Key benchmark indices continued downtrend and hit fresh intraday low in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex was down 217.30 points or 0.76% at 28,450.92. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty was currently down 60.10 points or 0.68% at 8,771.45. The Sensex hit 1-1/2 week low in early afternoon trade. Weakness in Asian stocks weighed on sentiment.
The Sensex dropped 222.74 points or 0.77% at the day's low of 28,445.48 in early afternoon trade, its lowest level since 15 September 2016. The barometer index fell 37.30 points or 0.13% at the day's high of 28,630.92 at the onset of the trading session. The Nifty dropped 63.05 points or 0.71% at the day's low of 8,768.50 in early afternoon trade, its lowest level since 21 September 2016. The index shed 22 points or 0.24% at the day's high of 8,809.55 at the onset of the trading session.
In overseas stock markets, Asian stocks dropped after losses on Wall Street on Friday, 23 September 2016, as investors' attention turned from central banks to American politics ahead of the first US presidential debate. Investors were also pessimistic over any breakthroughs in oil-production cuts when the Organization of the Petroleum Exporting Countries gathers for an informal meeting on Wednesday, 28 September 2016.
US stocks logged weekly gains but ended with solid losses on Friday, 23 September 2016. Investors awaited US presidential debate between Donald Trump and Hillary Clinton due later in the global day today, 26 September 2016. US presidential elections will be held on 8 November this year.
Closer home, the market breadth indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,290 shares fell and 1,102 shares fell. A total of 168 shares were unchanged. The BSE Mid-Cap index was currently down 0.09%. The BSE Small-Cap index was currently down 0.04%. The decline in both these indices was lower than the Sensex's decline in percentage terms.
Mahindra & Mahindra (M&M) fell 1.35%. The company said that loans & investment committee at its meeting held today, 26 September 2016, approved issuance and offer of 4,750 rated, listed, unsecured, redeemable, 7.57% non-convertible debentures of face value Rs 10 lakh each at par, aggregating to Rs 475 crores on private placement basis. The NCDs have tenure of 10 years. The announcement was made during market hours today, 26 September 2016.
FMCG stocks were mixed. Tata Global Beverages (down 0.32%), Marico (down 1.05%), Britannia Industries (down 0.06%), Hindustan Unilever (HUL) (down 0.42%), Dabur India (down 0.25%), Nestle India (down 0.86%), and Jyothy Laboratories (down 0.67%) declined. Procter & Gamble Hygiene and Health Care (up 0.37%), Colgate Palmolive India (up 0.31%), GlaxoSmithkline Consumer Healthcare (up 0.98%), Bajaj Corp (up 0.63%) and Godrej Consumer Products (up 0.98%) gained.
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Index heavyweight and cigarette maker ITC declined 1.44% to Rs 250.20. The stock hit high of Rs 252.75 and low of Rs 250.05 in intraday trade.
Capital goods stocks were also mixed. Bharat Heavy Electricals (Bhel) (down 1.44%), ABB (India) (down 0.06%), Thermax (down 0.94%), and Siemens (down 0.27%) declined. BEML (up 0.2%), Havells India (up 0.51%), L&T (up 0.01%), and Crompton Greaves (up 0.75%) gained.
Power Mech Projects rose 1.87% after the company said that it has received a letter of intent/work order worth Rs 145.46 crore. The first order is for erection, testing and commissioning of boiler and boiler auxilary work of a 660 megawatts (MW) coal based Harduaganj thermal power project, Harduaganj, Uttar Pradesh, for a total contract price of Rs 107.27 crore. The second order is for piping installation in power block - boiler 1 & FGD 1 at Shuqaiq steam power plant project at Shuqaiq, Kingdom of Saudi Arabia (KSA) for a total contract price of Rs 38.19 crore. The announcement was made on Saturday, 24 September 2016.
Welspun India rose 2.25% after the company announced that it secured the 'Interactive Textile Article and Augmented Reality System' patent, which protects Welspun's new product line TILT, a new brand from Welspun that focuses on seamlessly integrating technology into textiles. The announcement was made after market hours on Friday, 23 September 2016.
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