A range bound movement was witnessed as key benchmark indices languished in negative zone in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was off 133.89 points or 0.49% at 27,228.07. The 50-unit CNX Nifty was off 37.10 points or 0.45% at 8,223.45. The Nifty hit 1-1/2-week low when it fell 43.50 points or 0.52% at the day's low of 8,217.05 in mid-morning trade. The Sensex hit its lowest level in almost a week when it fell 152.44 points or 0.55% at the day's low of 27,209.52 in mid-morning trade. Weakness in Asian stocks weighed on sentiment on the domestic bourses.
The market breadth indicating the overall health of the market was negative. On BSE, 1,246 shares fell and 916 shares rose. A total of 109 shares were unchanged. The BSE Mid-Cap index was up 0.03%, outperforming the Sensex. The BSE Small-Cap index was off 0.03%. The fall in this index was lower than Sensex's decline in percentage terms.
In overseas stocks markets, Chinese stocks led decline in Asian equities as investors grew jittery awaiting the outcome of a five-year economic planning meeting of China's Communist Party. China's Communist Party is holding its annual five-year economic planning meeting this week, where Chinese leaders are expected to release their plans for the next five years. US stocks mostly fell yesterday, 26 October 2015, as oil prices slumped.
Shares of index heavyweight and housing finance major HDFC extended its post-result slide. The stock dropped 2.91% at Rs 1,275.25. The stock had declined 2.09% to settle at Rs 1,312.85 yesterday, 26 October 2015. HDFC's net profit rose 18.19% to Rs 1604.56 crore on 12.13% rise in total income to Rs 7480.24 crore in Q2 September 2015 over Q2 September 2014. The result was announced during market hours yesterday, 26 October 2015.
Cement stocks fell. Ambuja Cements (down 1.39%), Shree Cement (down 1.61%) and ACC (down 0.54%) fell. UltraTech Cement rose 0.2%.
Grasim Industries was up 0.64% at Rs 3,704.90. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Shares from paper sector were in demand on renewed buying. JK Paper (up 3.19%), International Paper APPM (up 1.02%), Ballarpur Industries (up 1.17%) and South India Paper Mills (up 4.06%) rose.
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Raymond declined 1.03% after the company's announcement that workmen at its Chhindwara textile plant have gone on strike due to unreasonable and unlawful bonus demands. The company made announcement after market hours yesterday, 26 October 2015. Raymond said that the strike has been declared illegal by the concerned Labour Authorities. The management is in dialogue with the workers and is trying to resolve the situation. The company's Vapi and Jalgaon textile plants continue with their normal operations and the company does not expect the strike at the Chhindwara textile unit to impact the availability of the finished products in the market place, Raymond said.
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