Key benchmark indices edged lower in early trade of muhurat session as weakness in global stocks weighed on sentiment. At 18:41 IST, the barometer index, the S&P BSE Sensex lost 38.34 points or 0.12% at 32,546.01. The Nifty 50 index fell 15.55 points or 0.15% at 10,195.30.
The S&P BSE Mid-Cap index rose 0.26%. The S&P BSE Small-Cap index advanced 0.59%. Both the indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was very strong. On the BSE, 1,432 shares rose and 467 shares declined. A total of 63 shares were unchanged.
Bharti Airtel (up 1.56%), Lupin (up 0.69%) and Reliance Industries (up 0.53%) gained. ICICI Bank (down 1.2%), Coal India (down 1.03%) and TCS (down 0.7%) declined.
Granules India gained 2.32% after the company said that the US Food and Drug Administration has approved its abbreviated new drug application ((ANDA) filed by USpharma Windlas LLC for Prasugrel tablet. The announcement was made after market hours yesterday, 18 October 2017.
Tata Teleservices (Maharashtra) gained 4.93% after the board of directors of the company at its meeting held on 18 October 2017 has approved raising of additional funds upto an aggregate amount of Rs 20000 crore by issue of one or more types of the securities/instruments/modes including redeemable preference shares to the promoters on preferential basis; and/or, non-convertible debentures in one or more tranches; and/or inter corporate deposit/loans and/or commercial papers from the promoters and/or others. The announcement was made after market hours yesterday, 18 October 2017.
Meanwhile, the stock markets remain open for muhurat trading today, 19 October 2017. The muhurat trading session on account of Diwali Laxmi Pujan is scheduled between 18:30 IST and 19:30 IST today, 19 October 2017. The normal session of equity markets remained closed today, 19 October 2017, on account of Diwali and will remain closed again tomorrow, 20 October 2017, on account of Diwali Balipratipada.
Muhurat session is held every year more from an auspicious standpoint as for a lot of the business communities the new financial year begins on Diwali. Investors make token purchases on this day to bring them good fortune in future.
Overseas, European stocks dropped as it appeared increasingly likely that the Spanish government would begin the process of imposing direct rule in the region of Catalonia more than two weeks after the regional leader there held a disputed independence referendum. Spain is in the midst of its biggest constitutional crisis in almost four decades after the leader of one of its wealthiest regions, Catalonia's Carles Puigdemont, held a referendum on secession on October 1 despite the country's highest court, the Spanish Constitutional Court, declaring the vote invalid.
Most Asian stocks declined after data showed growth in China, the world's second largest economy slowed slightly in the third quarter. Data showed China's economic growth cooled slightly to 6.8% in the third quarter from a year earlier, from the second quarter's 6.9%, as widely predicted.
All three major US equity indexes yesterday, 18 October 2017, closed at records simultaneously for the 23rd time in 2017, and the blue-chip Dow Jones Industrial Average ended above the 23,000 mark for the first time ever, as US equities rode the latest round of corporate earnings fresh peaks.
The Fed's Beige Book report, which gathers economic anecdotes from across the US central bank's regional districts, showed that economic growth has ranged from modest to moderate. A report on the housing industry showed that permits and home starts were both down in September. Permits fell by 4.5% on the month at 1.27 million, while starts fell by 4.7% to 1.13 million, according to the Commerce Department.
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