Key benchmark indices provisionally settled with losses after nose-diving into the negative terrain and hitting fresh intraday low in late trade after remaining in the green earlier during the session. The barometer index, the S&P BSE Sensex fell 70.58 points or 0.25% at 28,223.70, as per the provisional closing data. The Nifty 50 index shed 16.65 points or 0.19% at 8,706.40, as per the provisional closing data. The indices moved in a narrow range in positive terrain till late trade before slipping into the red as European stocks reversed intraday gains. Key indices declined for the third straight day. The Sensex hit almost four-week low in late trade. The Nifty hit almost two-week low in late trade.
The Sensex fell 114.94 points or 0.4% at the day's low of 28,179.34 in late trade, its lowest level since 30 August 2016. The barometer index gained 138.46 points or 0.48% at the day's high of 28,432.74 in early trade. The Nifty shed 32.55 points or 0.37% at the day's low of 8,690.50 in late trade, its lowest level since 14 September 2016. The index gained 45.45 points or 0.52% at the day's high of 8,768.50 in early trade.
In overseas stock markets, European stocks dropped with the energy sector under pressure after Iran poured cold water on hopes for an output-cap deal at a meeting of major oil producers this week. Members of the Organization of the Petroleum Exporting Countries and those outside the cartel are meeting tomorrow, 28 September 2016 in Algiers at the International Energy Forum. Most Asian stocks rose with sentiment buoyed by the US presidential debate where Hillary Clinton appeared to gain momentum over Donald Trump. Investors were reacting to the first televised debate between US presidential nominees Hillary Clinton and Donald Trump yesterday, 26 September 2016. Clinton appeared to have edged out her Republican opponent based on reports on the initial market reaction.
US stocks extended losses yesterday, 26 September 2016 as worries about Germany's Deutsche Bank weighed on the financial sector and as investors awaited the US presidential debate. US presidential elections will be held on 8 November this year.
Closer home, the market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,415 shares fell and 1,264 shares rose. A total of 220 shares were unchanged. The BSE Mid-Cap index provisionally rose 0.11%. The BSE Small-Cap index provisionally gained 0.13%. Both these indices outperformed the Sensex.
The total turnover on BSE amounted to Rs 2879.83 crore, lower than turnover of Rs 3435.24 crore registered during the previous trading session.
Auto stocks reversed intraday gains. Mahindra & Mahindra (M&M) (down 0.64%), Ashok Leyland (down 0.37%), Maruti Suzuki India (down 0.94%), Eicher Motors (down 0.37%), Bajaj Auto (down 0.86%), and Tata Motors (down 0.2%) declined. TVS Motor Company rose 0.17%.
Hero MotoCorp declined 0.4%. The company said that it has augmented premium portfolio with the next-gen 'Achiever - 150' aiming to expand its presence in the premium segment. The motorcycle is competitively priced at Rs 62,800 ex-showroom Delhi for the disc variant and Rs 61,800 for the drum variant. The company has launched limited edition Achiever 150 to commemorate the 7 crore milestone of cumulative production. The announcement was made after market hours yesterday, 26 September 2016.
Vivimed Labs hit an upper circuit limit of 20% at Rs 102.65 on BSE after a block deal of 36 lakh shares, or 4.44% equity, was struck at Rs 90.50 per share at 13:02 IST on NSE.
Meanwhile, the Asian Development Bank kept its growth estimates for developing Asia for this year and next at 5.7%, saying sustained expansion in China and India can steady the region but warned of risks from a looming US interest rate hike. The Manila-based lender increased its growth forecast this year for China to 6.6% from 6.5% and for 2017 to 6.4% from 6.3%, citing fiscal and monetary stimulus measures in the world's second-largest economy. The projections for India were kept at 7.4% for this year and 7.8% for 2017, driven by strong consumption and an investment revival, the ADB said.
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