A bout of volatility was witnessed as key benchmark indices slipped into the red from green in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was off 2.03 points or 0.01% at 26,930.84. The 50-unit CNX Nifty was down 10.30 points or 0.13% at 8,142.60. The Sensex was currently hovering below the psychological 27,000 mark, after surpassing that level in intraday trade.
Earlier, the Sensex rose 136.45 points or 0.5% at the day's high of 27,069.33 in mid-morning trade, its highest level in almost 7 weeks. The Nifty also hit its highest level in almost 7 weeks when it rose 33.95 points or 0.41% at the day's high of 8,186.85 in mid-morning trade.
In overseas markets, Asian stocks edged higher as oil prices showed some signs of life, supporting battered resource shares and emerging economy currencies and after the Bank of Japan stood pat on policy. US stocks paused yesterday, 6 October 2015, closing moderately lower after five straight days of gains weighed down by health-care stocks, especially biotechnology companies.
Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 1,506 shares rose and 908 shares declined. A total of 114 shares were unchanged. The BSE Mid-Cap index was down 0.05%. The fall in the index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.52%, outperforming the Sensex.
Metal & mining stocks edged higher on renewed buying. JSW Steel (up 1.23%), Bhushan Steel (up 1.9%), Hindustan Copper (up 3.04%), Vedanta (up 5.19%), Hindalco Industries (up 3.82%), Hindustan Zinc (up 1.36%), Tata Steel (up 1.01%), Steel Authority of India (Sail) (up 1.42%), and National Aluminum Company (up 1.82%) gained. Jindal Steel & Power declined 2.98%.
NMDC rose 0.68%. The company said during market hours today, 7 October 2015, that the company has incorporated a wholly owned subsidiary company by the name "Jharkhand Kolhan Steel" on 24 September 2015 for development of steel plant in Jharkhand through special purpose vehicle (SPV) route.
Telecom stocks gained. Tata Teleservices (Maharashtra) (up 4.82%), Reliance Communications (up 1.88%) and Idea Cellular (up 0.38%) gained. Bharti Airtel dropped 1.6%.
Wipro (down 1.91%), Dr Reddy's Laboratories (down 1.04%) and ICICI Bank (down 0.94%) were the major losers from the Sensex pack.
Unitech (up 16.27%), Shree Renuka Sugars (up 14.24%), Gati (up 10.5%), Rattanindia Power (up 8.02%) and Punj Lloyd (up 7.16%) were major gainers from the BSE's 'A' group.
Tata Global Beverages rose 1.34% after Coffee Day Enterprises (CDEL), the holding company of the Cafe Coffee Day (CCD) chain of restaurants, announced the launch of its Rs 1150 crore initial public offering (IPO). The IPO will open for bidding on 14 October 2015. The price band for the IPO has been fixed at Rs 316 to Rs 328 per share. The IPO will close on 16 October 2015. Shares of Tata Global Beverages had a rub-off effect as it runs a coffee chain in India in joint venture with US-based Starbucks.
Powered by Capital Market - Live News
