Volatility struck bourses in afternoon trade as the key benchmark indices once again regained positive zone soon after sinking in negative zone. At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 44.78 points or 0.14% at 31,859. The Nifty 50 index was up 9.75 points or 0.1% at 9,989.45. Auto stocks saw mixed trend. Telecom stocks also saw mixed trend.
The Sensex pared gains after hitting its highest intraday level in two weeks in morning trade. The Nifty pared gains after hitting its highest intraday level in more than two weeks in morning trade. The Nifty pared gains after crossing the psychologically important 10,000 mark in morning trade.
The Sensex rose 121.41 points, or 0.38% at the day's high of 31,935.63 in morning trade, its highest level since 25 September 2017. The index fell 32.47 points, or 0.10% at the day's low of 31,781.75 in early trade. The Nifty rose 36.05 points, or 0.36% at the day's high of 10,015.75 in morning trade, its highest level since 22 September 2017. The index fell 20.25 points, or 0.20% at the day's low of 9,959.45 in early trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.04%, underperforming the Sensex. The BSE Small-Cap index was up 0.6%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,513 shares rose and 1,066 shares fell. A total of 124 shares were unchanged. Market breadth was strong in morning trade.
Auto stocks saw mixed trend. TVS Motor Company (up 1.58%), Tata Motors (up 0.27%), Mahindra & Mahindra (M&M) (up 0.23%), Eicher Motors (up 1.04%) and Escorts (up 0.04%) gained. Bajaj Auto (down 0.38%), Hero MotoCorp (down 0.55%), Ashok Leyland (down 0.96%) and Maruti Suzuki India (down 0.16%) fell.
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Telecom stocks saw mixed trend. Idea Cellular (up 1.02%) and MTNL (up 2.52%) rose. Tata Teleservices (Maharashtra) (down 12.71%), Reliance Communications (down 0.87%) and Bharti Airtel (down 0.8%) declined.
Shares of Bharti Infratel rose 0.44%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Jindal Steel & Power (JSPL) gained 3.39% after the company said that it has consummated sale of oxygen plant assets at Rs 1121 crore with SREI Equipment Finance. The announcement was made during market hours today, 9 October 2017.
JSPL said that under the transaction it has divested its oxygen plant assets at its integrated steel plants at Raigarh, Chattisgarh and Angul, Odisha and received a total consideration of Rs 1121 crore. JSPL and SREI Equipment Finance have also entered into a lease back agreement of the oxygen plant assets for continued operations by JSPL for manufacturing of steel at the respective plants.
Sun Pharma Advanced Research Company tumbled 7.58% after the company announced the top-line results of the Phase III efficacy study and duration of action study for Baclofen GRS. The announcement was made after market hours on Friday, 6 October 2017.
Sun Pharma Advanced Research Company (SPARC) said that it did not meet the primary end points in the placebo controlled studies of Baclofen GRS in Phase III study. Baclofen GRS is a novel, once-a-day formulation developed by SPARC's proprietary Gastro-Retentive System (GRS) Technology. The GRS technology uses a combination of size expansion, adhesion and flotation techniques to permit once-a-day administration.
On the macro front, the Goods and Services Tax (GST) Council under chairmanship of Union Finance Minister Arun Jaitley in its 22nd meeting held at Delhi on Friday, 6 October 2017, decided to provide taxpayers the option of availing the so-called composition scheme given their turnover stands at less than Rs 1 crore. The previous limit was Rs 75 lakh. The Finance Minister also stated that the tax refunds of July and August for exporters will be processed from 10 October, adding that e-wallet for exporters will start from 1 April 2018. Jaitley also announced that GST rates on 27 items have been reduced. He further said businesses with turnover of up to Rs 1.5 crore have been allowed to file quarterly returns as against monthly filings.
The GST rate on unbranded namkeen, unbranded ayurvedic medicine, sliced dried mango and khakra has been reduced to 5% from 12%, while the same on man-made yarn used in textile sector has been reduced to 12% from 18%. Tax rate on stationery items, stones used for flooring (other than marble and granite), diesel engine parts and pump parts has been cut to 18% from 28%. The GST rate on e-waste has also been reduced to 5% from 28%.
Overseas, European shares opened slightly higher after four consecutive weeks of gains, with Germany's Dax touching a fresh new high, as worries about the situation in Catalonia eased off after Sunday's demonstration against independence.
In Europe, industrial output in Germany grew more than expected in August, official data showed Monday. Industrial output increased by 2.6% in August from July, adjusted to seasonal swings and calendar effects, the economic ministry said.
Asian stocks were mixed. Stock markets in Japan, South Korea and Taiwan were shut for public holiday. China's Shanghai Composite was up 0.72%. Growth in activity in China's service sector slowed sharply in September, a private gauge showed Monday. The Caixin China services purchasing managers' index slipped to 50.6 in September 2017 from 52.7 in August 2017, marking a 21-month low, Caixin Media Co. and research firm Markit said. A reading above 50 indicates an expansion in activity from the previous month, while a result below that points to a contraction.
In US, the S&P 500 and Dow Jones Industrial Average logged minor losses on Friday, 6 October 2017, though the Nasdaq eked out a closing record as investors mostly shrugged off a September jobs report that showed the first monthly drop in payrolls in seven years.
The Dow Jones Industrial Average declined 1.72 points, or 0.01%, to 22,773.67. The S&P 500 fell 2.74 points, or 0.11%, to finish at 2,549.33. The Nasdaq Composite Index ended slightly higher, eking out a record close. The tech-heavy index ended up 4.82 points, or 0.07%, to 6,590.18.
Nonfarm payrolls shrank by 33,000 in September, the first monthly decline since 2010. The unemployment rate fell to 4.2% from 4.4% in August while wages increased by 0.5% to an average of $26.55 an hour, per Labor Department data.
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