Intraday recovery gathered steam in early afternoon trade. At 12:29 IST, the barometer index, the S&P BSE Sensex, was off 59.44 points or 0.22% at 26,493.48. The 50-unit CNX Nifty was off 23.05 points or 0.29% at 8,017.15. The Nifty was currently hovering above the psychological 8,000 mark. The Nifty has alternately moved above and below the psychological 8,000 mark in intraday trade so far after falling below that level in morning trade.
Earlier, the Sensex hit five-week low when it shed 179.44 points or 0.67% at the day's low of 26,373.48 in morning trade. The barometer index rose 4.88 points or 0.018% at the day's high of 26,557.80 in opening trade. The Nifty also hit 5-week low when it fell 58.30 points or 0.72% at the day's low 7,981.90 in morning trade. The Nifty fell 9 points or 0.11% at the day's high of 8,031.20 in early trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,455 shares fell and 897 shares rose. A total of 103 shares were unchanged. The BSE Mid-Cap index was currently down 0.49%. The BSE Small-Cap index was currently down 0.64%. The decline in both these indices was higher than the Sensex's fall in percentage terms.
In overseas markets, Chinese stocks edged higher for the second day in a row on speculation Chinese authorities will roll out a trading link between the Hong Kong and Shenzhen stock markets. In mainland China, the Shanghai Composite was currently up 1.81%. Japanese stocks rose on optimism that a weaker yen will boost the nation's exports. US stocks edged lower yesterday, 4 November 2015, as Federal Reserve Chairwoman Janet Yellen hinted that a 25 basis point rate hike in December would not derail the economy or the housing market. New York Fed President William Dudley also struck a hawkish tone, saying he agreed with Fed Chairwoman that a December rate hike is a live possibility.
Meanwhile, investors in emerging markets, including India are worried that once the Fed starts raising interest rates, it will drain liquidity from global emerging markets and redirect it to developed economies. The Fed has held its benchmark short-term interest rate near zero since December 2008. The ultra-loose monetary policy in the US has encouraged heavy investment in higher-yielding emerging markets.
Coal India (up 1.6%), NTPC (up 1.19%) and Hero MotoCorp (up 1.16%), were the major gainers from the Sensex pack.
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Most metal and mining stocks dropped. Bhushan Steel (down 0.58%), Jindal Steel & Power (down 1.64%), Vedanta (down 1.98%), NMDC (down 0.79%), Hindalco Industries (down 0.37%), Steel Authority of India (down 1.68%), JSW Steel (down 1.04%) and National Aluminium Company (down 1.04%) edged lower. Hindustan Zinc rose 0.45%.
Tata Steel declined 1.97% ahead of its Q2 results today, 5 November 2015.
Realty stocks declined. Sobha (down 1.33%), Indiabulls Real Estate (down 1.77%), Unitech (down 2.4%), DLF (down 1.19%), and Housing Development & Infrastructure (HDIL) (down 2.23%) edged lower. Oberoi Realty (up 2.62%), and Omaxe (up 0.04%) edged higher.
Yuken India hit an upper circuit limit of 20% at Rs 312 after the company's board of directors approved joint development agreement with Brigade Enterprises pertaining to development of the company's real estate admeasuring 6 acres 14.982 guntas (25,797 sq. mts.) located at Whitefield in Bangalore. Shares of Brigade Enterprises were off 0.06%.
Neyveli Lignite Corporation rose 3.03% after the company reported good Q2 results. The company's net profit rose 32.41% to Rs 343.40 crore on 16.28% increase in total income to Rs 1853.03 crore in Q2 September 2015 over Q2 September 2014. The result was announced after trading hours yesterday, 4 November 2015.
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