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Market pares intraday losses

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Capital Market
Last Updated : Oct 19 2017 | 12:01 AM IST

Key benchmark indices sharply pared losses in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex lost 26.91 points or 0.08% at 32,582.25. The Nifty 50 index fell 20.55 points or 0.20% at 10,213.90.

Key indices opened the session lower and languished in negative terrain so far. Profit booking emerged after the two key indices hit record highs yesterday, 17 October 2017. Also, trading sentiment was dull ahead of a long Diwali holiday weekend.

Stock markets remain closed tomorrow, 19 October 2017 on account of Diwali Laxmi Pujan and again on Friday, 20 October 2017 on account of Diwali Balipratipada. However, markets will remain open for Muhurat trading tomorrow, 19 October 2017. The Muhurat trading session on account of Diwali Laxmi Pujan will be between 18:30 IST to 19:30 IST tomorrow, 19 October 2017.

The Sensex lost 24.25 points or 0.07% at the day's high of 32,584.91 in afternoon trade. The index fell 146.31 points or 0.44% at the day's low of 32,462.85. The Nifty lost 18.70 points or 0.18% at the day's high of 10,215.75 in afternoon trade. The index lost 58.70 points or 0.57% at the day's low of 10,175.75, its lowest level since 16 October 2017.

Among secondary indices, the S&P BSE Mid-Cap index rose 0.03%. The S&P BSE Small-Cap index rose 0.11%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1,280 shares fell and 1,228 shares rose. A total of 117 shares were unchanged.

Most metal shares declined. National Aluminium Company (down 2.31%), Hindustan Zinc (down 1.27%), NMDC (down 0.73%), Hindustan Copper (down 0.71%), Vedanta (down 0.54%), JSW Steel (down 0.46%), Hindalco Industries (down 0.34%) and Tata Steel (down 0.15%), edged lower. Jindal Steel & Power (up 0.09%), Steel Authority of India (up 1.18%) and Bhushan Steel (up 1.22%), edged higher.

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Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 0.30% at $3.186 per pound on the COMEX.

Most power generation stocks declined. Reliance Power (down 1.6%), NHPC (down 0.88%), CESC (down 0.65%), Adani Power (down 0.5%), GMR Infrastructure (down 0.31%), JSW Energy (down 0.3%), Tata Power (down 0.12%) and NTPC (down 0.11%), edged lower. Reliance Infrastructure (up 0.23%), Torrent Power (up 0.66%) and Jaiprakash Power Ventures (up 0.71%), edged higher.

State-run Power Grid Corporation of India was up 3.29%. State-run Coal India was down 0.05%.

Sutlej Textiles and Industries surged 7.06% to Rs 92.45 after the company's board approved investment of up to $5 million in an incorporated wholly owned subsidiary in the USA. The announcement was made after trading hours yesterday, 17 October 2017.

The board of Sutlej Textiles and Industries also approved acquisition of the design, sale and distribution business of American Silk Mills, LLC along with its logo, archives, design, customer contracts and some specific assets. The acquisition shall be made through step down subsidiary of the WOS in the USA.

Bajaj Holdings & Investment gained 0.96% 2,904.95 after consolidated net profit rose 19.53% to Rs 834.26 crore on 1.29% drop in total revenue to Rs 268.47 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.

Overseas, European shares edged higher in early trade. Asian stocks traded mixed as investors in the region looked to China's Party Congress for signs on future policy direction in the world's second-largest economy. The 19th National Congress of the Communist Party of China commenced in Beijing today, 18 October 2017. In his opening remarks, Chinese President Xi Jinping was quoted as saying that his nation's prospects as bright but made a rare acknowledgement of severe economic challenges. Among the grave issues Xi said were insufficiently addressed are a widening income gap and problems in employment, education, medical care and other areas, reports suggested.

US stocks closed mostly higher yesterday, 17 October 2017. The Dow Jones industrial average rose and broke above 23,000 for the first time on an intraday basis.

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First Published: Oct 18 2017 | 1:17 PM IST

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