines will acquire 2.2 crore shares of the face value of Rs 10 each at premium of Rs 20 per share aggregating to Rs 66 crore in tranches. After completing the acquisition, the target company will become its subsidiary company and will enable the company to exercise management control.
Overseas, most Asian stocks gained following weak closing in the US market and as investors digested data that showed China's official manufacturing PMI for October missed economists' expectations. Japan's Nikkei 225 ended lower by 0.04% after the Bank of Japan (BoJ) lowered some of its price forecasts and left policy unchanged Tuesday. The Japanese central bank voted 8-1 to keep its short- and long-term interest rates unchanged as it continues to inject huge amounts of cash into the financial sector in the hope of reaching its 2% inflation goal.
An official gauge of China's factory activity edged down in October, indicating softening business activity after hitting a more-than-five-year high in September. The official manufacturing purchasing managers' index fell to 51.6 in October from 52.4 in September, government data showed. Separately, China's official nonmanufacturing purchasing managers' index, a measure of activity outside of factory gates, fell to 54.3 in October from 55.4 in September, the National Bureau of Statistics said
In Europe, the French economy recorded solid growth in the third quarter, suggesting that recovery in the Eurozone's second-largest economy remains on track. Gross domestic product rose by 0.5% in the quarter and at an annual rate of 2.2%, French statistics agency Insee said.
US stocks ended lower overnight as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors' confidence. Tax cuts are the centerpiece in President Donald Trump's business-friendly agenda and are viewed as critical to sustaining the stock market rally. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index fell 0.3%, and the Nasdaq Composite Index set a fresh intraday record, but slid 2.30 points to 6,698.96.
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