A bout of volatility was witnessed in early afternoon trade as key benchmark indices trimmed intraday losses. At 12:16 IST, the barometer index, the S&P BSE Sensex was down 81.89 points or 0.29% at 28,097.19. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty 50 index was currently down 16.30 points or 0.19% at 8,692.65. Indian stocks declined as weakness in most Asian stocks weighed on sentiment.
The Sensex rose 32.33 points or 0.11% at the day's high of 28,211.41 in early trade. The barometer index lost 165.39 points or 0.58% at the day's low of 28,013.69 in morning trade, its lowest level since 21 October 2016. The Nifty rose 13.70 points or 0.15% at the day's high of 8,722.65 in early trade. The index lost 45.50 points or 0.52% at the day's low of 8,663.45 in morning trade, its lowest level since 21 October 2016.
In overseas stock markets, most Asian stocks declined following the release of data pointing to a South Korean slowdown. South Korea gross domestic product grew 2.7% year-on-year in the third quarter, down from a 3.3% gain in the prior three-month period, according to preliminary data from the Bank of Korea.
US stocks rose yesterday, 24 October 2016, on flurry of M&A deals, part of the single largest week for M&A since the dot-com era. More than five multi-billion dollar deals were announced over the past week. Latest data showed that the Markit flash US manufacturing purchasing managers' index rose to 53.2 in October from 51.5 in September.
Closer home, the market breadth indicating the overall health of the market was negative. On BSE, 1,300 shares fell and 1,177 shares rose. A total of 195 shares were unchanged. The BSE Mid-Cap index was currently down 0.29%. The decline in this index was higher than the Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.03%, outperforming the Sensex.
IT stocks declined. HCL Technologies (down 0.39%), TCS (down 1.01%), Infosys (down 0.2%), Oracle Financial Services Software (down 0.58%), and Wipro (down 0.51%) edged lower.
Most capital goods stocks dropped. BEML (down 0.22%), L&T (down 0.48%), Thermax (down 1.14%), Crompton Greaves (down 0.2%) and Siemens (down 0.07%) declined. Bharat Heavy Electricals (Bhel) (up 0.11%) and Havells India (up 0.11%) gained.
Gujarat State Fertilizers & Chemicals lost 4.97% after net profit fell 12.05% to Rs 125.01 crore on 8.62% fall in net sales to Rs 1637.82 crore in Q2 September 2016 over Q2 September 2015. The Q2 result was announced after market hours yesterday, 24 October 2016.
Nava Bharat Ventures rose 4.55% after the company said it successfully completed sale of 100% of the shares of Nava Bharat Lao Energy (NBLE) and thereby its 70% shareholding in Namphak Power Co (NPCL), by Nava Bharat (Singapore) (NBS). NBS has entered into a sale and purchase agreement with Chaleun Sekong Group Sole Co., a company registered and existing under the Laws of the Lao PDR, to sell 100% equity stake in NBLE (wholly owned subsidiary of NBS) and thereby its 70% equity stake in NPCL which has been developing the 150 megawatts (MW) Hydel Power Project in Lao PDR. According to the statement, NBLE and NPCL have ceased to be the subsidiaries of NBS and Nava Bharat Ventures with immediate effect. The company said that the transaction was profitable and it is not required to invest any more. The announcement was made after market hours yesterday, 24 October 2016.
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