Business Standard

Market trims losses

Image

Capital Market

After extending losses in early afternoon trade, key benchmark indices trimmed losses in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was off 44.29 points or 0.16% at 26,965.85. The 50-unit CNX Nifty was down 17.20 points or 0.21% at 8,162.30. The Sensex continued to hover below the psychological 27,000 level after falling below that level in early trade. The market breadth indicating the overall health of the market was negative. On BSE, 1,300 shares fell and 1,172 shares rose. A total of 151 shares were unchanged. The BSE Mid-Cap index was up 0.13%, outperforming the Sensex. The BSE Small-Cap index was down 0.07%. The decline in this index was lower than the Sensex's decline in percentage terms.

 

In overseas stock markets, European stocks edged higher in early trade after a lackluster reading on US consumer prices strengthened the view that the US Federal Reserve may continue to hold off on raising interest rates. In Asia, Chinese and Japan stocks edged higher on stimulus hopes in those countries in the wake of recent weak economic data. US stocks surged yesterday, 15 October 2015, as falling US consumer prices added to the batch of disappointing economic data that reduces the odds of an interest-rate increase this year from the Federal Reserve.

FMCG stocks declined. Tata Global Beverages (down 1.3%), Nestle India (down 0.05%), Marico (down 0.28%), Jyothy Laboratories (up 0.07%), Hindustan Unilever (HUL) (down 0.69%), Dabur India (down 0.11%), Colgate Palmolive India (down 1.09%), GlaxoSmithkline Consumer Healthcare (down 0.27%), Godrej Consumer Products (down 1.23%), and Bajaj Corp (down 1.87%) declined. Britannia Industries (up 1.44%) and Procter & Gamble Hygiene and Health Care (up 0.18%) gained.

Capital goods stocks were mixed. BEML (down 0.54%), Thermax (down 0.37%), and Siemens (down 0.15%) declined. Crompton Greaves (up 2.77%), Bharat Heavy Electricals (Bhel) (up 0.38%), Havells India (up 1.46%), and L&T (up 1.76%) gained.

Mahindra & Mahindra (M&M) dropped 0.19%. The company today, 16 October 2015, announced the launch of diesel passenger vehicle Supro Van and small goods carrier Supro Maxitruck. Supro Van is priced at Rs 4.38 lakhs ex-showroom Thane, Maharashtra and Supro Maxitruck is priced at Rs 4.25 lakhs ex-showroom Thane, Maharashtra.

Separately, M&M announced selling its entire 71.19% stake in its subsidiary Swaraj Automotives for Rs 24.83 crore to b4S Solutions. The stake sale will take place at Rs 145.50 per share, much above the ruling market price of the stock. There was no trading so far in shares of Swaraj Automotives on BSE today, 16 October 2015. The previous trading in the stock took place on 14 October 2015. On that day, the stock had surged by the maximum permissible daily level of 20% to settle at Rs 18.20. Swaraj Automotives is in the business of manufacturing seats and seat mechanism for tractors, commercial vehicles and passenger vehicles.

Meanwhile, data released by the government after market hours yesterday, 15 October 2015, showed that India's merchandise exports declined for tenth straight month in September 2015. Merchandise exports dropped 24.3% to $21.85 billion in September 2015 over September 2014. Imports dipped 25.4% to $32.32 billion. The trade deficit narrowed 27.6% to $10.5 billion in September 2015 from $14.47 billion in September 2014.

Powered by Capital Market - Live News

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 16 2015 | 1:21 PM IST

Explore News