Key benchmark indices slipped into negative zone from positive zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex was down 24.25 points or 0.09% at 26,274.44. The Nifty 50 index was currently down 22.55 points or 0.28% at 8,089.05. The Sensex lost 131.79 points or 0.5% at the day's low of 26,166.90 in mid-afternoon trade, its lowest level since 9 November 2016. The barometer index rose 151.18 points or 0.57% at the day's high of 26,449.87 in early trade. The Nifty lost 46.35 points or 0.57% at the day's low of 8,065.25 in mid-afternoon trade, its lowest level since 9 November 2016. The index rose 39.65 points or 0.48% at the day's high of 8,151.25 in early trade.
In overseas stock markets, European and Asian stocks witnessed a mixed trend. Foreign direct investment (FDI) into the Chinese mainland rose 4.2% year on year to reach 666.3 billion yuan in the first ten months of the year, official data showed today, 17 November 2016. In mainland China, the Shanghai Composite ended higher by 0.11%. In Hong Kong, the Hang Seng ended 0.08% lower. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher. Philadelphia Federal Reserve President Patrick Harker reportedly said yesterday, 16 November 2016 that he favored raising interest rates and that the US central bank might have to hike more aggressively if the incoming Trump administration enacts a fiscal stimulus. The Fed has said it expects to raise rates gradually.
Closer home, the broad market depicted weakness. There were two losers against every gainer on BSE. 1,665 shares declined and 826 shares rose. A total of 143 shares were unchanged. The BSE Mid-Cap index was currently down 0.37%. The BSE Small-Cap index was currently down 0.56%. The losses for both these indices were higher than the Sensex's decline in percentage terms.
Metal and mining stocks were mixed. JSW Steel (down 0.89%), Hindustan Copper (down 0.26%), Jindal Steel & Power (down 0.22%) and Steel Authority of India (down 0.1%) edged lower. Hindustan Zinc (up 4.46%), Vedanta (up 3.04%), Hindalco Industries (up 2.33%), NMDC (up 1.87%), National Aluminium Company (up 2.07%) and Tata Steel (up 0.23%) edged higher.
Meanwhile, High Grade Copper for December 2016 delivery was currently up 0.43% at $2.478 per pound on the COMEX.
Capital goods stocks were mostly lower. Siemens (down 4.47%), BEML (down 2.79%), Thermax (down 1.91%), ABB India (down 0.65%), Bharat Electronics (down 0.5%) and L&T (down 0.49%) edged lower. Havells India (up 2.78%), Bharat Heavy Electricals (up 0.72%) and Praj Industries (up 0.14%) edged higher.
Gayatri Projects dropped amid volatility. The stock was off 1.94% at Rs 601.50. The stock hit a high of Rs 627.35 and a low of Rs 595 so far during the day. The company announced that its joint venture company, Sembcorp Gayatri Power, concluded construction of its first 600 megawatts unit. Gayatri Projects said that the second unit of the 660 MW is expected to be completed in the first quarter of 2017. Sembcorp Gayatri Power (SGPL), formerly NCC Power Projects, is a joint venture between Sembcorp Industries' wholly owned subsidiary, Sembcorp Utilities and Gayatri Energy Ventures, a wholly owned subsidiary of Gayatri Projects. The 1,320 MW capacity power plant is located at Krishnapatnam in Andhra Pradesh's SPSR Nellore District. Sembcorp Industries is a leading energy, water and marine group operating across five continents worldwide. The announcement was made after market hours yesterday, 16 November 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
