Key benchmark indices extended losses and hit fresh intraday low in afternoon trade. At 13:25 IST, the barometer index, S&P BSE Sensex was down 106.57 points or 0.38% at 27,999.64. The Nifty 50 index was down 35.10 points or 0.4% at 8,674.45. The Sensex was currently hovering a tad below the psychologically important 28,000 mark. The index swung above and below that level after dropping below that mark in early afternoon trade. Domestic bourses fell in tandem with global stocks as investors looked ahead to a key employment report.
The Sensex fell 141.30 points or 0.5% at the day's low of 27,964.91 in afternoon trade, its lowest level since 3 October 2016. The barometer index rose 49.47 points or 0.18% at the day's high of 28,155.68 in early trade. The Nifty lost 45.75 points or 0.52% at the day's low of 8,663.80 in afternoon trade, its lowest level since 3 October 2016. The index rose 14.15 points or 0.16% at the day's high of 8,723.70 in early trade.
The market breadth indicating the overall health of the market turned negative from positive in afternoon trade. On BSE, 1,380 shares fell and 1,205 shares rose. A total of 213 shares were unchanged. The BSE Mid-Cap index was down 0.27%. The BSE Small-Cap index was off 0.37%. The fall in both these indices was lower than Sensex's decline in percentage terms.
In overseas stock markets, European and Asian stocks declined as investors looked ahead to a key employment report. Markets in China remained closed for the Golden Week public holidays. US stocks closed near the flat line yesterday, 6 October 2016 as investors abstained from making big bets ahead of much-anticipated September jobs report. The US Bureau of Labor Statistics will announce the non farm payrolls report for September 2016 later in the global day today, 7 October 2016. Total nonfarm payroll employment in the United States increased by 151,000 in August of 2016, lower than a upwardly revised 275,000 in July. Investors and traders have been keeping a close eye on economic data as they gauge the likelihood of the US Federal Reserve raising interest rates later this year.
Auto stocks were mixed. Ashok Leyland (up 0.56%), and TVS Motor Company (up 0.36%) gained. Maruti Suzuki India (down 0.52%), Eicher Motors (down 1.61%), Bajaj Auto (down 0.56%), and Hero MotoCorp (down 0.61%) declined.
Mahindra & Mahindra (M&M) rose 0.56%. The company said that it has received an intimation from Mahindra Holidays & Resorts India (MHRIL), a listed subsidiary of the company that Are Semesterby A AB, Are Semesterby B AB, Are Semesterby C AB and Are Semesterby D AB have ceased to be subsidiaries of Holiday Club Sweden AB, Sweden and in turn of Holiday Club Resorts Oy, Finland and in turn of MHRIL and in turn of M&M. The announcement was made during market hours today, 7 October 2016.
Tata Motors rose 1.36% after the company said Jaguar Land Rover retail sales rose 28% to 61,047 units in September 2016 over September 2015. The announcement was made during trading hours today, 7 October 2016. Tata Motors said September's performance has been driven by strong sales of the Land Rover Discovery, Discovery Sport, the Range Rover Evoque and the Jaguar F-PACE, as well as solid sales in China. Jaguar Land Rover (JLR) delivered solid retail sales growth across all key regions year on year, with China up 50%, Europe up 32%, UK up 30%, North America up 23% and other overseas markets up 3%. Jaguar retail sales rose 70% to 17,640 units in September 2016 over September 2015. Land Rover retail sales rose 17% to 43,407 units in September 2016 over September 2015.
Metal & mining stocks gained. JSW Steel (up 0.33%), Bhushan Steel (up 0.91%), Hindustan Copper (up 0.59%), Hindalco Industries (up 0.6%), Hindustan Zinc (up 0.28%), Jindal Steel & Power (up 0.38%), Steel Authority of India (Sail) (up 1.99%), and National Aluminum Company (up 0.52%) gained. Vedanta declined 1.39%.
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Tata Steel rose 3.13% after the company announced that its hot metal production rose 17% to 3.12 million tonnes in Q2 September 2016 over Q2 September 2015. Crude steel production rose 13% to 2.82 million tonnes in Q2 September 2016 over Q2 September 2015. Saleable steel production increased by 11% to 2.71 million tonnes in Q2 September 2016 over Q2 September 2015. The company's sales rose 12.44% to 2.62 million tonnes in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 6 October 2016.
NMDC rose 0.61% after the company reported increase in production and sales of iron ore in September 2016 over August 2016. NMDC reported 19.16% increase in iron ore production to 13.93 million tonnes in September 2016 over August 2016. The company reported 22.43% increase in iron ore sales to 15.83 million tonnes in September 2016 over August 2016. The announcement was made during trading hours today, 7 October 2016.
High Grade Copper for December 2016 delivery was currently down 0.23% at $2.1505 per pound on the COMEX.
Mercator lost 2.85% to Rs 46 after Asia Investment Corporation (Mauritius) sold 1.15 crore shares of the company via bulk deals at an average price of Rs 48.03 per share on the NSE yesterday, 6 October 2016. Promoter entity Atul Jitendra Agarwal sold 54.60 lakh shares at Rs 46.31 per share in a bulk deal on the NSE yesterday, 6 October 2016. Government Of Singapore Corp Pvt Ltd A/C Govt Of Singapore C bought 60.85 lakh shares at Rs 46.05 per share. Monetary Authority of Singapore purchased 21.88 lakh shares at Rs 46.05 per share. Atul Jitendra Agarwal held 2.23% stake in Mercator as per the shareholding pattern as on 30 June 2016.
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