Key benchmark indices once again drifted in negative zone in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 22.16 points or 0.08% at 26,630.65. The losses for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently down 13.60 points or 0.17% at 8,210.90.
Earlier, both the Sensex and the Nifty hit their highest levels in over two weeks. The Sensex rose 116.51 points or 0.44% at the day's high of 26,769.32 in early trade, its highest level since 15 November 2016. The barometer index lost 43.85 points or 0.16% at the day's low of 26,608.96 in morning trade. The Nifty rose 26.30 points or 0.32% at the day's high of 8,250.80 in early trade, its highest level since 15 November 2016. The index lost 22.40 points or 0.27% at the day's low of 8,202.10 in morning trade.
The breadth indicating the overall health of the market was negative. On BSE, 1,317 shares fell and 1,068 shares rose. A total of 113 shares were unchanged. The BSE Mid-Cap index was currently off 0.6%. The BSE Small-Cap index was currently off 0.11%. The fall in both these indices was higher than the Sensex's decline in percentage terms.
Cement stocks fell. Ambuja Cements (down 1.12%), ACC (down 0.75%), UltraTech Cement (down 0.4%) and Shree Cement (down 0.7%) edged lower.
Grasim Industries was up 0.07% at Rs 872.10. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Most realty stocks declined. DLF (down 2.17%), Indiabulls Real Estate (down 1.57%), Housing Development and Infrastructure (down 1.29%), D B Realty (down 1.46%), Sobha (down 1.57%), Oberoi Realty (down 1.72%) and Parsvnath Developers (down 0.72%) fell. Unitech (up 0.4%), Godrej Properties (up 0.61%), Prestige Estates Projects (up 0.26%) and Hubtown (up 0.55%) rose.
Siti Networks lost 1.91% to Rs 35.95 after Essel International sold 1 crore shares of the company to Bioscope Cinemas at an average price of Rs 36.35 per share in a bulk deal on the NSE yesterday, 30 November 2016. Essel International held 7.81% and Bioscope Cinemas owned 9.17% in Siti Networks end September 2016.
Punj Lloyd rose 1.95%. The company reported net loss of Rs 225.80 crore in Q2 September 2016, compared with net loss of Rs 226.41 crore in Q2 September 2015. The result was announced after market hours yesterday, 30 November 2016.
The company's net sales declined 1.3% to Rs 990.57 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 58.33% to Rs 25 crore in Q2 September 2016 over Q2 September 2015.
Among macro economic data, the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers' Index stood at 52.3 in November, down from October's 22-month high of 54.4, data released by Markit Economics revealed today, 1 December 2016. The withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output, Markit Economics said.
The gross domestic product (GDP) rose at 7.3% in the second quarter ended September 2016. GDP expanded by 7.1% in the first quarter ended June 2016 and at 7.6% in the second quarter ended September 2015, data released after market hours yesterday, 30 November 2016 from the Central Statistics Office showed.
The output of eight core infrastructure sector comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP) has posted healthy 6.6% growth in October 2016 over October 2015. Its cumulative growth during April to October 2016-17 was 4.9%, data released after market hours yesterday, 30 November 2016 showed.
Overseas, Asian stock markets rose as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) reached a deal yesterday, 30 November 2016 to cut oil production. The agreement marks the first time since 2008 that OPEC has agreed to curtail production and comes as a supply glut has weighed on prices.
In mainland China, the Shanghai Composite index was currently up 0.46%. China's manufacturing sector continued to expand at faster rate in November. The National Bureau of Statistics today, 1 December 2016 said that China's manufacturing PMI score was 51.7 in November, up from 51.2 in October.
In Japan, the Nikkei 225 Average rose 1.12%. The latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in November, although at a slightly slower pace, with a PMI score of 51.3. That's down marginally from 51.4 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
US stocks ended on a mixed note yesterday, 30 November 2016 in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.
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