Metal shares decline

Key benchmark indices were hovering in a narrow range in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was down 117.86 points or 0.36% at 32,282.65. The Nifty 50 index fell 46.60 points or 0.46% at 10,094.55. Market participants lacked strong buying conviction amid subdued trading on Europe and Asian bourses after the outcome of the Federal Reserve meeting.

Key indices opened the session with small gains. Later, they slipped into the negative zone tracking subdued trading in global bourses.

The S&P BSE Mid-Cap index fell 0.57%. The S&P BSE Small-Cap index lost 0.73%. The losses in both the indices were higher than the Sensex's slide in percentage terms.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,610 shares declined and 818 shares advanced. A total of 139 shares were unchanged.

Metal shares declined. National Aluminium Company (down 2.06%), Steel Authority of India (down 2%), JSW Steel (down 1.83%), Hindalco Industries (down 1.8%), NMDC (down 1.72%), Bhushan Steel (down 1.56%), Jindal Steel & Power (down 1.08%), Hindustan Copper (down 1.03%) and Tata Steel (down 0.09%), edged lower. Hindustan Zinc was up 0.03%.

Vedanta was down 0.65% to Rs 321. Subsequent to our announcement dated 14 September 2017, with reference to the order dated 13 September 2017 directing temporary closure of the five power plant units (three units of 135 MW each of the 1215 MW power plant, and two units of 600 MW each of the 2400 MW power plant), the State Pollution Control Board, Odisha ('SPCB') has revoked closure of three units (two units of 135 MW each and one unit of 600 MW) on 20 September 2017. The revocation order will help the company get complete reliable power generation back in place, satisfying the current requirement for Smelter operations and will not need to purchase the 200 MW stated in the release dated 14 September 2017. The announcement was made during trading hours today, 21 September 2017.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for December 2017 delivery was currently down 1.36% at $2.9285 per pound on the COMEX.

Power generation stocks declined. Jaiprakash Power Ventures (down 4.9%), JSW Energy (down 2.71%), Adani Power (down 2.01%), GMR Infrastructure (down 1.96%), Reliance Power (down 1.54%), Reliance Infrastructure (down 1.26%), Tata Power (down 0.59%), CESC (down 0.57%), NHPC (down 0.53%) and Torrent Power (down 0.39%), edged lower. NTPC was up 0.33%.

State-run Coal India was down 1.7%. State-run Power Grid Corporation of India was down 0.73%.

India Tourism Development Corporation surged 9.83% after the company said that a Memorandum of Understanding has been executed for transfer of Lalitha Mahal Palace Hotel, Mysore to State Government of Karnataka. The announcement was made after market hours yesterday, 20 September 2017.

Overseas, shares in Europe and Asia were mixed after the dollar and US Treasury yields spiked following big news out of the US Federal Reserve.

In the economic news, the Bank of Japan (BOJ), at the conclusion of its two-day monetary policy meeting today, 21 September 2017, kept monetary policy steady. In a widely expected move, the BOJ maintained the 0.1% interest it charges on a portion of excess reserves that financial institutions park at the central bank. The central bank also kept its yield target for 10-year Japanese government bonds around 0%. The decision was made by an eight-to-one vote.

US stocks closed at record highs yesterday, 20 September 2017, after the Federal Reserve indicated another rate hike this year was possible and that it would begin the unwinding of its balance sheet next month.

US central bank, at the conclusion of its two-day monetary policy meet yesterday, 20 September 2017, left rates unchanged. Fed stated that it will begin in October rolling off its $4.5 trillion balance sheet, most of which consists of the Treasuries and mortgage-backed securities.

Powered by Capital Market - Live News