Weakness prevailed in morning trade as key benchmark indices hovered near fresh intraday low levels. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 107.92 points or 0.41% at 26,518.54. The Nifty 50 index was down 29.95 points or 0.37% at 8,155.85.
The Sensex and the Nifty, both, declined after hitting their highest intraday levels in 2-1/2 weeks at the onset of trading session. The Sensex rose 94.52 points, or 0.35% at the day's high of 26,720.98 at the onset of trading session, its highest level since 15 December 2016. The index fell 141.93 points, or 0.53% at the day's low of 26,484.53 in early trade. The Nifty rose 26.20 points, or 0.32% at the day's high of 8,212 at the onset of trading session, its highest level since 15 December 2016. The index fell 44.80 points, or 0.55% at the day's low of 8,141 in early trade.
Overseas, Asian stocks were shut for public holiday. US stocks fell on Friday, 30 December 2016, as investors took profits on some of 2016's high-flying sectors.
Back home, the broad market depicted strength. There were almost two gainers against every loser on BSE. 1294 shares rose and 649 shares fell. A total of 73 shares were unchanged. The BSE Mid-Cap index was currently up 0.09%. The BSE Small-Cap index was currently up 0.56%. Both these indices outperformed the Sensex.
Bajaj Auto was down 1.66% to Rs 2,590.15 after the company reported weak sales in December 2016. The company announced during market hours today, 2 January 2017, its total sales declined 22% to 2.25 lakh units in December 2016 over December 2015. Domestic sales dropped 17% to 1.19 lakh units in December 2016 over December 2015. Exports fell 27% to 1.05 lakh units in December 2016 over December 2015.
Most metal shares edged higher. Hindalco Industries (up 0.61%), Jindal Steel & Power (up 0.58%), Hindustan Zinc (up 0.43%), NMDC (up 0.36%), Steel Authority of India (up 0.30%), Vedanta (up 0.25%) and Tata Steel (up 0.12%), edged higher. JSW Steel (down 0.16%), Hindustan Copper (down 0.17%), Bhushan Steel (down 0.25%) and National Aluminium Company (down 1.92%), edged lower.
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Most FMCG shares edged lower. Procter & Gamble Hygiene & Health Care (down 0.76%), Marico (down 0.73%), Jyothy Laboratories (down 0.68%), Colgate Palmolive (India) (down 0.55%), Dabur India (down 0.49%), Hindustan Unilever (down 0.22%) and GlaxoSmithKline Consumer Healthcare (down 0.14%), edged lower. Bajaj Corp (up 0.31%), Britannia Industries (up 0.50%), Tata Global Beverages (up 0.61%), Godrej Consumer Products (up 0.71%) and Nestle India (up 0.85%), edged higher.
Shilpi Cable Technologies rose 0.08% after the company announced that its board of directors at a meeting held on Friday, 30 December 2016, approved acquisition of 100% shareholding of Gulf Aglow LED Lighting FZCO (GAL), a UAE based company incorporated within the laws of UAE. GAL is engaged in the manufacturing of lighting products. The company is selling lighting products including CFL and LED products through retails network in Middle East and African countries.
The Gulf Aglow LED Lighting FZCO had acquired lighting business from Gulf advanced lighting LLC, which was in business since last 20 years. The acquisition will be in the nature of cash consideration. The indicative time period for the completion of the acquisition is 3 months. This acquisition is intended to expand market share of Shilpi Cable in lighting products, wires & cables in Middle East & African countries. The transaction is subject to applicable FEMA and RBI regulations. The announcement was made after market hours on Friday, 30 December 2016.
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