Key indices extended losses and hit fresh intraday low in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, fell 349.50 points or 1.11% at 31,250.26. The Nifty 50 index dropped 107.80 points or 1.09% at 9,763.70. The Sensex and Nifty, both, hit their lowest level in more than five weeks. Federal Reserve Chairwoman Janet Yellen hinting at possible hike in US interest rates increased worries of pull out of money from risky assets in emerging markets like India.
Reports suggesting that the Army today, 27 September 2017, carried out a surgical strike along the Myanmar border and targeted Naga insurgent camps also dampened sentiment. A team of Indian Para Commandos carried out the attack at 4:45 IST and caused heavy damage to NSCN-K insurgents close to Langkhu village near the Indo-Myanmar border.
The Sensex gained 197.70 points or 0.62% at the day's high of 31,797.46 in early trade, its highest level since 25 September 2017. The index dropped 376.43 points or 1.19% at the day's low of 31,223.33 in mid-afternoon trade, its lowest level since 21 August 2017. The Nifty gained 49.55 points or 0.5% at the day's high of 9,921.05 in early trade, its highest level since 25 September 2017. The index fell 124.40 points or 1.26% at the day's low of 9,747.10 in mid-afternoon trade, its lowest level since 21 August 2017.
The market opened with decent gains but soon slipped into the red in morning trade. Indices extended losses and hit fresh intraday low in mid-morning trade. Stock languished in the red till afternoon trade. Indices further extended losses in mid-afternoon trade.
The S&P BSE Mid-Cap index fell 1.42%. The S&P BSE Small-Cap index shed 1.46%. The decline in both the indices was higher than the Sensex's fall in percentage terms.
The broad market depicted weakness. There were more than two losers for every gainer on BSE. 1,790 shares fell and 637 shares rose. A total of 150 shares were unchanged.
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FMCG stocks dropped. Tata Global Beverages (down 1.51%), Marico (down 1.91%), Britannia Industries (down 0.69%), Hindustan Unilever (HUL) (down 1.66%), Dabur India (down 0.55%), Colgate Palmolive India (down 1.89%), Godrej Consumer Products (down 0.67%), Jyothy Laboratories (down 1.24%), and Bajaj Corp (down 1.2%) declined. Procter & Gamble Hygiene and Health Care rose 0.79%. GlaxoSmithkline Consumer Healthcare gained 0.03%. Nestle India rose 0.04%.
Shares of power generation and power distribution companies edged lower. Torrent Power (down 2.43%), GVK Power & Infrastructure (down 1.77%), NHPC (down 1.1%), Tata Power Company (down 1.25%), Adani Power (down 3.15%), Reliance Infrastructure (down 0.87%) and Reliance Power (down 2.11%) declined. Power Grid Corporation of India rose 0.12%.
NTPC dropped 0.24%. The company said that 50 megawatts (MW) capacity, Rojmal Wind Energy Project of NTPC in Gujarat has been fully commissioned. With this, the total installed capacity of NTPC on standalone basis has become 44492 MW and that of NTPC group has become 51708 MW. The announcement was made during market hours today, 27 September 2017.
Separately, Central Electricity Regulatory Commission vide its order, in petition no. 130/MP/2015 filed by GRIDCO of Odisha, has inter-alia decided the commercial operation date of Unit-1 (660 MW) of Barh Super Thermal Power Station, Stage-II (2x660 MW) as 8 March 2016 instead of 15 November 2014. NTPC is studying the detailed order and would take all appropriate actions as available under the law.
Shares of psu coal miner Coal India dropped 0.12%.
Reliance Industries dropped 2.29%. With regards to news report of Reliance Industries may acquire Den Networks the company clarified during market hours today, 27 September 2017, that it is unable to comment on media speculation and rumors and it would also be inappropriate on its part to do so. The company evaluates various opportunities on an ongoing basis, it added.
Cyient slumped 7.61% to Rs 484.50 on reports that about 1.35 crore shares, or 12% equity, change hands in two block deals on the NSE.
Overseas, European stocks edged higher on growing expectations of another rate hike in the United States before the year-end. Asian stocks were mixed amid positive economic data in China and as investors hoped for progress on major tax reform in the United States. Annual profits at China's industrial companies rose 24% in August, accelerating from the previous month in an indication economic growth remains in good heart even as signs emerge of fading momentum following a robust first half.
US stock-market indices relinquished earlier gains to close little changed yesterday, 26 September 2017, with the Dow Industrials Average extending a losing streak to a fourth session. Investors appeared to shrug off comments from Federal Reserve Chairwoman Janet Yellen, who cautioned against moving too slowly on interest rates. Yellen said there is a risk that the labor market could become overheated, causing an inflation problem down the road.
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