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Market hits fresh intraday low in negative zone

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Capital Market
Last Updated : Oct 06 2016 | 2:47 PM IST

A bout of volatility was seen in mid-afternoon trade as the key benchmark indices reversed intraday gains to hit fresh intraday low in negative zone. At 14:21 IST, the S&P BSE Sensex was down 62.72 points or 0.22% at 28,158.26. The Nifty 50 index was currently down 22.10 points or 0.25% at 8,721.85.

After remaining in positive terrain till afternoon trade, the key indices sink in negtive zone. The Sensex fell 134.26 points or 0.48% at the day's low of 28,086.72 in mid-afternoon trade, its lowest level since 3 October 2016. The barometer index rose 107.58 points or 0.38% at the day's high of 28,328.56 in afternoon trade. The Nifty lost 37.15 points or 0.42% at the day's low of 8,706.80 in mid-afternoon trade, its lowest level since 3 October 2016. The index rose 37.20 points or 0.42% at the day's high of 8,781.15 in afternoon trade.

The market breadth indicating the overall health of the market turned negative from positive in mid-afternoon trade. On BSE, 1,441 shares gained and 1,320 shares rose. A total of 137 shares were unchanged. The BSE Mid-Cap index was off 0.32%. The BSE Small-Cap index was off 0.39%. The fall in both these indices was higher than the Sensex's decline in percentage terms.

Index heavyweight and cigarette major ITC lost 1.46% to Rs 236.80. The stock hit a high of Rs 242 and low of Rs 236.20 so far during the day.

Auto stocks fell. Mahindra & Mahindra (M&M) (down 2.18%), Bajaj Auto (down 0.53%), Tata Motors (down 0.9%), Hero MotoCorp (down 0.35%) and Ashok Leyland (down 0.49%) gained. Eicher Motors (up 0.05%), Maruti Suzuki India (up 0.42%) and TVS Motor Company (up 0.66%) rose.

FMCG stocks saw mixed trend. Hindustan Unilever (up 1.39%), GlaxoSmithkline Consumer Healthcare (up 0.09%), Dabur India (up 0.99%), Godrej Consumer Products (up 0.4%), Jyothy Laboratories (up 0.7%), Bajaj Corp (up 0.16%) rose.

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Tata Global Beverages (down 2.02%), Marico (down 0.59%), Nestle India (down 0.78%), Colgate-Palmolive (India) (down 0.6%), Britannia Industries (down 0.42%), Procter & Gamble Hygiene and Health Care (down 0.95%) fell.

Ruchi Soya Industries surged 7.06% after the company said it signed a memorandum of understanding with the Arunachal Pradesh state government to boost palm oil production through development of quality palm plantations and human capacity building. With this agreement, Ruchi Soya now has obtained permission for oil palm development in 45,000 hectares, covering five districts in Arunachal Pradesh. The announcement was made during market hours today, 6 October 2016.

In overseas stock markets, European and Asian stocks rose as a healthy US economic report and rising oil prices overnight bolstered investor optimism. Markets in mainland China were closed for a weeklong holiday. US stocks closed with decent gains yesterday, 5 October 2016 on positive economic data. Activity at US service companies expanded in September at the fastest pace in nearly a year, according to a private report. The Institute for Supply Management's services index jumped to 57.1 last month, its highest since October last year, adding to evidence that the world's biggest economy is strengthening and raising expectations the Federal Reserve will soon raise rates from ultralow levels.

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First Published: Oct 06 2016 | 2:23 PM IST

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