Key benchmark indices were trading a tad lower in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 31.27 points or 0.11% at 27,427.72. The Nifty 50 index was down 7.05 points or 0.08% at 8,490. The market breadth indicating the overall health of the market was negative. On BSE, 1,428 shares fell and 1,184 shares rose. A total of 106 shares were unchanged. The BSE Mid-Cap index was currently down 0.24%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently down 0.12%. The decline in this index was lower than the Sensex's decline in percentage terms.
Capital goods shares were mixed. BEML (up 2.57%), AIA Engineering (up 1.42%), Bharat Electronics (up 1.10%), Reliance Defence and Engineering (up 0.61%), SKF India (up 0.38%), Siemens (up 0.34%), Havells India (up 0.11%) and GE T&D India (up 0.06%), edged higher. GE Power India (down 0.16%), Lakshmi Machine Works (down 0.36%), Praj Industries (down 0.36%), Punj Lloyd (down 0.47%), Thermax (down 0.95%), Suzlon Energy (down 1.08%), Jindal Saw (down 1.35%), ABB India (down 1.66%) and Crompton Greaves (down 3.15%), edged lower.
State-run Bharat Heavy Electricals (Bhel) rose 3.05% to Rs 143.40. The company announces Q2 results today, 8 November 2016.
Engineering and construction major L&T fell 0.29% to Rs 1,395.80.
Cement shares rose. UltraTech Cement (up 0.65%), ACC (up 0.64%) and Ambuja Cements (up 0.39%), edged higher.
Grasim Industries was down 0.68%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
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Commercial vehicles maker Tata Motors surged 5.36% to Rs 534.50 on reports that a foreign brokerage has upgraded the stock to outperform from neutral earlier and revised target price on the stock to Rs 720 from Rs 510. Meanwhile, Tata Motors before market hours today, 8 November 2016 in a clarification with regard to news item titled "FIIs raise concerns over Tata Motors Governance" said that it is not in receipt of any such letter as is referred to in the news article and hence, has no comments to offer.
Vijaya Bank rose 1.11% after the bank said it intends to raise tier 1 capital through private placement of Basel III complaint additional tier 1 bonds of 10 lakh each at par aggregating to Rs 750 crore. The announcement was made after market hours yesterday, 7 November 2016.
In overseas stock markets, Asian stocks were trading higher as the world's most closely watched election draws near. Japan's Nikkei 225, however, settled lower by 0.03%. US stocks on Monday, 7 November 2016, had their best trading day since March on a percentage basis. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.
The outcome of United States presidential elections of 2016, which will be held today, 8 November 2016, will have a bearing on global stocks. Presidential election will be held between Democratic party candidate Hillary Clinton and Republican party candidate Donald Trump. The results are expected on the next day of elections.
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