The barometer index, the S&P BSE Sensex, provisionally settled a tad above the flat line while the Nifty 50 index provisionally ended with small gains. The barometer index, the S&P BSE Sensex, rose 0.77 points at 31,662.74, as per the provisional closing data. The Nifty 50 index gained 17.10 points or 0.17% at 9,933.30. Shares of index heavyweight and cigarette major ITC dropped. Metal and mining stocks were in demand on fresh buying.
The S&P BSE Mid-Cap index provisionally rose 0.76%. The S&P BSE Small-Cap index provisionally rose 0.46%. Both these indices outperformed the Sensex.
The breadth indicating the overall health of the market was positive. On BSE, 1,404 shares gained and 1,171 shares fell. A total of 161 shares were unchanged.
The total turnover on BSE amounted to Rs 3822.67 crore, higher than the turnover of Rs 3362.72 crore registered during the previous trading session.
Index heavyweight and cigarette major ITC lost 1.89% to Rs 270.35. The stock hit a high of Rs 277.55 and low of Rs 269.60 in intraday trade.
Index heavyweight Reliance Industries (RIL) fell 0.41%. The company said that it had participated in an on-line e-bidding process held recently by Allahabad Bank being leader of the consortium of eleven banks to sell/dispose off assets of Kemrock Industries & Exports of Vadodara, Gujarat and has been declared as the winner in the bid.
This participation is a part of Reliance's efforts to enter the composites business and establish a leadership position in this large and growing market in India. Composites are used in a variety of applications and industries such as renewable energy, mass transportation, infrastructure and a host of other industrial products.
The assets will pave the way for Reliance to foray into new materials (composites and carbon fibre) and further strengthen its petrochemicals business portfolio. The company is in the process of complying with the necessary formalities for acquisition of assets. The announcement was made after market hours yesterday, 6 September 2017.
Metal and mining stocks were in demand on fresh buying. National Aluminium Company (up 12.01%), Hindustan Zinc (up 0.42%), Jindal Steel & Power (up 0.35%), Hindalco Industries (up 1.83%), NMDC (up 2.42%), Hindustan Copper (up 0.7%), Vedanta (up 2.39%), JSW Steel (up 0.69%), Tata Steel (rose 0.39%) and Steel Authority of India (Sail) (up 1.37%) edged higher.
Copper edged lower in the global commodities market. High Grade Copper for December 2017 delivery was currently off 0.62% at $3.1320 per pound on the COMEX.
Overseas, European stocks were trading higher before a much-awaited European Central Bank policy meeting. The European Central Bank holds a policy meeting today, 7 September 2017 and investors are keen to see whether it will send a message regarding the timing of an exit from its ultra-loose monetary policy.
German industrial production remained flat in July as slightly increased output in manufacturing and construction was not enough to compensate for a plunge in the energy sector, data showed. France's current-account deficit widened significantly in July, with a significant increase in imports outpacing a slight increase in exports, the French government said. The eurozone's second-largest economy recorded a 4.2 billion-euro ($5.01 billion) current-account deficit in July, compared with EUR2.4 billion in June.
Asian stocks rose, tracking overnight gains in the US stocks, following a deal to extend the federal government's borrowing limit for three months. US stock benchmarks closed slightly higher yesterday, 6 September 2017, after congressional leaders and President Donald Trump agreed to extend the debt limit deadline and fund the government through mid-December.
In US economic data, the trade deficit rose slightly in July, keeping the US on track to post a larger gap in 2017 than in 2016. The deficit edged up to $43.7 billion in July from $43.5 billion in June. A reading on services activity, meanwhile, came in better than expected, providing an added lift to the outlook for the health of the US economy. ISM services were at 55.3 in August, compared with 53.9 in the prior period. A reading of at least 50 indicates expansion.
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