Key benchmark indices languished in the red in mid-afternoon trade after witnessing a steep intraday sell-off in afternoon trade on geopolitical concerns after Indian Army in a press conference revealed that India conducted surgical strikes against chosen terror camps inside Pak occupied Kashmir late last night. At 14:25 IST, the barometer index, the S&P BSE Sensex was down 415.03 points or 1.47% to 27,877.78. The Nifty 50 index was down 128.25 points or 1.47% to 8,616.90. The Sensex was currently below the psychological 28,000 mark after moving above and below that mark. It had fallen below that mark in afternoon trade. The Sensex had hit one-month low and the Nifty had hit more than one-month low in afternoon trade after a steep fall.
The Indian Army conducted surgical strikes on terror launch pads yesterday, 28 September 2016 night across the Line of Control (LoC) in Pakistan, killing several terrorists and causing significant casualties to their hideouts. The press conference was jointly conducted by the Ministry of External Affairs and the Ministry of Defence. The Pakistani military reportedly said no such strike had taken place but that there had been an exchange of firing at the frontier.
The Sensex slumped 572.89 points or 2.02% at the day's low of 27,719.92 in afternoon trade, its lowest level since 29 August 2016. The barometer index gained 182.76 points or 0.64% at the day's high of 28,475.57 in early trade. The Nifty shed 186.90 points or 2.13% at the day's low of 8,558.25 in afternoon trade, its lowest level since 28 August 2016. The index gained 55.50 points or 0.63% at the day's high of 8,800.65 in early trade, its highest level since 26 September 2016.
The broad market depicted weakness. There were more than five losers against every gainer on BSE. 2,224 shares fell and 382 shares rose. A total of 163 shares were unchanged. The BSE Mid-Cap index was currently down 2.69%. The BSE Small-Cap index was currently down 3.24%. The fall in both these indices was higher than Sensex's decline in percentage terms.
In overseas stock markets, global stocks rose after the Organization of the Petroleum Exporting Countries (OPEC) took an important step toward a cap on crude-oil output, which helped in lifting oil prices. OPEC said yesterday, 28 September 2016 that it would reduce output to a range of 32.5-33.0 million barrels per day (bpd), a reduction of 0.7-2.2% from OPEC estimates of its current output at 33.24 million bpd. In economic data, US orders for durable or long-lasting goods flattened out in August after a sizable gain in the prior month, pointing to ongoing difficulties for American manufacturers.
Shares of power generation and power distribution companies edged lower. Torrent Power (down 3.73%), GVK Power & Infrastructure (down 5.14%), NHPC (down 1.48%), Tata Power Company (down 2.36%), NTPC (down 0.79%), Adani Power (down 4.38%), Power Grid Corporation of India (down 0.39%), Reliance Infrastructure (down 4.98%) and Reliance Power (down 4.28%) declined.
Shares of state run coal mining major Coal India declined 0.52%.
Bank stocks declined. Among public sector banks, UCO Bank (down 4.02%), Bank of India (down 4.13%), Bank of Baroda (down 2.23%), Syndicate Bank (down 4.25%), Punjab National Bank (down 2.83%), Corporation Bank (down 4.13%), Allahabad Bank (down 2.76%), State Bank of India (SBI) (down 1.58%), Union Bank of India (down 3.26%), and United Bank of India (down 3.85%) edged lower.
Among private sector banks, Axis Bank (down 2%), HDFC Bank (down 0.66%), ICICI Bank (down 3.18%), Federal Bank (down 3.44%), Kotak Mahindra Bank (down 0.01%), and IndusInd Bank (down 0.85%) edged lower. Yes Bank rose 0.34%.
United Breweries (Holdings) rose 3.06% after net profit surged 1270.7% to Rs 29.47 crore on 34.14% increase in total income from operations to Rs 96.23 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 28 September 2016.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
