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Power generation stocks drop

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Capital Market
Last Updated : Nov 05 2018 | 3:50 PM IST

Fresh selling dragged the key benchmark indices to intraday low in mid-morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 151.94 points or 0.43% at 34,859.71. The Nifty 50 index was down 63.15 points or 0.6% at 10,489.85. Power generation stocks dropped.

The Sensex was trading below the psychological 35,000 level after sliding below that level in early trade. Domestic stocks drifted lower in early trade on negative Asian stocks. Key benchmark indices cut losses in morning trade.

The S&P BSE Mid-Cap index was off 0.51%. The S&P BSE Small-Cap index was off 0.42%.

The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On the BSE, 1075 shares rose and 1154 shares fell. A total of 142 shares were unchanged.

Overseas, Asian stocks declined as fears of faster rate hikes in the United States and uncertainty around the US-China trade war dented risk sentiment. US stocks declined on Friday, 2 November 2018 after optimism over a potential US-China trade deal ebbed after White House economic adviser Larry Kudlow reportedly downplayed the potential for a quick deal with China.

Back home, State Bank of India gained 1.94% ahead of its Q2 September 2018 result today, 5 November 2018.

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Power generation stocks dropped. Reliance Infrastructure (down 4.05%), Tata Power Company (down 2.7%), CESC (down 1.83%), NTPC (down 2.94%), Reliance Power (down 2.08%), NHPC (down 0.21%), Jaiprakash Power Ventures (down 0.48%), Adani Power (down 0.7%) and JSW Energy (down 1.83%) edged lower. Torrent Power (up 1.39%) rose.

State-run coal-mining giant Coal India was up 0.67% at Rs 263.10.

Shares of state-run power transmission major Power Grid Corporation of India lost 2.26% to Rs 185.70.

Strides Pharma Science rose 1.98% after the company announced that its formulations facility in Bangalore recently underwent a US Food and Drug Administration (USFDA) inspection that ended on 2 November 2018. The inspection was completed successfully with Zero 483 observations. The facility (KRS Gardens) in Bangalore is the largest facility for the company and has capability in several dosage formats including tablets, capsules (both hard gelatin and soft gelatin), ointments, creams and liquids. The facility supports several important current and future submissions for the US market. The announcement was made after market hours on Friday, 2 November 2018.

On the macro front, October data pointed to a stronger improvement in India's service sector, with an accelerated upturn in new work underpinning quicker rises in activity and jobs. Cost inflationary pressures eased, resulting in a softer increase in selling prices. Meanwhile, business sentiment remained positive, but was hampered by political uncertainty. At 52.2 in October, the seasonally adjusted Nikkei India Services Business Activity Index posted in expansion territory for the fifth straight month. Moreover, rising from 50.9 in September, the latest figure pointed to the quickest rate of growth since July.

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First Published: Nov 05 2018 | 11:32 AM IST

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